Tulsa-First-quarter operating margins at Magellan Midstream LP’s ammonia pipeline were a loss of $624,000 on increased revenues of $4.9 million, versus the year-ago operating margin of $2.5 million on revenues of $4.7 million. Volumes were off slightly, at 204,000 st from 206,000 st. Operating expenses were up significantly during the quarter, to $5.5 million from the year-ago $2.2 million. Magellan said this was due to increased environmental accruals for historical releases and higher integrity spending as work is completed for the high consequence area testing mandated by federal regulations. Magellan-wide net income was up slightly, at $49.7 million ($.55 per diluted share) on sales of $292 million, versus the year-ago $48.3 million ($.55 per share) and $279.3 million, respectively.
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