Magellan Midstream (NYSE:MMP) performed close in line to estimates, and UBS (NYSE:UBS) maintains their "Buy" on them, saying gasoline and diesel volumes exceeded expectations.
UBS said, "Excluding non-cash items, MMP achieved 3Q10 EPU of $0.58 versus UBS’ and consensus’ $0.61/$0.55 estimates, respectively. Despite integrity testing in the ammonia pipeline costing $7.6mm (-$0.07/unit), improving gasoline and diesel volumes combined with the BP acquisition performing ahead of expectations drove distributable cash flow of $86mm, roughly inline with UBS’ $87mm estimate."
Product demand should continue to grow in going forward.
Magellan Midstream closed Wednesday at $54.39, dropping $0.19, or 0.34 percent. UBS has a price target of $61 on them, raising it from $59.
Showing posts with label Magellan Midstream. Show all posts
Showing posts with label Magellan Midstream. Show all posts
Thursday, November 4, 2010
Wednesday, September 1, 2010
BP (NYSE:BP) Completes Sale to Magellan Midstream (NYSE:MMP)
BP (NYSE:BP) has completed another sale, this time the selling off part of its 'Oil Storage and Pipelines' unit to Magellan Midstream (NYSE:MMP).
The Oil Storage and Pipelines assets sold include over 100 miles of active petroleum pipelines, along with oil storage capacity of 7.8 million barrels.
Tank inventory will also be acquired by the partnership for approximately $50 million.
The oil storage and pipelines were sold for $289 million.
The Oil Storage and Pipelines assets sold include over 100 miles of active petroleum pipelines, along with oil storage capacity of 7.8 million barrels.
Tank inventory will also be acquired by the partnership for approximately $50 million.
The oil storage and pipelines were sold for $289 million.
Tuesday, July 13, 2010
BP (NYSE:BP) Selling $289 Million In Assets
Amid all the speculation of who will buy BP's (NYSE:BP) assets, Magellan Midstream Partners LP is the front runner ready to purchase $289 million worth. They have agreed to buy some of BP's storage and pipeline assets.
Magellan Midstream says they feel this will help them in the developing of its terminal in East Houston into a main distribution point. They will be getting more than 100 miles of pipeline, including a stretch of 40 miles that goes as far as the Texas City, Texas refining region.
Magellan is in the process of constructing a 2 million barrel capacity for oil storage. They will purchase a total of $7.8 million barrels of storage capacity. It will be stored at a U.S. oil hub located in Cushing, Oklahoma.
The deal is expected to close within 60 days according to Magellan, and to add to their earning immediately. The other talk pending is between BP and Apache, if agreed upon Apache would purchase $10 billion of BP's assets.
Magellan Midstream says they feel this will help them in the developing of its terminal in East Houston into a main distribution point. They will be getting more than 100 miles of pipeline, including a stretch of 40 miles that goes as far as the Texas City, Texas refining region.
Magellan is in the process of constructing a 2 million barrel capacity for oil storage. They will purchase a total of $7.8 million barrels of storage capacity. It will be stored at a U.S. oil hub located in Cushing, Oklahoma.
The deal is expected to close within 60 days according to Magellan, and to add to their earning immediately. The other talk pending is between BP and Apache, if agreed upon Apache would purchase $10 billion of BP's assets.
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