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 29 cents per unit for the period July 1 through Sept. 30, 2007, representing its seventh consecutive quarterly distribution increase.
The third-quarter distribution represents a 24% increase over the third-quarter 2006 distribution of 23.3 cents and a 5% increase over the second-quarter 2007 distribution of 27.6 cents per unit.
The new distribution, which equates to $1.16 per unit on an annualized basis, will be paid Nov. 14, 2007 to unitholders of record at the close of business on Nov. 1.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 third quarter 2007, MGG will receive distributions of $18.9 million from its ownership interest in MMP, almost all of which is available for distribution to MGG unitholders.
The partnership plans to announce third-quarter earnings before the market opens on Tues., Nov. 6. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 289-0741 and provide code 1431090. 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. (NYSE: MGG) is a publicly traded partnership formed to own the general partner interest and 100% of the incentive distribution rights in MMP. 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 filings with the Securities and Exchange Commission for both partnerships.
Contact Information:
| Paula Farrell | Magellan Midstream Holdings, L.P. Investor Relations | 918-574-7650 | paula.farrell@magellanlp.com |
