Magellan Midstream Partners (MMP) Q1 Results - April 30
Posted: Fri Apr 30, 2021 11:27 am
MMP is going to benefit from the strong NGL market all year. If you are investing primarily for high dividend yield and safety of principle then MMP is for you.
TULSA, Okla., April 29, 2021 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) today reported net income of $221.3 million for first quarter 2021 compared to $287.6 million for first quarter 2020. Diluted net income per common unit was 99 cents in first quarter 2021 and $1.26 in first quarter 2020. < Q1 results beat my forecast.
Diluted net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-generally accepted accounting principles (non-GAAP) financial measure, was $1.09 for first quarter 2021. These results were higher than the 75-cent guidance provided by management in early February primarily due to higher-than-expected commodity margins from an improved pricing environment, an overall favorable impact from the recent winter storms and other one-time positive items.
Distributable cash flow (DCF), a non-GAAP financial measure that represents the amount of cash generated during the period that is available to pay distributions, was $276.5 million for first quarter 2021 compared to $306.5 million for first quarter 2020. < DCF coverage is 1.2X.
"Magellan started the year with stronger-than-expected results, underscoring the essential nature of our services and the flexibility of our asset portfolio to respond to changing market dynamics," said Michael Mears, chief executive officer. "Although our nation continues to recover from the pandemic, Magellan's outlook for the full year has improved based on our outperformance during the first quarter and a more favorable commodity pricing environment for our gas liquids blending activities. We remain confident that Magellan's business fundamentals, financial strength and capital allocation approach will enable us to continue delivering significant long-term value for our investors."
The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0275 per unit for the period Jan. 1 through March 31, 2021. The distribution, which equates to $4.11 per unit on an annualized basis, will be paid May 14 to unitholders of record at the close of business on May 7. Based on the unit price at the time of this post ($47.32) the annualized cash yield is 8.685%.
TULSA, Okla., April 29, 2021 /PRNewswire/ -- Magellan Midstream Partners, L.P. (NYSE: MMP) today reported net income of $221.3 million for first quarter 2021 compared to $287.6 million for first quarter 2020. Diluted net income per common unit was 99 cents in first quarter 2021 and $1.26 in first quarter 2020. < Q1 results beat my forecast.
Diluted net income per unit excluding mark-to-market (MTM) commodity-related pricing adjustments, a non-generally accepted accounting principles (non-GAAP) financial measure, was $1.09 for first quarter 2021. These results were higher than the 75-cent guidance provided by management in early February primarily due to higher-than-expected commodity margins from an improved pricing environment, an overall favorable impact from the recent winter storms and other one-time positive items.
Distributable cash flow (DCF), a non-GAAP financial measure that represents the amount of cash generated during the period that is available to pay distributions, was $276.5 million for first quarter 2021 compared to $306.5 million for first quarter 2020. < DCF coverage is 1.2X.
"Magellan started the year with stronger-than-expected results, underscoring the essential nature of our services and the flexibility of our asset portfolio to respond to changing market dynamics," said Michael Mears, chief executive officer. "Although our nation continues to recover from the pandemic, Magellan's outlook for the full year has improved based on our outperformance during the first quarter and a more favorable commodity pricing environment for our gas liquids blending activities. We remain confident that Magellan's business fundamentals, financial strength and capital allocation approach will enable us to continue delivering significant long-term value for our investors."
The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0275 per unit for the period Jan. 1 through March 31, 2021. The distribution, which equates to $4.11 per unit on an annualized basis, will be paid May 14 to unitholders of record at the close of business on May 7. Based on the unit price at the time of this post ($47.32) the annualized cash yield is 8.685%.