Tulsa — Magellan Midstream Partners LP anhydrous ammonia volumes were up 57 percent during the third quarter ending Sept. 30, 2012, to 210,000 st from the year-ago 134,000 st. Ammonia margins were $4 million on revenues of $7.7 million, up from a year-ago loss of $1.7 million on revenues of $4.64 million. Year-ago volumes were negatively impacted due to hydrotesting on the pipeline and some pipe relocation at certain river crossings. In addition, tariff increases of about 8.6 percent went into effect in July 2012. Nine-month ammonia volumes were up 8 percent, to 592,000 st from 546,000 st. Margins tripled to $12.4 million on revenues of $20.7 million, up from the year-ago $4 million on revenues of $17.4 million. Company-wide, Magellan net income was $50.5 million ($0.22 per diluted share) on revenues of $325.9 million, off from the year-ago $110.2 million ($0.49 per share) on revenues of $435.5 million. Magellan cited mark-to-market adjustments related to hedging positions for the drop. Nine-month net income was $281.9 million ($1.25 per share) on revenues of $1.27 billion, down from the year-ago $303.3 million ($1.34 per share) and $1.26 billion, respectively.
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