Tulsa-Magellan Midstream Partners LP reported that anhydrous ammonia pipeline margins dropped to $500,000 for the second quarter ending June 30, 2010, down from the year-ago $1.5 million. Revenues were negatively impacted by downtime caused by maintenance work performed on the pipeline during the second quarter, with hydrostatic testing procedures expected to continue into fall 2010. The company said the pipeline has been mostly unavailable since mid-May. Second-quarter revenues were $3.8 million on volumes of 111,000 st, compared to the year-ago $5.3 million and 171,000 st. Six-month revenues were $8.9 million on volumes of 278,000 st, versus the year-ago $8.5 million and 295,000 st. Company-wide, net income grew to a quarterly record of $102.5 million on sales of $193.1 million, compared to the year-ago $49.1 million and $166.7 million. Six-month net income was $167 million on sales of $366.3 million, versus the year-ago $90.3 million and $321.7 million.
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