Magellan Midstream Partners Announces Tenth Consecutive Distribution Increase

TULSA, Okla. – The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE:MMP), formerly Williams Energy Partners L.P. (NYSE:WEG), has declared a quarterly cash distribution of 81 cents per unit for the period July 1 through Sept. 30, 2003.

The third-quarter distribution represents a 3.8 percent increase over the second-quarter 2003 distribution of 78 cents per unit and a 15.7 percent increase over the distribution associated with the third quarter of 2002.

The latest distribution, which equates to $3.24 per unit on an annualized basis, will be paid Nov. 14, 2003 to unitholders of record at the close of business on Nov. 3, 2003.

“This distribution represents our first distribution announcement under our new name, Magellan Midstream Partners,” said John Chandler, chief financial officer. “Although our name has changed, our commitment to distribution growth remains solid. This distribution increase represents our tenth distribution increase for total growth of 54 percent since our initial public offering in early 2001.”

The partnership plans to announce third-quarter earnings before the market opens on Monday, Oct. 27. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 289-0468 and provide code 387391. International callers should dial (913) 981-5517 and provide the same code. Investors also may listen to the call via the partnership's web site at www.magellanlp.com/webcasts.asp.

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 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