Magellan Midstream Increases Quarterly Cash Distribution to 50 Cents
TULSA, Okla., Jan. 22, 2013
TULSA, Okla., Jan. 22, 2013 /PRNewswire/ -- The board of directors of Magellan
Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly
cash distribution to 50 cents per unit for the period Oct. 1 through Dec. 31,
2012, representing the 43^rd distribution increase since its initial public
offering in 2001.
The fourth-quarter 2012 distribution is 23% higher than the fourth-quarter
2011 distribution of 40.75 cents per unit and represents a 3% increase over
the third-quarter 2012 distribution of 48.5 cents. For the year, Magellan
declared distributions of $1.87625 per unit for 2012, or 18% higher than
distributions of $1.585 per unit for 2011. All distribution amounts reflect
the partnership's Oct. 2012 two-for-one split of its units.
The new distribution, which equates to $2.00 per unit on an annualized basis,
will be paid Feb. 14 to unitholders of record at the close of business on Feb.
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.
Contact: Paula Farrell
SOURCE Magellan Midstream Partners, L.P.
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