TULSA , Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP), the owner and operator of the nation’s longest refined petroleum products pipeline system and 82 petroleum distribution terminals, today announced that it is currently assessing damage to its Gulf Coast assets from Hurricane Ike.
Its Gulf Coast marine terminals in Marrero, Louisiana and Corpus Christi, Texas are operational. Magellan’s Galena Park, Texas terminal located in the Houston Ship Channel has experienced flooding due to the storm surge, and the company is currently in the process of lowering these water levels. Its terminal in East Houston, Texas also experienced some damage, which the company continues to assess.
The company’s south Texas pipeline segments from the Houston area to Frost, Texas were taken out of service as a precautionary measure in advance of the storm. The partnership plans to resume normal pipeline operations to its southern system once the East Houston facility is operational.
The central, northern and mountain regions of the company’s pipeline system continue to receive petroleum products from various supply sources, including direct connection to multiple refineries in Oklahoma, Kansas, Minnesota and Wisconsin. These segments of the pipeline system are operating normally.
While the company continues to assess damage from the hurricane, Magellan does not currently expect damage from the storm to have a material adverse impact on its financial results.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products. More information is available at http://www.magellanlp.com.
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Portions of this document may constitute forward-looking statements as defined by federal law. Although the partnership believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission.
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