Historically, Magellan Midstream Partners (NYSE:MMP) has placed great emphasis on transporting refined products through its pipelines and terminals. However, the company is quickly expanding into crude oil transport, and for good reason. There have been countless research reports and company presentations discussing the vast shortage of midstream infrastructure relative to the amount of production that North America is currently enjoying.

Attempting to seize upon this reality, the company has formed a few joint ventures and started several solely owned ventures to build pipelines in the Texas and Gulf Coast area. After witnessing 67% greater crude oil volumes in 2012 than the previous year, investors are hopeful this will translate into even higher distributions from management.

Motley Fool energy analyst Taylor Muckerman explains these projects and the company's outlook in greater detail below.