☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 73-1599053 | |||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Units | MMP | New York Stock Exchange |
ITEM 1. | ITEM 1. | CONSOLIDATED FINANCIAL STATEMENTS | ITEM 1. | CONSOLIDATED FINANCIAL STATEMENTS | ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL | CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL | |||||||||||||||||||||||||||
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS: | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS: | |||||||||||||||||||||||||||
1. | 1. | |||||||||||||||||||||||||||
2. | Discontinued Operations and Assets Held for Sale | 2. | Discontinued Operations and Assets Held for Sale | |||||||||||||||||||||||||
3. | 3. | |||||||||||||||||||||||||||
4. | 4. | |||||||||||||||||||||||||||
5. | 5. | |||||||||||||||||||||||||||
6. | 6. | |||||||||||||||||||||||||||
7. | 7. | |||||||||||||||||||||||||||
8. | 8. | |||||||||||||||||||||||||||
9. | 9. | |||||||||||||||||||||||||||
10. | 10. | |||||||||||||||||||||||||||
11. | 11. | |||||||||||||||||||||||||||
12. | 12. | |||||||||||||||||||||||||||
13. | 13. | |||||||||||||||||||||||||||
14. | 14. | |||||||||||||||||||||||||||
15. | 15. | |||||||||||||||||||||||||||
16. | 16. | |||||||||||||||||||||||||||
ITEM 2. | ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | ||||||||||||||||||||||||
ITEM 3. | ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | ||||||||||||||||||||||||
ITEM 4. | ITEM 4. | CONTROLS AND PROCEDURES | ITEM 4. | CONTROLS AND PROCEDURES | ||||||||||||||||||||||||
PART II OTHER INFORMATION | PART II OTHER INFORMATION | PART II OTHER INFORMATION | ||||||||||||||||||||||||||
ITEM 1. | ITEM 1. | ITEM 1. | ||||||||||||||||||||||||||
ITEM 1A. | ITEM 1A. | ITEM 1A. | ||||||||||||||||||||||||||
ITEM 2. | ITEM 2. | ITEM 2. | ||||||||||||||||||||||||||
ITEM 3. | ITEM 3. | ITEM 3. | ||||||||||||||||||||||||||
ITEM 4. | ITEM 4. | ITEM 4. | ||||||||||||||||||||||||||
ITEM 5. | ITEM 5. | ITEM 5. | ||||||||||||||||||||||||||
ITEM 6. | ITEM 6. | ITEM 6. | ||||||||||||||||||||||||||
INDEX TO EXHIBITS | INDEX TO EXHIBITS | INDEX TO EXHIBITS | ||||||||||||||||||||||||||
SIGNATURES | SIGNATURES | SIGNATURES |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | $ | 399,766 | $ | 455,276 | $ | 845,277 | $ | 867,361 | Transportation and terminals revenue | $ | 459,940 | $ | 464,910 | $ | 1,305,217 | $ | 1,332,271 | ||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 34,370 | 193,073 | 331,907 | 406,760 | Product sales revenue | 111,220 | 168,815 | 443,127 | 575,575 | ||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 5,316 | 5,294 | 10,607 | 10,596 | Affiliate management fee revenue | 5,288 | 5,329 | 15,895 | 15,925 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 439,452 | 653,643 | 1,187,791 | 1,284,717 | Total revenue | 576,448 | 639,054 | 1,764,239 | 1,923,771 | ||||||||||||||||||||||||||||||||||||
Costs and expenses: | Costs and expenses: | Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | 139,687 | 149,116 | 288,386 | 276,351 | Operating | 157,716 | 146,556 | 446,102 | 422,907 | ||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 43,974 | 171,798 | 275,541 | 342,759 | Cost of product sales | 89,375 | 145,855 | 364,916 | 488,614 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment | Depreciation, amortization and impairment | 54,984 | 52,258 | 114,787 | 106,903 | Depreciation, amortization and impairment | 68,439 | 61,401 | 183,226 | 168,304 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 41,647 | 56,089 | 77,983 | 102,039 | General and administrative | 37,497 | 46,632 | 115,480 | 148,671 | ||||||||||||||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 280,292 | 429,261 | 756,697 | 828,052 | Total costs and expenses | 353,027 | 400,444 | 1,109,724 | 1,228,496 | ||||||||||||||||||||||||||||||||||||
Other operating income (expense) | Other operating income (expense) | 3,913 | 1,904 | 3,402 | 1,442 | Other operating income (expense) | (2,863) | 2,591 | 539 | 4,033 | ||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | 33,689 | 40,589 | 77,349 | 79,641 | Earnings of non-controlled entities | 39,135 | 36,466 | 116,484 | 116,107 | ||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | 196,762 | 266,875 | 511,845�� | 537,748 | Operating profit | 259,693 | 277,667 | 771,538 | 815,415 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 69,259 | 56,981 | 125,159 | 113,960 | Interest expense | 54,212 | 57,016 | 179,371 | 170,976 | ||||||||||||||||||||||||||||||||||||
Interest capitalized | Interest capitalized | (4,228) | (417) | (9,179) | (925) | Interest capitalized | (1,272) | (315) | (10,451) | (1,240) | ||||||||||||||||||||||||||||||||||||
Interest income | Interest income | (223) | (148) | (643) | (301) | Interest income | (260) | (138) | (903) | (439) | ||||||||||||||||||||||||||||||||||||
Gain on disposition of assets | Gain on disposition of assets | 0 | (69,702) | (12,887) | (69,702) | Gain on disposition of assets | — | (3,231) | (12,887) | (72,933) | ||||||||||||||||||||||||||||||||||||
Other (income) expense | Other (income) expense | 1,446 | 14,828 | 2,253 | 15,887 | Other (income) expense | 1,455 | 2,224 | 3,708 | 18,111 | ||||||||||||||||||||||||||||||||||||
Income from continuing operations before provision for income taxes | Income from continuing operations before provision for income taxes | 130,508 | 265,333 | 407,142 | 478,829 | Income from continuing operations before provision for income taxes | 205,558 | 222,111 | 612,700 | 700,940 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 589 | 434 | 1,345 | 1,223 | Provision for income taxes | 824 | 821 | 2,169 | 2,044 | ||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 129,919 | 264,899 | 405,797 | 477,606 | Income from continuing operations | 204,734 | 221,290 | 610,531 | 698,896 | ||||||||||||||||||||||||||||||||||||
Income from discontinued operations | Income from discontinued operations | 3,924 | 15,518 | 15,610 | 24,129 | Income from discontinued operations | 6,904 | 15,309 | 22,514 | 39,438 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 133,843 | $ | 280,417 | $ | 421,407 | $ | 501,735 | Net income | $ | 211,638 | $ | 236,599 | $ | 633,045 | $ | 738,334 | ||||||||||||||||||||||||||||
Basic and diluted income from continuing operations per common unit | Basic and diluted income from continuing operations per common unit | $ | 0.57 | $ | 1.19 | $ | 1.79 | $ | 2.14 | Basic and diluted income from continuing operations per common unit | $ | 0.91 | $ | 1.01 | $ | 2.70 | $ | 3.15 | ||||||||||||||||||||||||||||
Basic and diluted income from discontinued operations per common unit | Basic and diluted income from discontinued operations per common unit | 0.02 | 0.07 | 0.07 | 0.11 | Basic and diluted income from discontinued operations per common unit | 0.03 | 0.07 | 0.10 | 0.18 | ||||||||||||||||||||||||||||||||||||
Basic and diluted net income per common unit | Basic and diluted net income per common unit | $ | 0.59 | $ | 1.26 | $ | 1.86 | $ | 2.25 | Basic and diluted net income per common unit | $ | 0.94 | $ | 1.08 | $ | 2.80 | $ | 3.33 | ||||||||||||||||||||||||||||
Weighted average number of common units outstanding used for basic net income per unit calculation | Weighted average number of common units outstanding used for basic net income per unit calculation | 225,351 | 222,735 | 226,461 | 223,162 | Weighted average number of common units outstanding used for basic net income per unit calculation | 225,222 | 218,637 | 226,045 | 221,637 | ||||||||||||||||||||||||||||||||||||
Weighted average number of common units outstanding used for diluted net income per unit calculation | Weighted average number of common units outstanding used for diluted net income per unit calculation | 225,351 | 222,863 | 226,461 | 223,226 | Weighted average number of common units outstanding used for diluted net income per unit calculation | 225,222 | 218,788 | 226,045 | 221,730 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 133,843 | $ | 280,417 | $ | 421,407 | $ | 501,735 | Net income | $ | 211,638 | $ | 236,599 | $ | 633,045 | $ | 738,334 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||
Derivative activity: | Derivative activity: | Derivative activity: | ||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on cash flow hedges | 1,470 | 0 | (10,444) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Net loss on cash flow hedges | Net loss on cash flow hedges | — | — | (10,444) | — | |||||||||||||||||||||||||||||||||||||||||
Reclassification of net loss on cash flow hedges to income | Reclassification of net loss on cash flow hedges to income | 847 | 888 | 1,656 | 1,775 | Reclassification of net loss on cash flow hedges to income | 896 | 887 | 2,552 | 2,662 | ||||||||||||||||||||||||||||||||||||
Changes in employee benefit plan assets and benefit obligations recognized in other comprehensive income: | Changes in employee benefit plan assets and benefit obligations recognized in other comprehensive income: | Changes in employee benefit plan assets and benefit obligations recognized in other comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) | Net actuarial gain (loss) | 414 | 10,801 | (333) | 10,801 | Net actuarial gain (loss) | — | — | (333) | 10,801 | ||||||||||||||||||||||||||||||||||||
Curtailment gain | Curtailment gain | 0 | 0 | 1,703 | 0 | Curtailment gain | — | — | 1,703 | — | ||||||||||||||||||||||||||||||||||||
Recognition of prior service credit amortization in income | Recognition of prior service credit amortization in income | (45) | (45) | (90) | (90) | Recognition of prior service credit amortization in income | (46) | (46) | (136) | (136) | ||||||||||||||||||||||||||||||||||||
Recognition of actuarial loss amortization in income | Recognition of actuarial loss amortization in income | 1,458 | 1,412 | 2,989 | 3,103 | Recognition of actuarial loss amortization in income | 1,473 | 1,433 | 4,462 | 4,536 | ||||||||||||||||||||||||||||||||||||
Recognition of settlement cost in income | Recognition of settlement cost in income | 0 | 1,451 | 969 | 1,451 | Recognition of settlement cost in income | — | 1,300 | 969 | 2,751 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 4,144 | 14,507 | (3,550) | 17,040 | Total other comprehensive income (loss) | 2,323 | 3,574 | (1,227) | 20,614 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 137,987 | $ | 294,924 | $ | 417,857 | $ | 518,775 | Comprehensive income | $ | 213,961 | $ | 240,173 | $ | 631,818 | $ | 758,948 |
December 31, 2020 | June 30, 2021 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 13,036 | $ | 257,970 | |||||||
Trade accounts receivable | 103,568 | 134,115 | |||||||||
Other accounts receivable | 37,075 | 39,022 | |||||||||
Inventory | 158,204 | 216,909 | |||||||||
Commodity derivatives deposits | 34,165 | 44,674 | |||||||||
Assets held for sale | 15,059 | 290,519 | |||||||||
Other current assets | 44,086 | 39,064 | |||||||||
Total current assets | 405,193 | 1,022,273 | |||||||||
Property, plant and equipment | 7,943,760 | 7,986,738 | |||||||||
Less: accumulated depreciation | 1,956,926 | 2,047,563 | |||||||||
Net property, plant and equipment | 5,986,834 | 5,939,175 | |||||||||
Investments in non-controlled entities | 1,213,856 | 1,002,989 | |||||||||
Right-of-use asset, operating leases | 166,078 | 187,231 | |||||||||
Long-term receivables | 22,755 | 20,883 | |||||||||
Goodwill | 50,121 | 50,121 | |||||||||
Other intangibles (less accumulated amortization of $9,228 and $10,533 at December 31, 2020 and June 30, 2021, respectively) | 44,925 | 43,620 | |||||||||
Restricted cash | 9,411 | 8,408 | |||||||||
Noncurrent assets held for sale | 277,566 | 0 | |||||||||
Other noncurrent assets | 20,243 | 17,962 | |||||||||
Total assets | $ | 8,196,982 | $ | 8,292,662 | |||||||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 97,988 | $ | 122,711 | |||||||
Accrued payroll and benefits | 52,055 | 57,639 | |||||||||
Accrued interest payable | 58,998 | 58,998 | |||||||||
Accrued taxes other than income | 67,710 | 52,360 | |||||||||
Deferred revenue | 98,635 | 101,502 | |||||||||
Accrued product liabilities | 75,180 | 128,507 | |||||||||
Commodity derivatives contracts, net | 21,621 | 17,925 | |||||||||
Current portion of operating lease liability | 27,533 | 25,735 | |||||||||
Liabilities held for sale | 8,423 | 9,967 | |||||||||
Other current liabilities | 50,431 | 66,679 | |||||||||
Total current liabilities | 558,574 | 642,023 | |||||||||
Long-term debt, net | 4,978,691 | 4,979,687 | |||||||||
Long-term operating lease liability | 137,483 | 164,583 | |||||||||
Long-term pension and benefits | 163,776 | 152,111 | |||||||||
Long-term liabilities held for sale | 1,508 | 0 | |||||||||
Other noncurrent liabilities | 53,144 | 68,469 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Partners’ capital: | |||||||||||
Common unitholders (223,120 units and 221,560 units outstanding at December 31, 2020 and June 30, 2021, respectively) | 2,486,996 | 2,451,939 | |||||||||
Accumulated other comprehensive loss | (183,190) | (166,150) | |||||||||
Total partners’ capital | 2,303,806 | 2,285,789 | |||||||||
Total liabilities and partners’ capital | $ | 8,196,982 | $ | 8,292,662 | |||||||
December 31, 2020 | September 30, 2021 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 13,036 | $ | 12,593 | |||||||
