MGG Increases Distribution for Sixth Consecutive Quarter
July 27 2007 - 11:19AM
PR Newswire (US)
TULSA, Okla., July 27 /PRNewswire-FirstCall/ -- The board of
directors for the general partner of Magellan Midstream Holdings,
L.P. (NYSE:MGG) has increased the partnership's quarterly cash
distribution to 27.6 cents per unit for the period Apr. 1 through
June 30, 2007. The second-quarter distribution represents a 25%
increase over the second-quarter 2006 distribution of 22 cents and
a 6% increase over the first-quarter 2007 distribution of 26.15
cents per unit. The new distribution, which equates to $1.104 per
unit on an annualized basis, will be paid Aug. 14, 2007 to
unitholders of record at the close of business on Aug. 6. MGG owns
the general partner interest and incentive distribution rights of
Magellan Midstream Partners, L.P. (NYSE:MMP). The partnership
currently has no separate operating activities apart from those
conducted by MMP, and its cash flow is derived from cash
distributions received from MMP. Related to second quarter 2007,
MGG will receive distributions of $18.0 million from its ownership
interest in MMP, almost all of which is available for distribution
to MGG unitholders. The partnership plans to announce
second-quarter earnings before the market opens on Tues., July 31.
An analyst conference call is scheduled at 1:30 p.m. Eastern the
same day. To participate, dial (800) 289-0544 and provide code
4958985. Investors also may listen to the call via the
partnership's web site at
http://www.mgglp.com/investors/calendar.asp. About Magellan
Midstream Holdings, L.P. Magellan Midstream Holdings, L.P. is a
publicly traded partnership formed to own the general partner
interest and 100% of the incentive distribution rights in Magellan
Midstream Partners, L.P. (NYSE:MMP), which primarily transports,
stores and distributes refined petroleum products. More information
is available at http://www.mgglp.com/. Portions of this document
may constitute forward-looking statements as defined by federal
law. Although management believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes
will not 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
http://www.newscom.com/cgi-bin/prnh/20060201/DAW022LOGO
http://photoarchive.ap.org/ DATASOURCE: Magellan Midstream
Holdings, L.P. CONTACT: Paula Farrell of Magellan Midstream
Holdings, L.P., +1-918-574-7650, Web site:
http://www.magellanlp.com/ http://www.mgglp.com/
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