Magellan Midstream Companions, L.P. MMP lately prol
Magellan Midstream Companions, L.P. MMP lately prolonged its ongoing open season to see if it will probably receive sufficient dedicated contracts for the doable extension of the partnership’s refined petroleum merchandise pipeline in New Mexico. Potential shippers already confirmed a eager curiosity, and the enlargement offers them extra time to evaluation their commitments.
Pipeline building entails enormous capital investments, that are allotted to laying down new pipelines, enlargement and upkeep of present operations. An open season provides higher visibility of demand for the brand new pipeline pertaining to long-term transportation.
Magellan Midstream’s open season, which started on Feb 16, and was anticipated to shut on Mar 19, 2021, is now scheduled to be concluded on Mar 31. The 250-mile lengthy pipeline facility gives gasoline and diesel gasoline transportation service, which runs from Magellan Midstream’s terminal in El Paso, TX to Albuquerque, NM.
The agency’s cost-effective development will enhance the pipeline’s capability by greater than 5,000 barrels per day (bpd), bringing the general capability to above 30,000 bpd. Following the addition of incremental pumping capabilities, the upper capability is predicted to be out there from the second half of subsequent yr.
Additional, the agency’s huge pipeline system will supply the New Mexico market an elevated entry to sophisticated merchandise from the El Paso-area and the Gulf Coast refineries if the pipeline section is expanded.
About Magellan Midstream
Tulsa, OK-based Magellan Midstream is a grasp restricted partnership (MLP) that owns and operates a diversified portfolio of power infrastructure belongings. The agency primarily transports, shops and distributes refined petroleum merchandise and to a lesser extent, ammonia.
Zacks Rank & Key Picks
Magellan Midstream presently carries a Zacks Rank #5 (Robust Promote).
Some better-ranked gamers within the power house are Matador Sources Co. MTDR, Diamondback Vitality, Inc. FANG and Denbury Inc. DEN, every presently flaunting a Zacks Rank #1 (Robust Purchase). You possibly can see the entire listing of in the present day’s Zacks #1 Rank shares right here.
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