Magellan Midstream Partners LP on Aug. 1 reported second-quarter adjusted EBITDA of $378.3 million, an increase from $338.6 million a year earlier.

The S&P Global Market Intelligence consensus estimate of adjusted EBITDA was $355.4 million.

The partnership's distributable cash flow for the quarter was $314.8 million, up from $266.6 million a year earlier.

Magellan reported net income of $253.7 million, an increase from $214.4 million a year earlier.

Magellan also increased its 2019 DCF guidance by $40 million, to $1.22 billion, or about 1.3 times the amount needed to pay projected cash distributions for the year, due to a more favorable commodity margin and differential environment. Net income per limited partner unit is expected to be $4.20 for 2019, with $1.03 projected for the third quarter.