TULSA, Okla., Jan. 23, 2018 /PRNewswire/ — The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership’s quarterly cash distribution to 92 cents per unit for the period Oct. 1 through Dec. 31, 2017, representing the 63rd distribution increase since its initial public offering in 2001.
The fourth-quarter 2017 distribution is 8% higher than the fourth-quarter 2016 distribution of 85.5 cents per unit and represents a 2% increase over the third-quarter 2017 distribution of 90.5 cents. For the year, Magellan declared distributions of $3.5875 per unit for 2017, or 8% higher than distributions of $3.315 per unit for 2016.
The new distribution, which equates to $3.68 per unit on an annualized basis, will be paid Feb. 14 to unitholders of record at the close of business on Feb. 6.
This announcement is intended to be a qualified notice to nominees 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, the partnership’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 that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation’s refining capacity, and can store approximately 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.