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 are 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 1.40x-1.45x. Magellan has continued to consistently maintain leverage below 4x, and for 2015 we expect debt to EBITDA of about 3.3x. The stable outlook reflects Magellan's stable asset base--which has grown substantially through
