Oil and gas distributor Magellan Midstream Holdings, L.P. (MGG), Tuesday said its fourth quarter profit jumped 31% from the prior year on lower expenses. Revenues, however, were down 19.8%.
Fourth quarter net income of Tulsa, Oklahoma- based Midstream Holdings increased to $19.50 million from $14.88 million last year. On a per share basis, earnings per limited partner unit increased to $0.32 from $0.28 in the prior year.
On average, four analysts polled by First Call/Thomson Financial expected earnings of $0.34 per share for the quarter. Analysts' estimate typically excludes one-time special items.
MGG owns the general partner interest and incentive distribution rights of Magellan Midstream Partners, L.P.(MMP). The partnership currently has no separate operating activities apart from those conducted by MMP.
Magellan Midstream Partners reported a fourth quarter net income of $85.6 million, up 19% from $72.2 million a year ago. Net income per limited partner was $0.83, compared to $0.74 last year.
Total revenues for Magellan Midstream Holdings were down at $301.61 million, compared to $376.26 million in the prior-year quarter, below Street estimates of $331.37 million.
Total costs and expenses dropped 30.5% to $206.1 million from the year-earlier quarter.
Operating profit were up primarily due to contributions from MMP's growth projects, rate increases and higher commodity margin, more than offsetting reduced petroleum products volumes.
Related to fourth quarter 2008, MGG would receive distributions of $23.5 million from its ownership interest in Magellan Midstream Partners, available for distribution to MGG unit-holders.
For full-year 2008, Midstream Holdings recorded an increase in net income at $85.67 million, compared to $55.40 million last year. Earnings per limited partner unit increased to $1.40 from $0.98 a year ago, surpassing Street estimates of $1.30 per share.
Revenues for the year declined to $1.21 billion from $1.32 billion in the prior year. Analysts expected revenues of $1.26 billion for the year.
MGG is currently trading at $15.43, down $0.12 or 0.77%, on a volume of 0.76 million shares.
MMP is currently trading at $35.03, up $0.79 or 2.31%, on a volume of 0.31 million shares.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.