The board of directors of Magellan Midstream Partners, L.P. has increased the partnership’s quarterly cash distribution to US$1.02 per unit for the period 1 July through 30 September 2019, representing the 70th distribution increase since its initial public offering in 2001.
The third quarter 2019 distribution is 4% higher than the third quarter 2018 distribution of 97.75 cents per unit and represents an approximate 1% increase over the second-quarter 2019 distribution of US$1.0125.
The new distribution, which equates to US$4.08 per unit on an annualised basis, will be paid 14 November to unitholders of record at the close of business on 7 November.
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 US 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. 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 more than 100 million bbls of petroleum products such as gasoline, diesel fuel and crude oil.
Read the article online at: https://www.worldpipelines.com/business-news/25102019/magellan-midstream-increases-quarterly-cash-distribution-to-us102/