MGG Increases Cash Distribution for Tenth Consecutive Quarter
July 17 2008 - 11:58AM
PR Newswire (US)
TULSA, Okla., July 17 /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 33.75 cents per unit for the period April 1 through
June 30, 2008, representing its tenth consecutive quarterly
distribution increase. The second-quarter distribution represents a
22% increase over the second-quarter 2007 distribution of 27.6
cents and a 5% increase over the first-quarter 2008 distribution of
32.25 cents per unit. The new distribution, which equates to $1.35
per unit on an annualized basis, will be paid Aug. 14, 2008 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 2008,
MGG will receive distributions of $21.9 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., Aug. 5.
An analyst conference call is scheduled at 1:30 p.m. Eastern the
same day. To participate, dial (800) 478-6251 and provide code
4897703. Investors also may listen to the call via the
partnership's website at http://www.mgglp.com/webcasts.asp. This
announcement is intended to be a qualified notice 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, MGG's distributions to foreign investors are subject
to federal income tax withholding at a rate of 35%. 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/
Copyright
Magellan Midstream (NYSE:MGG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Magellan Midstream (NYSE:MGG)
Historical Stock Chart
From Jul 2023 to Jul 2024