Magellan Midstream Partners
Magellan Midstream Partners is a United States midstream energy business that transports, stores, and distributes refined petroleum products, crude oil, and ammonia.
Last updated August 31, 2026
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Overview
Magellan Midstream Partners, L.P. was a United States midstream energy partnership headquartered in Tulsa, Oklahoma. Its business centered on the transportation, storage, and distribution of refined petroleum products and crude oil, with additional infrastructure serving the ammonia market. Rather than producing fuels or selling them directly to consumers, Magellan operated the logistical systems that connect refineries, storage facilities, terminals, industrial customers, and other parts of the energy supply chain. The company’s network was concentrated in the United States, particularly across the Mid-Continent oil province and other regions served by its petroleum-products infrastructure. According to the United States Department of State description cited in reference material, the system included 83 petroleum-products terminals, more than 9,000 miles of refined-products pipeline, approximately 800 miles of crude-oil pipeline, and a 1,100-mile ammonia pipeline system. These assets supported the movement and storage of fuels and industrial commodities at large scale. Magellan became a publicly traded master limited partnership through an initial public offering on the New York Stock Exchange in February 2006. Its partnership structure placed the company within the publicly traded midstream model, in which investors received exposure to pipeline and terminal infrastructure and the associated transportation and storage business. The company’s operating identity was therefore closely associated with long-lived physical assets, network connectivity, and fee-based energy logistics rather than with a consumer-facing product brand. The company also became identified with its senior executive Michael Mears, who served as chief executive officer. In February 2016, company executives, including Mears, participated in the New York Stock Exchange closing-bell ceremony, marking the tenth anniversary period of the company’s public listing. In May 2023, Oneok agreed to acquire Magellan in a cash-and-stock transaction valued at approximately $18.8 billion including debt. The transaction was completed in September 2023. Following completion, Magellan ceased to operate as an independent publicly traded partnership and became a wholly owned subsidiary of Oneok. Its infrastructure and business activities consequently became part of Oneok’s broader midstream energy platform. Because the reference material does not establish whether Magellan continues as a distinct customer-facing brand, its post-acquisition brand status is best described as an active subsidiary or operating business rather than an independent listed company.
History
Magellan Midstream Partners was an American midstream energy partnership based in Tulsa, Oklahoma. Its principal role was to provide transportation, storage, and distribution infrastructure for refined petroleum products and crude oil, while also operating a substantial ammonia pipeline system. The company occupied an infrastructure position in the energy value chain: it generally moved and stored commodities produced or used by other participants rather than functioning primarily as an upstream producer or a consumer-facing fuel retailer. Its assets were concentrated in the United States and included extensive pipeline and terminal networks. The reference material describes 83 petroleum-products terminals, more than 9,000 miles of refined-products pipelines, about 800 miles of crude-oil pipelines, and a 1,100-mile ammonia pipeline system. The network’s concentration in the Mid-Continent oil province and its connections to storage, refining, and distribution locations gave the business a role in the physical movement of fuels and industrial materials. Magellan entered the public markets through an initial public offering in February 2006. Its New York Stock Exchange listing placed it within the publicly traded master limited partnership sector, a structure commonly used by energy infrastructure businesses. Public ownership allowed investors to participate in a company built around pipeline and terminal assets, while the operating model emphasized logistics capacity and network infrastructure rather than branded retail products. A public milestone occurred on February 8, 2016, when company executives, including chief executive Michael Mears, rang the New York Stock Exchange closing bell. The event recognized the company’s public-market presence during the tenth anniversary period of its listing. Magellan’s independent corporate history ended with its acquisition by Oneok. In May 2023, Oneok announced an agreement to purchase Magellan through a cash-and-stock transaction valued at approximately $18.8 billion, including debt. The transaction was completed in September 2023. Magellan consequently became a wholly owned subsidiary of Oneok and was no longer an independent publicly traded partnership. The acquisition integrated Magellan’s pipeline, terminal, storage, and related midstream assets into Oneok’s larger energy infrastructure organization. The available reference material does not provide enough information to determine the extent to which the Magellan name remains in use as a separate operating or commercial brand after the transaction.
- 2023
Oneok announces acquisition agreement
[1]Oneok agreed to acquire Magellan in a cash-and-stock transaction valued at approximately $18.8 billion including debt.
- 2023
Acquisition completed
[1]The Oneok acquisition closed in September 2023, and Magellan became a wholly owned Oneok subsidiary.
- 2016
New York Stock Exchange closing-bell ceremony
[1]Executives including chief executive Michael Mears rang the New York Stock Exchange closing bell on February 8, 2016.
- 2006
Initial public offering
[1]Magellan Midstream Partners completed an initial public offering in February 2006 and listed on the New York Stock Exchange.
Products and positioning
A United States midstream energy infrastructure operator focused on the transportation, storage, and distribution of refined petroleum products, crude oil, and ammonia.
Pipeline transportation
Refined petroleum product pipelines
Magellan operated an extensive refined-products pipeline network used to transport fuels and related petroleum products between refineries, storage locations, terminals, and distribution markets. The cited network contained more than 9,000 miles of pipeline, making refined-products transportation the central part of the company’s infrastructure portfolio.
Storage and terminal services
Petroleum-products terminals
The company owned and operated a network of petroleum-products terminals that supported receipt, storage, handling, and onward distribution of refined fuels. The United States Department of State description cited by the reference material identified 83 petroleum-products terminals in the system.
Pipeline transportation
Crude-oil pipelines
Magellan’s crude-oil infrastructure transported crude through a pipeline network of approximately 800 miles. This business complemented its refined-products operations by connecting crude supply and logistics assets within the United States midstream system.
Industrial commodity transportation
Ammonia pipeline system
In addition to petroleum infrastructure, Magellan operated an ammonia pipeline system extending approximately 1,100 miles. The system served the transportation of ammonia, an industrial commodity with applications including agricultural inputs, and gave the company exposure beyond conventional petroleum logistics.
Brand decisions
2023
Agree to Oneok acquisitionM&ABackground
Magellan operated a large United States pipeline, terminal, storage, and ammonia transportation network as an independent publicly traded partnership. Oneok proposed combining the business with its own midstream energy platform.
Action taken
Magellan agreed to be acquired by Oneok in a cash-and-stock transaction valued at approximately $18.8 billion including debt. The transaction closed in September 2023.
Aftermath
Magellan became a wholly owned subsidiary of Oneok and ceased to be an independent publicly traded partnership.
Transaction value including debt. Approximately US$18.8 billion (2023 announced transaction)
Recent events
- 2023
Oneok agrees to acquire Magellan Midstream Partners[1]
M&A
Oneok agreed to acquire Magellan in a cash-and-stock transaction valued at approximately $18.8 billion including debt.
- 2023
Oneok completes acquisition of Magellan Midstream Partners[1]
M&A · Leadership change
The acquisition closed in September 2023, making Magellan a wholly owned subsidiary of Oneok.
- 2016
Magellan executives ring the New York Stock Exchange closing bell[1]
Other
Company executives, including chief executive Michael Mears, participated in the New York Stock Exchange closing-bell ceremony on February 8, 2016.
- 2006
Magellan Midstream Partners completes initial public offering[1]
Other
Magellan Midstream Partners went public through an initial public offering and began trading on the New York Stock Exchange in February 2006.
Sources2 sources
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