Magellan Midstream Declares Cash Distribution of $1.0375 for Fourth Quarter 2021

Rhea-AI Summary

Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0375 per unit for the fourth quarter of 2021 (Oct 1 - Dec 31). This distribution, amounting to $4.15 annually, will be paid on Feb. 14 to unitholders on record as of Feb. 7. For 2021, total distributions reached $4.13 per unit, up from $4.11 in 2020, marking 20 years of continuous growth since its IPO. The company highlights that all distributions to foreign investors are subject to federal income tax withholding at the highest rate.

Positive

• Quarterly cash distribution of $1.0375 per unit declared for Q4 2021.
• Annual distribution increases to $4.15 per unit, signaling consistent growth.
• Total distributions for 2021 reached $4.13 per unit, surpassing 2020's $4.11.

Negative

• None.

TULSA, Okla., Jan. 25, 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 Oct. 1 through Dec. 31, 2021.

The distribution, which equates to $4.15 per unit on an annualized basis, will be paid Feb. 14 to unitholders of record at the close of business on Feb. 7.

For the year, Magellan declared distributions of $4.13 per unit for 2021 compared to $4.11 for 2020, representing 20 years of uninterrupted annual distribution growth since its initial public offering in 2001.

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 quarterly cash distribution declared by Magellan Midstream (MMP) for Q4 2021?

The quarterly cash distribution declared by Magellan Midstream (MMP) for Q4 2021 is $1.0375 per unit.

When will the cash distribution from Magellan Midstream (MMP) be paid?

The cash distribution will be paid on February 14, 2022, to unitholders of record as of February 7, 2022.

How much did Magellan Midstream (MMP) declare in total distributions for 2021?

Magellan Midstream declared total distributions of $4.13 per unit for 2021, an increase from $4.11 in 2020.

What is the significance of the distribution growth by Magellan Midstream (MMP)?

The distribution growth represents 20 years of uninterrupted annual distribution growth since its IPO in 2001.

Are distributions from Magellan Midstream (MMP) to foreign investors taxed?

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