Magellan Midstream Declares Cash Distribution of $1.0375 for First Quarter 2022

Rhea-AI Summary

Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0375 per unit for Q1 2022, equivalent to $4.15 annually. Payments will be made on May 13 to unitholders of record as of May 2. This distribution is subject to federal income tax withholding for foreign investors. Magellan operates the longest pipeline system for refined petroleum products in the U.S., with access to nearly 50% of the country's refining capacity and storage for over 100 million barrels of petroleum products.

Positive

• Quarterly cash distribution declared at $1.0375 per unit, representing a solid return to investors.
• Annualized distribution of $4.15 per unit reflects strong financial health and consistent cash flow.

Negative

• None.

TULSA, Okla., April 21, 2022 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0375 per unit for the period Jan. 1 through March 31, 2022.

The distribution, which equates to $4.15 per unit on an annualized basis, will be paid May 13 to unitholders of record at the close of business on May 2.

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, Magellan'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. Magellan 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 Magellan's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021. 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 Magellan in this release are based only on information currently known, and we undertake no obligation to revise our 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 (MMP) for Q1 2022?

Magellan Midstream Partners has declared a cash distribution of $1.0375 per unit for Q1 2022.

When will the cash distribution be paid to unitholders of Magellan Midstream Partners (MMP)?

The cash distribution will be paid on May 13, 2022, to unitholders of record as of May 2, 2022.

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

The annualized cash distribution for Magellan Midstream Partners is $4.15 per unit.

Are distributions to foreign investors of Magellan Midstream Partners (MMP) subject to tax?

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