Magellan Midstream Raises Quarterly Cash Distribution to 84 Cents
TULSA, Okla., April 24, 2012 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly cash distribution to 84 cents per unit for the period Jan. 1 through March 31, 2012, representing the 40th distribution increase since its initial public offering in 2001.
The first-quarter 2012 distribution is 9% higher than the first-quarter 2011 distribution of 77 cents per unit and represents a 3% increase over the fourth-quarter 2011 distribution of 81.5 cents.
The new distribution, which equates to $3.36 per unit on an annualized basis, will be paid May 15 to unitholders of record at the close of business on May 8.
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.