Tulsa, OK-based Magellan Midstream Partners LP is a master limited partnership (MLP) that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia.

Currently, Magellan Midstream has a Zacks Rank #3 (Hold) but that could change following its second-quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:    

Earnings: The partnership reported earnings per unit (EPU) – excluding mark-to-market commodity-related pricing adjustments – of 82 cents, surpassed the Zacks Consensus Estimate of 73 cents.   

Revenue: Total revenues of $519 million beat the Zacks Consensus Estimate of $505 million.    

Key Stats:  In the Refined Products segment, quarterly operating profits were recorded at $177.3 million, up almost 20% from the year-ago quarter. However, the partnership’s operating margin from Crude Oil unit was approximately $96.9 million, down 9.4% from the prior-year quarter.

Check back later for our full write up on this Magellan Midstream earnings report later!  

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