Magellan Midstream Declares Cash Distribution of $1.0275 for First Quarter 2021

Rhea-AI Summary

Magellan Midstream Partners, L.P. (NYSE: MMP) has announced a quarterly cash distribution of $1.0275 per unit for the period of January 1 to March 31, 2021. This distribution totals $4.11 on an annualized basis, with payment scheduled for May 14 to unitholders of record by May 7. The announcement serves as a qualified notice for foreign investors, indicating that distributions are subject to federal income tax withholding at the highest effective rate. Magellan operates the longest refined petroleum products pipeline system in the U.S., accessing nearly 50% of national refining capacity.

Positive

• Quarterly cash distribution of $1.0275 per unit reflects consistent cash flow.
• Annualized distribution totals $4.11 per unit, indicating strong returns for investors.
• Magellan's extensive pipeline network supports stable operational performance.

Negative

• None.

TULSA, Okla., April 22, 2021 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0275 per unit for the period Jan. 1 through March 31, 2021.

The distribution, which equates to $4.11 per unit on an annualized basis, will be paid May 14 to unitholders of record at the close of business on May 7.

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 more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil. More information is available at www.magellanlp.com.

Except for statements of historical fact, this news release constitutes forward-looking statements as defined by federal law. Although management of Magellan Midstream Partners, L.P. believes such statements are based on reasonable assumptions, such statements necessarily involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different. Factors that could lead to material changes in performance are described in the partnership's filings with the Securities and Exchange Commission, including the partnership's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, especially under the headings "Risk Factors" and "Forward-Looking Statements." Forward-looking statements made by the partnership in this release are based only on information currently known, and the partnership undertakes no obligation to revise its forward-looking statements to reflect future events or circumstances.

Contact:	Paula Farrell
	(918) 574-7650
	paula.farrell@magellanlp.com

       

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SOURCE Magellan Midstream Partners, L.P.

FAQ

What is the cash distribution amount declared by Magellan Midstream Partners for Q1 2021?

Magellan Midstream Partners declared a cash distribution of $1.0275 per unit for the first quarter of 2021.

When will Magellan Midstream Partners pay its quarterly cash distribution?

The quarterly cash distribution will be paid on May 14, 2021.

What is the annualized cash distribution for Magellan Midstream Partners?

The annualized cash distribution for Magellan Midstream Partners is $4.11 per unit.

Who are the unitholders of Magellan Midstream Partners?

Unitholders of record at the close of business on May 7, 2021, will receive the distribution.

What percentage of the distribution to foreign investors is subject to tax withholding?

100% of the partnership's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.