TULSA, Okla.—Magellan Midstream Partners LP announced June 10 an agreement to sell its independent terminals network comprised of 26 refined petroleum products terminals with approximately 6 million barrels of storage located primarily in the southeastern U.S. to Buckeye Partners LP for $435 million.
“The sale of our independent terminals demonstrates Magellan’s continued focus on utilizing all available options, including optimization of our asset portfolio, to maximize unitholder value,” CEO Michael Mears said. “We would like to express Magellan’s gratitude to all employees dedicated to these facilities for their contributions and efforts through the years.”
The sale is expected to close upon the receipt of required regulatory approvals.
Magellan intends to use the proceeds from this transaction consistent with its stated capital allocation priorities.
Recommended Reading
EQT’s Rice: Three Mile Island Restart Not ‘Needle-Mover’ vs. Natgas
2024-09-25 - Microsoft Corp. will pay as much as $130 per megawatt-hour for the resurrected plant’s electricity that will carry a “carbon-free” label and a new name: Crane Clean Energy Center.
Could Nuclear Rival NatGas, Renewables in Race to Meet Power Demand?
2024-09-06 - Energy providers are positioning themselves to meet growing power needs, including for large-scale data centers known as hyperscalers.
NextEra Ponders Nuclear Plant Restart as Backlog Climbs
2024-10-24 - NextEra Energy’s CEO is considering restarting the Duane Arnold nuclear plant as electricity needs, particularly from data centers, are growing.
Politics Over Returns? Private Equity’s Renewables, Hydrocarbon Challenge
2024-10-03 - Private equity is a leader in clean energy investment, but it hasn’t been easy.
Oxy’s 1PointFive Lands Federal Funds for South Texas DAC Hub
2024-09-12 - DAC technologies can pull CO2 directly from the atmosphere anywhere, avoiding the need to be near the point of emissions.