TULSA,
Okla., May 4, 2023 /PRNewswire/ -- Magellan
Midstream Partners, L.P. (NYSE: MMP) today reported net income of
$274 million for first quarter 2023,
compared to $166 million for first
quarter 2022. The increase in current year net income was largely
driven by higher profits from our commodity-related activities in
part due to favorable mark-to-market ("MTM") adjustments for
related hedge positions, as well as overall improved financial
results from our core fee-based transportation and terminals
activities.
Diluted net income per common unit was $1.34 in first quarter 2023 and 78 cents in first quarter 2022. Diluted net
income per unit excluding MTM commodity-related pricing
adjustments, a non-generally accepted accounting principles
("non-GAAP") financial measure, was $1.32 for first quarter 2023. These results
exceeded the $1.20 guidance provided
by management in early February primarily due to a
higher-than-expected contribution from our commodity-related
activities, which benefited from improved sales prices as a result
of favorable location differentials as well as additional blending
volumes during the quarter.
Distributable cash flow ("DCF"), a non-GAAP financial measure
that represents the amount of cash generated during the period that
is available to pay distributions, was $313
million for first quarter 2023, compared to $265 million for first quarter 2022. Free cash
flow ("FCF"), a non-GAAP financial measure that represents the
amount of cash available for distributions, additional expansion
capital opportunities, equity repurchases, debt reduction or other
partnership uses, was $281 million
during first quarter 2023, versus $240
million during first quarter 2022.
"Magellan began 2023 with strong financial results that exceeded
our initial expectations, resulting from an improved pricing
environment that benefited our commodity-related activities and
continued solid demand for our transportation and terminals
services," said Aaron Milford, chief
executive officer. "Our overall financial forecast for the full
year has also strengthened, supported by our healthy first-quarter
results as well as our updated outlook on mid-year tariff
adjustments for our refined products pipeline system."
Milford continued, "Magellan remains committed to safely and
reliably moving the essential fuels critical to our nation and the
world, while maximizing long-term investor value."
An analysis by segment comparing first quarter 2023 to first
quarter 2022 is provided below based on operating margin, a
non-GAAP financial measure that reflects operating profit before
depreciation, amortization and impairment expense and general and
administrative ("G&A") expense.
Refined products. Refined products operating margin was
$337 million, an increase of
$101 million. In addition to
benefiting from the impact of MTM adjustments for futures contracts
used to hedge our commodity-related activities in the current
quarter, financial results from this segment's core fee-based
transportation and terminals activities and from realized product
margins also increased between periods.
Transportation and terminals revenue increased $23 million primarily due to higher average
transportation rates. The higher rates were largely driven by our
6% average mid-year 2022 tariff increase as well as a higher
proportion of long-haul shipments, which move at higher rates, as
customers took advantage of the extensive connectivity of our
pipeline system to overcome various supply disruptions in the
Midcontinent and West Texas
regions of the U.S. in the current period. Decreased transportation
volumes mainly resulted from lower shipments on our South Texas pipeline segment due to
third-party supply disruptions during the quarter. Excluding these
lower-rate South Texas shipments,
transportation volumes were essentially flat between periods.
Operating expenses increased $7
million primarily due to less favorable product overages
(which reduce operating expenses) and higher compensation costs in
the current quarter.
Earnings of non-controlled entities increased $10 million primarily due to higher earnings from
our Powder Springs joint venture, resulting from incremental sales
volumes and blending margins as well as unrealized gains on futures
contracts in the current period versus losses in the prior
year.
Product margin, which is the same as the GAAP measure gross
margin, increased $71 million
primarily due to improved realized margins and higher sales volumes
on our gas liquids blending activities as well as the recognition
of unrealized gains on futures contracts in the current period
versus losses in the prior year.
Other operating income was $6
million favorable primarily due to the sale of air emission
credits in the current period.
Crude oil. Crude oil operating margin was $109 million, an increase of $6 million. Transportation and terminals revenue
increased $10 million primarily due
to higher overall transportation volumes on our Houston distribution system, which move at a
lower average rate, and an increase in dock fee revenue related to
higher throughput in the current period.
Operating expenses increased $3
million primarily due to higher integrity spending related
to the timing of maintenance work and higher rental costs for
incremental capacity necessary to access more volume.
Earnings of non-controlled entities decreased $19 million primarily due to decreased
contributions from the BridgeTex pipeline as a result of lower
volumes from committed shippers and less deficiency revenue
recognized in the current period.
