Company Quick10K Filing
Quick10K
Magellan Midstream Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$59.97 228 $13,700
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-08 Enter Agreement, Exhibits
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-21 Officers, Regulation FD, Exhibits
8-K 2019-05-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-01 Earnings, Exhibits
8-K 2019-04-25 Shareholder Vote
8-K 2019-03-25 Other Events
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-18 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-11 Enter Agreement, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-25 Amend Bylaw, Exhibits
8-K 2018-08-20 Enter Agreement, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-04-26 Shareholder Vote
8-K 2018-02-01 Earnings, Exhibits
HOMB Home Bancshares 3,190
PBH Prestige Brands 1,590
CMRX Chimerix 147
MVO MV Oil Trust 93
PEIX Pacific Ethanol 62
PZG Paramount Gold Nevada 20
AFSI Amtrust Financial Services 0
NIMU Non Invasive Monitoring Systems 0
ASIM Asia Interactive Media 0
FIL American Cryostem 0
MMP 2019-06-30
Part I
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex-311x2q19.htm
EX-31.2 ex-312x2q19.htm
EX-32.1 ex-321x2q19.htm
EX-32.2 ex-322x2q19.htm

Magellan Midstream Partners Earnings 2019-06-30

MMP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File No.: 1-16335
 __________________________________
 Magellan Midstream Partners, L.P.
(Exact name of registrant as specified in its charter)
Delaware
 
73-1599053
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
One Williams Center, P.O. Box 22186, Tulsa, Oklahoma 74121-2186
(Address of principal executive offices and zip code)
(918) 574-7000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Units representing limited partnership units
 
MMP
 
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No £

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  £
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x    Accelerated filer £    Non-accelerated filer £     
Smaller reporting company  Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes      No  x
As of July 31, 2019, there were 228,403,428 outstanding common units representing limited partner units of Magellan Midstream Partners, L.P.
 
 
 
 
 





TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
 
ITEM 1.
CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 
 
CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS:
 
 
1.
 
 
2.
 
 
3.
 
 
4.
 
 
5.
 
 
6.
 
 
7.
 
Leases
 
8.
 
 
9.
 
 
10.
 
 
11.
 
 
12.
 
 
13.
 
 
14.
 
 
15.
 
ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4.
CONTROLS AND PROCEDURES
PART II
OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
INDEX TO EXHIBITS
SIGNATURES
 

1




PART I
FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit amounts)
(Unaudited)
 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2018
 
2019
 
2018
 
2019
Transportation and terminals revenue
$
472,248

 
$
506,405

 
$
904,185

 
$
967,197

Product sales revenue
166,797

 
189,989

 
408,389

 
352,984

Affiliate management fee revenue
5,046

 
5,305

 
10,296

 
10,453

Total revenue
644,091

 
701,699

 
1,322,870

 
1,330,634

Costs and expenses:
 
 
 
 
 
 
 
Operating
159,845

 
168,929

 
303,141

 
314,954

Cost of product sales
153,679

 
152,876

 
353,271

 
321,970

Depreciation, amortization and impairment
53,619

 
62,530

 
105,498

 
124,401

General and administrative
53,290

 
52,383

 
99,846

 
98,378

Total costs and expenses
420,433

 
436,718

 
861,756

 
859,703

Other operating income (expense)

 
(5,024
)
 

 
1,917

Earnings of non-controlled entities
42,510

 
40,785

 
77,048

 
72,040

Operating profit
266,168

 
300,742

 
538,162

 
544,888

Interest expense
56,750

 
51,406

 
113,402

 
111,572

Interest capitalized
(5,608
)
 
(5,134
)
 
(10,255
)
 
(8,588
)
Interest income
(380
)
 
(338
)
 
(959
)
 
(1,998
)
Gain on disposition of assets

 
(4,646
)
 

 
(26,434
)
Other (income) expense
(119
)
 
4,570

 
8,605

 
6,620

Income before provision for income taxes
215,525

 
254,884

 
427,369

 
463,716

Provision for income taxes
1,116

 
1,181

 
2,050

 
2,350

Net income
$
214,409

 
$
253,703

 
$
425,319

 
$
461,366

Basic net income per limited partner unit
$
0.94

 
$
1.11

 
$
1.86

 
$
2.02

Diluted net income per limited partner unit
$
0.94

 
$
1.11

 
$
1.86

 
$
2.02

Weighted average number of limited partner units outstanding used for basic net income per unit calculation
228,387

 
228,647

 
228,354

 
228,603

Weighted average number of limited partner units outstanding used for diluted net income per unit calculation
228,425

 
228,688

 
228,393

 
228,623


    



See notes to consolidated financial statements.

