TULSA, Okla., Oct. 20, 2016 /PRNewswire/ -- The board of
directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has
increased the partnership's quarterly cash distribution to
83.75 cents per unit for the period
July 1 through Sept. 30, 2016,
representing the 58th distribution increase since its
initial public offering in 2001.
The third-quarter 2016 distribution is 10% higher than the
third-quarter 2015 distribution of 76.25
cents per unit and represents a 2% increase over the
second-quarter 2016 distribution of 82
cents.
The new distribution, which equates to $3.35 per unit on an annualized basis, will be
paid Nov. 14 to unitholders of record
at the close of business on Oct.
31.
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.
Contact:
|
Paula
Farrell
|
|
(918)
574-7650
|
|
paula.farrell@magellanlp.com
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SOURCE Magellan Midstream Partners, L.P.