Magellan Midstream Partners (NYSE: MMP) reported Q1 EPS of $0.96, $0.06 better than the analyst estimate of $0.90.

Financial guidance for 2017Management reaffirms its annual DCF guidance of $1.0 billion for 2017, representing a record year for Magellan. While the partnership expects to begin generating revenue from the condensate splitter during the second half of 2017, this benefit is projected to be offset by lower commodity margins based on recent contractions in the commodity pricing curves.

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