TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced today that it plans to sell 5 million common units in a registered public offering. The partnership intends to use the net proceeds from this offering to pay a portion of the purchase price for the partnership’s previously announced, pending acquisition of petroleum storage and pipeline assets. Prior to acquisition closing, the partnership intends to apply some or all of the net proceeds to repay borrowings under its revolving credit facility, with the balance to be used for general partnership purposes.

Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities will act as joint book-running managers of the common unit offering. In addition, RBC Capital Markets and UBS Investment Bank have been named as co-managing underwriters. A copy of the preliminary prospectus supplement and related base prospectus may be obtained on the SEC website at www.sec.gov or from any of the underwriters, including:

• Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd floor, New York, NY 10014, e-mail: prospectus@morganstanley.com, phone: 866-718-1649;
• BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department, e-mail: dg.prospectus_requests@baml.com;
• J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 866-803-9204; or
• Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152, e-mail: equity.syndicate@wachovia.com, phone: 800-326-5897.
  
   

The underwriters have a 30-day option to purchase up to 750,000 additional common units to cover over-allotments, if any.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement, which are part of an effective registration statement.

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.