Magellan Midstream Partners (MMP) Reports Sale of Partial Interest in Pasadena Marine Terminal J.V.
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Magellan Midstream Partners, L.P. (NYSE: MMP) announced today the sale of nearly half of its membership interest in its Pasadena marine terminal joint venture, MVP Terminalling, LLC, to an undisclosed financial buyer for $270 million. The sale closed on April 19. Magellan now owns approximately 25% of MVP Terminalling and remains the operator of the facility.
MVP Terminalling owns a refined petroleum products marine storage terminal along the Houston Ship Channel in Pasadena, Texas. The terminal currently includes over five million barrels of storage, two ship docks and truck loading facilities, with space to nearly double its current capacity.
"Important energy infrastructure assets – such as those owned by our Pasadena marine terminal joint venture – are critical to both the U.S. and global economy and continue to be highly valued," said Michael Mears, chief executive officer. "As Magellan has demonstrated in the past, we regularly review both potential investments and our own asset portfolio for opportunities to unlock incremental value for our investors. With this transaction, we are optimizing our portfolio while retaining a meaningful position in a strategic and state-of-the-art new facility that is well-positioned to continue to meet the growing demand for refined products export logistics."
Magellan intends to use the proceeds from this transaction consistent with its stated capital allocation priorities, including potential unit repurchases.
As previously announced, the partnership plans to announce its financial results for first quarter 2021 and provide an operational and financial update on Thursday, April 29.
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