Magellan moves forward

Magellan Midstream partners has posted operating profit of $122.8m for the first quarter 2012, up from $116.7m in the same period last year. Net income rose from $90.1m to $93.5m. The company says that better results from the crude oil pipeline and storage infrastructure offset reduced gasoline demand; Magellan’s petroleum terminals in particular posted a record quarterly operating margin of $48.0m, up some 20% on the previous year.