Magellan Midstream Partners Acquires Delaware Marine Terminal

TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced that it has acquired a refined petroleum products terminal in Wilmington, Delaware from privately-owned Delaware Terminal Company.

The marine terminal is located at the Port of Wilmington along the Delaware River and has 1.8 million barrels of usable storage capacity and related infrastructure, including a deep-water dock, three miles of pipeline and truck racks with a total of 12 loading spots. The terminal is fully utilized currently, with several multi-year agreements.

The facility and the land on which the facility sits, which was purchased in a separate transaction from a local non-profit agency, were acquired for approximately $55 million.

“This terminal strengthens our presence on the East coast and provides access to key Mid-Atlantic markets such as Philadelphia and Baltimore,” said Don Wellendorf, chief executive officer. “The facility currently has a strong book of business and has ample land to allow expansion of storage capacity to meet growth in these markets.”

The acquisition was funded with cash on hand, and financial results from this new terminal are expected to be immediately accretive to the partnership's cash flows.

Including the newly-acquired terminal, the partnership now owns seven marine terminals with more than 20 million barrels of usable storage capacity. Its other marine facilities are located on or near the Gulf Coast and in the New York harbor area.


About Magellan Midstream Partners, L.P.  

Magellan Midstream Partners, L.P. 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.


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.  

Contact Information:

Paula Farrell Investor Relations 918-574-7650 paula.farrell@magellanlp.com