www.magellanlp.com

07/22/2004


Magellan Midstream Partners Increases Distribution for Thirteenth Consecutive Quarter

TULSA, Okla. – The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of 87 cents per unit for the period April 1 through June 30, 2004.

The second-quarter distribution represents an 11.5 percent increase over the second-quarter 2003 distribution of 78 cents per unit and a 65.7 percent increase since the partnership's initial public offering during early 2001.

The latest distribution, which equates to $3.48 per unit on an annualized basis, will be paid August 13, 2004 to unitholders of record at the close of business on August 3, 2004.

“This distribution increase reflects our goal of increasing annual cash distributions by at least 10 percent,” said John Chandler, chief financial officer. “Through strategic acquisitions, strong operating results and balance sheet strengthening initiatives such as the recent debt refinancing, we have built the foundation for continued distribution growth."

The partnership plans to announce second-quarter earnings before the market opens on Tuesday, July 27. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 361-0912 and provide code 244576. 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 July 27 through midnight on August 3. To access the replay, dial (888) 203-1112 and provide code 244576. 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.

   

### 

  

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. 


Contact Information:

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