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

Rhea-AI Summary

The board of directors of Magellan Midstream Partners has declared a quarterly cash distribution of $1.0375 per unit for the period April 1 to June 30, 2022. This distribution translates to an annualized rate of $4.15 per unit, scheduled for payment on August 12 to unitholders of record by the close of business on August 5. It's noteworthy that distributions to foreign investors will be subject to federal income tax withholding at the highest effective tax rate, reflecting the partnership's business operations in the United States.

Positive

• Quarterly cash distribution of $1.0375 per unit declared.
• Annualized distribution amounting to $4.15 per unit.

Negative

• Distributions to foreign investors subject to high federal income tax withholding.

TULSA, Okla., July 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 April 1 through June 30, 2022.

The distribution, which equates to $4.15 per unit on an annualized basis, will be paid Aug. 12 to unitholders of record at the close of business on Aug 5.

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 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 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 amount declared by Magellan Midstream Partners for Q2 2022?

Magellan Midstream Partners declared a cash distribution of $1.0375 per unit for the second quarter of 2022.

When will the cash distribution be paid to unitholders?

The cash distribution will be paid on August 12, 2022, to unitholders of record at the close of business on August 5, 2022.

What is the annualized cash distribution rate for MMP?

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

Are distributions to foreign investors taxable?

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