Revenue during the quarter dropped 29.17 percent to $2,268 million from $3,202 million in the previous year period. Gross margin for the quarter expanded 81 basis points over the previous year period to 12.21 percent. Total expenses were 89.46 percent of quarterly revenues, down from 90.41 percent for the same period last year. This has led to an improvement of 95 basis points in operating margin to 10.54 percent.

Operating income for the quarter was $239 million, compared with $307 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $245 million compared with $326 million in the prior year period. At the same time, adjusted EBITDA margin improved 62 basis points in the quarter to 10.80 percent from 10.18 percent in the last year period.

"We are pleased to announce year-to-date Adjusted EBITDA of $594 million," said Michael J. Hennigan, president and chief executive officer. The Partnership's results for the second quarter 2016 include the reversal of approximately $60 million of positive LIFO inventory accounting in its Crude Oil segment that was reflected in the first quarter 2016 results. Hennigan continued, "Excluding the timing impact caused by inventory accounting, our second quarter 2016 Adjusted EBITDA has grown sequentially. Our blue bar based organic projects continue to provide increased fee-based cash flow in a very difficult macro environment. Our ratable earnings have increased approximately 30 percent compared to the first half of last year and have more than offset reduced market-related, red bar opportunities."