Intercontinental Exchange and Magellan Midstream Successfully Launch Auction for Short Term Crude Storage Capacity at Magellan East Houston Terminal

ATLANTA & NEW YORK & TULSA, Okla.–(BUSINESS WIRE)–Intercontinental Exchange (NYSE: ICE), a leading operator of global
exchanges and clearing houses and provider of data and listings
services, and Magellan Midstream Partners, L.P. (NYSE: MMP) announced
the launch of a new auction for a portion of multi-month Permian WTI
storage capacity at the Magellan East Houston Terminal. Recently, a
total of 1.5 million barrels of Permian WTI storage at the Magellan East
Houston Terminal were leased on the ICE trading platform, with an
average of 400,000 barrels leased per month. The auctions are designed
to help bring additional transparency and efficiencies to the storage
and transportation of crude oil in the U.S. Gulf Coast.

Magellan is a leading crude oil pipeline, storage and transportation
company and owns and operates the East Houston crude oil terminal, one
of the largest storage terminals in the area. The facility has 8 million
barrels of active capacity and the ability to further expand storage at
the terminal. The auctions are being hosted on the ICE trading platform
to automate the process and improve transparency and efficiencies.

“We believe this initial storage auction on the ICE trading platform
will lead the way for many more successful auctions and other creative
options at our East Houston crude oil hub in the future. We are excited
about the efficiencies and flexible options this new service brings to
our Gulf Coast customers,” said Robb Barnes, Magellan’s Senior Vice
President of Commercial Crude Oil.

“At a time when North America is producing and exporting record amounts
of crude oil, this opportunity brings together the trading technology
and risk management capabilities of ICE’s auction model and futures
markets with Magellan’s extensive oil storage and transportation
operations in the Gulf region. This is a solid first step towards
developing new contracts in the U.S. Gulf Coast region through our
alliance with Magellan,” said Jeff Barbuto, Global Head of Oil Sales at
ICE.

ICE is home to the world’s global
crude and refined oil markets. Around half of the world’s oil
futures are traded on ICE’s markets, including futures and options on
the global benchmark ICE
Brent crude, the U.S. benchmark West Texas Intermediate (WTI) crude, Gasoil,
Heating Oil and RBOB Gasoline, as well as hundreds of additional grades
and oil products.

About Intercontinental Exchange

Intercontinental
Exchange (NYSE: ICE) is a Fortune 500 and Fortune Future 50 company
formed in the year 2000 to modernize markets. ICE serves customers by
operating the exchanges, clearing
houses and information services they rely upon to invest, trade and
manage risk across global financial and commodity markets. A leader in
market data, ICE Data
Services serves the information and connectivity needs across
virtually all asset classes. As the parent company of the New
York Stock Exchange, the company raises more capital than any other
exchange in the world, driving economic growth and transforming markets.

Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual property
rights of Intercontinental Exchange, Inc. and/or its affiliates is
located at http://www.intercontinentalexchange.com/terms-of-use.
Key Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation can
be accessed on the relevant exchange website under the heading “Key
Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995 — Statements in this press release regarding ICE’s business
that are not historical facts are “forward-looking statements” that
involve risks and uncertainties. For a discussion of additional risks
and uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see ICE’s Securities and
Exchange Commission (SEC) filings, including, but not limited to, the
risk factors in ICE’s Annual Report on Form 10-K for the year ended
December 31, 2017, as filed with the SEC on February 7, 2018.

About Magellan Midstream Partners, L.P.

Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded
partnership that primarily transports, stores and distributes refined
petroleum products and crude oil. Magellan owns the longest refined
petroleum products pipeline system in the country, with access to nearly
50% of the nation’s refining capacity, and can store more than 100
million barrels of petroleum products such as gasoline, diesel fuel and
crude oil. More information is available at www.magellanlp.com.

Portions of this document constitute forward-looking statements as
defined by federal law. Although management of Magellan Midstream
Partners, L.P. believes such statements are based on reasonable
assumptions, actual outcomes may be materially different. Additional
information about issues that could lead to material changes in
performance is contained in the partnership’s filings with the
Securities and Exchange Commission, including the partnership’s Annual
Report on Form 10-K for the fiscal year ended Dec. 31, 2016 and
subsequent reports on Forms 8-K and 10-Q. You are urged to carefully
review and consider the cautionary statements and other disclosures made
in those filings, especially under the heading “Risk Factors.”
Forward-looking statements made by the partnership in this release are
based only on information currently known, and the partnership
undertakes no obligation to revise its forward-looking statements to
reflect events or circumstances learned of or occurring after today’s
date.

SOURCE: Intercontinental Exchange

ICE-ENGY

Contacts

ICE Media Contact:
Damon Leavell
[email protected]
212-323-8587
ICE
Investor Contact:
Warren Gardiner
[email protected]
770-835-0114
Magellan
Media Contact:
Bruce Heine
[email protected]
918-574-7010
Magellan
Investor Contact:
Paula Farrell
[email protected]
918-574-7650