2




MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited, in thousands)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2019
 
2018
 
2019
Net income
$
214,409

 
$
253,703

 
$
425,319

 
$
461,366

Other comprehensive income (loss):
 
 

 
 
 

Derivative activity:
 
 
 
 
 
 
 
Net gain (loss) on cash flow hedges
1,697

 
(6,659
)
 
7,111

 
(11,035
)
Reclassification of net loss on cash flow hedges to income  
739

 
601

 
1,479

 
1,228

Changes in employee benefit plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
 
 
Net actuarial gain (loss)
653

 
(10,913
)
 
(5,291
)
 
(10,913
)
Amortization of prior service credit
(46
)
 
(45
)
 
(91
)
 
(90
)
Amortization of actuarial loss
1,703

 
1,625

 
6,817

 
2,973

Settlement cost

 
2,060

 

 
2,060

Total other comprehensive income (loss)
4,746

 
(13,331
)
 
10,025

 
(15,777
)
Comprehensive income
$
219,155

 
$
240,372

 
$
435,344

 
$
445,589






























See notes to consolidated financial statements.

3




MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 
December 31,
2018
 
June 30,
2019
ASSETS
 
 
(Unaudited)
Current assets:
 
 
 
Cash and cash equivalents
$
218,283

 
$
3,070

Trade accounts receivable
104,164

 
139,611

Other accounts receivable
25,007

 
25,317

Inventory
185,735

 
172,907

Energy commodity derivatives contracts, net
55,011

 

Energy commodity derivatives deposits

 
27,533

Other current assets
58,143

 
38,580

Total current assets
646,343

 
407,018

Property, plant and equipment
7,628,592

 
8,024,845

Less: accumulated depreciation
1,830,411

 
1,935,301

Net property, plant and equipment
5,798,181

 
6,089,544

Investments in non-controlled entities
1,076,306

 
1,165,028

Right-of-use asset, operating leases

 
167,456

Long-term receivables
20,844

 
21,304

Goodwill
53,260

 
53,260

Other intangibles (less accumulated amortization of $2,979 and $4,920 at December 31, 2018 and June 30, 2019, respectively)
51,174

 
49,233

Restricted cash
90,978

 
28,176

Other noncurrent assets
10,451

 
24,421

Total assets
$
7,747,537

 
$
8,005,440

 
 
 
 
LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
138,735

 
$
179,734

Accrued payroll and benefits
70,276

 
47,396

Accrued interest payable
63,258

 
57,805

Accrued taxes other than income
53,093

 
48,148

Environmental liabilities
9,153

 
4,687

Deferred revenue
121,085

 
111,896

Accrued product liabilities
75,482

 
76,459

Energy commodity derivatives contracts, net

 
9,097

Energy commodity derivatives deposits
37,328

 

Current portion of operating lease liability

 
22,477

Current portion of long-term debt, net
59,489

 

Other current liabilities
48,657

 
60,572

Total current liabilities
676,556

 
618,271

Long-term operating lease liability

 
146,726

Long-term debt, net
4,211,380

 
4,407,793

Long-term pension and benefits
122,580

 
133,513

Other noncurrent liabilities
82,240

 
48,968

Environmental liabilities
11,347

 
12,390

Commitments and contingencies

 

Partners’ capital:
 
 
 
Limited partner unitholders (228,195 units and 228,403 units outstanding at December 31, 2018 and June 30, 2019, respectively)
2,763,925

 
2,774,047

Accumulated other comprehensive loss
(120,491
)
 
(136,268
)
Total partners’ capital
2,643,434

 
2,637,779

Total liabilities and partners’ capital
$
7,747,537

 
$
8,005,440

 
 
 
 

See notes to consolidated financial statements.

