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Tulsa -- Magellan Midstream Partners and Magellan Midstream Holdings both posted year-over-year third-quarter net income gains, they announced this week.
Magellan Midstream Partners said its net income was $73.3 million for the third quarter, compared to $59.4 million for the same time a year ago.
Magellan Midstream Holdings, meanwhile, reported net income of $17.6 million for the third quarter of 2008, compared to $14.1 million during the same time a year ago.
The partnership operates more than 80 petroleum products terminals, an 8,500-mile petroleum products pipeline system and a 1,100-mile ammonia pipeline system.
Magellan Midstream Holdings is a publicly traded master limited partnership formed to own and control the general partner interest and incentive distribution rights of Magellan Midstream Partners.
Other highlights in the reports were that:
--The partnership's operating profit for the quarter was hurt by $5 million because of Hurricane Ike.
--Pipeline volumes decreased by 5 percent.
--Operating expenses increased about $10 million for integrity and maintenance work, much of which previously had been planned for the fourth quarter of 2008.
Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, said master limited partnerships such as Magellan's have done well the past two months as oil and natural gas prices have suffered.
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