Magellan Midstream Increases Quarterly Cash Distribution to 58.5 Cents
TULSA, Okla., Jan. 28, 2014
TULSA, Okla., Jan. 28, 2014 /PRNewswire/ --The board of directors of Magellan
Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly
cash distribution to 58.5 cents per unit for the period Oct. 1 through Dec.
31, 2013, representing the 47^th distribution increase since its initial
public offering in 2001.
The fourth-quarter 2013 distribution is 17% higher than the fourth-quarter
2012 distribution of 50 cents per unit and represents a 5% increase over the
third-quarter 2013 distribution of 55.75 cents. For the year, Magellan
declared distributions of $2.1825 per unit for 2013, or 16% higher than
distributions of $1.87625 per unit for 2012.
The new distribution, which equates to $2.34 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 refined petroleum products
and crude oil. 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 over 80 million barrels of petroleum products
such as gasoline, diesel fuel and crude oil. More information is available at
Portions of this document may constitute forward-looking statements as defined
by federal law. Although management believes any such statements are based on
reasonable assumptions, actual outcomes may be materially different.
Additional information about issues that could lead to material changes in
performance is contained in the partnership's filings with the Securities and
Contact: Paula Farrell
SOURCE Magellan Midstream Partners, L.P.
Press spacebar to pause and continue. Press esc to stop.