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Magellan Plans $900 Million in Growth for 2013
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Magellan Midstream Partners L.P. reported operating profit of $142.5 million for first quarter 2013 compared to $122.8 million for first quarter 2012. Net income was $113.0 million for first quarter 2013 compared to $93.5 million for first quarter 2012.
Michael Mears, CEO, commented: "Magellan started the year 2013 with solid results, exceeding our initial expectations for the first quarter and generating positive momentum for the remainder of the year. Further, we continue to make significant strides to develop Magellan's growing crude oil transportation and storage profile. So far this year, we have announced plans to add crude oil capabilities to our Galena Park, Texas marine terminal and during mid-April, reached our milestone to begin crude oil deliveries into Houston via our…
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