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Magellan Midstream Partners, L.P. (MMP) CEO Mike Mears on Q3 2021 Results - Earnings Call Transcript

Nov. 02, 2021 5:10 PM ETMagellan Midstream Partners, L.P. (MMP)
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Magellan Midstream Partners, L.P. (NYSE:MMP) Q3 2021 Earnings Conference Call November 2, 2021 1:30 PM ET

Company Participants

Mike Mears - CEO

Jeff Holman - CFO

Conference Call Participants

Theresa Chen - Barclays

Spiro Dounis - Credit Suisse

Keith Stanley - Wolfe Research

Shneur Gershuni - UBS

Michael Lapides - Goldman Sachs


Greetings, and good afternoon, everyone. Welcome to the Third Quarter ‘21 Earnings Call. During the presentation, all participants will be in listen-only mode. Afterwards, we will have a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded today, Tuesday, November 2, 2021.

It is now my pleasure to turn the call over to Mike Mears, Chief Executive Officer. Please go ahead, sir.

Mike Mears

Well, hello, and thank you for joining us today for our third quarter earnings call. Before we get started, I need to remind you that management will be making forward-looking statements as defined by the Securities and Exchange Commission. Such statements are based on our current judgments regarding the factors that could impact the future performance of Magellan, but actual outcomes could be materially different. You should review the risk factors and other information discussed in our filings with the SEC in forming your own opinions about Magellan's future performance.

Moving on to the quarter, we are pleased with our third quarter results for a few reasons. First of all, Magellan generated strong financial results that significantly exceeded our EPU guidance for the quarter. While there were a number of favorable items that contributed to the earning speed, the main benefits related to additional refined products transportation volumes, including continued strong distillate demand across our entire pipeline system, as well as lower than expected expenses, in part due to our ongoing optimization efforts.

In addition, as previously announced, we also delivered on

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