Magellan (copy)

A Magellan Midstream Partners tank farm is pictured in Cushing. STEPHEN PINGRY/Tulsa World file

Second-quarter earnings for Tulsa-based Magellan Midstream Partners, L.P. were 47% lower than a year ago.

It reported net income of $133.8 million for the quarter, or 59 cents per diluted share, compared to $253.7 million, or $1.11 per diluted share, for the same quarter in 2019.

The decrease in second-quarter 2020 earnings primarily was driven by reduced demand for refined products due to travel and economic restrictions related to COVID-19 and the negative impact of the lower commodity price environment on various aspects of the partnership’s business.

"Magellan delivered results against the backdrop of a challenging environment for our industry and our nation that exceeded our expectations for the quarter," Michael Mears, chief executive officer, said in a statement.

"Our resilient business model and strong financial position allow us to confidently manage through current challenges while remaining focused on executing our long-term strategy to maximize value for Magellan’s investors."

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