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MI - Analyst Notes - February 05, 2019

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Magellan Midstream Partners (NYSE: MMP; Feb. 1—$61.45; Equal Weight; PT—$64) 2019 guidance reflects lower spot shipments on Longhorn and BridgeTex given recent spread compression. So far, higher tariff spot shipments on both pipelines are only baked into 1Q. Compounding this headwind is the knock-on effect of lower volumes at its Houston distribution system as both BridgeTex and Longhorn feed into MMP's last-mile network in the area, though Houston distribution tariffs on a per barrel basis are low (~$0.20/bbl). In addition,......
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