4




MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
Six Months Ended
 
June 30,
 
2018
 
2019
Operating Activities:
 
 
 
Net income
$
425,319

 
$
461,366

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, amortization and impairment expense
105,498

 
124,401

Loss (gain) on sale and retirement of assets
4,586

 
(26,437
)
Earnings of non-controlled entities
(77,048
)
 
(72,040
)
Distributions from operations of non-controlled entities
94,661

 
83,069

Equity-based incentive compensation expense
16,679

 
15,804

Settlement cost, amortization of prior service credit and actuarial loss
6,726

 
4,943

Debt prepayment costs

 
8,270

Changes in operating assets and liabilities:
 
 
 
Trade accounts receivable and other accounts receivable
24,739

 
(35,757
)
Inventory
(1,233
)
 
12,828

Accounts payable
18,843

 
22,110

Accrued payroll and benefits
(11,070
)
 
(22,880
)
Accrued interest payable
(62
)
 
(5,453
)
Accrued taxes other than income
(10,199
)
 
(4,945
)
Accrued product liabilities
(32,142
)
 
977

Deferred revenue
4,240

 
(9,189
)
Other current and noncurrent assets and liabilities
(5,471
)
 
13,493

Net cash provided by operating activities
564,066

 
570,560

Investing Activities:
 
 
 
Additions to property, plant and equipment, net(1)
(219,442
)
 
(487,662
)
Proceeds from sale and disposition of assets
241

 
63,887

Investments in non-controlled entities
(144,859
)
 
(112,251
)
Distributions from returns of investments in non-controlled entities

 
7,500

Deposits received from undivided joint interest third party
41,571

 
26,352

Net cash used by investing activities
(322,489
)
 
(502,174
)
Financing Activities:
 
 
 
Distributions paid
(423,873
)
 
(457,377
)
Net commercial paper borrowings
119,896

 
197,000

Borrowings under long-term notes

 
496,855

Payments on notes

 
(550,000
)
Debt placement costs
(326
)
 
(6,817
)
Net payment on financial derivatives

 
(8,028
)
Payments associated with settlement of equity-based incentive compensation
(9,285
)
 
(9,764
)
Debt prepayment costs

 
(8,270
)
Net cash used by financing activities
(313,588
)
 
(346,401
)
Change in cash, cash equivalents and restricted cash
(72,011
)
 
(278,015
)
Cash, cash equivalents and restricted cash at beginning of period
176,068

 
309,261

Cash, cash equivalents and restricted cash at end of period
$
104,057

 
$
31,246

 
 
 
 
Supplemental non-cash investing activities:
 
 
 
(1)   Additions to property, plant and equipment
$
(219,828
)
 
$
(514,812
)
Changes in accounts payable and other current liabilities related to capital expenditures
386

 
27,150

Additions to property, plant and equipment, net
$
(219,442
)
 
$
(487,662
)




See notes to consolidated financial statements.

5




MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL
(Unaudited, in thousands)


 
 
Limited Partners
 
 Accumulated Other Comprehensive Loss
 
Total Partners’ Capital
Balance, April 1, 2018
 
$
2,271,486

 
 
$
(132,299
)
 
 
$
2,139,187

Comprehensive income:
 
 
 
 
 
 
 
 
Net income
 
214,409

 
 

 
 
214,409

Total other comprehensive income
 

 
 
4,746

 
 
4,746

Total comprehensive income
 
214,409

 
 
4,746

 
 
219,155

Distributions
 
(213,933
)
 
 

 
 
(213,933
)
Equity-based incentive compensation expense
 
10,047

 
 

 
 
10,047

Other
 
(164
)
 
 

 
 
(164
)
Three Months Ended June 30, 2018
 
$
2,281,845

 
 
$
(127,553
)
 
 
$
2,154,292

 
 
 
 
 
 
 
 
 
Balance, April 1, 2019
 
$
2,739,192

 
 
$
(122,937
)
 
 
2,616,255

Comprehensive income:
 
 
 
 
 
 
 
 
Net income
 
253,703

 
 

 
 
253,703

Total other comprehensive loss
 

 
 
(13,331
)
 
 
(13,331
)
Total comprehensive income
 
253,703

 
 
(13,331
)
 
 
240,372

Distributions
 
(229,545
)
 
 

 
 
(229,545
)
Equity-based incentive compensation expense
 
10,890

 
 

 
 
10,890

Other
 
(193
)
 
 

 
 
(193
)
Three Months Ended June 30, 2019
 
$
2,774,047

 
 
$
(136,268
)
 