Trade accounts receivable | 103,568 | 134,281 | |||||||||
Other accounts receivable | 37,075 | 33,735 | |||||||||
Inventory | 158,204 | 222,567 | |||||||||
Commodity derivatives contracts, net | — | 4,469 | |||||||||
Commodity derivatives deposits | 34,165 | 47,609 | |||||||||
Assets held for sale | 15,059 | 299,304 | |||||||||
Other current assets | 44,086 | 44,738 | |||||||||
Total current assets | 405,193 | 799,296 | |||||||||
Property, plant and equipment | 7,943,760 | 8,021,353 | |||||||||
Less: accumulated depreciation | 1,956,926 | 2,088,990 | |||||||||
Net property, plant and equipment | 5,986,834 | 5,932,363 | |||||||||
Investments in non-controlled entities | 1,213,856 | 993,290 | |||||||||
Right-of-use asset, operating leases | 166,078 | 180,470 | |||||||||
Long-term receivables | 22,755 | 22,768 | |||||||||
Goodwill | 50,121 | 50,121 | |||||||||
Other intangibles (less accumulated amortization of $9,228 and $11,186 at December 31, 2020 and September 30, 2021, respectively) | 44,925 | 42,967 | |||||||||
Restricted cash | 9,411 | 7,847 | |||||||||
Noncurrent assets held for sale | 277,566 | — | |||||||||
Other noncurrent assets | 20,243 | 17,543 | |||||||||
Total assets | $ | 8,196,982 | $ | 8,046,665 | |||||||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 97,988 | $ | 129,088 | |||||||
Accrued payroll and benefits | 52,055 | 63,321 | |||||||||
Accrued interest payable | 58,998 | 49,992 | |||||||||
Accrued taxes other than income | 67,710 | 68,740 | |||||||||
Deferred revenue | 98,635 | 101,800 | |||||||||
Accrued product liabilities | 75,180 | 117,126 | |||||||||
Commodity derivatives contracts, net | 21,621 | 22,350 | |||||||||
Current portion of operating lease liability | 27,533 | 25,618 | |||||||||
Liabilities held for sale | 8,423 | 15,516 | |||||||||
Other current liabilities | 50,431 | 63,741 | |||||||||
Total current liabilities | 558,574 | 657,292 | |||||||||
Long-term debt, net | 4,978,691 | 5,103,226 | |||||||||
Long-term operating lease liability | 137,483 | 151,650 | |||||||||
Long-term pension and benefits | 163,776 | 151,922 | |||||||||
Long-term liabilities held for sale | 1,508 | — | |||||||||
Other noncurrent liabilities | 53,144 | 68,622 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Partners’ capital: | |||||||||||
Common unitholders (223,120 units and 213,445 units outstanding at December 31, 2020 and September 30, 2021, respectively) | 2,486,996 | 2,076,529 | |||||||||
Accumulated other comprehensive loss | (183,190) | (162,576) | |||||||||
Total partners’ capital | 2,303,806 | 1,913,953 | |||||||||
Total liabilities and partners’ capital | $ | 8,196,982 | $ | 8,046,665 | |||||||
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
June 30, | September 30, | |||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||||||||
Operating Activities: | Operating Activities: | Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 421,407 | $ | 501,735 | Net income | $ | 633,045 | $ | 738,334 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Income from discontinued operations | Income from discontinued operations | (15,610) | (24,129) | Income from discontinued operations | (22,514) | (39,438) | ||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 114,787 | 106,903 | Depreciation, amortization and impairment expense | 183,226 | 168,304 | ||||||||||||||||
Gain on sale and retirement of assets | (12,887) | (69,702) | ||||||||||||||||||||
Gain on disposition of assets | Gain on disposition of assets | (13,330) | (72,933) | |||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | (77,349) | (79,641) | Earnings of non-controlled entities | (116,484) | (116,107) | ||||||||||||||||
Distributions from operations of non-controlled entities | Distributions from operations of non-controlled entities | 102,699 | 94,451 | Distributions from operations of non-controlled entities | 152,645 | 140,616 | ||||||||||||||||
Equity-based incentive compensation expense | Equity-based incentive compensation expense | 4,411 | 10,060 | Equity-based incentive compensation expense | 5,580 | 15,686 | ||||||||||||||||
Settlement gain, amortization of prior service credit and actuarial loss | 2,526 | 4,464 | ||||||||||||||||||||
Settlement cost, amortization of prior service credit and actuarial loss | Settlement cost, amortization of prior service credit and actuarial loss | 3,953 | 7,151 | |||||||||||||||||||
Debt extinguishment costs | Debt extinguishment costs | 12,893 | 0 | Debt extinguishment costs | 12,893 | — | ||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||
Trade accounts receivable and other accounts receivable | Trade accounts receivable and other accounts receivable | 34,665 | (32,494) | Trade accounts receivable and other accounts receivable | 8,954 | (24,245) | ||||||||||||||||
Inventory | Inventory | 62,690 | (58,705) | Inventory | 49,802 | (64,363) | ||||||||||||||||
Accounts payable | Accounts payable | 12,260 | 29,255 | Accounts payable | 9,056 | 23,405 | ||||||||||||||||
Accrued payroll and benefits | Accrued payroll and benefits | (34,083) | 5,584 | Accrued payroll and benefits | (34,239) | 11,266 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | (8,731) | 0 | Accrued interest payable | (14,775) | (9,006) | ||||||||||||||||
Accrued taxes other than income | (13,040) | (15,350) | ||||||||||||||||||||
Accrued product liabilities | Accrued product liabilities | (33,788) | 53,327 | Accrued product liabilities | (8,352) | 41,946 | ||||||||||||||||
Deferred revenue | Deferred revenue | (4,273) | 2,867 | Deferred revenue | (17,342) | 3,165 | ||||||||||||||||
Other current and noncurrent assets and liabilities | Other current and noncurrent assets and liabilities | (26,296) | 37,073 | Other current and noncurrent assets and liabilities | (23,523) | 17,206 | ||||||||||||||||
Net cash provided by operating activities of continuing operations | Net cash provided by operating activities of continuing operations | 542,281 | 565,698 | Net cash provided by operating activities of continuing operations | 808,595 | 840,987 | ||||||||||||||||
Net cash provided by operating activities of discontinued operations | Net cash provided by operating activities of discontinued operations | 20,972 | 27,257 | Net cash provided by operating activities of discontinued operations | 31,510 | 38,090 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 563,253 | 592,955 | Net cash provided by operating activities | 840,105 | 879,077 | ||||||||||||||||
Investing Activities: | Investing Activities: | Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment, net(1) | Additions to property, plant and equipment, net(1) | (280,347) | (67,405) | Additions to property, plant and equipment, net(1) | (357,093) | (106,458) | ||||||||||||||||
Proceeds from sale and disposition of assets | Proceeds from sale and disposition of assets | 332,872 | 271,843 | Proceeds from sale and disposition of assets | 334,583 | 271,964 | ||||||||||||||||
Investments in non-controlled entities | Investments in non-controlled entities | (59,458) | (5,616) | Investments in non-controlled entities | (73,678) | (5,616) | ||||||||||||||||
Net cash provided (used) by investing activities of continuing operations | Net cash provided (used) by investing activities of continuing operations | (6,933) | 198,822 | Net cash provided (used) by investing activities of continuing operations | (96,188) | 159,890 | ||||||||||||||||
Net cash used by investing activities of discontinued operations | (11,870) | (986) | ||||||||||||||||||||
Net cash provided (used) by investing activities of discontinued operations | Net cash provided (used) by investing activities of discontinued operations | (14,077) | 254 | |||||||||||||||||||
Net cash provided (used) by investing activities | Net cash provided (used) by investing activities | (18,803) | 197,836 | Net cash provided (used) by investing activities | (110,265) | 160,144 | ||||||||||||||||
Financing Activities: | Financing Activities: | Financing Activities: | ||||||||||||||||||||
Distributions paid | Distributions paid | (466,019) | (458,385) | Distributions paid | (697,264) | (685,018) | ||||||||||||||||
Repurchases of common units | Repurchases of common units | (201,982) | (82,324) | Repurchases of common units | (251,950) | (473,059) | ||||||||||||||||
Net commercial paper borrowings | Net commercial paper borrowings | 141,000 | 0 | Net commercial paper borrowings | 248,000 | 123,000 | ||||||||||||||||
Borrowings under long-term notes | Borrowings under long-term notes | 499,400 | 0 | Borrowings under long-term notes | 499,400 | — | ||||||||||||||||
Payments on notes | Payments on notes | (550,000) | 0 | Payments on notes | (550,000) | — | ||||||||||||||||
Debt placement costs | Debt placement costs | (4,255) | 0 | Debt placement costs | (4,255) | — | ||||||||||||||||
Net payment on financial derivatives | Net payment on financial derivatives | (10,444) | 0 | Net payment on financial derivatives | (10,444) | — | ||||||||||||||||
Payments associated with settlement of equity-based incentive compensation | Payments associated with settlement of equity-based incentive compensation | (14,700) | (6,151) | Payments associated with settlement of equity-based incentive compensation | (14,700) | (6,151) | ||||||||||||||||
Debt extinguishment costs | Debt extinguishment costs | (12,893) | 0 | Debt extinguishment costs | (12,893) | — | ||||||||||||||||
Net cash used by financing activities | Net cash used by financing activities | (619,893) | (546,860) | Net cash used by financing activities | (794,106) | (1,041,228) | ||||||||||||||||
Change in cash, cash equivalents and restricted cash | Change in cash, cash equivalents and restricted cash | (75,443) | 243,931 | Change in cash, cash equivalents and restricted cash | (64,266) | (2,007) | ||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | Cash, cash equivalents and restricted cash at beginning of period | 84,599 | 22,447 | Cash, cash equivalents and restricted cash at beginning of period | 84,599 | 22,447 | ||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | Cash, cash equivalents and restricted cash at end of period | $ | 9,156 | $ | 266,378 | Cash, cash equivalents and restricted cash at end of period | $ | 20,333 | $ | 20,440 | ||||||||||||
Supplemental non-cash investing activities: | Supplemental non-cash investing activities: | Supplemental non-cash investing activities: | ||||||||||||||||||||
(1) Additions to property, plant and equipment | (1) Additions to property, plant and equipment | $ | (223,702) | $ | (60,055) | (1) Additions to property, plant and equipment | $ | (304,321) | $ | (110,505) | ||||||||||||
Changes in accounts payable and other current liabilities related to capital expenditures | Changes in accounts payable and other current liabilities related to capital expenditures | (56,645) | (7,350) | Changes in accounts payable and other current liabilities related to capital expenditures | (52,772) | 4,047 | ||||||||||||||||
Additions to property, plant and equipment, net | Additions to property, plant and equipment, net | $ | (280,347) | $ | (67,405) | Additions to property, plant and equipment, net | $ | (357,093) | $ | (106,458) |
Common Unitholders | Accumulated Other Comprehensive Loss | Total Partners’ Capital | Common Unitholders | Accumulated Other Comprehensive Loss | Total Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2020 | $ | 2,713,748 | $ | (169,771) | $ | 2,543,977 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2020 | Balance, July 1, 2020 | $ | 2,620,365 | $ | (165,627) | $ | 2,454,738 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 133,843 | — | 133,843 | Net income | 211,638 | — | 211,638 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | — | 4,144 | 4,144 | Total other comprehensive income | — | 2,323 | 2,323 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 133,843 | 4,144 | 137,987 | Total comprehensive income | 211,638 | 2,323 | 213,961 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (231,245) | — | (231,245) | Distributions | (231,245) | — | (231,245) | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based incentive compensation expense | Equity-based incentive compensation expense | 4,256 | — | 4,256 | Equity-based incentive compensation expense | 1,169 | — | 1,169 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common units | Repurchases of common units | (49,968) | — | (49,968) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (237) | — | (237) | Other | (211) | — | (211) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | $ | 2,620,365 | $ | (165,627) | $ | 2,454,738 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2020 | $ | 2,551,748 | $ | (163,304) | $ | 2,388,444 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2021 | $ | 2,477,689 | $ | (180,657) | $ | 2,297,032 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2021 | Balance, July 1, 2021 | $ | 2,451,939 | $ | (166,150) | $ | 2,285,789 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 280,417 | — | 280,417 | Net income | 236,599 | — | 236,599 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | — | 14,507 | 14,507 | Total other comprehensive income | — | 3,574 | 3,574 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 280,417 | 14,507 | 294,924 | Total comprehensive income | 236,599 | 3,574 | 240,173 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (228,962) | — | (228,962) | Distributions | (226,633) | — | (226,633) | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based incentive compensation expense | Equity-based incentive compensation expense | 5,381 | — | 5,381 | Equity-based incentive compensation expense | 5,626 | — | 5,626 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common units | Repurchases of common units | (82,324) | — | (82,324) | Repurchases of common units | (390,735) | — | (390,735) | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (262) | — | (262) | Other | (267) | — | (267) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | $ | 2,451,939 | $ | (166,150) | $ | 2,285,789 | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2021 | $ | 2,076,529 | $ | (162,576) | $ | 1,913,953 |
