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Magellan Spending $700 MM in 2014, Longhorn Update
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Magellan Midstream Partners, L.P. has reported record quarterly operating profit of $275.1 million for first quarter 2014, an increase of $132.6 million, or 93%, compared to $142.5 million for first quarter 2013.
Expansion capital projectsMagellan continues to make significant progress on its expansion opportunities and recently announced plans to construct a fee-based condensate splitter at its Corpus Christi, Texas terminal and to deliver refined products to Little Rock, Arkansas by extending the reach of the partnership’s pipeline system from Ft. Smith, Arkansas to the Little Rock market.
The Longhorn pipeline continues to increase crude oil volume and averaged approximately 200,000 barrels per day (bpd) during the first quarter of 2014. Magellan has received regulatory approval to…
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