TULSA, Okla. – 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 26.15 cents per unit for the period Jan. 1 through March 31, 2007.
The first-quarter distribution represents a 25.7% increase over the first-quarter 2006 distribution of 20.8 cents and a 6.3% increase over the fourth-quarter 2006 distribution of 24.6 cents per unit.
The new distribution, which equates to $1.046 per unit on an annualized basis, will be paid May 15, 2007 to unitholders of record at the close of business on May 8.
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 first quarter 2007, MGG will receive distributions of $17.1 million from its ownership interest in MMP, almost all of which is available for distribution to MGG unitholders.
The partnership plans to announce first-quarter earnings before the market opens on Mon., April 30. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 810-0924 and provide code 2501524. Investors also may listen to the call via the partnership's web site at http://www.mgglp.com/investors/calendar.asp.
About Magellan Midstream Holdings, L.P.
Magellan Midstream Holdings, L.P. 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.
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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 Information:
| Paula Farrell | Magellan Midstream Holdings, L.P. Investor Relations | 918-574-7650 | paula.farrell@magellanlp.com |