MAGELLAN MIDSTREAM PARTNERS, L.P. CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (Continued) (Unaudited, in thousands) | MAGELLAN MIDSTREAM PARTNERS, L.P. CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (Continued) (Unaudited, in thousands) | MAGELLAN MIDSTREAM PARTNERS, L.P. CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL (Continued) (Unaudited, in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Unitholders | Accumulated Other Comprehensive Loss | Total Partners’ Capital | Common Unitholders | Accumulated Other Comprehensive Loss | Total Partners’ Capital | |||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020 | Balance, January 1, 2020 | $ | 2,877,105 | $ | (162,077) | $ | 2,715,028 | Balance, January 1, 2020 | $ | 2,877,105 | $ | (162,077) | $ | 2,715,028 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 421,407 | — | 421,407 | Net income | 633,045 | — | 633,045 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | Total other comprehensive loss | — | (3,550) | (3,550) | Total other comprehensive loss | — | (1,227) | (1,227) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | 421,407 | (3,550) | 417,857 | Total comprehensive income (loss) | 633,045 | (1,227) | 631,818 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (466,019) | — | (466,019) | Distributions | (697,264) | — | (697,264) | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based incentive compensation expense | Equity-based incentive compensation expense | 4,411 | — | 4,411 | Equity-based incentive compensation expense | 5,580 | — | 5,580 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common units | Repurchases of common units | (201,982) | — | (201,982) | Repurchases of common units | (251,950) | — | (251,950) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units in settlement of equity-based incentive plan awards | Issuance of common units in settlement of equity-based incentive plan awards | 600 | — | 600 | Issuance of common units in settlement of equity-based incentive plan awards | 600 | — | 600 | ||||||||||||||||||||||||||||||||||||||||||||
Payments associated with settlement of equity-based incentive compensation | Payments associated with settlement of equity-based incentive compensation | (14,700) | — | (14,700) | Payments associated with settlement of equity-based incentive compensation | (14,700) | — | (14,700) | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (457) | — | (457) | Other | (668) | — | (668) | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | $ | 2,620,365 | $ | (165,627) | $ | 2,454,738 | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | $ | 2,551,748 | $ | (163,304) | $ | 2,388,444 | |||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021 | Balance, January 1, 2021 | $ | 2,486,996 | $ | (183,190) | $ | 2,303,806 | Balance, January 1, 2021 | $ | 2,486,996 | $ | (183,190) | $ | 2,303,806 | ||||||||||||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 501,735 | — | 501,735 | Net income | 738,334 | — | 738,334 | ||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | — | 17,040 | 17,040 | Total other comprehensive income | — | 20,614 | 20,614 | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 501,735 | 17,040 | 518,775 | Total comprehensive income | 738,334 | 20,614 | 758,948 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions | Distributions | (458,385) | — | (458,385) | Distributions | (685,018) | — | (685,018) | ||||||||||||||||||||||||||||||||||||||||||||
Equity-based incentive compensation expense | Equity-based incentive compensation expense | 10,060 | — | 10,060 | Equity-based incentive compensation expense | 15,686 | — | 15,686 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchases of common units | Repurchases of common units | (82,324) | — | (82,324) | Repurchases of common units | (473,059) | — | (473,059) | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units in settlement of equity-based incentive plan awards | Issuance of common units in settlement of equity-based incentive plan awards | 520 | — | 520 | Issuance of common units in settlement of equity-based incentive plan awards | 520 | — | 520 | ||||||||||||||||||||||||||||||||||||||||||||
Payments associated with settlement of equity-based incentive compensation | Payments associated with settlement of equity-based incentive compensation | (6,151) | — | (6,151) | Payments associated with settlement of equity-based incentive compensation | (6,151) | — | (6,151) | ||||||||||||||||||||||||||||||||||||||||||||
Other | Other | (512) | — | (512) | Other | (779) | — | (779) | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | $ | 2,451,939 | $ | (166,150) | $ | 2,285,789 | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | $ | 2,076,529 | $ | (162,576) | $ | 1,913,953 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | $ | 12,049 | $ | 13,742 | $ | 24,933 | $ | 26,827 | Transportation and terminals revenue | $ | 13,591 | $ | 13,119 | $ | 38,524 | $ | 39,946 | ||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 8,907 | 27,677 | 30,490 | 44,591 | Product sales revenue | 8,225 | 14,550 | 38,715 | 59,141 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 20,956 | 41,419 | 55,423 | 71,418 | Total revenue | 21,816 | 27,669 | 77,239 | 99,087 | ||||||||||||||||||||||||||||||||||||||||||
Costs and expenses: | Costs and expenses: | Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating | Operating | 6,420 | 3,887 | 7,229 | 7,256 | Operating | 4,266 | 2,814 | 11,495 | 10,070 | ||||||||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 6,535 | 17,868 | 24,204 | 31,774 | Cost of product sales | 6,744 | 8,846 | 30,948 | 40,620 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment | Depreciation, amortization and impairment | 3,556 | 3,519 | 7,287 | 7,002 | Depreciation, amortization and impairment | 3,383 | 57 | 10,670 | 7,059 | ||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 521 | 627 | 1,093 | 1,257 | General and administrative | 519 | 643 | 1,612 | 1,900 | ||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 17,032 | 25,901 | 39,813 | 47,289 | Total costs and expenses | 14,912 | 12,360 | 54,725 | 59,649 | ||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | Income from discontinued operations | $ | 3,924 | $ | 15,518 | $ | 15,610 | $ | 24,129 | Income from discontinued operations | $ | 6,904 | $ | 15,309 | $ | 22,514 | $ | 39,438 |
December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Trade accounts receivable | Trade accounts receivable | $ | 5,568 | $ | 6,311 | Trade accounts receivable | $ | 5,568 | $ | 7,013 | ||||||||||||||||||
Inventory | Inventory | 9,185 | 10,431 | Inventory | 9,185 | 12,641 | ||||||||||||||||||||||
Net property, plant and equipment | Net property, plant and equipment | 274,857 | 268,922 | Net property, plant and equipment | 274,857 | 269,468 | ||||||||||||||||||||||
Goodwill | Goodwill | 2,709 | 2,709 | Goodwill | 2,709 | 2,709 | ||||||||||||||||||||||
Other assets | Other assets | 306 | 2,146 | Other assets | 306 | 7,473 | ||||||||||||||||||||||
Total assets classified as held for sale | Total assets classified as held for sale | $ | 292,625 | $ | 290,519 | Total assets classified as held for sale | $ | 292,625 | $ | 299,304 | ||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Accounts payable | Accounts payable | $ | 2,034 | $ | 2,342 | Accounts payable | $ | 2,034 | $ | 4,087 | ||||||||||||||||||
Accrued product liabilities | Accrued product liabilities | 3,986 | 5,672 | Accrued product liabilities | 3,986 | 7,123 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 3,911 | 1,953 | Other liabilities | 3,911 | 4,306 | ||||||||||||||||||||||
Total liabilities classified as held for sale | Total liabilities classified as held for sale | $ | 9,931 | $ | 9,967 | Total liabilities classified as held for sale | $ | 9,931 | $ | 15,516 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | $ | 267,710 | $ | 133,637 | $ | (1,581) | $ | 399,766 | Transportation and terminals revenue | $ | 307,218 | $ | 154,652 | $ | (1,930) | $ | 459,940 | ||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 25,556 | 8,814 | 0 | 34,370 | Product sales revenue | 106,027 | 5,193 | — | 111,220 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 1,513 | 3,803 | 0 | 5,316 | Affiliate management fee revenue | 1,579 | 3,709 | — | 5,288 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 294,779 | 146,254 | (1,581) | 439,452 | Total revenue | 414,824 | 163,554 | (1,930) | 576,448 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating expense | Operating expense | 96,985 | 45,917 | (3,215) | 139,687 | Operating expense | 114,313 | 46,956 | (3,553) | 157,716 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 39,081 | 4,893 | 0 | 43,974 | Cost of product sales | 79,612 | 9,763 | — | 89,375 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating (income) expense | Other operating (income) expense | (138) | (3,775) | 0 | (3,913) | Other operating (income) expense | (193) | 3,056 | — | 2,863 | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | (4,592) | (29,097) | 0 | (33,689) | Earnings of non-controlled entities | (7,134) | (32,001) | — | (39,135) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 163,443 | 128,316 | 1,634 | 293,393 | Operating margin | 228,226 | 135,780 | 1,623 | 365,629 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 37,473 | 15,877 | 1,634 | 54,984 | Depreciation, amortization and impairment expense | 38,237 | 28,579 | 1,623 | 68,439 | ||||||||||||||||||||||||||||||||||||||||||||||||
G&A expense | G&A expense | 30,140 | 11,507 | 0 | 41,647 | G&A expense | 26,968 | 10,529 | — | 37,497 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | $ | 95,830 | $ | 100,932 | $ | 0 | $ | 196,762 | Operating profit | $ | 163,021 | $ | 96,672 | $ | — | $ | 259,693 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | $ | 337,782 | $ | 118,683 | $ | (1,189) | $ | 455,276 | Transportation and terminals revenue | $ | 349,430 | $ | 116,920 | $ | (1,440) | $ | 464,910 | ||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 149,682 | 43,391 | 0 | 193,073 | Product sales revenue | 153,352 | 15,463 | — | 168,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 1,609 | 3,685 | 0 | 5,294 | Affiliate management fee revenue | 1,643 | 3,686 | — | 5,329 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 489,073 | 165,759 | (1,189) | 653,643 | Total revenue | 504,425 | 136,069 | (1,440) | 639,054 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating expense | Operating expense | 108,145 | 43,828 | (2,857) | 149,116 | Operating expense | 114,612 | 35,042 | (3,098) | 146,556 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 125,108 | 46,690 | 0 | 171,798 | Cost of product sales | 128,372 | 17,483 | — | 145,855 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating (income) expense | Other operating (income) expense | (3,167) | 1,263 | 0 | (1,904) | Other operating (income) expense | (2,873) | 282 | — | (2,591) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | (8,197) | (32,392) | 0 | (40,589) | Earnings of non-controlled entities | (8,160) | (28,306) | — | (36,466) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 267,184 | 106,370 | 1,668 | 375,222 | Operating margin | 272,474 | 111,568 | 1,658 | 385,700 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 34,100 | 16,490 | 1,668 | 52,258 | Depreciation, amortization and impairment expense | 42,552 | 17,191 | 1,658 | 61,401 | ||||||||||||||||||||||||||||||||||||||||||||||||
