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 56.5 cents per unit for the period Jan. 1 through March 31, 2006.
The first-quarter distribution represents a 17.7% increase over the first-quarter 2005 distribution of 48 cents per unit and a 2.3 % increase over the fourth-quarter 2005 distribution of 55.25 cents.
The new distribution, which equates to $2.26 per unit on an annualized basis, will be paid May 15, 2006 to unitholders of record at the close of business on May 8, 2006.
“Magellan continued to generate robust cash flows through the quarter, allowing us to extend our string of quarterly distribution increases to 20 since our initial public offering in early 2001,” said John Chandler, chief financial officer. “We remain committed to our stated goal of 8% to 10% distribution growth during 2006.”
The partnership plans to announce first-quarter earnings before the market opens on Fri., April 28. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 810-0924 and provide code 4995889. Investors also may listen to the call via the partnership's web site at http://www.magellanlp.com/webcasts.aspx.
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 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.