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

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 July 1 to September 30, 2020. This distribution is approximately 1% higher than the same period last year and remains unchanged from the previous quarter. An annualized basis distribution totals $4.11 per unit, payable on Nov. 13 to unitholders of record by Nov. 6. Additionally, foreign investors' distributions will be subject to federal income tax withholding.

Positive

• Quarterly distribution of $1.0275 per unit is 1% higher than Q3 2019.
• Distribution amount remains stable compared to Q2 2020.

Negative

• None.

TULSA, Okla., Oct. 22, 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 July 1 through Sept. 30, 2020.

The third-quarter 2020 distribution is approximately 1% higher than the third-quarter 2019 distribution of $1.02 per unit and same as the second-quarter 2020 amount.

The distribution, which equates to $4.11 per unit on an annualized basis, will be paid Nov. 13 to unitholders of record at the close of business on Nov. 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, 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 Q3 2020?

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

When will the cash distribution for Magellan Midstream Partners be paid?

The cash distribution will be paid on November 13, 2020, to unitholders of record as of November 6, 2020.

How does the Q3 2020 cash distribution compare to previous periods for MMP?

The Q3 2020 cash distribution is approximately 1% higher than the Q3 2019 distribution of $1.02 per unit and the same as the Q2 2020 amount.

What is the annualized cash distribution for Magellan Midstream Partners for 2020?

The annualized cash distribution for 2020 is $4.11 per unit.

Are the distributions to foreign investors from MMP subject to tax?

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