Magellan Midstream Partners Announces Twelfth Consecutive Distribution Increase

TULSA , Okla. – The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of 85 cents per unit for the period Jan. 1 through March 31, 2004.

The first-quarter distribution represents a 13 percent increase over the first-quarter 2003 distribution of 75 cents per unit and a 62 percent increase since the partnership's initial public offering during early 2001.

The latest distribution, which equates to $3.40 per unit on an annualized basis, will be paid May 14, 2004 to unitholders of record at the close of business on May 3, 2004.

“We are pleased to announce the partnership's twelfth consecutive distribution increase,” said John Chandler, chief financial officer. “ Our base assets continue to generate solid cash flow, and the two acquisitions completed during the first quarter emphasize our ongoing commitment to intelligent growth."

The partnership plans to announce first-quarter earnings before the market opens on Tuesday, April 27. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 361-0912 and provide code 731454. International callers should dial (913) 981-5559 and provide the same code. Investors also may listen to the call via the partnership's web site at 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 www.magellanlp.com.




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. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. 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