G&A expense | G&A expense | 40,318 | 15,771 | 0 | 56,089 | G&A expense | 33,478 | 13,154 | — | 46,632 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | $ | 192,766 | $ | 74,109 | $ | 0 | $ | 266,875 | Operating profit | $ | 196,444 | $ | 81,223 | $ | — | $ | 277,667 |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | $ | 569,145 | $ | 279,295 | $ | (3,163) | $ | 845,277 | Transportation and terminals revenue | $ | 876,363 | $ | 433,947 | $ | (5,093) | $ | 1,305,217 | ||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 316,959 | 14,948 | 0 | 331,907 | Product sales revenue | 422,986 | 20,141 | — | 443,127 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 3,097 | 7,510 | 0 | 10,607 | Affiliate management fee revenue | 4,676 | 11,219 | — | 15,895 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 889,201 | 301,753 | (3,163) | 1,187,791 | Total revenue | 1,304,025 | 465,307 | (5,093) | 1,764,239 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating expense | Operating expense | 202,058 | 92,689 | (6,361) | 288,386 | Operating expense | 316,371 | 139,645 | (9,914) | 446,102 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 254,754 | 20,787 | 0 | 275,541 | Cost of product sales | 334,366 | 30,550 | — | 364,916 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating (income) expense | Other operating (income) expense | (2,030) | (1,372) | 0 | (3,402) | Other operating (income) expense | (2,223) | 1,684 | — | (539) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | (18,812) | (58,537) | 0 | (77,349) | Earnings of non-controlled entities | (25,946) | (90,538) | — | (116,484) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 453,231 | 248,186 | 3,198 | 704,615 | Operating margin | 681,457 | 383,966 | 4,821 | 1,070,244 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 79,801 | 31,788 | 3,198 | 114,787 | Depreciation, amortization and impairment expense | 118,038 | 60,367 | 4,821 | 183,226 | ||||||||||||||||||||||||||||||||||||||||||||||||
G&A expense | G&A expense | 56,222 | 21,761 | 0 | 77,983 | G&A expense | 83,190 | 32,290 | — | 115,480 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | $ | 317,208 | $ | 194,637 | $ | 0 | $ | 511,845 | Operating profit | $ | 480,229 | $ | 291,309 | $ | — | $ | 771,538 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | $ | 635,465 | $ | 234,897 | $ | (3,001) | $ | 867,361 | Transportation and terminals revenue | $ | 984,895 | $ | 351,817 | $ | (4,441) | $ | 1,332,271 | ||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 334,199 | 72,561 | 0 | 406,760 | Product sales revenue | 487,551 | 88,024 | — | 575,575 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 3,159 | 7,437 | 0 | 10,596 | Affiliate management fee revenue | 4,802 | 11,123 | — | 15,925 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 972,823 | 314,895 | (3,001) | 1,284,717 | Total revenue | 1,477,248 | 450,964 | (4,441) | 1,923,771 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating expense | Operating expense | 199,629 | 83,030 | (6,308) | 276,351 | Operating expense | 314,241 | 118,072 | (9,406) | 422,907 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 265,944 | 76,815 | 0 | 342,759 | Cost of product sales | 394,316 | 94,298 | — | 488,614 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other operating (income) expense | Other operating (income) expense | (3,406) | 1,964 | 0 | (1,442) | Other operating (income) expense | (6,279) | 2,246 | — | (4,033) | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | (17,368) | (62,273) | 0 | (79,641) | Earnings of non-controlled entities | (25,528) | (90,579) | — | (116,107) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 528,024 | 215,359 | 3,307 | 746,690 | Operating margin | 800,498 | 326,927 | 4,965 | 1,132,390 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 70,202 | 33,394 | 3,307 | 106,903 | Depreciation, amortization and impairment expense | 112,754 | 50,585 | 4,965 | 168,304 | ||||||||||||||||||||||||||||||||||||||||||||||||
G&A expense | G&A expense | 73,271 | 28,768 | 0 | 102,039 | G&A expense | 106,749 | 41,922 | — | 148,671 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | $ | 384,551 | $ | 153,197 | $ | 0 | $ | 537,748 | Operating profit | $ | 580,995 | $ | 234,420 | $ | — | $ | 815,415 |
Three Months Ended June 30, 2020 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | $ | 162,801 | $ | 67,217 | $ | 0 | $ | 230,018 | Transportation | $ | 192,194 | $ | 90,156 | $ | — | $ | 282,350 | ||||||||||||||||||||||||||||||||||||||||||||||
Terminalling | Terminalling | 27,057 | 5,742 | 0 | 32,799 | Terminalling | 30,650 | 5,651 | — | 36,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage | Storage | 48,125 | 35,044 | (1,581) | 81,588 | Storage | 49,104 | 32,876 | (1,930) | 80,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ancillary services | Ancillary services | 25,957 | 6,841 | 0 | 32,798 | Ancillary services | 29,955 | 6,828 | — | 36,783 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | 3,770 | 18,793 | 0 | 22,563 | Lease revenue | 5,315 | 19,141 | — | 24,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | 267,710 | 133,637 | (1,581) | 399,766 | Transportation and terminals revenue | 307,218 | 154,652 | (1,930) | 459,940 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 25,556 | 8,814 | 0 | 34,370 | Product sales revenue | 106,027 | 5,193 | — | 111,220 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 1,513 | 3,803 | 0 | 5,316 | Affiliate management fee revenue | 1,579 | 3,709 | — | 5,288 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 294,779 | 146,254 | (1,581) | 439,452 | Total revenue | 414,824 | 163,554 | (1,930) | 576,448 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue(1) | Lease revenue(1) | (3,770) | (18,793) | 0 | (22,563) | Lease revenue(1) | (5,315) | (19,141) | — | (24,456) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from futures contracts included in product sales revenue(2) | (Gains) losses from futures contracts included in product sales revenue(2) | 26,773 | 2,321 | 0 | 29,094 | (Gains) losses from futures contracts included in product sales revenue(2) | 6,560 | 884 | — | 7,444 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | (1,513) | (3,803) | 0 | (5,316) | Affiliate management fee revenue | (1,579) | (3,709) | — | (5,288) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers under ASC 606 | Total revenue from contracts with customers under ASC 606 | $ | 316,269 | $ | 125,979 | $ | (1,581) | $ | 440,667 | Total revenue from contracts with customers under ASC 606 | $ | 414,490 | $ | 141,588 | $ | (1,930) | $ | 554,148 |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | $ | 232,036 | $ | 59,704 | $ | 0 | $ | 291,740 | Transportation | $ | 241,685 | $ | 58,172 | $ | — | $ | 299,857 | ||||||||||||||||||||||||||||||||||||||||||||||
Terminalling | Terminalling | 25,203 | 3,218 | 0 | 28,421 | Terminalling | 26,468 | 3,280 | — | 29,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage | Storage | 44,607 | 29,776 | (1,189) | 73,194 | Storage | 42,316 | 28,199 | (1,440) | 69,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ancillary services | Ancillary services | 31,941 | 7,611 | 0 | 39,552 | Ancillary services | 34,157 | 7,667 | — | 41,824 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | 3,995 | 18,374 | 0 | 22,369 | Lease revenue | 4,804 | 19,602 | — | 24,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | 337,782 | 118,683 | (1,189) | 455,276 | Transportation and terminals revenue | 349,430 | 116,920 | (1,440) | 464,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 149,682 | 43,391 | 0 | 193,073 | Product sales revenue | 153,352 | 15,463 | — | 168,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 1,609 | 3,685 | 0 | 5,294 | Affiliate management fee revenue | 1,643 | 3,686 | — | 5,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 489,073 | 165,759 | (1,189) | 653,643 | Total revenue | 504,425 | 136,069 | (1,440) | 639,054 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue(1) | Lease revenue(1) | (3,995) | (18,374) | 0 | (22,369) | Lease revenue(1) | (4,804) | (19,602) | — | (24,406) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from futures contracts included in product sales revenue(2) | (Gains) losses from futures contracts included in product sales revenue(2) | 34,252 | 6,175 | 0 | 40,427 | (Gains) losses from futures contracts included in product sales revenue(2) | 26,992 | 2,634 | — | 29,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | (1,609) | (3,685) | 0 | (5,294) | Affiliate management fee revenue | (1,643) | (3,686) | — | (5,329) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers under ASC 606 | Total revenue from contracts with customers under ASC 606 | $ | 517,721 | $ | 149,875 | $ | (1,189) | $ | 666,407 | Total revenue from contracts with customers under ASC 606 | $ | 524,970 | $ | 115,415 | $ | (1,440) | $ | 638,945 |
Six Months Ended June 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | $ | 341,257 | $ | 153,999 | $ | 0 | $ | 495,256 | Transportation | $ | 533,451 | $ | 244,155 | $ | — | $ | 777,606 | ||||||||||||||||||||||||||||||||||||||||||||||
Terminalling | Terminalling | 57,388 | 9,051 | 0 | 66,439 | Terminalling | 88,038 | 14,702 | — | 102,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage | Storage | 103,082 | 64,227 | (3,163) | 164,146 | Storage | 152,186 | 97,103 | (5,093) | 244,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ancillary services | Ancillary services | 55,486 | 13,917 | 0 | 69,403 | Ancillary services | 85,441 | 20,745 | — | 106,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | 11,932 | 38,101 | 0 | 50,033 | Lease revenue | 17,247 | 57,242 | — | 74,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | 569,145 | 279,295 | (3,163) | 845,277 | Transportation and terminals revenue | 876,363 | 433,947 | (5,093) | 1,305,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 316,959 | 14,948 | 0 | 331,907 | Product sales revenue | 422,986 | 20,141 | — | 443,127 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 3,097 | 7,510 | 0 | 10,607 | Affiliate management fee revenue | 4,676 | 11,219 | — | 15,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 889,201 | 301,753 | (3,163) | 1,187,791 | Total revenue | 1,304,025 | 465,307 | (5,093) | 1,764,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue(1) | Lease revenue(1) | (11,932) | (38,101) | 0 | (50,033) | Lease revenue(1) | (17,247) | (57,242) | — | (74,489) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from futures contracts included in product sales revenue(2) | (Gains) losses from futures contracts included in product sales revenue(2) | (88,669) | (401) | 0 | (89,070) | (Gains) losses from futures contracts included in product sales revenue(2) | (82,109) | 483 | — | (81,626) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | (3,097) | (7,510) | 0 | (10,607) | Affiliate management fee revenue | (4,676) | (11,219) | — | (15,895) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers under ASC 606 | Total revenue from contracts with customers under ASC 606 | $ | 785,503 | $ | 255,741 | $ | (3,163) | $ | 1,038,081 | Total revenue from contracts with customers under ASC 606 | $ | 1,199,993 | $ | 397,329 | $ | (5,093) | $ | 1,592,229 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refined Products | Crude Oil | Intersegment Eliminations | Total | Refined Products | Crude Oil | Intersegment Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | $ | 425,463 | $ | 114,750 | 0 | $ | 540,213 | Transportation | $ | 667,148 | $ | 172,922 | 0 | $ | 840,070 | ||||||||||||||||||||||||||||||||||||||||||||||||
Terminalling | Terminalling | 47,755 | 9,335 | 0 | 57,090 | Terminalling | 74,223 | 12,615 | 0 | 86,838 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage | Storage | 93,622 | 59,038 | (3,001) | 149,659 | Storage | 135,938 | 87,237 | (4,441) | 218,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ancillary services | Ancillary services | 60,483 | 15,557 | 0 | 76,040 | Ancillary services | 94,640 | 23,224 | 0 | 117,864 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue | Lease revenue | 8,142 | 36,217 | 0 | 44,359 | Lease revenue | 12,946 | 55,819 | 0 | 68,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue | Transportation and terminals revenue | 635,465 | 234,897 | (3,001) | 867,361 | Transportation and terminals revenue | 984,895 | 351,817 | (4,441) | 1,332,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 334,199 | 72,561 | 0 | 406,760 | Product sales revenue | 487,551 | 88,024 | — | 575,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 3,159 | 7,437 | 0 | 10,596 | Affiliate management fee revenue | 4,802 | 11,123 | — | 15,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 972,823 | 314,895 | (3,001) | 1,284,717 | Total revenue | 1,477,248 | 450,964 | (4,441) | 1,923,771 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | Revenue not under the guidance of ASC 606, Revenue from Contracts with Customers: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease revenue(1) | Lease revenue(1) | (8,142) | (36,217) | 0 | (44,359) | Lease revenue(1) | (12,946) | (55,819) | — | (68,765) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gains) losses from futures contracts included in product sales revenue(2) | (Gains) losses from futures contracts included in product sales revenue(2) | 81,603 | 11,531 | 0 | 93,134 | (Gains) losses from futures contracts included in product sales revenue(2) | 108,595 | 14,165 | — | 122,760 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | (3,159) | (7,437) | 0 | (10,596) | Affiliate management fee revenue | (4,802) | (11,123) | — | (15,925) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue from contracts with customers under ASC 606 | Total revenue from contracts with customers under ASC 606 | $ | 1,043,125 | $ | 282,772 | $ | (3,001) | $ | 1,322,896 | Total revenue from contracts with customers under ASC 606 | $ | 1,568,095 | $ | 398,187 | $ | (4,441) | $ | 1,961,841 |
December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||
Accounts receivable from contracts with customers | Accounts receivable from contracts with customers | $ | 103,275 | $ | 132,260 | Accounts receivable from contracts with customers | $ | 103,275 | $ | 132,586 | ||||||||||||||||||
Contract assets | Contract assets | $ | 12,220 | $ | 14,447 | Contract assets | $ | 12,220 | $ | 12,284 | ||||||||||||||||||
Contract liabilities | Contract liabilities | $ | 102,702 | $ | 104,445 | Contract liabilities | $ | 102,702 | $ | 106,879 |
Refined Products | Crude Oil | Total | Refined Products | Crude Oil | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | 1,929,410 | $ | 1,161,010 | $ | 3,090,420 | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2021 | Balances at September 30, 2021 | $ | 1,937,717 | $ | 1,111,166 | $ | 3,048,883 | |||||||||||||||||||||||||||||||||||||||||||||
Remaining terms | Remaining terms | 1 - 17 years | 1 - 11 years | Remaining terms | 1 - 17 years | 1 - 10 years | ||||||||||||||||||||||||||||||||||||||||||||||
Estimated revenues from UPOs to be recognized in the next 12 months | Estimated revenues from UPOs to be recognized in the next 12 months | $ | 360,376 | $ | 260,713 | $ | 621,089 | Estimated revenues from UPOs to be recognized in the next 12 months | $ | 365,383 | $ | 263,798 | $ | 629,181 |
Entity | Ownership Interest | |||||||
BridgeTex Pipeline Company, LLC (“BridgeTex”) | 30% | |||||||
Double Eagle Pipeline LLC (“Double Eagle”) | 50% | |||||||
HoustonLink Pipeline Company, LLC (“HoustonLink”) | 50% | |||||||
MVP Terminalling, LLC (“MVP”) | 25% | |||||||
Powder Springs Logistics, LLC (“Powder Springs”) | 50% | |||||||
Saddlehorn Pipeline Company, LLC (“Saddlehorn”) | 30% | |||||||
Seabrook Logistics, LLC (“Seabrook”) | 50% | |||||||
Texas Frontera, LLC (“Texas Frontera”) | 50% |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue: | Transportation and terminals revenue: | Transportation and terminals revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||
BridgeTex, pipeline capacity and storage | BridgeTex, pipeline capacity and storage | $ | 12,677 | $ | 12,958 | $ | 23,425 | $ | 23,698 | BridgeTex, pipeline capacity and storage | $ | 9,323 | $ | 10,669 | $ | 32,748 | $ | 34,367 | ||||||||||||||||||||||||||||||||||
Double Eagle, throughput revenue | Double Eagle, throughput revenue | $ | 1,421 | $ | 857 | $ | 3,021 | $ | 1,833 | Double Eagle, throughput revenue | $ | 995 | $ | 631 | $ | 4,016 | $ | 2,464 | ||||||||||||||||||||||||||||||||||
Saddlehorn, storage revenue | Saddlehorn, storage revenue | $ | 565 | $ | 579 | $ | 1,131 | $ | 1,159 | Saddlehorn, storage revenue | $ | 580 | $ | 594 | $ | 1,711 | $ | 1,753 | ||||||||||||||||||||||||||||||||||
Operating expense: | Operating expense: | Operating expense: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Seabrook, storage lease and ancillary services | Seabrook, storage lease and ancillary services | $ | 7,479 | $ | 5,549 | $ | 14,378 | $ | 10,859 | Seabrook, storage lease and ancillary services | $ | 7,175 | $ | 4,477 | $ | 21,553 | $ | 15,336 | ||||||||||||||||||||||||||||||||||
Other operating income: | Other operating income: | Other operating income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Seabrook, gain on sale of air emission credits | Seabrook, gain on sale of air emission credits | $ | 0 | $ | 434 | $ | 1,410 | $ | 434 | Seabrook, gain on sale of air emission credits | $ | — | $ | — | $ | 1,410 | $ | 434 |
December 31, 2020 | ||||||||||||||||||||||||||
Trade Accounts Receivable | Other Accounts Receivable | Other Accounts Payable | Long-Term Receivables | |||||||||||||||||||||||
BridgeTex | $ | 355 | $ | 27 | $ | 970 | $ | — | ||||||||||||||||||
Double Eagle | $ | 277 | $ | — | $ | — | $ | — | ||||||||||||||||||
HoustonLink | $ | — | $ | — | $ | 144 | $ | — | ||||||||||||||||||
MVP | $ | — | $ | 467 | $ | 2,297 | $ | — | ||||||||||||||||||
Powder Springs | $ | — | $ | — | $ | — | $ | 10,223 | ||||||||||||||||||
Saddlehorn | $ | — | $ | 121 | $ | — | $ | — | ||||||||||||||||||
Seabrook | $ | — | $ | — | $ | 7,274 | $ | — |
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Accounts Receivable | Other Accounts Receivable | Other Accounts Payable | Long-Term Receivables | Trade Accounts Receivable | Other Accounts Receivable | Other Accounts Payable | Long-Term Receivables | |||||||||||||||||||||||||||||||||||||||||||||
BridgeTex | BridgeTex | $ | 2,835 | $ | 16 | $ | 4,391 | $ | — | BridgeTex | $ | 2,310 | $ | 15 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Double Eagle | Double Eagle | $ | 204 | $ | — | $ | — | $ | — | Double Eagle | $ | 213 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
HoustonLink | HoustonLink | $ | — | $ | — | $ | 170 | $ | — | HoustonLink | $ | — | $ | — | $ | 96 | $ | — | ||||||||||||||||||||||||||||||||||
MVP | MVP | $ | — | $ | 1,271 | $ | 0 | $ | — | MVP | $ | — | $ | 542 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Powder Springs | Powder Springs | $ | 7 | $ | 0 | $ | — | $ | 10,296 | Powder Springs | $ | 8 | $ | — | $ | — | $ | 12,429 | ||||||||||||||||||||||||||||||||||
Saddlehorn | Saddlehorn | $ | — | $ | 5,011 | $ | — | $ | — | Saddlehorn | $ | — | $ | 187 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Seabrook | Seabrook | $ | — | $ | 14 | $ | 1,857 | $ | — | Seabrook | $ | — | $ | 11 | $ | 810 | $ | — |
Investments at December 31, 2020 | $ | 1,213,856 | ||||||
Additional investment | 5,616 | |||||||
Sale of ownership interest in MVP | (201,673) | |||||||
Earnings of non-controlled entities: | ||||||||
Proportionate share of earnings | ||||||||
Amortization of excess investment and capitalized interest | ||||||||
Earnings of non-controlled entities | ||||||||
Less: | ||||||||
Distributions from operations of non-controlled entities | ||||||||
Investments at | $ | |||||||
December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | |||||||||||||||||||
Refined products | Refined products | $ | 71,982 | $ | 93,188 | Refined products | $ | 71,982 | $ | 86,362 | ||||||||||||
Crude oil | Crude oil | 32,431 | 24,887 | Crude oil | 32,431 | 28,269 | ||||||||||||||||
Liquefied petroleum gases | Liquefied petroleum gases | 25,040 | 39,723 | Liquefied petroleum gases | 25,040 | 54,604 | ||||||||||||||||
Transmix | Transmix | 23,397 | 53,757 | Transmix | 23,397 | 47,978 | ||||||||||||||||
Additives | Additives | 5,354 | 5,354 | Additives | 5,354 | 5,354 | ||||||||||||||||
Total inventory | Total inventory | $ | 158,204 | $ | 216,909 | Total inventory | $ | 158,204 | $ | 222,567 |
December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||
Commercial paper | Commercial paper | $ | — | $ | 123,000 | |||||||||||||||||||||||
3.20% Notes due 2025 | 3.20% Notes due 2025 | $ | 250,000 | $ | 250,000 | 3.20% Notes due 2025 | 250,000 | 250,000 | ||||||||||||||||||||
5.00% Notes due 2026 | 5.00% Notes due 2026 | 650,000 | 650,000 | 5.00% Notes due 2026 | 650,000 | 650,000 | ||||||||||||||||||||||
3.25% Notes due 2030 | 3.25% Notes due 2030 | 500,000 | 500,000 | 3.25% Notes due 2030 | 500,000 | 500,000 | ||||||||||||||||||||||
6.40% Notes due 2037 | 6.40% Notes due 2037 | 250,000 | 250,000 | 6.40% Notes due 2037 | 250,000 | 250,000 | ||||||||||||||||||||||
4.20% Notes due 2042 | 4.20% Notes due 2042 | 250,000 | 250,000 | 4.20% Notes due 2042 | 250,000 | 250,000 | ||||||||||||||||||||||
5.15% Notes due 2043 | 5.15% Notes due 2043 | 550,000 | 550,000 | 5.15% Notes due 2043 | 550,000 | 550,000 | ||||||||||||||||||||||
4.20% Notes due 2045 | 4.20% Notes due 2045 | 250,000 | 250,000 | 4.20% Notes due 2045 | 250,000 | 250,000 | ||||||||||||||||||||||
4.25% Notes due 2046 | 4.25% Notes due 2046 | 500,000 | 500,000 | 4.25% Notes due 2046 | 500,000 | 500,000 | ||||||||||||||||||||||
4.20% Notes due 2047 | 4.20% Notes due 2047 | 500,000 | 500,000 | 4.20% Notes due 2047 | 500,000 | 500,000 | ||||||||||||||||||||||
4.85% Notes due 2049 | 4.85% Notes due 2049 | 500,000 | 500,000 | 4.85% Notes due 2049 | 500,000 | 500,000 | ||||||||||||||||||||||
3.95% Notes due 2050 | 3.95% Notes due 2050 | 800,000 | 800,000 | 3.95% Notes due 2050 | 800,000 | 800,000 | ||||||||||||||||||||||
Face value of long-term debt | Face value of long-term debt | 5,000,000 | 5,000,000 | Face value of long-term debt | 5,000,000 | 5,123,000 | ||||||||||||||||||||||
Unamortized debt issuance costs(1) | Unamortized debt issuance costs(1) | (40,143) | (39,030) | Unamortized debt issuance costs(1) | (40,143) | (38,419) | ||||||||||||||||||||||
Net unamortized debt premium(1) | Net unamortized debt premium(1) | 18,834 | 18,717 | Net unamortized debt premium(1) | 18,834 | 18,645 | ||||||||||||||||||||||
Long-term debt, net | Long-term debt, net | $ | 4,978,691 | $ | 4,979,687 | Long-term debt, net | $ | 4,978,691 | $ | 5,103,226 |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2021 | Three Months Ended September 30, 2020 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total lease expense | Total lease expense | $ | 5,709 | $ | 7,479 | $ | 13,188 | $ | 6,924 | $ | 5,549 | $ | 12,473 | Total lease expense | $ | 6,474 | $ | 7,175 | $ | 13,649 | $ | 6,321 | $ | 4,288 | $ | 10,609 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total lease expense | Total lease expense | $ | 11,699 | $ | 14,378 | $ | 26,077 | $ | 13,945 | $ | 10,859 | $ | 24,804 | Total lease expense | $ | 18,173 | $ | 21,553 | $ | 39,726 | $ | 20,266 | $ | 15,147 | $ | 35,413 |
December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | Third-Party Leases | Seabrook Lease | All Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current lease liability | Current lease liability | $ | 17,099 | $ | 10,434 | $ | 27,533 | $ | 17,366 | $ | 8,369 | $ | 25,735 | Current lease liability | $ | 17,099 | $ | 10,434 | $ | 27,533 | $ | 17,733 | $ | 7,885 | $ | 25,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term lease liability | Long-term lease liability | $ | 84,982 | $ | 52,501 | $ | 137,483 | $ | 116,033 | $ | 48,550 | $ | 164,583 | Long-term lease liability | $ | 84,982 | $ | 52,501 | $ | 137,483 | $ | 105,095 | $ | 46,555 | $ | 151,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Right-of-use asset | Right-of-use asset | $ | 103,142 | $ | 62,936 | $ | 166,078 | $ | 130,311 | $ | 56,920 | $ | 187,231 | Right-of-use asset | $ | 103,142 | $ | 62,936 | $ | 166,078 | $ | 126,029 | $ | 54,441 | $ | 180,470 |
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2021 | September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | Components of net periodic benefit costs: | Components of net periodic benefit costs: | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 6,735 | $ | 67 | $ | 6,963 | $ | 74 | Service cost | $ | 6,898 | $ | 64 | $ | 6,953 | $ | 75 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 2,711 | 127 | 2,283 | 112 | Interest cost | 2,738 | 121 | 2,395 | 103 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (2,809) | 0 | (2,921) | 0 | Expected return on plan assets | (2,829) | — | (2,960) | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | (45) | 0 | (45) | 0 | Amortization of prior service credit | (46) | — | (46) | — | ||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | Amortization of actuarial loss | 1,322 | 136 | 1,241 | 171 | Amortization of actuarial loss | 1,346 | 127 | 1,273 | 160 | ||||||||||||||||||||||||||||||||||||
Settlement cost | Settlement cost | 0 | 0 | 1,451 | 0 | Settlement cost | — | — | 1,300 | — | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 7,914 | $ | 330 | $ | 8,972 | $ | 357 | Net periodic benefit cost | $ | 8,107 | $ | 312 | $ | 8,915 | $ | 338 |
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2021 | September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||
Components of net periodic benefit costs: | Components of net periodic benefit costs: | Components of net periodic benefit costs: | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 13,938 | $ | 129 | $ | 14,316 | $ | 150 | Service cost | $ | 20,836 | $ | 193 | $ | 21,269 | $ | 225 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 5,513 | 239 | 4,683 | 207 | Interest cost | 8,251 | 360 | 7,078 | 310 | ||||||||||||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (5,695) | 0 | (5,967) | 0 | Expected return on plan assets | (8,524) | — | (8,927) | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | (90) | 0 | (90) | 0 | Amortization of prior service credit | (136) | — | (136) | — | ||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | Amortization of actuarial loss | 2,734 | 255 | 2,785 | 318 | Amortization of actuarial loss | 4,080 | 382 | 4,058 | 478 | ||||||||||||||||||||||||||||||||||||
Settlement cost | Settlement cost | 969 | 0 | 1,451 | 0 | Settlement cost | 969 | — | 2,751 | — | ||||||||||||||||||||||||||||||||||||
Settlement gain on disposition of assets | Settlement gain on disposition of assets | (1,342) | 0 | 0 | 0 | Settlement gain on disposition of assets | (1,342) | — | — | — | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 16,027 | $ | 623 | $ | 17,178 | $ | 675 | Net periodic benefit cost | $ | 24,134 | $ | 935 | $ | 26,093 | $ | 1,013 |
Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2021 | September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) Included in AOCL | Gains (Losses) Included in AOCL | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Gains (Losses) Included in AOCL | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (101,447) | $ | (8,259) | $ | (116,283) | $ | (10,262) | Beginning balance | $ | (98,610) | $ | (9,269) | $ | (101,270) | $ | (11,656) | ||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) | 1,560 | (1,146) | 12,366 | (1,565) | ||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of prior service credit amortization in income | Recognition of prior service credit amortization in income | (45) | 0 | (45) | 0 | Recognition of prior service credit amortization in income | (46) | — | (46) | — | ||||||||||||||||||||||||||||||||||||||||||
Recognition of actuarial loss amortization in income | Recognition of actuarial loss amortization in income | 1,322 | 136 | 1,241 | 171 | Recognition of actuarial loss amortization in income | 1,346 | 127 | 1,273 | 160 | ||||||||||||||||||||||||||||||||||||||||||
Recognition of settlement cost in income | Recognition of settlement cost in income | 0 | 0 | 1,451 | 0 | Recognition of settlement cost in income | — | — | 1,300 | — | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (98,610) | $ | (9,269) | $ | (101,270) | $ | (11,656) | Ending balance | $ | (97,310) | $ | (9,142) | $ | (98,743) | $ | (11,496) |
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2021 | September 30, 2020 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) Included in AOCL | Gains (Losses) Included in AOCL | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Gains (Losses) Included in AOCL | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (104,739) | $ | (8,378) | $ | (117,782) | $ | (10,409) | Beginning balance | $ | (104,739) | $ | (8,378) | $ | (117,782) | $ | (10,409) | ||||||||||||||||||||||||||||||||||
Net actuarial gain (loss) | Net actuarial gain (loss) | 813 | (1,146) | 12,366 | (1,565) | Net actuarial gain (loss) | 813 | (1,146) | 12,366 | (1,565) | ||||||||||||||||||||||||||||||||||||||||||
Curtailment gain | Curtailment gain | 1,703 | 0 | 0 | 0 | Curtailment gain | 1,703 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Recognition of prior service credit amortization in income | Recognition of prior service credit amortization in income | (90) | 0 | (90) | 0 | Recognition of prior service credit amortization in income | (136) | — | (136) | — | ||||||||||||||||||||||||||||||||||||||||||
Recognition of actuarial loss amortization in income | Recognition of actuarial loss amortization in income | 2,734 | 255 | 2,785 | 318 | Recognition of actuarial loss amortization in income | 4,080 | 382 | 4,058 | 478 | ||||||||||||||||||||||||||||||||||||||||||
Recognition of settlement cost in income | Recognition of settlement cost in income | 969 | 0 | 1,451 | 0 | Recognition of settlement cost in income | 969 | — | 2,751 | — | ||||||||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (98,610) | $ | (9,269) | $ | (101,270) | $ | (11,656) | Ending balance | $ | (97,310) | $ | (9,142) | $ | (98,743) | $ | (11,496) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
Performance-based awards | Performance-based awards | $ | 1,821 | $ | 2,654 | $ | (126) | $ | 4,870 | Performance-based awards | $ | (1,121) | $ | 3,053 | $ | (1,247) | $ | 7,923 | ||||||||||||||||||||||||||||||||||
Time-based awards | Time-based awards | 2,435 | 2,727 | 4,537 | 5,190 | Time-based awards | 2,290 | 2,573 | 6,827 | 7,763 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,256 | $ | 5,381 | $ | 4,411 | $ | 10,060 | Total | $ | 1,169 | $ | 5,626 | $ | 5,580 | $ | 15,686 |
Type of Contract/Accounting Methodology | Product Represented by the Contract and Associated Barrels | Maturity Dates | ||||||||||||
Futures - Economic Hedges | Between | |||||||||||||
Futures - Economic Hedges | Between |
Description | Description | Gross Amounts of Recognized Liabilities | Gross Amounts of Assets Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets | Net Asset Amount(1) | Description | Gross Amounts of Recognized Liabilities | Gross Amounts of Assets Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets | Margin Deposit Amounts Not Offset in the Consolidated Balance Sheets | Net Asset Amount(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2020 | As of December 31, 2020 | $ | (21,748) | $ | 1,201 | $ | (20,547) | $ | 34,165 | $ | 13,618 | As of December 31, 2020 | $ | (21,748) | $ | 1,201 | $ | (20,547) | $ | 34,165 | $ | 13,618 | ||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2021 | $ | (27,429) | $ | 6,107 | $ | (21,322) | $ | 44,674 | $ | 23,352 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | As of September 30, 2021 | $ | (44,605) | $ | 22,325 | $ | (22,280) | $ | 47,609 | $ | 25,329 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||
Derivative Losses Included in AOCL | Derivative Losses Included in AOCL | 2020 | 2021 | 2020 | 2021 | Derivative Losses Included in AOCL | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (60,065) | $ | (54,112) | $ | (48,960) | $ | (54,999) | Beginning balance | $ | (57,748) | $ | (53,224) | $ | (48,960) | $ | (54,999) | ||||||||||||||||||||||||||||
Net gain (loss) on cash flow hedges | 1,470 | 0 | (10,444) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Net loss on cash flow hedges | Net loss on cash flow hedges | — | — | (10,444) | — | |||||||||||||||||||||||||||||||||||||||||
Reclassification of net loss on cash flow hedges to income | Reclassification of net loss on cash flow hedges to income | 847 | 888 | 1,656 | 1,775 | Reclassification of net loss on cash flow hedges to income | 896 | 887 | 2,552 | 2,662 | ||||||||||||||||||||||||||||||||||||
Ending balance | Ending balance | $ | (57,748) | $ | (53,224) | $ | (57,748) | $ | (53,224) | Ending balance | $ | (56,852) | $ | (52,337) | $ | (56,852) | $ | (52,337) |
Interest Rate Contracts | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in AOCL on Derivatives | Location of Loss Reclassified from AOCL into Income | Amount of Loss Reclassified from AOCL into Income | ||||||||||||||||||
Three Months Ended June 30, 2020 | $ | 1,470 | Interest expense | $ | (847) | |||||||||||||||
Three Months Ended June 30, 2021 | $ | 0 | Interest expense | $ | (888) | |||||||||||||||
Six Months Ended June 30, 2020 | $ | (10,444) | Interest expense | $ | (1,656) | |||||||||||||||
Six Months Ended June 30, 2021 | $ | 0 | Interest expense | $ | (1,775) |
Interest Rate Contracts | ||||||||||||||||||||
Amount of Loss Recognized in AOCL on Derivatives | Location of Loss Reclassified from AOCL into Income | Amount of Loss Reclassified from AOCL into Income | ||||||||||||||||||
Three Months Ended September 30, 2020 | $ | — | Interest expense | $ | (896) | |||||||||||||||
Three Months Ended September 30, 2021 | $ | — | Interest expense | $ | (887) | |||||||||||||||
Nine Months Ended September 30, 2020 | $ | (10,444) | Interest expense | $ | (2,552) | |||||||||||||||
Nine Months Ended September 30, 2021 | $ | — | Interest expense | $ | (2,662) |
Amount of Gain (Loss) Recognized on Derivatives | Amount of Gain (Loss) Recognized on Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) Recognized on Derivatives | June 30, | June 30, | Location of Gain (Loss) Recognized on Derivatives | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument | Derivative Instrument | 2020 | 2021 | 2020 | 2021 | Derivative Instrument | 2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts | Product sales revenue | $ | (29,094) | $ | (40,427) | $ | 89,070 | $ | (93,134) | Futures contracts | Product sales revenue | $ | (7,444) | $ | (29,626) | $ | 81,626 | $ | (122,760) | ||||||||||||||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts | Cost of product sales | (494) | 6,257 | (4,017) | 7,607 | Futures contracts | Cost of product sales | 1,261 | 19,303 | (2,756) | 26,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis derivative agreement | Basis derivative agreement | Other operating income (expense) | 3,400 | (1,277) | 501 | (1,927) | Basis derivative agreement | Other operating income (expense) | (3,155) | (1,702) | (2,654) | (3,629) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (26,188) | $ | (35,447) | $ | 85,554 | $ | (87,454) | Total | $ | (9,338) | $ | (12,025) | $ | 76,216 | $ | (99,479) |
December 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument | Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts | Commodity derivatives contracts, net | $ | 127 | Commodity derivatives contracts, net | $ | 21,748 | Futures contracts | Commodity derivatives contracts, net | $ | 127 | Commodity derivatives contracts, net | $ | 21,748 | ||||||||||||||||||||||||||||||||||||||
Future contracts | Future contracts | Other noncurrent assets | 1,074 | Other noncurrent liabilities | 0 | Future contracts | Other noncurrent assets | 1,074 | Other noncurrent liabilities | — | ||||||||||||||||||||||||||||||||||||||||||
Basis derivative agreement | Basis derivative agreement | Other current assets | 0 | Other current liabilities | 8,774 | Basis derivative agreement | Other current assets | — | Other current liabilities | 8,774 | ||||||||||||||||||||||||||||||||||||||||||
Basis derivative agreement | Basis derivative agreement | Other noncurrent assets | 0 | Other noncurrent liabilities | 1,468 | Basis derivative agreement | Other noncurrent assets | — | Other noncurrent liabilities | 1,468 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,201 | Total | $ | 31,990 | Total | $ | 1,201 | Total | $ | 31,990 | |||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument | Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts | Commodity derivatives contracts, net | $ | 6,107 | Commodity derivatives contracts, net | $ | 24,032 | Futures contracts | Commodity derivatives contracts, net | $ | 22,325 | Commodity derivatives contracts, net | $ | 40,206 | ||||||||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts | Other noncurrent assets | 0 | Other noncurrent liabilities | 3,397 | Futures contracts | Other noncurrent assets | — | Other noncurrent liabilities | 4,399 | ||||||||||||||||||||||||||||||||||||||||||
Basis derivative agreement | Basis derivative agreement | Other current assets | 0 | Other current liabilities | 5,028 | Basis derivative agreement | Other current assets | — | Other current liabilities | 3,120 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,107 | Total | $ | 32,457 | Total | $ | 22,325 | Total | $ | 47,725 |
Assets (Liabilities) | Fair Value Measurements as of December 31, 2020 using: | |||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
Commodity derivatives contracts | $ | (20,547) | $ | (20,547) | $ | (20,547) | $ | — | $ | — | ||||||||||||||||||||||
Basis derivative agreement | $ | (10,242) | $ | (10,242) | $ | — | $ | (10,242) | ||||||||||||||||||||||||
Long-term receivables | $ | 22,755 | $ | 22,755 | $ | — | $ | — | $ | 22,755 | ||||||||||||||||||||||
Contractual obligations | $ | (11,207) | $ | (11,207) | $ | — | $ | — | $ | (11,207) | ||||||||||||||||||||||
Debt | $ | (4,978,691) | $ | (5,880,850) | $ | — | $ | (5,880,850) | $ | — |
Assets (Liabilities) | Assets (Liabilities) | Fair Value Measurements as of June 30, 2021 using: | Assets (Liabilities) | Fair Value Measurements as of September 30, 2021 using: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Carrying Amount | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives contracts | Commodity derivatives contracts | $ | (21,322) | $ | (21,322) | $ | (21,322) | $ | — | $ | — | Commodity derivatives contracts | $ | (22,280) | $ | (22,280) | $ | (22,280) | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Basis derivative agreement | Basis derivative agreement | $ | (5,028) | $ | (5,028) | $ | — | $ | (5,028) | $ | — | Basis derivative agreement | $ | (3,120) | $ | (3,120) | $ | — | $ | (3,120) | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Long-term receivables | Long-term receivables | $ | 20,883 | $ | 20,883 | $ | — | $ | — | $ | 20,883 | Long-term receivables | $ | 22,768 | $ | 22,768 | $ | — | $ | — | $ | 22,768 | ||||||||||||||||||||||||||||||||||||||||||
Contractual obligations | Contractual obligations | $ | (11,142) | $ | (11,142) | $ | — | $ | — | $ | (11,142) | Contractual obligations | $ | (9,806) | $ | (9,806) | $ | — | $ | — | $ | (9,806) | ||||||||||||||||||||||||||||||||||||||||||
Debt | Debt | $ | (4,979,687) | $ | (5,688,517) | $ | — | $ | (5,688,517) | $ | — | Debt | $ | (5,103,226) | $ | (5,786,692) | $ | — | $ | (5,786,692) | $ | — |
Common units outstanding on December 31, 2020 | 223,119,811 | |||||||
Units repurchased during 2021 | ||||||||
January 2021–Settlement of employee LTIP awards | 150,435 | |||||||
During 2021–Other(1) | 12,572 | |||||||
Common units outstanding on | ||||||||
Payment Date | Payment Date | Per Unit Distribution Amount | Total Distribution | Payment Date | Per Unit Distribution Amount | Total Distribution | ||||||||||||||||||||||||||||||||||||||||||||||
02/14/2020 | 02/14/2020 | $ | 1.0275 | $ | 234,774 | 02/14/2020 | $ | 1.0275 | $ | 234,774 | ||||||||||||||||||||||||||||||||||||||||||
05/15/2020 | 05/15/2020 | 1.0275 | 231,245 | 05/15/2020 | 1.0275 | 231,245 | ||||||||||||||||||||||||||||||||||||||||||||||
Through 06/30/2020 | 2.0550 | 466,019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08/14/2020 | 08/14/2020 | 1.0275 | 231,245 | 08/14/2020 | 1.0275 | 231,245 | ||||||||||||||||||||||||||||||||||||||||||||||
