Financial expectations for 2023
While management is confident the pending merger with ONEOK will close before year-end, based on Magellan’s second quarter results we believe it is appropriate to update 2023 financial expectations for Magellan stand-alone (ignoring future potential merger-related costs). Magellan’s revised full-year outlook highlights the quality of our assets and the ability of our businesses to continue to drive value through a stronger combined company once the pending merger with ONEOK is completed.
Magellan’s annual stand-alone DCF expectations have increased by $40 million to $1.26 billion for 2023 to reflect higher-than-expected performance during second quarter and the improved outlook for our commodity-related activities during the remainder of the year.
Based on actual results to date and the current number of units outstanding, net income per unit is now estimated to be $5.05 for 2023, with expected third-quarter net income of $1.15 per unit. Our expectations exclude future MTM adjustments on our commodity-related activities and the impact of our pending merger.
