Magellan Midstream Declares Cash Distribution of $1.0275 for Second 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 from April 1 to June 30, 2021. This distribution translates to an annualized amount of $4.11 per unit, set to be paid on August 13 to unitholders of record as of August 6. The press release highlights that 100% of distributions to foreign investors will be taxed at the highest federal income tax rate due to being effectively connected with a U.S. trade or business.

Positive

• Quarterly cash distribution of $1.0275 per unit announced.
• Annualized distribution increases to $4.11 per unit.

Negative

• Distributions to foreign investors subject to high tax withholding.

TULSA, Okla., July 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 April 1 through June 30, 2021.

The distribution, which equates to $4.11 per unit on an annualized basis, will be paid Aug. 13 to unitholders of record at the close of business on Aug. 6.

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 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 announced by Magellan Midstream Partners (MMP) for Q2 2021?

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

When will Magellan Midstream Partners (MMP) distribute its Q2 2021 cash distribution?

The Q2 2021 cash distribution will be paid on August 13, 2021.

What is the annualized distribution amount for Magellan Midstream Partners (MMP)?

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

What tax implications are there for foreign investors receiving distributions from Magellan Midstream Partners (MMP)?

Distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.