Product margin was $16 million
favorable due to higher contributions from crude oil marketing
activities as well as unrealized gains on futures contracts in the
current period versus losses in the prior year.
Other items. G&A expense decreased slightly as
lower expenses related to the 2022 retirement of our former chief
executive officer were mostly offset by higher compensation and
increased technology costs in the first quarter of 2023.
Net interest expense decreased slightly between periods. As of
March 31, 2023, Magellan had
$5.0 billion of debt outstanding and
$7 million of cash on hand, with no
borrowings outstanding on our commercial paper program.
Capital allocation
Magellan remains focused on maximizing long-term value for our
investors through a disciplined combination of capital investments,
cash distributions and equity repurchases.
We currently expect expansion capital spending to be
approximately $120 million in 2023
and $40 million in 2024 to complete
projects already committed, including a new investment to add
enhanced rail capabilities for our refined products terminal near
Denver, Colorado. Magellan
continues to make significant progress on the 30,000 barrel per day
("bpd") expansion of our refined products pipeline to El Paso, Texas, with pipe and tank
construction begun and an early 2024 start-up still expected. As
previously projected, the incremental 5,000 bpd expansion of our
refined products pipeline from Kansas to Colorado became operational in March 2023.
Management continues to assess additional capital investments to
create future value for investors, while maintaining Magellan's
long-standing commitment to capital discipline.
During first quarter 2023, Magellan repurchased 1.2 million of
our common units for $64 million,
resulting in total repurchases of 27.2 million units for nearly
$1.34 billion since 2020 under our
$1.5 billion repurchase program,
representing a 12% reduction in units outstanding. The timing,
price and quantity of potential future equity repurchases will
depend on a number of factors including expected expansion capital
spending, excess cash available, balance sheet metrics, legal and
regulatory requirements, market conditions and the trading price of
our common units.
Financial guidance for 2023
Magellan is increasing our annual DCF guidance by $40 million to $1.22
billion for 2023 to reflect higher-than-expected performance
during first quarter and our latest outlook for refined products
transportation rates. While management continues to evaluate
upcoming mid-year changes to our tariffs, we currently expect to
increase our refined products rates by an all-in average of
approximately 11% on July 1, 2023,
based on our recent market analyses.
Assuming the current 202.1 million units outstanding, targeted
annual distribution growth of 1% per unit and updated annual DCF
guidance, Magellan's distribution coverage is expected to be more
than 1.4 times the amount needed to pay cash distributions declared
for 2023. FCF is projected to be $1.1
billion for full-year 2023, or $250
million after distributions.
Based on actual first-quarter results and current number of
units outstanding, net income per unit is now estimated to be
$4.95 for 2023, with second-quarter
guidance of $1.10 per unit. Guidance
excludes future MTM adjustments on our commodity-related
activities.
Management continues to expect that FCF after distributions will
generally be used to repurchase equity (subject to the
considerations noted in "Capital allocation" above) and targets
annual distribution coverage of at least 1.2 times for the
foreseeable future. Our 2023 DCF guidance of $1.22 billion would represent an increase of 17%
over the $1.044 billion DCF we
generated in 2020, the year we initiated unit repurchases. Assuming
no additional repurchases in 2023, DCF per unit would equate to
approximately $6.03 per unit for
2023, an increase of nearly 30% versus 2020.
Earnings call details
Management will discuss first-quarter 2023 financial results and
outlook for the remainder of the year during a conference call at
1:30 p.m. Eastern today. Participants
are encouraged to listen to the call via Magellan's website at
www.magellanlp.com/investors/webcasts.aspx. In addition, a limited
number of phone lines will be available at
(800) 768-3232, conference code 22026602.
A replay of the audio webcast will be available for at least 30
days at www.magellanlp.com.
Non-GAAP financial measures
We believe that investors benefit from having access to the same
financial measures utilized by our management. As a result, this
news release and supporting schedules include the non-GAAP
financial measures of operating margin, adjusted EBITDA, DCF, FCF
and net income per unit excluding MTM commodity-related pricing
adjustments, which are important performance measures used by
Magellan.
Operating margin reflects operating profit before depreciation,
amortization and impairment expense and G&A expense. This
measure forms the basis of our internal financial reporting and is
used by management to evaluate the economic performance of our
operations.
