Magellan Midstream Holdings, L.P. (NYSE:MGG)
Industry: Basic Materials
Magellan Midstream Holdings, L.P. (Magellan Holdings) owns and controls Magellan GP, LLC, which is the general partner of Magellan Midstream Partners, L.P. (MMP). MMP is a limited partnership that is principally engaged in the transportation, storage and distribution of refined petroleum products. The Company's only asset is its ownership interest in MMP's general partner. As of December 31, 2004, MMP's assets consisted of an 8,500-mile petroleum products pipeline system, including 45 petroleum products terminals, serving the mid-continent region of the United States, referred to as the petroleum products pipeline system; seven petroleum products terminal facilities located along the United States Gulf and East Coast, referred to as marine terminal facilities; 29 petroleum products terminals located principally in the southeastern United States, referred to as inland terminals, and an 1,100-mile ammonia pipeline system serving the mid-continent region of the United States. Petroleum Products Pipeline System In October 2004, MMP acquired a 2,000-mile petroleum products pipeline system. This acquisition extended the reach of MMP's existing pipeline system into key markets in Colorado, and western and northern Texas. This pipeline system was already interconnected with Magellan Midstream Partners, L.P.'s existing petroleum products pipeline Oklahoma, thereby providing MMP with a direct connection to the United States Gulf Coast. As a result, MMP's common carrier petroleum products pipeline system extends 8,500 miles, and covers a 13-state area, extending from Texas through the Midwest to Colorado, North Dakota, Minnesota and Illinois. Magellan Midstream Partners, L.P.'s pipeline system transports petroleum products and liquefied petroleum gases (LPGs) and includes 45 terminals. MMP's petroleum products pipeline system includes more than 26 million barrels of aggregate usable storage capacity. The terminals deliver petroleum products primarily into tank trucks. The products transported on Magellan Midstream Partners, L.P.'s pipeline system are largely transportation fuels, and were comprised of 55% gasoline, 35% distillates (which include diesel fuels and heating oil) and 10% LPGs and aviation fuel during the year ended December 31, 2004. Product originates on MMP's pipeline system from direct connections to refineries and interconnections with other interstate pipelines for transportation, and distribution to retail gasoline stations, truck stops, railroads, airports and other end users. The petroleum products pipeline system segment accounted for 83% of Magellan Midstream Partners, L.P.'s total revenues during 2004. MMP's petroleum products pipeline system is connected to Gulf Coast refineries. In addition to its own pipeline that originates in the Gulf Coast region, Magellan Midstream Partners, L.P. also has interconnections with the Explorer, CITGO and Seaway/ConocoPhillips pipelines. MMP's petroleum products pipeline system generates approximately 80% of its revenue through transportation tariffs on volumes shipped. Magellan Midstream Partners, L.P.'s petroleum products pipeline system generates the remaining 20% of its revenues from leasing pipeline and storage tank capacity to shippers, and from providing product and other services, such as ethanol unloading and loading, additive injection, laboratory testing and data services to shippers. MMP ships petroleum products for several different types of customers, including independent and integrated oil companies, wholesalers, retailers, railroads, airlines and regional farm cooperatives. End markets for these deliveries are primarily retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, and military and commercial jet fuel users. Propane shippers include wholesalers and retailers who, in turn, sell to commercial, industrial, agricultural and residential heating customers, as well as utilities, who use propane as a fuel source. Petroleum Products Terminals Within its petroleum products terminals network, Magellan Midstream P
As Of: 10/07 00:00 ET
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