Tulsa—Magellan Midstream Partners LP reported a 17 percent drop in volumes for its anhydrous ammonia pipeline for the first quarter ending March 31, 2012, to 189,000 st from the year-ago 221,000 st. However, pipeline operating margins nudged up to $3.9 million on revenues of $6.35 million, compared to the year-ago $3.7 million on revenues of $7 million. While volumes and revenues decreased, so did expenses due to reduced environmental accruals to $2.45 million from the year-ago $3.3 million. Company-wide, net income was up, at $93.5 million ($.83 per basic and diluted share) on revenues of $493.5 million, from the year-ago $90.1 million ($.80 per share) on revenues of $442.9 million.
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