Transportation and terminal revenues were up by nearly $10 million, while overall revenues were down by $61 million, the company said. First-quarter revenues totaled $432.4 million, compared with $493.5 million in the first quarter of 2012.

“Magellan started the year 2013 with solid results, exceeding our initial expectations for the first quarter and generating positive momentum for the remainder of the year,” CEO Michael Mears said. “Further, we continued to make significant strides to develop Magellan’s growing crude oil transportation and storage profile.”

Magellan’s primary business is the transportation, storage and distribution of refined petroleum products and crude oil.

Even with efforts to increase its crude oil business, the company saw a $1.3 million decline in the operating margins for that segment.

Crude oil transportation and terminal revenues increased by just over $1 million, although operating expense rose significantly, Magellan said. Transportation volumes increased by 1 million barrels, or 7 percent, while tariffs on those shipments increased 13 percent during the quarter compared to the first three months of 2012.

Magellan’s marine storage segment was down as well, decreasing the operating margin by $2.6 million to $25.3 million. The company said tank maintenance work lowered the company’s ability to make as much money in that segment during the quarter.

Mears said that in April the company began crude oil deliveries to Houston through its Longhorn Pipeline. The Longhorn, which runs from El Paso, Texas, isn’t running at full capacity yet but is expected to do so by the end of the year, he said.

Magellan also announced Thursday that it is increasing its distributable cash-flow guidance to $580 million for the year, which would be a record for the company.