Corrects earnings date to Wed., Nov. 2.
Magellan Midstream Raises Quarterly Cash Distribution to 80 Cents
TULSA, Okla., Oct. 18, 2011 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has increased the partnership's quarterly cash distribution to 80 cents per unit for the period July 1 through Sept. 30, 2011, representing 38 distribution increases since its initial public offering in 2001.
The third-quarter 2011 distribution is 7% higher than the third-quarter 2010 distribution of 74.5 cents per unit and represents a 2% increase over the second-quarter 2011 distribution of 78.5 cents.
The new distribution, which equates to $3.20 per unit on an annualized basis, will be paid Nov. 14 to unitholders of record at the close of business on Nov. 1.The partnership plans to announce third-quarter earnings before the market opens on Wed., Nov. 2. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day, during which management plans to discuss third-quarter results and outlook for the remainder of 2011. To participate, dial (888) 820-9418 and provide code 3613499. Investors also may listen to the call via the partnership's website at http://www.magellanlp.com/webcasts.aspx. 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 formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products, such as gasoline and diesel fuel, and crude oil. The partnership's primary assets include: the longest petroleum products pipeline system in the continental United States at 9,600 miles, which can access more than 40% of the country's refining capacity and imports, as well as more than 80 petroleum terminals with over 75 million barrels of storage. More information is available at http://www.magellanlp.com. Contact: Paula Farrell(918) 574-7650 firstname.lastname@example.org SOURCE Magellan Midstream Partners, L.P.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV