www.magellanlp.com

10/20/2004


Magellan Midstream Partners Increases Distribution for Fourteenth 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 89 cents per unit for the period July 1 through Sept. 30, 2004.

The third-quarter distribution represents a 10 percent increase over the third-quarter 2003 distribution of 81 cents per unit and a 70 percent increase since the partnership's initial public offering during early 2001.

The latest distribution, which equates to $3.56 per unit on an annualized basis, will be paid Nov. 12, 2004 to unitholders of record at the close of business on Nov. 2, 2004.

“We are pleased to continue the trend of increasing cash distributions and accomplishing our goal of 10 percent distribution growth during 2004,” said John Chandler, chief financial officer. “With the finalization of our pipeline acquisition earlier this month at financing terms more attractive than initially anticipated, we are optimistic about our capabilities to sustain this trend of distribution growth into the future."

The partnership plans to announce third-quarter earnings before the market opens on Thursday, Oct. 28. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 967-7135 and provide code 835914. 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 Oct. 28 through midnight on Nov. 4. To access the replay, dial (888) 203-1112 and provide code 835914. 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.  


Contact Information:

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