TULSA, Okla. – The
board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased
the partnership’s quarterly cash distribution to 50.75 cents per unit for the
period Jan. 1 through March 31, 2013, representing the 44th distribution
increase since its initial public offering in 2001.
The first-quarter 2013 distribution
is 21% higher than the first-quarter 2012 distribution of 42 cents per unit and
represents a 2% increase over the fourth-quarter 2012 distribution of 50 cents.
The new distribution,
which equates to $2.03 per unit on an annualized basis, will be paid May 15 to
unitholders of record at the close of business on May 8.
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 that primarily transports, stores and distributes refined
petroleum products and crude oil. The partnership owns the longest refined
petroleum products pipeline system in the country, with access to more than 40%
of the nation’s refining capacity, and can store over 80 million barrels of
petroleum products such as gasoline, diesel fuel and crude oil. More
information is available at 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.