Corrects earnings date to Wed., Nov. 2.
Magellan Midstream Raises Quarterly Cash Distribution to 80 Cents
TULSA, Okla., Oct. 18, 2011 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly cash distribution to 80 cents per unit for the period July 1 through Sept. 30, 2011, representing 38 distribution increases since its initial public offering in 2001.
The third-quarter 2011 distribution is 7% higher than the third-quarter 2010 distribution of 74.5 cents per unit and represents a 2% increase over the second-quarter 2011 distribution of 78.5 cents.
The new distribution, which equates to $3.20 per unit on an annualized basis, will be paid Nov. 14 to unitholders of record at the close of business on Nov. 1.
The partnership plans to announce third-quarter earnings before the market opens on Wed., Nov. 2. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day, during which management plans to discuss third-quarter results and outlook for the remainder of 2011. To participate, dial (888) 820-9418 and provide code 3613499. Investors also may listen to the call via the partnership's website at http://www.magellanlp.com/webcasts.aspx.
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 formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products, such as gasoline and diesel fuel, and crude oil. The partnership's primary assets include: the longest petroleum products pipeline system in the continental United States at 9,600 miles, which can access more than 40% of the country's refining capacity and imports, as well as more than 80 petroleum terminals with over 75 million barrels of storage. More information is available at http://www.magellanlp.com.
Contact: Paula Farrell (918) 574-7650 email@example.com
SOURCE Magellan Midstream Partners, L.P.