TULSA, Okla., April 23 /PRNewswire-FirstCall/ -- The board of directors for the general partner of Magellan Midstream Partners, L.P. (NYSE:MMP) has declared the partnership's quarterly cash distribution of 71 cents per unit for the period Jan. 1 through March 31, 2009.
The first-quarter distribution is 6% higher than the first-quarter 2008 distribution of 67.25 cents per unit and equal to the fourth-quarter 2008 distribution.
The distribution, which equates to $2.84 per unit on an annualized basis, will be paid May 15, 2009 to unitholders of record at the close of business on May 5.
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/
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