Sets Earnings Date for Jan. 24
TULSA, Okla. – The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly cash distribution to 55.25 cents per limited partner unit for the period Oct. 1 through Dec. 31, 2005.
The fourth-quarter distribution represents a 21% increase over the fourth-quarter 2004 distribution of 45.625 cents per unit and a 4% increase over the third-quarter 2005 distribution of 53.125 cents.
The new distribution, which equates to $2.21 per unit on an annualized basis, will be paid Feb. 14, 2006 to unitholders of record at the close of business on Jan. 30, 2006.
“Our operations generated strong cash flows throughout 2005,” said John Chandler, chief financial officer. “This strong cash flow allowed us to increase our distribution at a pace well above our 10% growth target for the year 2005.”
Following the record date, the partnership's remaining 5.7 million subordinated units will convert to common units because the partnership has exceeded certain distribution requirements identified in the partnership agreement. The conversion does not impact the amount of cash distributions paid or the total number of units outstanding.
The partnership plans to announce fourth-quarter earnings before the market opens on Tues., Jan. 24. Management will discuss these earnings at 1:30 p.m. Eastern the same day during a conference call with analysts. Management also plans to discuss its growth plans and earnings guidance for 2006 during the call.
To participate, dial (800) 289-0544 and provide code 1012864. Investors also may listen to the call via the partnership's web site at http://www.magellanlp.com/webcasts.aspx.
Audio replays of the conference call will be available from 4:30 p.m. Eastern on Jan. 24 through midnight on Jan. 30. To access the replay, dial (888) 203-1112 and provide code 1012864. The replay also will be available at http://www.magellanlp.com.
About Magellan Midstream Partners, L.P.
Magellan Midstream Partners, L.P. 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. More information is available at http://www.magellanlp.com.
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Portions of this document may constitute forward-looking statements as defined by federal law. Although the partnership believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in performance is contained in the partnership's filings with the Securities and Exchange Commission.