Magellan Midstream Partners L.P.'s credit profile continues to improve from a combination of increasing scale, asset diversity, and successful project execution. Well-positioned assets and more than 80% of cash flows from fee-based business. Growth strategy is central to crude oil production in the Permian Basin. We view that growth as sustainable. Acquisitions have been measured and at reasonable multiples. Although growth pace is still aggressive, management has shown prudence in its financing. Debt financing appears to be commensurate with incremental cash flow from new projects. Distribution coverage at a healthy 1.3x Magellan has continued to maintain leverage below 4x and for 2013 we expect debt/EBITDA of 3.5x. We expect Magellan to issue about $250 million debt in 2014, but we