Through 09/30/2020 | Through 09/30/2020 | 3.0825 | 697,264 | |||||||||||||||||||||||||||||||||||||||||||||||||
11/13/2020 | 11/13/2020 | 1.0275 | 229,853 | 11/13/2020 | 1.0275 | 229,853 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 4.1100 | 927,117 | Total | $ | 4.1100 | $ | 927,117 | ||||||||||||||||||||||||||||||||||||||||||||
02/12/2021 | 02/12/2021 | $ | 1.0275 | 229,423 | 02/12/2021 | $ | 1.0275 | 229,423 | ||||||||||||||||||||||||||||||||||||||||||||
05/14/2021 | 05/14/2021 | 1.0275 | 228,962 | 05/14/2021 | 1.0275 | 228,962 | ||||||||||||||||||||||||||||||||||||||||||||||
Through 06/30/2021 | 2.0550 | 458,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08/13/2021(1) | 1.0275 | 227,653 | ||||||||||||||||||||||||||||||||||||||||||||||||||
08/13/2021 | 08/13/2021 | 1.0275 | 226,633 | |||||||||||||||||||||||||||||||||||||||||||||||||
Through 09/30/2021 | Through 09/30/2021 | 3.0825 | 685,018 | |||||||||||||||||||||||||||||||||||||||||||||||||
11/12/2021(1) | 11/12/2021(1) | 1.0375 | 221,449 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 3.0825 | $ | 686,038 | Total | $ | 4.1200 | $ | 906,467 |
Three Months Ended June 30, | Variance Favorable (Unfavorable) | Three Months Ended September 30, | Variance Favorable (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Financial Highlights ($ in millions, except operating statistics) | Financial Highlights ($ in millions, except operating statistics) | Financial Highlights ($ in millions, except operating statistics) | ||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue: | Transportation and terminals revenue: | Transportation and terminals revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Refined products | Refined products | $ | 267.8 | $ | 337.8 | $ | 70.0 | 26 | Refined products | $ | 307.2 | $ | 349.4 | $ | 42.2 | 14 | ||||||||||||||||||||||||||||||
Crude oil | Crude oil | 133.6 | 118.7 | (14.9) | (11) | Crude oil | 154.6 | 116.9 | (37.7) | (24) | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | (1.6) | (1.2) | 0.4 | 25 | Intersegment eliminations | (1.9) | (1.4) | 0.5 | 26 | ||||||||||||||||||||||||||||||||||||
Total transportation and terminals revenue | Total transportation and terminals revenue | 399.8 | 455.3 | 55.5 | 14 | Total transportation and terminals revenue | 459.9 | 464.9 | 5.0 | 1 | ||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 5.3 | 5.3 | — | — | Affiliate management fee revenue | 5.3 | 5.3 | — | — | ||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Refined products | Refined products | 97.0 | 108.1 | (11.1) | (11) | Refined products | 114.2 | 114.6 | (0.4) | — | ||||||||||||||||||||||||||||||||||||
Crude oil | Crude oil | 45.9 | 43.8 | 2.1 | 5 | Crude oil | 47.0 | 35.1 | 11.9 | 25 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | (3.2) | (2.8) | (0.4) | (13) | Intersegment eliminations | (3.5) | (3.1) | (0.4) | (11) | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 139.7 | 149.1 | (9.4) | (7) | Total operating expenses | 157.7 | 146.6 | 11.1 | 7 | ||||||||||||||||||||||||||||||||||||
Product margin: | Product margin: | Product margin: | ||||||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 34.4 | 193.1 | 158.7 | 461 | Product sales revenue | 111.2 | 168.8 | 57.6 | 52 | ||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 44.0 | 171.8 | (127.8) | (290) | Cost of product sales | 89.4 | 145.8 | (56.4) | (63) | ||||||||||||||||||||||||||||||||||||
Product margin | Product margin | (9.6) | 21.3 | 30.9 | n/a | Product margin | 21.8 | 23.0 | 1.2 | 6 | ||||||||||||||||||||||||||||||||||||
Other operating income (expense) | Other operating income (expense) | 4.0 | 1.9 | (2.1) | (53) | Other operating income (expense) | (2.9) | 2.6 | 5.5 | n/a | ||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | 33.7 | 40.5 | 6.8 | 20 | Earnings of non-controlled entities | 39.2 | 36.5 | (2.7) | (7) | ||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 293.5 | 375.2 | 81.7 | 28 | Operating margin | 365.6 | 385.7 | 20.1 | 5 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 55.0 | 52.3 | 2.7 | 5 | Depreciation, amortization and impairment expense | 68.4 | 61.4 | 7.0 | 10 | ||||||||||||||||||||||||||||||||||||
G&A expense | G&A expense | 41.7 | 56.1 | (14.4) | (35) | G&A expense | 37.5 | 46.7 | (9.2) | (25) | ||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | 196.8 | 266.8 | 70.0 | 36 | Operating profit | 259.7 | 277.6 | 17.9 | 7 | ||||||||||||||||||||||||||||||||||||
Interest expense (net of interest income and interest capitalized) | Interest expense (net of interest income and interest capitalized) | 64.8 | 56.4 | 8.4 | 13 | Interest expense (net of interest income and interest capitalized) | 52.7 | 56.6 | (3.9) | (7) | ||||||||||||||||||||||||||||||||||||
Gain on disposition of assets | Gain on disposition of assets | — | (69.7) | 69.7 | — | Gain on disposition of assets | — | (3.2) | 3.2 | — | ||||||||||||||||||||||||||||||||||||
Other (income) expense | Other (income) expense | 1.4 | 14.8 | (13.4) | (957) | Other (income) expense | 1.4 | 2.1 | (0.7) | (50) | ||||||||||||||||||||||||||||||||||||
Income from continuing operations before provision for income taxes | Income from continuing operations before provision for income taxes | 130.6 | 265.3 | 134.7 | 103 | Income from continuing operations before provision for income taxes | 205.6 | 222.1 | 16.5 | 8 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 0.7 | 0.4 | 0.3 | 43 | Provision for income taxes | 0.9 | 0.8 | 0.1 | 11 | ||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 129.9 | 264.9 | 135.0 | 104 | Income from continuing operations | 204.7 | 221.3 | 16.6 | 8 | ||||||||||||||||||||||||||||||||||||
Income from discontinued operations | Income from discontinued operations | 3.9 | 15.5 | 11.6 | 297 | Income from discontinued operations | 6.9 | 15.3 | 8.4 | 122 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 133.8 | $ | 280.4 | $ | 146.6 | 110 | Net income | $ | 211.6 | $ | 236.6 | $ | 25.0 | 12 | ||||||||||||||||||||||||||||||
Operating Statistics: | Operating Statistics: | Operating Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
Refined products: | Refined products: | Refined products: | ||||||||||||||||||||||||||||||||||||||||||||
Transportation revenue per barrel shipped | Transportation revenue per barrel shipped | $ | 1.675 | $ | 1.690 | Transportation revenue per barrel shipped | $ | 1.719 | $ | 1.724 | ||||||||||||||||||||||||||||||||||||
Volume shipped (million barrels): | Volume shipped (million barrels): | Volume shipped (million barrels): | ||||||||||||||||||||||||||||||||||||||||||||
Gasoline | Gasoline | 61.3 | 78.8 | Gasoline | 71.9 | 80.3 | ||||||||||||||||||||||||||||||||||||||||
Distillates | Distillates | 41.3 | 52.9 | Distillates | 42.5 | 53.0 | ||||||||||||||||||||||||||||||||||||||||
Aviation fuel | Aviation fuel | 2.7 | 7.2 | Aviation fuel | 4.7 | 8.4 | ||||||||||||||||||||||||||||||||||||||||
Liquefied petroleum gases | Liquefied petroleum gases | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||
Total volume shipped | Total volume shipped | 105.3 | 138.9 | Total volume shipped | 119.2 | 141.8 | ||||||||||||||||||||||||||||||||||||||||
Crude oil: | Crude oil: | Crude oil: | ||||||||||||||||||||||||||||||||||||||||||||
Magellan 100%-owned assets: | Magellan 100%-owned assets: | Magellan 100%-owned assets: | ||||||||||||||||||||||||||||||||||||||||||||
Transportation revenue per barrel shipped | Transportation revenue per barrel shipped | $ | 1.048 | $ | 0.816 | Transportation revenue per barrel shipped | $ | 1.401 | $ | 0.803 | ||||||||||||||||||||||||||||||||||||
Volume shipped (million barrels)(1) | Volume shipped (million barrels)(1) | 47.7 | 49.6 | Volume shipped (million barrels)(1) | 45.1 | 49.2 | ||||||||||||||||||||||||||||||||||||||||
Terminal average utilization (million barrels per month) | Terminal average utilization (million barrels per month) | 25.5 | 25.0 | Terminal average utilization (million barrels per month) | 25.9 | 24.9 | ||||||||||||||||||||||||||||||||||||||||
Select joint venture pipelines: | Select joint venture pipelines: | Select joint venture pipelines: | ||||||||||||||||||||||||||||||||||||||||||||
BridgeTex - volume shipped (million barrels)(2) | BridgeTex - volume shipped (million barrels)(2) | 32.2 | 28.6 | BridgeTex - volume shipped (million barrels)(2) | 30.6 | 29.1 | ||||||||||||||||||||||||||||||||||||||||
Saddlehorn - volume shipped (million barrels)(3) | Saddlehorn - volume shipped (million barrels)(3) | 15.1 | 20.0 | Saddlehorn - volume shipped (million barrels)(3) | 15.1 | 19.9 |
Six Months Ended June 30, | Variance Favorable (Unfavorable) | Nine Months Ended September 30, | Variance Favorable (Unfavorable) | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | $ Change | % Change | 2020 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Financial Highlights ($ in millions, except operating statistics) | Financial Highlights ($ in millions, except operating statistics) | Financial Highlights ($ in millions, except operating statistics) | ||||||||||||||||||||||||||||||||||||||||||||
Transportation and terminals revenue: | Transportation and terminals revenue: | Transportation and terminals revenue: | ||||||||||||||||||||||||||||||||||||||||||||
Refined products | Refined products | $ | 569.2 | $ | 635.5 | $ | 66.3 | 12 | Refined products | $ | 876.4 | $ | 984.9 | $ | 108.5 | 12 | ||||||||||||||||||||||||||||||
Crude oil | Crude oil | 279.3 | 234.9 | (44.4) | (16) | Crude oil | 433.9 | 351.8 | (82.1) | (19) | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | (3.2) | (3.0) | 0.2 | 6 | Intersegment eliminations | (5.1) | (4.4) | 0.7 | 14 | ||||||||||||||||||||||||||||||||||||
Total transportation and terminals revenue | Total transportation and terminals revenue | 845.3 | 867.4 | 22.1 | 3 | Total transportation and terminals revenue | 1,305.2 | 1,332.3 | 27.1 | 2 | ||||||||||||||||||||||||||||||||||||
Affiliate management fee revenue | Affiliate management fee revenue | 10.6 | 10.6 | — | — | Affiliate management fee revenue | 15.9 | 15.9 | — | — | ||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Refined products | Refined products | 202.1 | 199.6 | 2.5 | 1 | Refined products | 316.3 | 314.2 | 2.1 | 1 | ||||||||||||||||||||||||||||||||||||
Crude oil | Crude oil | 92.7 | 83.0 | 9.7 | 10 | Crude oil | 139.7 | 118.1 | 21.6 | 15 | ||||||||||||||||||||||||||||||||||||
Intersegment eliminations | Intersegment eliminations | (6.4) | (6.3) | (0.1) | (2) | Intersegment eliminations | (9.9) | (9.4) | (0.5) | (5) | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 288.4 | 276.3 | 12.1 | 4 | Total operating expenses | 446.1 | 422.9 | 23.2 | 5 | ||||||||||||||||||||||||||||||||||||
Product margin: | Product margin: | Product margin: | ||||||||||||||||||||||||||||||||||||||||||||
Product sales revenue | Product sales revenue | 331.9 | 406.8 | 74.9 | 23 | Product sales revenue | 443.1 | 575.6 | 132.5 | 30 | ||||||||||||||||||||||||||||||||||||
Cost of product sales | Cost of product sales | 275.5 | 342.8 | (67.3) | (24) | Cost of product sales | 364.9 | 488.6 | (123.7) | (34) | ||||||||||||||||||||||||||||||||||||
Product margin | Product margin | 56.4 | 64.0 | 7.6 | 13 | Product margin | 78.2 | 87.0 | 8.8 | 11 | ||||||||||||||||||||||||||||||||||||
Other operating income (expense) | Other operating income (expense) | 3.4 | 1.4 | (2.0) | (59) | Other operating income (expense) | 0.5 | 4.0 | 3.5 | 700 | ||||||||||||||||||||||||||||||||||||
Earnings of non-controlled entities | Earnings of non-controlled entities | 77.3 | 79.6 | 2.3 | 3 | Earnings of non-controlled entities | 116.5 | 116.1 | (0.4) | — | ||||||||||||||||||||||||||||||||||||
Operating margin | Operating margin | 704.6 | 746.7 | 42.1 | 6 | Operating margin | 1,070.2 | 1,132.4 | 62.2 | 6 | ||||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment expense | Depreciation, amortization and impairment expense | 114.8 | 106.9 | 7.9 | 7 | Depreciation, amortization and impairment expense | 183.2 | 168.3 | 14.9 | 8 | ||||||||||||||||||||||||||||||||||||
G&A expense | G&A expense | 78.0 | 102.0 | (24.0) | (31) | G&A expense | 115.5 | 148.7 | (33.2) | (29) | ||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit | 511.8 | 537.8 | 26.0 | 5 | Operating profit | 771.5 | 815.4 | 43.9 | 6 | ||||||||||||||||||||||||||||||||||||
Interest expense (net of interest income and interest capitalized) | Interest expense (net of interest income and interest capitalized) | 115.3 | 112.7 | 2.6 | 2 | Interest expense (net of interest income and interest capitalized) | 168.0 | 169.3 | (1.3) | (1) | ||||||||||||||||||||||||||||||||||||
Gain on disposition of assets | Gain on disposition of assets | (12.9) | (69.7) | 56.8 | 440 | Gain on disposition of assets | (12.9) | (72.9) | 60.0 | 465 | ||||||||||||||||||||||||||||||||||||
Other (income) expense | Other (income) expense | 2.3 | 16.0 | (13.7) | (596) | Other (income) expense | 3.7 | 18.1 | (14.4) | (389) | ||||||||||||||||||||||||||||||||||||
Income from continuing operations before provision for income taxes | Income from continuing operations before provision for income taxes | 407.1 | 478.8 | 71.7 | 18 | Income from continuing operations before provision for income taxes | 612.7 | 700.9 | 88.2 | 14 | ||||||||||||||||||||||||||||||||||||
