HOUSTON, Aug 2 (Reuters) - Magellan Midstream Partners LP reported second-quarter profit on Thursday of $214.4 million, up 2 percent from the same period a year ago amid higher demand for crude oil and refined products pipelines.
The Tulsa, Oklahoma pipeline operator increased its annual guidance for 2018 distributable cash flow to $1.1 billion. The company beat Wall Street’s earnings expectations earnings per share excluding special items of $1.05. Analysts had expected the company to earn $1.01 per share in the second quarter, according to Thomson Reuters I/B/E/S. (Reporting by Collin Eaton, Editing by Franklin Paul)