Raymond James - asked about 2010 projections - and MMP was not giving that info in this call.

On Longhorn - what do you expect to spend - $20 - $25 million was the prior number?

MMP: Two projects for $25 million for Longhorn are already under way - the connection in east Texas and tanks in El Paso. We made more money moving product [whole sale sales] was higher than we could have made doing shipping for others.

Update on your credit revolver? - MMP: $33 million remains of out of the $550 million



Ross Paine of Wells Fargo - what are you seeing on increased gas volumes - which is atypical.

MMP - we are in area of country [Texas] where there still is growth. Once price dropped below $4/gallon, demand picked back up.

DCF dollars for Q3-09 was $70 million and distribution was $75.5 million - we have good total year coverage of the distribution.

Can you give some detail on your $930 million in debt? - It was $1.583 billion at face value.

On ammonia - were there surprises on your inspection? MMP:
Hydro test are not inspections. We are not seeing anything unexpected. We are finding defects and repairing them - but nothing that was unusual or not expected. Why are you testing now? MMP: some integrity testing raised issues - and we wanted to test to give ourselves some assurance. Previous operator was not as aggressive as we are on maintenance. Maintenance cost higher in 2010 and 2011 - but no worse than what you have already seen this year. It is not a big player - 1% of our operating margin - no major effect on profits or DCF.

Sharon of Wells Fargo - are you on track to meet your 40% utilization in 2010 goal for Longhorn?
MMP: We have only had three months - and we expected more of a ramp up by now. But pricing - or the margin - from California going to Arizona has to be there. And it has not been there - are been there consistently. There are no commodity risks on whole sale goods?
MMP: No.
Has weak US dollar had an impact on import volumes?
MMP: No. Demand for marine storage has been strong - and that suggests that future expectations are strong.

Brian of Barclays asked about the $17 million increase in your projected DCF. Can we have more color
MMP: A lot is commodity related because we are seeing a higher crude price. And blended season is coming up. At all marine facility, we are renewing at higher rates.
Barclays asked about cash on hand, MMP responded that ‘We operate with zero cash”

Hartz Capital you had 9,000 barrels a day prior in Longhorn.
MMP: I do not know where you got the 9,000 barrel number.
Is your hedging cutting commodity risk on Longhorn?
MMP: We are hedged on NYNEX or doing fixed forward sales

On ethanol – do you have an update on the pipeline project?
MMP: It is still status quo – and waiting for a loan guarantee that will be attached to some bill. Attached to what bill? – it is currently attached to the cap and trade bill.Can you give me info on Hedging - and your hedging philosophy?
MMP: We have done limited hedging on 2010 – less than half of the hedging – and 13% of the full year. Typically – we do not hedge more than a year. When we see attractive margins – we lock a margin in.
Are you finding forward cost saving on projects?
MMP: There is a whole bunch. Steel and labor is cheaper.

Zimmer Lucas – now that simplification is done – what is looking attractive on acquisitions?
MMP: Some of the majors have announced some projects – and we are looking at them. Geographically they are widely dispersed.

Eves Segal of Credit Suisse – what is you hurdle rates on organic growth and acquisitions?

MMP: That has not changed post simplification.