Magellan Midstream Declares Cash Distribution of $1.0275 for Second Quarter 2020

Rhea-AI Summary

On July 23, 2020, Magellan Midstream Partners, L.P. (NYSE: MMP) announced a quarterly cash distribution of $1.0275 per unit for the period of April 1 to June 30, 2020. This marks a 1% increase from the $1.0125 distribution in the same quarter of 2019 and remains consistent with the first quarter of 2020. The annualized distribution totals $4.11 per unit, scheduled for payment on August 14 to unitholders recorded by August 7. The partnership emphasizes that distributions to foreign investors are subject to federal income tax withholding.

Positive

• Quarterly distribution of $1.0275 per unit reflects a 1% year-over-year increase.
• Annualized distribution amount of $4.11 per unit shows stable distribution levels.

Negative

• None.

TULSA, Okla., July 23, 2020 /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 April 1 through June 30, 2020.

The second-quarter 2020 distribution is 1% higher than the second-quarter 2019 distribution of $1.0125 per unit and consistent with the first-quarter 2020 amount.

The distribution, which equates to $4.11 per unit on an annualized basis, will be paid Aug. 14 to unitholders of record at the close of business on Aug. 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, 2019 and subsequent reports on Forms 8-K and 10-Q. 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 declared by Magellan Midstream Partners for Q2 2020?

Magellan Midstream Partners declared a cash distribution of $1.0275 per unit for the second quarter of 2020.

When will the cash distribution for MMP be paid?

The cash distribution will be paid on August 14, 2020, to unitholders of record at the close of business on August 7, 2020.

How does the Q2 2020 distribution compare to Q2 2019 for MMP?

The Q2 2020 distribution of $1.0275 per unit represents a 1% increase from the Q2 2019 distribution of $1.0125.

What is the annualized cash distribution for MMP based on Q2 2020?

The annualized cash distribution for Magellan Midstream Partners based on Q2 2020 is $4.11 per unit.

Are distributions to foreign investors subject to tax?

Yes, distributions to foreign investors from Magellan Midstream Partners are subject to federal income tax withholding at the highest effective tax rate.