www.magellanlp.com

07/17/2008


Magellan Midstream Partners Raises Cash Distribution for Twenty-Ninth Consecutive Quarter

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 68.75 cents per unit for the period April 1 through June 30, 2008, representing its twenty-ninth consecutive quarterly distribution increase.

The second-quarter distribution is 9% higher than the second-quarter 2007 distribution of 63 cents per unit and represents a 2% increase over the first-quarter 2008 distribution of 67.25 cents.

The new distribution, which equates to $2.75 per unit on an annualized basis, will be paid Aug. 14, 2008 to unitholders of record at the close of business on Aug. 6.

The partnership plans to announce second-quarter earnings before the market opens on Tues., Aug. 5. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day, during which management plans to discuss second-quarter results and expectations for the remainder of 2008. To participate, dial (800) 478-6251 and provide code 4897703. 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 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, Magellan’s distributions to foreign investors are subject to federal income tax withholding at a rate of 35%.

 

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. 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 management 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. 


Contact Information:

Paula Farrell Investor Relations 918-574-7650 paula.farrell@magellanlp.com