Provision for income taxes | Provision for income taxes | 1.3 | 1.2 | 0.1 | 8 | Provision for income taxes | 2.2 | 2.0 | 0.2 | 9 | ||||||||||||||||||||||||||||||||||||
Income from continuing operations | Income from continuing operations | 405.8 | 477.6 | 71.8 | 18 | Income from continuing operations | 610.5 | 698.9 | 88.4 | 14 | ||||||||||||||||||||||||||||||||||||
Income from discontinued operations | Income from discontinued operations | 15.6 | 24.1 | 8.5 | 54 | Income from discontinued operations | 22.5 | 39.4 | 16.9 | 75 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 421.4 | $ | 501.7 | $ | 80.3 | 19 | Net income | $ | 633.0 | $ | 738.3 | $ | 105.3 | 17 | ||||||||||||||||||||||||||||||
Operating Statistics: | Operating Statistics: | Operating Statistics: | ||||||||||||||||||||||||||||||||||||||||||||
Refined products: | Refined products: | Refined products: | ||||||||||||||||||||||||||||||||||||||||||||
Transportation revenue per barrel shipped | Transportation revenue per barrel shipped | $ | 1.626 | $ | 1.682 | Transportation revenue per barrel shipped | $ | 1.658 | $ | 1.697 | ||||||||||||||||||||||||||||||||||||
Volume shipped (million barrels): | Volume shipped (million barrels): | Volume shipped (million barrels): | ||||||||||||||||||||||||||||||||||||||||||||
Gasoline | Gasoline | 127.5 | 143.8 | Gasoline | 199.4 | 224.1 | ||||||||||||||||||||||||||||||||||||||||
Distillates | Distillates | 85.1 | 99.4 | Distillates | 127.6 | 152.4 | ||||||||||||||||||||||||||||||||||||||||
Aviation fuel | Aviation fuel | 12.1 | 13.3 | Aviation fuel | 16.8 | 21.7 | ||||||||||||||||||||||||||||||||||||||||
Liquefied petroleum gases | Liquefied petroleum gases | 0.4 | 0.5 | Liquefied petroleum gases | 0.5 | 0.6 | ||||||||||||||||||||||||||||||||||||||||
Total volume shipped | Total volume shipped | 225.1 | 257.0 | Total volume shipped | 344.3 | 398.8 | ||||||||||||||||||||||||||||||||||||||||
Crude oil: | Crude oil: | Crude oil: | ||||||||||||||||||||||||||||||||||||||||||||
Magellan 100%-owned assets: | Magellan 100%-owned assets: | Magellan 100%-owned assets: | ||||||||||||||||||||||||||||||||||||||||||||
Transportation revenue per barrel shipped | Transportation revenue per barrel shipped | $ | 0.970 | $ | 0.803 | Transportation revenue per barrel shipped | $ | 1.145 | $ | 0.803 | ||||||||||||||||||||||||||||||||||||
Volume shipped (million barrels)(1) | Volume shipped (million barrels)(1) | 122.8 | 96.1 | Volume shipped (million barrels)(1) | 167.9 | 145.3 | ||||||||||||||||||||||||||||||||||||||||
Terminal average utilization (million barrels per month) | Terminal average utilization (million barrels per month) | 24.1 | 25.3 | Terminal average utilization (million barrels per month) | 24.7 | 25.1 | ||||||||||||||||||||||||||||||||||||||||
Select joint venture pipelines: | Select joint venture pipelines: | Select joint venture pipelines: | ||||||||||||||||||||||||||||||||||||||||||||
BridgeTex - volume shipped (million barrels)(2) | BridgeTex - volume shipped (million barrels)(2) | 69.3 | 55.5 | BridgeTex - volume shipped (million barrels)(2) | 99.9 | 84.6 | ||||||||||||||||||||||||||||||||||||||||
Saddlehorn - volume shipped (million barrels)(3) | Saddlehorn - volume shipped (million barrels)(3) | 31.4 | 36.1 | Saddlehorn - volume shipped (million barrels)(3) | 46.5 | 56.0 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 421.4 | $ | 501.7 | Net income | $ | 633.0 | $ | 738.3 | ||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | 115.3 | 112.7 | Interest expense, net | 168.0 | 169.3 | ||||||||||||||||||||||||||||||||||
Depreciation, amortization and impairment(1) | Depreciation, amortization and impairment(1) | 121.6 | 118.3�� | Depreciation, amortization and impairment(1) | 193.4 | 174.4 | ||||||||||||||||||||||||||||||||||
Equity-based incentive compensation(2) | Equity-based incentive compensation(2) | (10.3) | 3.9 | Equity-based incentive compensation(2) | (9.1) | 9.5 | ||||||||||||||||||||||||||||||||||
Gain on disposition of assets(3) | Gain on disposition of assets(3) | (10.5) | (68.4) | Gain on disposition of assets(3) | (10.5) | (68.5) | ||||||||||||||||||||||||||||||||||
Commodity-related adjustments: | Commodity-related adjustments: | Commodity-related adjustments: | ||||||||||||||||||||||||||||||||||||||
Derivative (gains) losses recognized in the period associated with future transactions(4) | Derivative (gains) losses recognized in the period associated with future transactions(4) | (4.9) | 23.5 | Derivative (gains) losses recognized in the period associated with future transactions(4) | 6.7 | 21.1 | ||||||||||||||||||||||||||||||||||
Derivative gains (losses) recognized in previous periods associated with transactions completed in the period(4) | Derivative gains (losses) recognized in previous periods associated with transactions completed in the period(4) | (16.0) | (29.5) | Derivative gains (losses) recognized in previous periods associated with transactions completed in the period(4) | (18.9) | (32.2) | ||||||||||||||||||||||||||||||||||
Inventory valuation adjustments(5) | Inventory valuation adjustments(5) | 27.8 | 3.4 | Inventory valuation adjustments(5) | 9.6 | 2.4 | ||||||||||||||||||||||||||||||||||
Total commodity-related adjustments | Total commodity-related adjustments | 6.9 | (2.6) | Total commodity-related adjustments | (2.6) | (8.7) | ||||||||||||||||||||||||||||||||||
Distributions from operations of non-controlled entities in excess of (less than) earnings | 25.4 | 14.8 | ||||||||||||||||||||||||||||||||||||||
Distributions from operations of non-controlled entities in excess of earnings | Distributions from operations of non-controlled entities in excess of earnings | 36.2 | 24.5 | |||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | 669.8 | 680.4 | Adjusted EBITDA | 1,008.4 | 1,038.8 | ||||||||||||||||||||||||||||||||||
Interest expense, net, excluding debt issuance cost amortization(6) | Interest expense, net, excluding debt issuance cost amortization(6) | (100.5) | (111.2) | Interest expense, net, excluding debt issuance cost amortization(6) | (152.4) | (167.0) | ||||||||||||||||||||||||||||||||||
Maintenance capital(7) | Maintenance capital(7) | (53.3) | (24.7) | Maintenance capital(7) | (81.2) | (50.2) | ||||||||||||||||||||||||||||||||||
Distributable cash flow | Distributable cash flow | 516.0 | 544.5 | Distributable cash flow | 774.8 | 821.6 | ||||||||||||||||||||||||||||||||||
Expansion capital(8) | Expansion capital(8) | (241.5) | (42.1) | Expansion capital(8) | (310.0) | (67.6) | ||||||||||||||||||||||||||||||||||
Proceeds from asset sales | Proceeds from asset sales | 332.9 | 270.6 | Proceeds from asset sales | 334.6 | 270.7 | ||||||||||||||||||||||||||||||||||
Free cash flow | Free cash flow | 607.4 | 773.0 | Free cash flow | 799.4 | 1,024.7 | ||||||||||||||||||||||||||||||||||
Distributions paid | Distributions paid | (466.0) | (458.4) | Distributions paid | (697.3) | (685.0) | ||||||||||||||||||||||||||||||||||
Free cash flow after distributions | Free cash flow after distributions | $ | 141.4 | $ | 314.6 | Free cash flow after distributions | $ | 102.1 | $ | 339.7 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | $ | 563.3 | $ | 593.0 | Net cash provided by operating activities | $ | 840.1 | $ | 879.1 | ||||||||||||||||||
Changes in operating assets and liabilities | Changes in operating assets and liabilities | 10.6 | (21.6) | Changes in operating assets and liabilities | 30.4 | 0.6 | ||||||||||||||||||||||
Net cash provided (used) in investing activities | Net cash provided (used) in investing activities | (18.8) | 197.8 | Net cash provided (used) in investing activities | (110.3) | 160.1 | ||||||||||||||||||||||
Payments associated with settlement of equity-based incentive compensation | Payments associated with settlement of equity-based incentive compensation | (14.7) | (6.2) | Payments associated with settlement of equity-based incentive compensation | (14.7) | (6.2) | ||||||||||||||||||||||
Settlement gain, amortization of prior service credit and actuarial loss | Settlement gain, amortization of prior service credit and actuarial loss | (2.5) | (4.5) | Settlement gain, amortization of prior service credit and actuarial loss | (4.0) | (7.2) | ||||||||||||||||||||||
Changes in accrued capital items | Changes in accrued capital items | 56.6 | 7.4 | Changes in accrued capital items | 52.8 | (4.0) | ||||||||||||||||||||||
Commodity-related adjustments(1) | Commodity-related adjustments(1) | 6.9 | (2.6) | Commodity-related adjustments(1) | (2.6) | (8.7) | ||||||||||||||||||||||
Other | Other | 6.0 | 9.7 | Other | 7.7 | 11.0 | ||||||||||||||||||||||
Free cash flow | Free cash flow | 607.4 | 773.0 | Free cash flow | 799.4 | 1,024.7 | ||||||||||||||||||||||
Distributions paid | Distributions paid | (466.0) | (458.4) | Distributions paid | (697.3) | (685.0) | ||||||||||||||||||||||
Free cash flow after distributions | Free cash flow after distributions | $ | 141.4 | $ | 314.6 | Free cash flow after distributions | $ | 102.1 | $ | 339.7 |
Total | 2021 | 2022-2025 | Beyond 2025 | Total | 2021 | 2022-2025 | Beyond 2025 | |||||||||||||||||||||||||||||||||||||||
Forward purchase contracts – notional value | Forward purchase contracts – notional value | $ | 466.6 | $ | 158.4 | $ | 163.6 | $ | 144.6 | Forward purchase contracts – notional value | $ | 516.8 | $ | 172.2 | $ | 205.0 | $ | 139.6 | ||||||||||||||||||||||||||||
Forward purchase contracts – barrels | Forward purchase contracts – barrels | 11.4 | 2.9 | 4.0 | 4.5 | Forward purchase contracts – barrels | 11.4 | 2.6 | 4.3 | 4.5 | ||||||||||||||||||||||||||||||||||||
Forward sales contracts – notional value | Forward sales contracts – notional value | $ | 45.4 | $ | 43.3 | $ | 2.1 | $ | — | Forward sales contracts – notional value | $ | 78.2 | $ | 72.5 | $ | 5.7 | $ | — | ||||||||||||||||||||||||||||
Forward sales contracts – barrels | Forward sales contracts – barrels | 0.6 | 0.6 | — | — | Forward sales contracts – barrels | 0.9 | 0.8 | 0.1 | — |
Period | Total Number of Common Units Purchased | Average Price Paid Per Unit | Total Number of Units Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Units That May Yet Be Purchased under the Program (in millions) | ||||||||||||||||||||||
Year Ended 2020 | 5,568,260 | $ | 49.74 | 5,568,260 | $ | 473.1 | ||||||||||||||||||||
January 1-31, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
February 1-28, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
March 1-31, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
First Quarter 2021 | — | — | ||||||||||||||||||||||||
April 1-30, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
May 1-31, 2021 | 1,723,188 | $ | 47.77 | 1,723,188 | $ | 390.7 | ||||||||||||||||||||
June 1-30, 2021 | — | — | $ | 390.7 | ||||||||||||||||||||||
Second Quarter 2021 | 1,723,188 | $ | 47.77 | 1,723,188 | ||||||||||||||||||||||
Year-to-Date 2021 | 1,723,188 | $ | 47.77 | 1,723,188 | ||||||||||||||||||||||
Total Inception-to-Date | 7,291,448 | $ | 49.27 | 7,291,448 | ||||||||||||||||||||||
Period | Total Number of Common Units Purchased | Average Price Paid Per Unit | Total Number of Units Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Units That May Yet Be Purchased under the Program (in millions) | ||||||||||||||||||||||
Year Ended 2020 | 5,568,260 | $ | 49.74 | 5,568,260 | $ | 473.1 | ||||||||||||||||||||
January 1-31, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
February 1-28, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
March 1-31, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
First Quarter 2021 | — | — | ||||||||||||||||||||||||
April 1-30, 2021 | — | — | $ | 473.1 | ||||||||||||||||||||||
May 1-31, 2021 | 1,723,188 | $ | 47.77 | 1,723,188 | $ | 390.7 | ||||||||||||||||||||
June 1-30, 2021 | — | — | $ | 390.7 | ||||||||||||||||||||||
Second Quarter 2021 | 1,723,188 | $ | 47.77 | 1,723,188 | ||||||||||||||||||||||
July 1-31, 2021 | 251,947 | $ | 47.24 | 251,947 | $ | 378.8 | ||||||||||||||||||||
August 1-31, 2021 | 6,289,504 | $ | 47.94 | 6,289,504 | $ | 77.3 | ||||||||||||||||||||
September 1-30, 2021 | 1,572,941 | $ | 49.14 | 1,572,941 | $ | — | ||||||||||||||||||||
Third Quarter 2021 | 8,114,392 | $ | 48.15 | 8,114,392 | ||||||||||||||||||||||
Year-to-Date 2021 | 9,837,580 | $ | 48.09 | 9,837,580 | ||||||||||||||||||||||
Total Inception-to-Date | 15,405,840 | $ | 48.68 | 15,405,840 | $ | — | ||||||||||||||||||||
Exhibit Number | Description | ||||||||||
Exhibit 31.1 | — | ||||||||||
Exhibit 31.2 | — | ||||||||||
Exhibit 32.1 | — | ||||||||||
Exhibit 32.2 | — | ||||||||||
Exhibit 101.INS | — | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||||
Exhibit 101.SCH | — | XBRL Taxonomy Extension Schema Document. | |||||||||
Exhibit 101.CAL | — | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||||
Exhibit 101.DEF | — | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||
Exhibit 101.LAB | — | XBRL Taxonomy Extension Label Linkbase Document. | |||||||||
Exhibit 101.PRE | — | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||||
MAGELLAN MIDSTREAM PARTNERS, L.P. | ||||||||
By: | Magellan GP, LLC, | |||||||
its general partner | ||||||||
/s/ Jeff Holman | ||||||||
Jeff Holman | ||||||||
Chief Financial Officer | ||||||||
(Principal Accounting and Financial Officer) |