from SNL Energy Finance Daily
Magellan Midstream's Q1 results decline YOY but beat Street estimates
Byline: S&P Global Market Intelligence
Magellan Midstream Partners LP on May 1 posted first-quarter adjusted EBITDA of $380.5 million, down from $386.4 million a year earlier.
The S&P Global Market Intelligence consensus estimate of adjusted EBITDA for the first quarter was almost $363.5 million.
Magellan reported net income of $287.6 million, up from $207.7 million a year earlier. The partnership's distributable cash flow, or DCF, in the first quarter was $306.5 million, a decrease from $318.0 million in the prior-year period.
Due to impacts of the recent oil price crash and the coronavirus pandemic, Magellan's management decided not to provide specific guidance for 2020. However, it provided an estimated annual DCF range of between $1.0 billion and almost $1.08 billion for the year. Its original DCF guidance, which it announced in January, was $1.20 billion. The new guidance takes into account lower blending profits and tenders, the impact of stay-at-home orders and other measures on base refined products demand, lower uncommitted volume on pipelines, and other features of the current market environment.