Adjusted EBITDA is an important measure utilized by management
and the investment community to assess the financial results of a
company.
DCF is important in determining the amount of cash generated
from our operations, after maintenance capital spending, that is
available for distribution to our unitholders. Management uses this
performance measure as a basis for recommending to our board of
directors the amount of cash distributions to be paid to our
investors and for determining the payout for performance-based
awards issued under our equity-based incentive plan.
FCF is a financial metric used by many investors and others in
the financial community to measure the amount of cash generated by
a company after considering all investing activities, including
both maintenance and expansion capital spending, as well as
proceeds from divestitures. Management believes FCF is important to
the financial community as it reflects the amount of cash available
for distributions, additional expansion capital opportunities,
equity repurchases, debt reduction or other partnership uses.
Reconciliations of operating margin to operating profit,
adjusted EBITDA, DCF and FCF to net income and FCF to net cash
provided by operating activities accompany this news release.
We use exchange-traded futures contracts to hedge against price
changes of petroleum products associated with our commodity-related
activities. Most of these futures contracts are not designated as
hedges for accounting purposes. However, because these futures
contracts are generally effective at hedging price changes,
management believes our profitability should be evaluated excluding
the unrealized gains and losses associated with petroleum products
that will be sold in future periods. Further, because the financial
guidance provided by management excludes future MTM
commodity-related pricing adjustments, a reconciliation of actual
results to those excluding these adjustments is provided for
comparability to previous financial guidance.
Since the non-GAAP measures presented in this news release
include adjustments specific to us, they may not be comparable to
similarly-titled measures of other companies.
About Magellan Midstream Partners, L.P.
Magellan
Midstream Partners, L.P. (NYSE: MMP) is a publicly traded
partnership that primarily transports, stores and distributes
refined petroleum products and crude oil. Magellan owns the longest
refined petroleum products pipeline system in the country, with
access to nearly 50% of the nation's refining capacity, and can
store more than 100 million barrels of petroleum products such as
gasoline, diesel fuel and crude oil. More information is available
at www.magellanlp.com.
Forward-Looking Statement Disclaimer
Except for
statements of historical fact, this news release constitutes
forward-looking statements as defined by federal law.
Forward-looking statements can be identified by words and phrases
such as: remains, continued, maintaining, committed, expect,
projected, future, forecast, outlook, targeted, assuming, guidance,
estimated, would, will, foreseeable, focused, new, commitment,
upcoming and similar references to future periods. Although
management believes such statements are based on reasonable
assumptions, such statements necessarily involve known and unknown
risks and uncertainties that may cause actual outcomes to be
materially different. Among the key risk factors that may have a
direct impact on Magellan's results of operations and financial
condition are: impacts from inflation; changes in supply, price or
demand for refined petroleum products, crude oil and natural gas
liquids, or for transportation, storage, blending or processing of
those commodities through our facilities; changes in laws and
regulations applicable to us; changes in government incentives or
initiatives that negatively impact us or positively impact
competitive alternatives; changes in our tariff rates or other
terms as required by state or federal regulatory authorities;
reductions of hydrocarbon production or cutbacks at refineries or
at other businesses that use or supply our services; changes in the
throughput or interruption in service on pipelines or other
facilities owned and operated by third parties and connected to our
terminals, pipelines or other facilities; the occurrence of
operational hazards or unforeseen interruptions; the treatment of
us as a corporation for federal or state income tax purposes or us
becoming subject to significant forms of other taxation; changes in
our capital needs, cash flows or availability of cash to fund unit
repurchases or distributions; and failure of customers or vendors
to meet or continue contractual obligations to us. Additional
factors that could lead to material changes in performance are
described in Magellan's filings with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the fiscal
year ended Dec. 31, 2022 and
subsequent reports on Forms 8-K. You are urged to carefully review
and consider the cautionary statements and other disclosures made
in those filings, especially under the headings "Risk Factors" and
"Forward-Looking Statements." Forward-looking statements made by
Magellan in this news release are based only on information
currently known, and we undertake no obligation to revise our
forward-looking statements to reflect future events or
circumstances.
