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Magellan Midstream weighing sale of Longhorn pipeline stake - Reuters

  • Magellan Midstream Partners (MMP +0.5%) is exploring the sale of a 35% stake in its Longhorn crude oil pipeline in Texas for as much as $2B, Reuters reports.
  • MMP is working with investment banks to sell the stake in a new business unit which will contain the 275K bbl/day pipeline and some storage assets on the Gulf of Mexico coast, according to the report.
  • The newly-created unit is said to have 12-month EBITDA of $400-$500M.

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Magellan Midstream Partners, L.P.