TULSA, Okla. – The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership’s quarterly cash distribution to 75.75 cents per unit for the period Oct. 1 through Dec. 31, 2010.
The fourth-quarter distribution is 2% higher than the third-quarter 2010 distribution of 74.5 cents per unit and represents a 7% increase over the fourth-quarter 2009 distribution of 71 cents. For the year, Magellan declared distributions of $2.955 per unit for 2010, or 4% higher than distributions of $2.84 related to 2009.
The new distribution, which equates to $3.03 per unit on an annualized basis, will be paid Feb. 14 to unitholders of record at the close of business on Feb. 7.
The partnership plans to announce fourth-quarter earnings before the market opens on Wed., Feb. 2. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day, during which management plans to discuss 2010 financial results and 2011 guidance. To participate, dial (800) 776-9057 and provide code 7814855. Investors also may listen to the call via the partnership’s website at http://www.magellanlp.com/webcasts.aspx.
This announcement is intended to be a qualified notice to nominees under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership’s distributions to foreign investors attributable to income that is effectively connected with a United States trade or business. Accordingly, the partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products, such as gasoline and diesel fuel, and crude oil. The partnership’s primary assets include: the longest petroleum products pipeline system in the continental United States at 9,600 miles, which can access more than 40% of the country’s refining capacity and imports, as well as 85 petroleum terminals with over 70 million barrels of storage. More information is available at http://www.magellanlp.com.
###