Magellan Midstream Partners LP (MMP) Q2 2023 Earnings Call Transcript


Magellan Midstream Partners LP (NYSE:MMP) Q2 2023 Earnings Conference Call August 3, 2023 1:30 PM ET

Company Participants

Aaron Milford – President, CEO & Director

Jeffrey Holman – Principal Accounting Officer, EVP, CFO & Treasurer

Conference Call Participants

Theresa Chen – Barclays Bank

Spiro Dounis – Citigroup

Jeremy Tonet – JPMorgan Chase & Co.

Keith Stanley – Wolfe Research

Operator

Greetings, and welcome to the Magellan Midstream Partners Second Quarter Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded today, August 3, 2023. It is now my pleasure to turn the conference over to Aaron Milford, Chief Executive Officer. Please go ahead, sir.

Aaron Milford

Hello, and thank you for joining us today to discuss Magellan’s second quarter financial results. Before getting started, we must remind you that management will be making forward-looking statements as defined by the Securities and Exchange Commission. Such statements are based on our current judgments regarding the factors that could impact the future performance of Magellan and our pending merger with ONEOK, but actual outcomes could be materially different. You should review the risk factors and other information discussed in our filings with the SEC and form your own opinions about Magellan’s future performance as well as our pending merger.

As disclosed in our press release this morning, Magellan delivered another solid quarter. Our second quarter results beat our expectations due to higher contributions from commodity-related activities as well as a higher proportion of longer-haul shipments and associated higher average tariffs on our refined product system.

I will now turn the call over to our CFO, Jeff Holman, to review the highlights from our second quarter earnings, then I’ll be back to discuss our expectations for the year and our pending merger with ONEOK before answering your questions.

Jeffrey Holman

Thanks, Aaron. First, let



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