TULSA, Okla. – The
board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased
the partnership’s quarterly cash distribution to 48.5 cents per unit for the
period July 1 through Sept. 30, 2012, representing the 42nd distribution
increase since its initial public offering in 2001.
The third-quarter 2012 distribution
is 21% higher than the third-quarter 2011 distribution of 40 cents per unit and
represents a 3% increase over the second-quarter 2012 distribution of 47.125
cents. All distribution amounts reflect the partnership’s recent two-for-one
split of its limited partner units.
The new distribution,
which equates to $1.94 per unit on an annualized basis, will be paid Nov. 14 to
unitholders of record at the close of business on Nov. 6.
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 petroleum
products. 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 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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