Magellan Midstream sells independent terminals to optimize portfolios
In June 2021, Magellan Midstream Partners LP (Magellan) announced it had entered into an agreement to sell its independent terminal network, consisting of 26 refined petroleum products terminals with an estimated 6 million barrels of storage, to Buckeye Partners LP for $435.0 million. According to Magellan, this transaction will allow the company to focus on optimizing its asset portfolio.While the transaction reduces Magellan’s domestic footprint, it falls in line with the company’s long-term goals. It is expected to close after the receipt of required regulatory approvals.
Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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