Business News

MGG Increases Cash Distribution for Tenth Consecutive Quarter

2008-07-17 10:58:00

    TULSA, Okla., July 17 /EMWNews/ -- The board of directors

for the general partner of Magellan Midstream Holdings, L.P. (NYSE: MGG)

has increased the partnership's quarterly cash distribution to 33.75 cents

per unit for the period April 1 through June 30, 2008, representing its

tenth consecutive quarterly distribution increase.



    The second-quarter distribution represents a 22% increase over the

second-quarter 2007 distribution of 27.6 cents and a 5% increase over the

first-quarter 2008 distribution of 32.25 cents per unit.



    The new distribution, which equates to $1.35 per unit on an annualized

basis, will be paid Aug. 14, 2008 to unitholders of record at the close of

business on Aug. 6.



    MGG owns the general partner interest and incentive distribution rights

of Magellan Midstream Partners, L.P. (NYSE: MMP). The partnership currently

has no separate operating activities apart from those conducted by MMP, and

its cash flow is derived from cash distributions received from MMP. Related

to second quarter 2008, MGG will receive distributions of $21.9 million

from its ownership interest in MMP, almost all of which is available for

distribution to MGG unitholders.



    The partnership plans to announce second-quarter earnings before the

market opens on Tues., Aug. 5. An analyst conference call is scheduled at

1:30 p.m. Eastern the same day. To participate, dial (800) 478-6251 and

provide code 4897703. Investors also may listen to the call via the

partnership's website at http://www.mgglp.com/webcasts.asp.



    This announcement is intended to be a qualified notice 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,

MGG's distributions to foreign investors are subject to federal income tax

withholding at a rate of 35%.



    About Magellan Midstream Holdings, L.P.



    Magellan Midstream Holdings, L.P. (NYSE: MGG) is a publicly traded

partnership formed to own the general partner interest and 100% of the

incentive distribution rights in Magellan Midstream Partners, L.P. (NYSE:

MMP), which primarily transports, stores and distributes refined petroleum

products. More information is available at http://www.mgglp.com.



    Portions of this document may constitute forward-looking statements as

defined by federal law. Although management believes any such statements

are based on reasonable assumptions, there is no assurance that actual

outcomes will not be materially different. Additional information about

issues that could lead to material changes in performance is contained in

the partnership's filings with the Securities and Exchange Commission.



    Contact: Paula Farrell




(918) 574-7650 [email protected]

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Jordan Taylor

Jordan Taylor is Sr. Editor & writer from San Diego, CA. With over 20 years and 2650+ articles edited rest assured your Press Release will see traction.

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