Magellan Midstream Partners L.P. (MMP)

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Tulsa, Oklahoma-based Magellan Midstream Partners, L.P. (MMP) is a master limited partnership (MLP) that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores, and distributes refined petroleum products and, to a lesser extent, ammonia.

Magellan's asset base includes the Magellan Pipeline System (accounted for 86% and 75% of the partnership's 2006 revenue and operating earnings, respectively), Petroleum Products Terminals (12% and 24%, respectively), and the Ammonia Pipeline System (2% and 1%, respectively). The Magellan Pipeline System is an 8,500-mile system, extending from the Gulf Coast refining region of Texas through the Midwest to Colorado, North Dakota, Minnesota, and Illinois, and includes 45 petroleum products terminals and transports refined petroleum products to the mid-continental U.S. In 2006, the partnership's pipeline volumes comprised 53% gasoline, 37% distillates (which include diesel fuels and heating oil) and 10% LPG and aviation fuel. Petroleum Products Terminals includes seven marine terminal facilities located along the Gulf Coast and the New York harbor, and 29 inland terminals located in the southeastern U.S. The 1,100-mile Ammonia Pipeline System extends from Texas and Oklahoma to Minnesota, and caters to the mid-continent region. Magellan's general partner (GP) is owned by private equity investors, Carlyle/Riverstone and Madison Dearborn, through a 2% GP interest.

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