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Magellan Midstream Partners LP (MMP) Q2 2018 Results - Earnings Call Transcript

Aug. 03, 2018 3:43 AM ETMagellan Midstream Partners, L.P. (MMP)
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Magellan Midstream Partners LP (NYSE:MMP) Q2 2018 Earnings Call August 2, 2018 1:30 PM ET


Michael N. Mears - Magellan Midstream Partners LP

Aaron L. Milford - Magellan Midstream Partners LP


Theresa Chen - Barclays Capital, Inc.

Christopher Paul Sighinolfi - Jefferies LLC

Jerren Holder - Goldman Sachs & Co. LLC

Sharon Lui - Wells Fargo Securities LLC

Elvira Scotto - RBC Capital Markets LLC


Good day, everyone, and welcome to the Magellan Midstream Partners Second Quarter 2018 Earnings Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mike Mears, President and Chief Executive Officer. Please go ahead.

Michael N. Mears - Magellan Midstream Partners LP

Good afternoon and thank you for joining us today for Magellan's Second Quarter Earnings Call. Before we dive into the discussion, I'll remind you that management will be making forward-looking statements as defined by the SEC. Such statements are based on our current judgments regarding the factors that could impact the future performance of Magellan. 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.

With that out of the way, a busy time at Magellan with two significant expansion project (00:51) this week. Based on additional long-term (00:55) received from our recent supplemental open season, we are further expanding the Western leg of our Texas refined products pipeline, taking the capacity from its current 100,000 barrels per day up to 175,000 per day. We are gaining this additional space by increasing the pipeline diameter along a portion of the existing route and also building a new 140-mile twin pipeline from Hearne to Alexander, Texas.

Our Texas refined products pipeline system has (01:27) for quite some time. And

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