Magellan Midstream Partners Completes Two-for-One Split of Limited Partner Units

TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) announced the completion of the two-for-one split of its limited partner units, which will begin trading on a post-split basis today.

Holders of record on April 5, 2005 received one additional limited partner unit at the close of business yesterday, April 12, for each unit owned on the record date. The partnership now has approximately 66.4 million units outstanding.

In conjunction with the two-for-one split, the current annual cash distribution level was halved, becoming $1.825 per unit, or 45.625 cents per unit on a quarterly basis. The board of directors of the partnership's general partner will meet next week to determine the distribution level for the first quarter of 2005.

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.




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