TULSA, Okla., Jan. 24, 2017 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly cash distribution to 85.5 cents per unit for the period Oct. 1 through Dec. 31, 2016, representing the 59th distribution increase since its initial public offering in 2001.
The fourth-quarter 2016 distribution is 9% higher than the fourth-quarter 2015 distribution of 78.5 cents per unit and represents a 2% increase over the third-quarter 2016 distribution of 83.75 cents. For the year, Magellan declared distributions of $3.315 per unit for 2016, or 10% higher than distributions of $3.005 per unit for 2015.
The new distribution, which equates to $3.42 per unit on an annualized basis, will be paid Feb. 14 to unitholders of record at the close of business on Feb. 3.
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 nearly 50% of the nation's refining capacity, and can store more than 95 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.
Portions of this document 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 Exchange Commission.
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SOURCE Magellan Midstream Partners, L.P.