TULSA, Okla. – The
board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased
the partnership’s quarterly cash distribution to 81.5 cents per unit for the
period Oct. 1 through Dec. 31, 2011, representing the 39th
distribution increase since its initial public offering in 2001.
The fourth-quarter 2011
distribution is 2% higher than the third-quarter 2011 distribution of 80 cents
per unit and represents an 8% increase over the fourth-quarter 2010
distribution of 75.75 cents. For the year, Magellan declared distributions of
$3.17 per unit for 2011, or 7% higher than distributions of $2.955 per unit for
2010.
The new distribution,
which equates to $3.26 per unit on an annualized basis, will be paid Feb. 14 to
unitholders of record at the close of business on Feb. 7.
The partnership plans
to announce fourth-quarter earnings before the market opens on Tues., Feb. 7. An analyst conference call is scheduled at
1:30 p.m. Eastern the same day, during which management plans to discuss fourth-quarter
results and 2012 guidance. To participate, dial (800) 289-0463 and provide code
4406896. Investors also may listen to the call via the partnership’s website at
http://www.magellanlp.com/webcasts.aspx.
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. The
partnership’s primary assets include: the longest petroleum products pipeline
system in the continental United States at 9,600 miles, which can access more
than 40% of the country’s refining capacity and imports, as well as more than 80
petroleum terminals with over 75 million barrels of storage. More information
is available at http://www.magellanlp.com.
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