Contact:
|
Paula
Farrell
|
|
(918)
574-7650
|
|
paula.farrell@magellanlp.com
|
MAGELLAN MIDSTREAM
PARTNERS, L.P
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In millions, except
per unit amounts)
|
(Unaudited)
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2023
|
Transportation and
terminals revenue
|
$
422.9
|
|
$
454.1
|
Product sales
revenue
|
246.1
|
|
410.1
|
Affiliate management
fee revenue
|
5.7
|
|
5.5
|
Total
revenue
|
674.7
|
|
869.7
|
Costs and
expenses:
|
|
|
|
Operating
|
124.2
|
|
133.9
|
Cost of product
sales
|
243.4
|
|
320.1
|
Depreciation,
amortization and impairment
|
57.7
|
|
55.8
|
General and
administrative
|
62.8
|
|
60.4
|
Total costs and
expenses
|
488.1
|
|
570.2
|
Other operating income
(expense)
|
(2.0)
|
|
5.8
|
Earnings of
non-controlled entities
|
35.4
|
|
26.2
|
Operating
profit
|
220.0
|
|
331.5
|
Interest
expense
|
57.3
|
|
57.7
|
Interest
capitalized
|
(0.4)
|
|
(0.6)
|
Interest
income
|
(0.1)
|
|
(1.0)
|
Gain on disposition of
assets
|
(0.2)
|
|
—
|
Other (income)
expense
|
0.6
|
|
0.6
|
Income from continuing
operations before provision for income taxes
|
162.8
|
|
274.8
|
Provision for income
taxes
|
0.8
|
|
0.9
|
Income from continuing
operations
|
162.0
|
|
273.9
|
Income from
discontinued operations
|
3.5
|
|
—
|
Net income
|
$
165.5
|
|
$
273.9
|
|
|
|
|
Earnings per common
unit
|
|
|
|
Basic and
diluted:
|
|
|
|
Continuing
operations
|
$
0.76
|
|
$
1.34
|
Discontinued
operations
|
0.02
|
|
—
|
Net income per common
unit
|
$
0.78
|
|
$
1.34
|
Weighted average
number of common units outstanding
|
212.9
|
|
204.0
|
|
|
|
|
MAGELLAN MIDSTREAM
PARTNERS, L.P
|
OPERATING
STATISTICS
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2023
|
Refined products:
|
|
|
|
Transportation revenue
per barrel shipped
|
$
1.635
|
|
$
1.864
|
Volume shipped (million
barrels):
|
|
|
|
Gasoline
|
75.6
|
|
68.5
|
Distillates
|
47.6
|
|
46.9
|
Aviation
fuel
|
7.4
|
|
8.8
|
Liquefied petroleum
gases
|
0.6
|
|
—
|
Total volume
shipped
|
131.2
|
|
124.2
|
|
|
|
|
Crude oil:
|
|
|
|
Magellan 100%-owned
assets:
|
|
|
|
Transportation revenue
per barrel shipped(1)
|
$
0.843
|
|
$
0.604
|
Volume shipped
(million barrels)(1)
|
41.9
|
|
64.1
|
Terminal average
utilization (million barrels per month)
|
25.2
|
|
23.4
|
Select joint venture
pipelines:
|
|
|
|
BridgeTex - volume
shipped (million barrels)(2)
|
25.5
|
|
12.8
|
Saddlehorn - volume
shipped (million barrels)(2)
|
20.0
|
|
21.8
|
|
|
(1)
|
Includes shipments
related to our crude oil marketing activities.
|
(2)
|
These volumes reflect
the total shipments for these joint venture pipelines, which are
owned 30% by us.
