Magellan Midstream to Present at 2010 Master Limited Partnership Investor Conference

Updates Expansion Capital Spending Estimates to Include Cushing Storage Project 


TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that Michael Mears, chief operating officer, will present at the 2010 Master Limited Partnership Investor Conference hosted by the National Association of Publicly Traded Partnerships at 8:30 a.m. Eastern on Thurs., May 13 at the Hyatt Regency in Greenwich, Connecticut.

A copy of the slide presentation and audio webcast will be available on the partnership’s website at http://www.magellanlp.com/webcasts.asp for 30 days.

 Expansion capital spending 

Further, the partnership confirmed that it has signed a definitive agreement with a private investor group for the previously announced opportunity to construct jointly 2 million barrels of crude oil storage in the crude oil hub of Cushing, Oklahoma. Magellan will be the majority owner and operator of the storage, which is expected to be operational by mid-2011.

As a result of this commitment and the progress of other expansion projects already underway, the partnership is increasing its expansion spending estimates to $270 million during 2010, with $50 million of spending in 2011 required to complete these projects. In addition the partnership continues to analyze more than $500 million of potential growth projects in earlier stages of development, which have been excluded from these spending estimates.


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.



Portions of this document constitute forward-looking statements as defined by federal law. Although management 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 Magellan Midstream Partners, L.P. Investor Relations 918-574-7650 paula.farrell@magellanlp.com  
Bruce Heine Magellan Midstream Partners, L.P. Media Relations 918-574-7010 bruce.heine@magellanlp.com  

Contact Information:

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