TULSA, Okla., July 20, 2017 /PRNewswire/ -- The board of
directors of the general partner of Magellan Midstream Partners,
L.P. (NYSE: MMP) has increased the partnership's quarterly cash
distribution to 89 cents per unit for
the period March 1 through June 30,
2017, representing the 61st distribution increase
since its initial public offering in 2001.
The second-quarter 2017 distribution is 9% higher than the
second-quarter 2016 distribution of 82
cents per unit and represents a 2% increase over the
first-quarter 2017 distribution of 87.25
cents.
The new distribution, which equates to $3.56 per unit on an annualized basis, will be
paid Aug. 14 to unitholders of record
at the close of business on July
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 approximately 100 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. You are urged to carefully review and consider
the cautionary statements and other disclosures made in those
filings, especially those under the heading "Risk Factors."
Contact:
|
Paula
Farrell
|
|
(918)
574-7650
|
|
paula.farrell@magellanlp.com
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SOURCE Magellan Midstream Partners, L.P.