|
MAGELLAN MIDSTREAM
PARTNERS, L.P
|
OPERATING MARGIN
RECONCILIATION TO OPERATING PROFIT
|
(Unaudited, in
millions)
|
|
|
Three Months Ended
|
|
March 31,
|
|
2022
|
|
2023
|
Refined products:
|
|
|
|
Transportation and
terminals revenue
|
$
309.5
|
|
$
332.0
|
Affiliate management
fee revenue
|
1.8
|
|
1.6
|
Other operating income
(expense)
|
0.1
|
|
5.8
|
Earnings of
non-controlled entities
|
3.7
|
|
13.6
|
Less: Operating
expenses
|
88.2
|
|
95.6
|
Transportation and
terminals margin
|
226.9
|
|
257.4
|
Product sales
revenue
|
241.6
|
|
386.5
|
Less: Cost of product
sales
|
233.1
|
|
307.1
|
Product
margin
|
8.5
|
|
79.4
|
Operating
margin
|
$
235.4
|
|
$
336.8
|
|
|
|
|
Crude oil:
|
|
|
|
Transportation and
terminals revenue
|
$
114.7
|
|
$
124.3
|
Affiliate management
fee revenue
|
3.9
|
|
3.9
|
Other operating income
(expense)
|
(2.1)
|
|
—
|
Earnings of
non-controlled entities
|
31.7
|
|
12.6
|
Less: Operating
expenses
|
38.8
|
|
42.1
|
Transportation and
terminals margin
|
109.4
|
|
98.7
|
Product sales
revenue
|
4.5
|
|
23.6
|
Less: Cost of product
sales
|
10.3
|
|
13.0
|
Product
margin
|
(5.8)
|
|
10.6
|
Operating
margin
|
$
103.6
|
|
$
109.3
|
|
|
|
|
Segment operating
margin
|
$
339.0
|
|
$
446.1
|
Add: Allocated
corporate depreciation costs
|
1.5
|
|
1.6
|
Total operating
margin
|
340.5
|
|
447.7
|
Less:
|
|
|
|
Depreciation,
amortization and impairment expense
|
57.7
|
|
55.8
|
General and
administrative expense
|
62.8
|
|
60.4
|
Total operating
profit
|
$
220.0
|
|
$
331.5
|
Interest expense (net
of interest income and interest capitalized)
|
56.8
|
|
56.1
|
Gain on disposition of
assets
|
(0.2)
|
|
—
|
Other (income)
expense
|
0.6
|
|
0.6
|
Income from continuing
operations before provision for income taxes
|
$
162.8
|
|
$
274.8
|
|
|
|
|
|
Note: Amounts may not
sum to figures shown on the consolidated statements of income due
to intersegment eliminations and allocated corporate depreciation
costs.
|
|
MAGELLAN MIDSTREAM
PARTNERS, L.P
|
RECONCILIATION OF
NET INCOME AND NET INCOME PER COMMON UNIT
|
EXCLUDING
COMMODITY-RELATED ADJUSTMENTS TO GAAP MEASURES
|
(Unaudited, in
millions except per unit amounts)
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2023
|
|
|
Net Income
|
|
Basic
Net Income Per
Common Unit
|
|
Diluted
Net Income Per
Common Unit
|
|
As reported
|
|
$
273.9
|
|
$
1.34
|
|
$
1.34
|
|
Commodity-related
adjustments associated with future
transactions(1)
|
|
(4.7)
|
|
|
|
|
|
Excluding
commodity-related adjustments
|
|
$
269.2
|
|
$
1.32
|
|
$
1.32
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common units outstanding
|
|
|
|
204.0
|
|
204.0
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes our net share
of commodity-related adjustments for our non-controlled entities.
Please see Distributable Cash Flow and Free Cash Flow
Reconciliation to Net Income for further descriptions of
commodity-related adjustments.
|
MAGELLAN MIDSTREAM
PARTNERS, L.P
|
DISTRIBUTABLE CASH
FLOW AND FREE CASH FLOW
|
RECONCILIATION
TO NET INCOME
|
(Unaudited, in
millions)
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
2023
Guidance
|
|
2022
|
|
2023
|
|
|
|
|
|
|
|
Net income
|
$
165.5
|
|
$
273.9
|
|
$ 1,000.0
|
Interest expense,
net
|
56.8
|
|
56.1
|
|
225.0
|
Depreciation,
amortization and impairment(1)
|
57.7
|
|
56.4
|
|
232.0
|
Equity-based incentive
compensation(2)
|
5.5
|
|
(3.5)
|
|
15.0
|
Gain on disposition of
assets(3)
|
(0.2)
|
|
—
|
|
—
|
Commodity-related
adjustments:
|
|
|
|
|
|
Derivative (gains)
losses recognized in the period associated with future
transactions(4)
|
56.7
|
|
(0.6)
|
|
|
Derivative gains
(losses) recognized in previous periods associated with
transactions completed in the period(4)
|
(11.2)
|
|
(5.8)
|
|
|
Inventory valuation
adjustments(5)
|
2.8
|
|
(6.4)
|
|
|
Total
commodity-related adjustments
|
48.3
|
|
(12.8)
|
|
(5.0)
|
Distributions from
operations of non-controlled entities in excess of
earnings
|
3.0
|
|
11.9
|
|
64.0
|
Adjusted EBITDA
|
336.6
|
|
382.0
|
|
1,531.0
|
Interest expense, net,
excluding debt issuance cost amortization
|
(56.0)
|
|
(55.2)
|
|
(221.0)
|
Maintenance
capital(6)
|
(15.2)
|
|
(14.2)
|
|
(90.0)
|
Distributable cash flow
|
$
265.4
|
|
$
312.6
|
|
$ 1,220.0
|
Expansion
capital(7)
|
(26.1)
|
|
(32.0)
|
|
(120.0)
|
Proceeds from
disposition of assets(3)
|
0.2
|
|
—
|
|
—
|
Free cash flow
|
$
239.5
|
|
$
280.6
|
|
$ 1,100.0
|
Distributions
paid(8)
|
(220.6)
|
|
(213.0)
|
|
(850.0)
|
Free cash flow after
distributions
|
$
18.9
|
|
$
67.6
|
|
$
250.0
|
|
|
|
|
|
|
|
|
(1)
|
Depreciation,
amortization and impairment expense is excluded from DCF to the
extent it represents a non-cash expense.
