Published:
Magellan Midstream Partners Raises Cash Distribution for Twenty-Ninth Consecutive Quarter
TULSA, Okla., July 17 /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 68.75 cents per
unit for the period April 1 through June 30, 2008, representing its
twenty-ninth consecutive quarterly distribution increase.
The second-quarter distribution is 9% higher than the second-quarter 2007
distribution of 63 cents per unit and represents a 2% increase over the
first-quarter 2008 distribution of 67.25 cents.
The new distribution, which equates to $2.75 per unit on an annualized
basis, will be paid Aug. 14, 2008 to unitholders of record at the close of
business on Aug. 6.
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, during which management plans to discuss
second-quarter results and expectations for the remainder of 2008. 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.magellanlp.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
aUnited States trade or business. Accordingly, Magellan's distributions to
foreign investors are subject to federal income tax withholding at a rate of
35%.
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.
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
paula.farrell@magellanlp.com
SOURCE Magellan Midstream Partners, L.P.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Oil, Gas and Energy, Utilities, Banking and Finance, , oklahoma
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