Magellan Midstream Increases Cash Distribution to $1.0475 for Third Quarter 2022

Rhea-AI Summary

Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0475 per unit for the third quarter of 2022, representing a 1% increase compared to the previous quarter and the same period last year. This brings the annualized distribution to $4.19 per unit, set to be paid on Nov. 14 to unitholders recorded by Nov. 7. The distribution is subject to federal income tax withholding for foreign investors. Magellan operates the longest refined petroleum products pipeline system in the U.S., with significant storage capacity.

Positive

• Quarterly cash distribution increased to $1.0475 per unit, up 1% from previous quarters.
• Annualized distribution now stands at $4.19 per unit.
• Significant operational capacity with the longest refined petroleum pipeline system in the U.S.

Negative

• None.

TULSA, Okla., Oct. 20, 2022 /PRNewswire/ -- The board of directors of Magellan Midstream Partners, L.P. (NYSE: MMP) has declared a quarterly cash distribution of $1.0475 per unit for the period July 1 through Sept. 30, 2022.

The third-quarter 2022 distribution is 1% higher than the $1.0375 paid for both second quarter 2022 and third quarter 2021.

The new distribution, which equates to $4.19 per unit on an annualized basis, will be paid Nov. 14 to unitholders of record at the close of business on Nov. 7.

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 declared by Magellan Midstream Partners for Q3 2022?

Magellan Midstream Partners declared a cash distribution of $1.0475 per unit for the third quarter of 2022.

When will Magellan Midstream Partners pay its Q3 2022 distribution?

The distribution will be paid on November 14, 2022, to unitholders of record at the close of business on November 7, 2022.

How does the Q3 2022 distribution compare to previous quarters for MMP?

The Q3 2022 distribution is a 1% increase over the $1.0375 paid in both the second quarter of 2022 and the third quarter of 2021.

What is the annualized distribution for Magellan Midstream Partners for 2022?

The annualized distribution for Magellan Midstream Partners for 2022 is $4.19 per unit.

Are Magellan's distributions taxable for foreign investors?

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