|
|
|
(2)
|
Because we intend to
satisfy vesting of unit awards under our equity-based long-term
incentive compensation plan with the issuance of common units,
expenses related to this plan generally are deemed non-cash and
excluded for DCF purposes. The amounts above have been reduced by
cash payments associated with the plan, which are primarily related
to tax withholdings.
|
|
|
(3)
|
Gains on disposition of
assets are excluded from DCF to the extent they are not related to
our ongoing operations, while proceeds from disposition of assets
exclude the related gains to the extent they are already included
in our calculation of DCF.
|
|
|
(4)
|
Certain derivatives
have not been designated as hedges for accounting purposes and the
mark-to-market changes of these derivatives are recognized
currently in net income. We exclude the net impact of these
derivatives from our determination of DCF until the transactions
are settled and, where applicable, the related products are
sold.
|
|
|
(5)
|
We adjust DCF for lower
of average cost or net realizable value adjustments related to
inventory and firm purchase commitments as well as market valuation
of short positions recognized each period as these are non-cash
items. In subsequent periods when we sell or purchase the related
products, we recognize these valuation adjustments in
DCF.
|
|
|
(6)
|
Maintenance capital
expenditures maintain our existing assets and do not generate
incremental DCF (i.e. incremental returns to our
unitholders). For this reason, we deduct maintenance capital
expenditures to determine DCF.
|
|
|
(7)
|
Includes additions to
property, plant and equipment (excluding maintenance capital and
capital-related changes in current liabilities), acquisitions and
investments in non-controlled entities, net of distributions from
returns of investments in non-controlled entities and deposits from
undivided joint interest third parties.
|
|
|
(8)
|
We paid cash
distributions of $1.0375 and $1.0475 per unit during first quarter
2022 and 2023, respectively. Distributions paid declined between
years because of lower units outstanding as a result of our equity
repurchase program, with 212.6 million and 203.3 million units
eligible for distributions during the respective
periods.
|
MAGELLAN MIDSTREAM
PARTNERS, LP
|
FREE CASH FLOW
RECONCILIATION TO NET CASH PROVIDED
|
BY OPERATING
ACTIVITIES
|
(Unaudited, in
millions)
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
2022
|
|
2023
|
Net cash provided by operating
activities
|
|
$
100.4
|
|
$
351.5
|
Changes in operating
assets and liabilities
|
|
145.5
|
|
(2.5)
|
Net cash provided
(used) by investing activities
|
|
(46.6)
|
|
(44.0)
|
Payments associated
with settlement of equity-based incentive compensation
|
|
(8.9)
|
|
(9.9)
|
Settlement cost,
amortization of prior service credit and actuarial loss
|
|
(1.2)
|
|
(0.4)
|
Changes in accrued
capital items
|
|
5.5
|
|
(2.2)
|
Commodity-related
adjustments(1)
|
|
48.3
|
|
(12.8)
|
Other
|
|
(3.5)
|
|
0.9
|
Free cash flow
|
|
$
239.5
|
|
$
280.6
|
Distributions
paid
|
|
(220.6)
|
|
(213.0)
|
Free cash flow after
distributions
|
|
$
18.9
|
|
$
67.6
|
|
|
|
|
|
|
|
(1)
|
Please refer to the
preceding table for a description of these commodity-related
adjustments.
|
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SOURCE Magellan Midstream Partners, L.P.