MMP has yet to file the 10-Q - which is my source for the debt numbers.
Earnings were in line with guidance - but 'guidance' lacked optimism. The distribution coverage ratio is falling - which suggests slower forward distribution growth. Guidance already projected that.
Magellan Midstream Partners metrics: 57% Refined Products; 34% Crude; 9% Marine Storage. 85% fee based.
Q2-2016 | Q1-2016 | Q4-2015 | Q3-2015 | Q2-2015 | Q1-2015 | Q4-2014 | Q3-2014 | Q2-2014 | Q1-2014 | Q4-2013 | Q3-2013 | Q2-2013 | Q1-2013 | |
Revenues | 518,897 | 519,816 | 573,048 | 577,232 | 487,543 | 522,090 | 667,070 | 521,601 | 496,446 | 618,606 | 577,438 | 443,835 | 443,912 | 432,421 |
Costs | 307,709 | 321,466 | 343,502 | 289,670 | 304,322 | 311,869 | 387,331 | 297,409 | 320,183 | 343,983 | 355,081 | 291,586 | 260,191 | 291,967 |
EBITDA | 292,520 | 270,132 | 315,529 | 292,017 | 281,613 | 284,934 | 303,559 | 231,438 | 247,989 | 297,894 | 289,791 | 192,051 | 217,342 | 166,264 |
DCF dollars | 221,011 | 205,337 | 256,897 | 230,004 | 222,829 | 233,124 | 248,055 | 183,386 | 195,846 | 253,182 | 236,570 | 141,057 | 168,187 | 123,906 |
Units | 227,983 | 227,849 | 227,781 | 227,427 | 227,631 | 227,525 | 227,426 | 227,068 | 227,288 | 227,141 | 227,068 | 226,679 | 226,679 | 226,679 |
DCF/unit | $0.9694 | $0.9012 | $1.1278 | $1.0113 | $0.9789 | $1.0246 | $1.0907 | $0.8076 | $0.8617 | $1.1146 | $1.0418 | $0.6223 | $0.7420 | $0.5466 |
Upcoming Distrib. | $0.8200 | $0.8025 | $0.7850 | $0.7625 | $0.7400 | $0.7175 | $0.695 | $0.6675 | $0.6400 | $0.6125 | $0.5850 | $0.5575 | $0.5325 | $0.5075 |
Coverage | 1.1822x | 1.1230x | 1.437x | 1.326x | 1.323x | 1.428x | 1.569x | 1.210x | 1.346x | 1.820x | 1.781x | 1.116x | 1.393x | 1.077x |
2016 Guidance: EBITDA of $1.166 billion and DCF of $910 million | ||||||||||||||
Credit Suisse DCF/unit | x | x | $1.13 | $1.01 | $0.98 | $1.02 | $1.09 | $0.81 | $0.86 | $1.12 | ||||
Stifel DCF/unit | x | $0.901 | $1.128 | $1.01 | $0.980 | $1.025 | $1.091 | $0.808 | $0.862 | $1.115 | ||||
Wells Fargo DCF/unit | x | $0.90 | $1.13 | $1.01 | $0.98 | $1.02 | $1.09 | $0.81 | $0.86 | $1.12 | ||||
LTM EBITDA | 1,170.198 | 1,159.291 | 1,172.003 | 1,106.619 | 1,101,544 | 1,067,920 | 1,080.880 | 1,067,112 | 1,027,725 | 997,078 | 865.488 | |||
Long Term Debt | x | 3,800,000 | 3,400,000 | 3,407,114 | 3,326,936 | 3,183,750 | 2,982,895 | 3,303,707 | 2,910,496 | 2,435,316 | 2,435,316 | 2,486,715 | 2,390,021 | 2,391,718 |
Debt/EBITDA | x | 3.28x | 2.90x | 3.08x | 3.08x | 2.98x | 2.76x | 3.10x | 2.83x | 2.44x | 2.81x | |||
For MMP, even the credit facility expense is included in the long term debt numbers | ||||||||||||||
Cash | x | 210.000 | 28,700 | 9,007 | 29,030 | 52,813 | 17,063 | 14,853 | 731 | 196,630 | 25,235 | 14,228 | 119,491 | 221,003 |
Net Debt | x | 3,590,000 | 3,371,300 | 3,398,107 | 3,297,906 | 3,130,937 | 2,965,832 | 3,288,854 | 2,909,765 | 2,238,686 | 2,410,081 | |||
Net Debt/EBITDA | x | 3.06x | 2.85x | 3.07x | 2.99x | 2.93x | 2.74x | 3.08x | 2.83x | 2.24x | 2.78x | |||
Interest Expense | 40.345 | 34.151 | 35,421 | 34,993 | 37,265 | 34,100 | 34,855 | 39,779 | 39,756 | 36,416 | 35,168 | 31,852 | 31,720 | 31,723 |
Interest Coverage | 7.25x | 8.31x | 8.91x | 8.35x | 7.56x | 8.36x | 8.71x | 5.82x | 6.24x | 8.18x | 8.24x | 6.03x | 6.85x | 5.24x |
In March of 2015 MMP issued $250 million of 3.20% notes due 2025 and $250 million of 4.20% notes due 2045 | ||||||||||||||
In March of 2014 MMP issued $250 million 5.15% notes due 2043 | ||||||||||||||
In October of 2013 MMP issued $300 million of 5.15% notes due 2043 |