Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Recognizable events

No recognizable events occurred subsequent to September 30, 2016.

Non-recognizable events

Renewal of 364-Day Credit Facility. In October 2016, we renewed our 364-day credit facility (see Note 7 - Debt for a description of this facility). The new maturity date is October 19, 2017. All other terms remain the same.

Anhydrous Ammonia Event. On October 17, 2016, we experienced a release of anhydrous ammonia on our ammonia pipeline system near Tekamah, Nebraska. The release resulted in a fatality and possible injuries. The National Transportation Safety Board is investigating the event. On October 21, 2016, the U.S. Department of Transportation, Pipeline and Hazardous Materials Safety Administration (“PHMSA”) issued a Corrective Action Order to Magellan Ammonia Pipeline, L.P. related to the event, which, among other things, requires PHMSA’s approval prior to re-start of the affected pipeline segment. We are currently unable to estimate the full impact of this event. However, we believe the impact on our financial position and results of operations is not likely to be material as defined by the Securities and Exchange Commission.

Cash Distribution. In October 2016, our general partner’s board of directors declared a quarterly distribution of $0.8375 per unit to be paid on November 14, 2016 to unitholders of record at the close of business on October 31, 2016. The total cash distributions expected to be paid under this declaration are approximately $190.8 million.