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."