MGG Increases Quarterly Cash Distribution
January 25 2008 - 11:10AM
PR Newswire (US)
TULSA, Okla., Jan. 25 /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 30.7 cents per unit for the period Oct. 1 through
Dec. 31, 2007, representing its eighth consecutive quarterly
distribution increase. The fourth-quarter distribution represents a
25% increase over the fourth-quarter 2006 distribution of 24.6
cents and a 6% increase over the third-quarter 2007 distribution of
29 cents per unit. The new distribution, which equates to $1.228
per unit on an annualized basis, will be paid Feb. 14, 2008 to
unitholders of record at the close of business on Feb. 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 fourth quarter 2007,
MGG will receive distributions of $19.9 million from its ownership
interest in MMP, almost all of which is available for distribution
to MGG unitholders. The partnership plans to announce
fourth-quarter earnings before the market opens on Tues., Feb. 5.
An analyst conference call is scheduled at 1:30 p.m. Eastern the
same day. To participate, dial (888) 801-6506 and provide code
1583456. Investors also may listen to the call via the
partnership's website at http://www.mgglp.com/webcasts.asp. About
Magellan Midstream Holdings, L.P. Magellan Midstream Holdings, L.P.
(NYSE:MGG) 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/
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