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Magellan Midstream Partners, L.P. MMP suffered a massive setback recently as fire broke out in a storage tank at its Texas-based Corpus Christi petroleum facility.
Although the midstream operator followed the emergency response procedures at the site, seven staffs were sadly injured. Disaster management cell is working on determining the cause of the fire and evaluating the consequences. On a positive note, the company spokespersons informed that operations at the tank farm are already made functional post the fire incident. Moreover, air-quality monitoring stations in the locality found no unusual emissions in the area following the fire.
The incident took place when seven employees of the environmental and industrial services firm Shelton Services Inc. were cleaning and inspecting the tank that was holding residual light crude oil. Per Shelton Services, two of the seven injured employees were released from a Corpus Christi hospital on Saturday while five others are in stable condition at Brooke Army Medical Center in San Antonio.
The Magellan Midstream tank farm holds 60 storage tanks with capacity worth 37 million barrels of petroleum and petroleum products, and a small refinery. None of these were affected by the fire explosion.
About Magellan Midstream
Tulsa, OK-based Magellan Midstream is a master limited partnership (MLP) that owns and operates a diversified portfolio of energy infrastructure assets. The partnership primarily transports, stores and distributes refined petroleum products, and to a lesser extent, ammonia. The firm’s units have outperformed the industry in the past six months. The stock has lost 5.9% compared with the 10.8% decline of its industry.
Zacks Rank & Key Picks
Magellan Midstream currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are CNOOC Limited CEO, Noble Corporation NE and Antero Midstream Corporation AM, each presently holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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