Magellan Midstream Boosts Quarterly Cash Distribution

TULSA, Okla. – The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership’s quarterly cash distribution to 74.5 cents per unit for the period July 1 through Sept. 30, 2010.  

The third-quarter distribution is 2% higher than the second-quarter 2010 distribution of 73.25 cents per unit and 5% higher than the third-quarter 2009 distribution of 71 cents. The new distribution, which equates to $2.98 per unit on an annualized basis, will be paid Nov. 12 to unitholders of record at the close of business on Nov. 5. 

The partnership plans to announce third-quarter earnings before the market opens on Tues., Nov. 2.  An analyst conference call is scheduled at 1:30 p.m. Eastern the same day, during which management plans to discuss third-quarter results and outlook for the remainder of 2010. To participate, dial (888) 811-5456 and provide code 2487866. Investors also may listen to the call via the partnership’s website at http://www.magellanlp.com/webcasts.asp. 

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. More information is available at http://www.magellanlp.com. 

Contact Information:

Paula Farrell Investor Relations 918-574-7650 paula.farrell@magellanlp.com