 
$
2,637,779

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6




MAGELLAN MIDSTREAM PARTNERS, L.P.
CONSOLIDATED STATEMENT OF PARTNERS’ CAPITAL (Continued)
(Unaudited, in thousands)

 
 
 
 
 
 
 
 
 
Limited Partners
 
 Accumulated Other Comprehensive Loss
 
Total Partners’ Capital
Balance, January 1, 2018
 
$
2,267,231

 
 
$
(137,578
)
 
 
$
2,129,653

Comprehensive income:
 
 
 
 
 
 
 
 
Net income
 
425,319

 
 

 
 
425,319

Total other comprehensive income
 

 
 
10,025

 
 
10,025

Total comprehensive income
 
425,319

 
 
10,025

 
 
435,344

Distributions
 
(423,873
)
 
 

 
 
(423,873
)
Equity-based incentive compensation expense
 
16,679

 
 

 
 
16,679

Issuance of limited partner units in settlement of equity-based incentive plan awards
 
120

 
 

 
 
120

Payments associated with settlement of equity-based incentive compensation
 
(9,285
)
 
 

 
 
(9,285
)
ASC 606 cumulative effect
 
5,975

 
 

 
 
5,975

Other
 
(321
)
 
 

 
 
(321
)
Six Months Ended June 30, 2018
 
$
2,281,845

 
 
$
(127,553
)
 
 
$
2,154,292

 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
 
$
2,763,925

 
 
$
(120,491
)
 
 
2,643,434

Comprehensive income:
 
 
 
 
 
 
 
 
Net income
 
461,366

 
 

 
 
461,366

Total other comprehensive loss
 

 
 
(15,777
)
 
 
(15,777
)
Total comprehensive income
 
461,366

 
 
(15,777
)
 
 
445,589

Distributions
 
(457,377
)
 
 

 
 
(457,377
)
Equity-based incentive compensation expense
 
15,804

 
 

 
 
15,804

Issuance of limited partner units in settlement of equity-based incentive plan awards
 
480

 
 

 
 
480

Payments associated with settlement of equity-based incentive compensation
 
(9,764
)
 
 

 
 
(9,764
)
Other
 
(387
)
 
 

 
 
(387
)
Six Months Ended June 30, 2019
 
$
2,774,047

 
 
$
(136,268
)
 
 
$
2,637,779

 
 
 
 
 
 
 
 
 












See notes to consolidated financial statements.

7






MAGELLAN MIDSTREAM PARTNERS, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.
Organization, Description of Business and Basis of Presentation

Organization

Unless indicated otherwise, the terms “our,” “we,” “us” and similar language refer to Magellan Midstream Partners, L.P. together with its subsidiaries. Magellan Midstream Partners, L.P. is a Delaware limited partnership, and its limited partner units are traded on the New York Stock Exchange under the ticker symbol “MMP.” Magellan GP, LLC, a wholly-owned Delaware limited liability company, serves as its general partner.

Description of Business

We are principally engaged in the transportation, storage and distribution of refined petroleum products and crude oil.  As of June 30, 2019, our asset portfolio consisted of:

our refined products segment, comprised of our approximately 9,700-mile refined products pipeline system with 53 terminals as well as 25 independent terminals not connected to our pipeline system and our 1,100-mile ammonia pipeline system;

our crude oil segment, comprised of approximately 2,200 miles of crude oil pipelines, a condensate splitter and 33 million barrels of aggregate storage capacity, of which approximately 21 million barrels are used for contract storage. Approximately 1,000 miles of these pipelines, the condensate splitter and 28 million barrels of this storage capacity (including 19 million barrels used for contract storage) are wholly-owned, with the remainder owned through joint ventures; and

our marine storage segment, consisting of six marine terminals located along coastal waterways with an aggregate storage capacity of approximately 27 million barrels. Five of these terminals and approximately 25 million barrels of this storage capacity are wholly-owned, with the remainder owned through joint ventures.

Terminology common in our industry includes the following terms, which describe products that we transport, store and distribute through our pipelines and terminals:

refined products are the output from refineries and are primarily used as fuels by consumers. Refined products include gasoline, diesel fuel, aviation fuel, kerosene and heating oil.  Collectively, diesel fuel, kerosene and heating oil are referred to as distillates;

liquefied petroleum gases, or LPGs, are produced as by-products of the crude oil refining process and in connection with natural gas production. LPGs include butane and propane;