Magellan Midstream Partners Announces Election of Directors at First Annual Unitholder Meeting

Adjourns Proposal on Conversion of Class B Common Units

TULSA, Okla. – Magellan Midstream Partners, L.P. (NYSE: MMP) held its first annual unitholder meeting today. Unitholders of record at the close of business on Sept. 26 were entitled to vote at the meeting.

Unitholders elected the two nominated incumbent members of Class I of the general partner's board of directors, Justin S. Huscher and David M. Leuschen, to serve until the 2006 annual meeting. Both directors have served as directors of the general partner's board since June 17, 2003.

The meeting was then adjourned following the election of directors until Nov. 21 at 10 a.m. Central Time in order to provide unitholders additional time to vote on the proposal to approve the conversion of all 7.8 million class B common units into an equal number of common units. Although the overwhelming majority of votes received to date have been in favor of this proposal, the partnership has not yet received the approval required by the New York Stock Exchange listing rules, which require that the total votes cast represent over 50 percent of the outstanding common units as of the record date. As of 10 a.m. Central Time today, approximately 47.3 percent of the outstanding common units have been voted.

Unitholders who have not yet voted should do so before the reconvened meeting, which will be held in the 28 th Floor Board Room of One Williams Center in downtown Tulsa. The record date remains the same for this reconvened meeting.

The class B common units are currently held by an entity owned jointly by private equity firms Madison Dearborn Partners and Carlyle/Riverstone . This entity is also the partnership's majority owner and the owner of the partnership's general partner.

A more complete discussion of the proposals on the agenda for the annual unitholder meeting is available in the partnership's proxy statement, which is accessible here: 2003proxy.pdf.

About Magellan Midstream Partners, L.P.  

Magellan Midstream Partners, L.P., formerly Williams Energy 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