Tulsa-Magellan Midstream ammonia operating margins were a loss of $1.5 million for the second quarter ending June 30, 2007, a decrease of $1.9 million from a year-ago net margin of $442,000. While volumes (186,000 st versus 162,000 st) and revenues ($4.5 million versus $3.4 million) were up, the margins were negatively impacted by increased environmental accruals for a 2004 pipeline release and additional integrity spending. Six-month ammonia margins were a loss of $2.1 million on revenues of $9.4 million, versus the year-ago $2.9 million positive operating margin and sales of $8.1 million. Six-month volumes were 400,000 st versus the year-ago 378,000 st. Magellan-wide, second-quarter net income was up, at $61.4 million ($.66 per diluted share) on sales of $328.1 million, versus the year-ago $57.4 million ($.62 per share) and $311.5 million, respectively. Six-month net income was $111.1 million ($1.21 per share) on sales of $620.1 million, versus the year-ago $105.7 million ($1.17 per share) and $590.8 million.
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