Magellan Midstream Partners LP (MMP) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 5, 2022 1:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings, and welcome to the Magellan Midstream Partners First Quarter '22 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded, Thursday, May 5, 2022. I would now like to turn the conference over to the President and Chief Executive Officer, Aaron Milford. Please go ahead.

Aaron Milford

Hello, and thank you for joining us today to discuss Magellan's first quarter financial results. Before getting started, we must remind you that management will be making forward-looking statements as defined by the Securities and Exchange Commission. Such statements are based on our current judgments regarding the factors that could impact the future performance of Magellan, but actual outcomes could be materially different. You should review the risk factors and other information discussed in our filings with the SEC and form your own opinions about Magellan's future performance.

Since this is my first opportunity to speak publicly as Magellan's CEO, I would like to express how honored I am to lead this exceptional organization. As you know, I've spent my entire career with the company, including serving as Chief Financial Officer and most recently, as Chief Operating Officer. So even though I'm new to the CEO role, I've been around for a while. And I intend to remain focused on the overarching goal of maximizing long-term investor value while retaining our strong financial position and consistent disciplined approach that Magellan is known for.

As reviewed at our recent Analyst Day, no matter which industry projections you consider, we expect our services to be needed for a very long time, and our company is poised to serve our nation's critical energy needs for decades to come. We remain committed to doing things the right way, ensuring that we are operating in a safe and efficient manner at all times. I'm confident in Magellan's future and our ability to create long-term value for our investors.

With that, I'll turn the call over to our CFO, Jeff Holman, to briefly review our first quarter financial results. Then I'll be back to discuss our latest outlook for the year as well as the status of a few of our expansion projects before answering your questions.

Jeffrey Holman

Thanks, Aaron. First, let me mention that, as usual, I'll be making references to certain non-GAAP financial metrics, including operating margin, distributable cash flow, or DCF, and free cash flow. And we've included exhibits to our earnings release that reconcile these metrics to their nearest GAAP measures.