TULSA, Okla. – The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership’s quarterly cash distribution to 78.5 cents per unit for the period April 1 through June 30, 2011, representing 37 distribution increases since its initial public offering in 2001.
The second-quarter 2011 distribution is 7% higher than the second-quarter 2010 distribution of 73.25 cents per unit and represents a 2% increase over the first-quarter 2011 distribution of 77 cents.
The new distribution, which equates to $3.14 per unit on an annualized basis, will be paid Aug. 12 to unitholders of record at the close of business on Aug. 4.
The partnership plans to announce second-quarter earnings before the market opens on Wed., Aug. 3. 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 outlook for the remainder of 2011. To participate, dial (888) 259-8883 and provide code 5635195. 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 to nominees 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, the partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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, such as gasoline and diesel fuel, and crude oil. The partnership’s primary assets include: the longest petroleum products pipeline system in the continental United States at 9,600 miles, which can access more than 40% of the country’s refining capacity and imports, as well as 85 petroleum terminals with over 70 million barrels of storage. More information is available at http://www.magellanlp.com.
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