Magellan Midstream Increases Quarterly Cash Distribution to 50 Cents
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 43rd 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. 6.
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.
SOURCE Magellan Midstream Partners, L.P.