Magellan Midstream Partners, L.P.

magellanlp.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 3, 2023. Its latest SEC filing is a POSASR from Aug 6, 2025.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Transports, stores and distributes refined petroleum products through pipelines and terminals for refiners, wholesalers and traders, and transports and stores crude oil.

How Did They Make Money?

Shippers pay for transportation as deliveries are made and for storage over time while capacity is reserved; buyers pay for petroleum products when they take them.

FY2022 revenue

Who Were Their Customers?

Refiners, wholesalers and other shippers use the pipeline system under published tariffs or supplemental agreements; refiners, marketers and traders also contract for marine-terminal storage.

Did Revenues Turn Into Profits?

Yes. It kept 32 cents of every revenue dollar as net income in FY2022 and turned 30 cents into free cash flow.

Operating income, FY2022

35% of revenue

▲ 0% vs FY2021 ($1.1B, 40%)

Net income, FY2022

32% of revenue

▲ +6% vs FY2021 ($982M, 36%)

Free cash flow, FY2022

30% of revenue

▼ −8% vs FY2021 ($1B, 38%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q2 FY2023, the three months to Jun 30, 2023

Revenue: ▲ +11%; vs $788.6M in Q2 FY2022
Net income: ▼ −33%; vs $353.9M in Q2 FY2022

Sep 25, 2023 ONEOK completed its acquisition of Magellan Each Magellan unit converted into 0.667 ONEOK shares and $25.00 in cash; units were delisted from the NYSE.

Grew. Revenue grew 13% in 4 years, from $2.8B in FY2018 to $3.2B in FY2022, about 3% a year.

Independent terminals sold The earlier report included an independent-terminal network in the refined-products business; the latest report says it was sold and classified as discontinued operations.

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