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Magellan Midstream Partners, L.P. (MMP) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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CIK: 1772715 Ticker: MMP

Exhibit 99.1
newsreleaselogo2q20.jpg                logo2q20.jpg
NYSE: MMP
_________________________________________________________________________________________
Date:February 2, 2023
Contact:Paula Farrell
(918) 574-7650
paula.farrell@magellanlp.com
Magellan Midstream Reports Fourth-Quarter 2022 Financial Results
Guides to 2023 Annual Net Income of $975 Million and Distributable Cash Flow of $1.18 Billion

TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) today reported net income of $187 million for fourth quarter 2022, compared to $244 million for fourth quarter 2021. The 2022 results were negatively impacted by a $58 million non-cash charge for the impairment of our investment in the Double Eagle pipeline joint venture.
Diluted net income per common unit was 91 cents in fourth quarter 2022 and $1.14 in fourth quarter 2021. 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 $1.06 for fourth quarter 2022, or $1.34 excluding the 28-cent negative impact of the Double Eagle impairment. These results exceeded the $1.22 guidance provided by management last fall primarily due to higher-than-expected refined products transportation revenues and improved commodity margin resulting in part from additional blending volumes during the quarter.
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 $345 million for fourth quarter 2022, compared to $297 million for fourth quarter 2021. Free cash flow (FCF), a non-GAAP financial measure that represents the amount of cash available for distributions, additional expansion capital opportunities, equity repurchases, debt reduction or other partnership uses, was $324 million during fourth quarter 2022, versus $291 million during fourth quarter 2021.
“Magellan wrapped up the year with another solid quarter, supported by record refined products transportation volumes and financial results that exceeded our expectations. During 2022, we delivered over $1.3 billion of value to our investors via opportunistic equity repurchases and Magellan’s attractive cash distribution, marking 21 years of continuous annual distribution growth,” said Aaron Milford, chief executive officer.
“More than ever, world events during 2022 reinforced the criticality of the energy industry and the essential fuels our nation relies on every day,” Milford continued. “Magellan remains committed to running our business responsibly, with a continued focus on safe and reliable operations, while maintaining our proven financial discipline and balanced capital allocation strategy to maximize long-term investor value.”

The following information was filed by Magellan Midstream Partners Lp (MMP) on Thursday, February 2, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Magellan Midstream Partners Lp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Partners' Capital
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Income (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Details)
Concentration Of Risks
Concentration Of Risks (Details)
Debt
Debt (Consolidated Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Amounts Included In Aocl) (Details)
Derivative Financial Instruments (Derivatives And Hedging-Cash Flow Hedges) (Details)
Derivative Financial Instruments (Derivatives And Hedging-Designated) (Details)
Derivative Financial Instruments (Derivatives And Hedging-Overall-Subsequent Measurement) (Details)
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Schedule Of Derivative Offset Amounts) (Details)
Derivative Financial Instruments (Schedule Of Open Future Contracts) (Details)
Derivative Financial Instruments (Tables)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Employee Benefit Plans
Employee Benefit Plans (Amounts Recognized In Consolidated Balance Sheets) (Details)
Employee Benefit Plans (Changes In Benefit Obligations And Plan Assets) (Details)
Employee Benefit Plans (Consolidated Net Periodic Benefit Costs) (Details)
Employee Benefit Plans (Expected Benefit Payments) (Details)
Employee Benefit Plans (Fair Value Of Pension Plan Assets) (Details)
Employee Benefit Plans (Narrative) (Details)
Employee Benefit Plans (Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)) (Details)
Employee Benefit Plans (Pension Plans With Obligations In Excess Of Assets) (Details)
Employee Benefit Plans (Tables)
Employee Benefit Plans (Target Allocation And Actual Weighted-Average Asset Allocation Of Plan Assets) (Details)
Employee Benefit Plans (Weighted-Average Rate Assumptions Used) (Details)
Fair Value Disclosures
Fair Value Disclosures (Details)
Fair Value Disclosures (Tables)
Inventory
Inventory (Inventory) (Details)
Inventory (Tables)
Investments In Non-Controlled Entities
Investments In Non-Controlled Entities (Equity Method Investments) (Details)
Investments In Non-Controlled Entities (Narrative) (Details)
Investments In Non-Controlled Entities (Tables)
Leases
Leases (Investment In Direct Financing Lease) (Details)
Leases (Lessee, Operating Lease Liability, Maturity) (Details)
Leases (Lessee, Operating Lease, Disclosure) (Details)
Leases (Lessor, Future Minimum Payments Receivable) (Details)
Leases (Narrative) (Details)
Leases (Tables)
Long-Term Incentive Plan
Long-Term Incentive Plan (Cash Flow Effects Of Ltip Settlements) (Details)
Long-Term Incentive Plan (Changes In Non-Vested Unit Awards) (Details)
Long-Term Incentive Plan (Equity-Based Incentive Compensation Expense) (Details)
Long-Term Incentive Plan (Narrative) (Details)
Long-Term Incentive Plan (Tables)
Long-Term Incentive Plan (Total Non-Vested Unit Awards) (Details)
Long-Term Incentive Plan (Vested Unit Awards) (Details)
Long-Term Incentive Plan (Weighted-Average Grant Date Fair Values) (Details)
Organization And Description Of Business
Organization And Description Of Business (Narrative) (Details)
Partners' Capital And Distributions
Partners' Capital And Distributions (Changes In Limited Partner Units Outstanding) (Details)
Partners' Capital And Distributions (Distributions Made To Limited Partner) (Details)
Partners' Capital And Distributions (Tables)
Property, Plant And Equipment And Other Intangibles
Property, Plant And Equipment And Other Intangibles (Narrative) (Details)
Property, Plant And Equipment And Other Intangibles (Property, Plant And Equipment) (Details)
Property, Plant And Equipment And Other Intangibles (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Revenue
Revenue (Contract Assets And Liabilities) (Details)
Revenue (Disaggregated Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Remaining Performance Obligation) (Details)
Revenue (Tables)
Segment Disclosures
Segment Disclosures (Segment Reporting Information By Segment) (Details)
Segment Disclosures (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policy)
Supplemental Cash Flows Information
Supplemental Cash Flows Information (Changes In Components Of Operating Assets And Liabilities) (Details)
Supplemental Cash Flows Information (Narrative) (Details)
Supplemental Cash Flows Information (Tables)
Ticker: MMP
CIK: 1126975
Form Type: 10-K Annual Report
Accession Number: 0001126975-23-000064
Submitted to the SEC: Tue Feb 21 2023 12:00:20 PM EST
Accepted by the SEC: Tue Feb 21 2023
Period: Saturday, December 31, 2022
Industry: Pipe Lines No Natural Gas

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