Magellan Midstream Partners LP on Feb. 2 reported fourth-quarter 2020 adjusted EBITDA of $340.3 million, down from $433.8 million in the prior-year quarter.
The S&P Capital IQ consensus adjusted EBITDA estimate for the fourth quarter of 2020 was $327.2 million.
The partnership's distributable cash flow in the fourth quarter of 2020 was $269.7 million, down from $357.8 million a year earlier.
Magellan Midstream reported fourth-quarter 2020 net income of $183.9 million, a decrease from $286.4 million a year ago.
For full year 2020, the partnership reported adjusted EBITDA of $1.35 billion, a decrease from $1.58 billion in the prior-year period. The S&P Capital IQ consensus estimate for full-year 2020 adjusted EBITDA was $1.34 billion.
Distributable cash flow for full year 2020 was $1.04 billion, a drop from $1.30 billion in the prior year. Full-year 2020 net income came to $817.0 million, compared to $1.02 billion in 2019.
Magellan Midstream attributed the decline in its fourth-quarter 2020 net income to the continued low demand for refined products, negative effects of the lower commodity price environment and lower volumes and average rates on the partnership's crude oil pipelines.
Magellan Midstream said it expects its net income to be $793 million, adjusted EBITDA to be approximately $1.33 billion and distributable cash flow to be $1.02 billion in 2021. The partnership also said it plans to allocate about $75 million in 2021 to complete its slate of projects.