TULSA, Okla., Jan. 21 /PRNewswire-FirstCall/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared the partnership's quarterly cash distribution of 71 cents per unit for the period Oct. 1 through Dec. 31, 2009. The fourth-quarter distribution will be paid Feb. 12 to unitholders of record at the close of business on Feb. 2.
For the year, Magellan declared distributions of $2.84 per unit for 2009, or 2% higher than distributions of $2.7725 related to 2008.
The partnership plans to announce fourth-quarter earnings before the market opens on Wed., Feb. 3. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day, during which management plans to discuss fourth-quarter results and 2010 guidance. To participate, dial (888) 670-2261 and provide code 7944869. Investors also may listen to the call via the partnership's website at http://www.magellanlp.com/webcasts.asp.
This announcement is intended to be a qualified notice 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, Magellan'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 formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products. More information is available at http://www.magellanlp.com.
SOURCE Magellan Midstream Partners, L.P.