Magellan Midstream Partners Raises Cash Distribution for Thirty-First Consecutive Quarter
January 23 2009 - 1:35PM
PR Newswire (US)
TULSA, Okla., Jan. 23 /PRNewswire-FirstCall/ -- The board of
directors for the general partner of Magellan Midstream Partners,
L.P. (NYSE:MMP) has increased the partnership's quarterly cash
distribution to 71 cents per unit for the period Oct. 1 through
Dec. 31, 2008, representing its thirty-first consecutive quarterly
distribution increase. The fourth-quarter distribution is 8% higher
than the fourth-quarter 2007 distribution of 65.75 cents per unit
and represents a 1% increase over the third-quarter 2008
distribution of 70.25 cents. For the year, Magellan declared
distributions of $2.7725 per unit for 2008, or 9% higher than
distributions of $2.5475 related to 2007. The new distribution,
which equates to $2.84 per unit on an annualized basis, will be
paid Feb. 13, 2009 to unitholders of record at the close of
business on Feb. 6. 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, Magellan'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 formed to own, operate and acquire a diversified
portfolio of energy assets. The partnership primarily transports,
stores and distributes refined petroleum products. More information
is available at http://www.magellanlp.com/. MMP's general partner
interest and related incentive distribution rights are owned by
Magellan Midstream Holdings, L.P. (NYSE:MGG). 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/20031107/DAMAGELOGO
http://photoarchive.ap.org/ DATASOURCE: Magellan Midstream
Partners, L.P. CONTACT: Paula Farrell of Magellan Midstream
Partners, 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