TULSA, Okla. – The
board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased
the partnership’s quarterly cash distribution to 50 cents per unit for the
period Oct. 1 through Dec. 31, 2012, representing the 43rd distribution
increase since its initial public offering in 2001.
The fourth-quarter 2012
distribution is 23% higher than the fourth-quarter 2011 distribution of 40.75
cents per unit and represents a 3% increase over the third-quarter 2012
distribution of 48.5 cents. For the year, Magellan declared distributions of $1.87625
per unit for 2012, or 18% higher than distributions of $1.585 per unit for
2011. All distribution amounts reflect the partnership’s Oct. 2012 two-for-one
split of its units.
The new distribution,
which equates to $2.00 per unit on an annualized basis, will be paid Feb. 14 to
unitholders of record at the close of business on Feb. 6.
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 that primarily transports, stores and distributes petroleum
products. The partnership owns the longest refined petroleum products pipeline
system in the country, with access to more than 40% of the nation’s refining
capacity, and can store 80 million barrels of petroleum products such as gasoline,
diesel fuel and crude oil. More information is available at www.magellanlp.com.