We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Magellan (MMP) Extends Open Season for Texas Pipeline Expansion
Read MoreHide Full Article
Magellan Midstream Partners, L.P. recently declared the extension of the partnership’s open season to solicit customer commitments for the prospective expansion of their refined petroleum products pipeline system from the Houston region to El Paso in Texas.
MMP stated that potential shippers have shown substantial interest and that the extension offers concerned customers extra time to finalize commitments. Binding commitments, however, are now due by 5:00 p.m. Central Time on Jul 15, 2022.
The planned development comprises the expansion of a 265-mile pipeline segment between Odessa and El Paso and the use of the prevailing and underutilized pipeline capacity from the Houston area to Odessa. Moreover, the project will increase Magellan Midstream’s competency in transporting refined petroleum products like gasoline and diesel from the Gulf Coast refineries to El Paso, with further shipper optionality to enter markets in New Mexico through Magellan's pipeline system and Arizona and Mexico via the linkage to third-party pipelines.
The expansion, which is considered capital-efficient, will augment the capacity of the Odessa-to-El Paso portion of the pipeline by approximately 15,000 barrels per day (bpd) to a new total capacity of roughly 85,000 bpd. The higher capacity can be achieved by mid-2023 after the addition of incremental pumping capabilities and the construction of operational storage at El Paso, subject to the results of this open season and the receipts of all the required permits and approvals.
Tulsa, OK-based Magellan Midstream Partners, L.P. is a master limited partnership 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. Magellan Midstream has the longest refined petroleum pipeline system in the United States with access to almost half of the total domestic refining capacity. MMP conducts its operations in two segments: Refined Products and Crude Oil.
The Zacks Consensus Estimate for Enerplus’ 2022 earnings has been revised 28.3% upward over the past 60 days.
The Zacks Consensus Estimate for ERF’s 2022 earnings is projected at $3.31 per share, up about 241.2% from the projected year-ago earnings of 97 cents.
The Zacks Consensus Estimate for Valero’s 2022 earnings is projected at $17.18 per share, up about 511.4% from the projected year-ago earnings of $2.81.
VLO beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 84.3%.
The Zacks Consensus Estimate for Marathon Petroleum’s 2022 earnings is projected at $14.57 per share, up approximately 494.7% from the projected year-ago earnings of $2.45.
MPC beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 65%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Magellan (MMP) Extends Open Season for Texas Pipeline Expansion
Magellan Midstream Partners, L.P. recently declared the extension of the partnership’s open season to solicit customer commitments for the prospective expansion of their refined petroleum products pipeline system from the Houston region to El Paso in Texas.
MMP stated that potential shippers have shown substantial interest and that the extension offers concerned customers extra time to finalize commitments. Binding commitments, however, are now due by 5:00 p.m. Central Time on Jul 15, 2022.
The planned development comprises the expansion of a 265-mile pipeline segment between Odessa and El Paso and the use of the prevailing and underutilized pipeline capacity from the Houston area to Odessa. Moreover, the project will increase Magellan Midstream’s competency in transporting refined petroleum products like gasoline and diesel from the Gulf Coast refineries to El Paso, with further shipper optionality to enter markets in New Mexico through Magellan's pipeline system and Arizona and Mexico via the linkage to third-party pipelines.
The expansion, which is considered capital-efficient, will augment the capacity of the Odessa-to-El Paso portion of the pipeline by approximately 15,000 barrels per day (bpd) to a new total capacity of roughly 85,000 bpd. The higher capacity can be achieved by mid-2023 after the addition of incremental pumping capabilities and the construction of operational storage at El Paso, subject to the results of this open season and the receipts of all the required permits and approvals.
Tulsa, OK-based Magellan Midstream Partners, L.P. is a master limited partnership 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. Magellan Midstream has the longest refined petroleum pipeline system in the United States with access to almost half of the total domestic refining capacity. MMP conducts its operations in two segments: Refined Products and Crude Oil.
Magellan Midstream currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector include Enerplus (ERF - Free Report) , Valero Energy (VLO - Free Report) and Marathon Petroleum (MPC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Enerplus’ 2022 earnings has been revised 28.3% upward over the past 60 days.
The Zacks Consensus Estimate for ERF’s 2022 earnings is projected at $3.31 per share, up about 241.2% from the projected year-ago earnings of 97 cents.
The Zacks Consensus Estimate for Valero’s 2022 earnings is projected at $17.18 per share, up about 511.4% from the projected year-ago earnings of $2.81.
VLO beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 84.3%.
The Zacks Consensus Estimate for Marathon Petroleum’s 2022 earnings is projected at $14.57 per share, up approximately 494.7% from the projected year-ago earnings of $2.45.
MPC beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 65%.