Magellan Midstream to construct new pipline at Galena Park, Texas Magellan Midstream announced that it plans to construct new pipeline and terminal infrastructure at the partnership's Galena Park, Texas terminal to originate crude oil to Magellan's Gulf Coast crude oil distribution system for delivery to refineries in the Houston and Texas City area. This project, estimated to cost approximately $50M, is supported by long-term committed volumes and is expected to be fully operational by mid-2014 subject to necessary permitting.
Magellan Midstream upgraded at Argus As noted earlier, Argus upgraded Magellan Midstream to Buy from Hold. The firm thinks that projects not yet included in the company's official capex plan should enable it to increase its distribution more quickly than previously expected. Argus thinks the long-term nature of Magellan's deals should mitigate the impact of falling oil prices. Target $90.