TULSA, Okla. (AP) _ Magellan Midstream Partners L.P. (MMP) on Tuesday reported fourth-quarter profit of $183.9 million.

On a per-share basis, the Tulsa, Oklahoma-based company said it had net income of 82 cents. Earnings, adjusted for non-recurring costs, came to 94 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.

The petroleum and oil storage and transportation company posted revenue of $586.3 million in the period.

For the year, the company reported profit of $817 million, or $3.62 per share. Revenue was reported as $2.43 billion.

Magellan Midstream expects full-year earnings to be $3.55 per share.

Magellan Midstream shares have risen 3% since the beginning of the year. The stock has declined 29% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMP at https://www.zacks.com/ap/MMP

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