Magellan Midstream Partners’ Revenue by Segment (2016-2022)

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This statistic highlights Magellan Midstream Partners’ Revenue by Segment, split between Crude Oil and Refined Products, reported on a quarterly basis from Q1 2016 onwards.
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This statistic highlights Magellan Midstream Partners’ Revenue by Segment, split between Crude Oil and Refined Products, reported on a quarterly basis from Q1 2016 onwards.

The company primarily deals with the transportation, storage, and subsequent distribution of Crude Oil and Refined Petroleum. The segments that Magellan reports are strategic business units that provide various services and products. Management of the segments is done independently since the requirement of each segment differs viz. marketing strategies and corresponding business information. The segment performance is measured based on parameters such as the operating margin which includes revenue from third parties, product sales cost, operating expenses, etc.

Magellan Midstream Partners’ Revenue by Segment

Revenue by Segment Q3 2020 Q2 2021 Q3 2021 Contribution in Q3 2021
Refined Products 436.64 294.78 504.43 78.76%
Crude Oil 16.36 146.25 136.07 21.24%
Total 453.00 441.03 640.49 100.00%

(All figures are in millions, except percentages)

Magellan realizes its revenue only when every performance obligation required by customer contracts is satisfied. The highest revenue earned, in the given timeline, is $640.49 million in Q3 2021 which is 41.4% higher than that during the same period in the previous year.

Refined Products

This segment comprises about 9,800- mile refined petroleum products pipeline system with two terminals of marine storage, around fifty connected terminals, and independent terminals. Magellan’s carrier pipeline system for Refined Products and Liquified Petroleum Gases is the longest one in the United States. Additionally, the system also includes 47 million barrels of collective usable storage capacity.

Refined products consistently form the larger contributing segment of the two. The latest quarter marked the highest revenue of $504.43 million during the given timeline. The QoQ growth from Q2 to Q3 2021 was a considerable 71%. Refined products formed 96.4% of the total revenue in the third quarter of 2020—we can thus establish a YoY growth of 15.52% (from Q3 2020 to 2021).

The pandemic in 2020 led to lower demands which in turn, negatively impacted Magellan’s transportation volumes. Further, their revenues during early 2020 decreased due to 3 marine terminals being sold, coupled with their ammonia pipeline operations being quelled. However, in the coming year, with the economy and the travel industry recovering, the revenue scale began to restore itself. Higher volumes, therefore, led to a rise in transportation revenue, though the revenue was partially offset by a lower contribution from their underutilized storage.

Crude Oil

Magellan’s crude oil consists of around 2,200 miles of pipelines, condensate splitter, and approximately 37 million barrels of total storage capacity. The company’s assets of crude oil are strategically located to supply crude oil to trading and demand centers. They generate revenue mainly through tariffs on transportation of crude oil pipelines, storage fees from their oil terminals, provision of pipeline capacity, and tolling fee from their condensate splitter.

The contribution of this segment peaked in Q2 2021 with $146.25 million. Crude Oil grossed merely $16.36 million in the third quarter of 2020, establishing one of its historical lows with a contribution of only 0.4% to the total. The YoY growth from Q3 2020 to 2021, however, was a soaring 731%. The decrease in revenue from this segment could be because of lower tariff rates and lesser revenues from storage. Several of their high-priced contracts on the Longhorn pipeline expired in late 2020 causing tariff rates to decline. As a result of lower crude oil prices, their tender deduction revenue also decreased.

About Magellan Midstream Partners, L.P.:

Founded in 2000, the company is a Delaware limited partnership. Their work focuses on the transportation, storage, and distribution of refined products and crude oil. Their refined products are the product of crude oil refineries which are mainly used by customers as fuels. The company owns pipelines of petroleum and ammonia in the oil province of the Mid-continent region. They are listed on the New York Stock Exchange where their common units are traded under the ticker symbol ‘MMP’.

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