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 22 cents per unit for the period April 1 through June 30, 2006.
The second-quarter distribution represents a 12.8% increase over the expected quarterly distribution rate of 19.5 cents stated in the partnership's initial public offering prospectus dated Feb. 9, 2006 and a 5.8% increase over the first-quarter 2006 distribution of 20.8 cents per unit.
The new distribution, which equates to 88 cents per unit on an annualized basis, will be paid Aug. 14, 2006 to unitholders of record at the close of business on Aug. 4, 2006.
“We are pleased to increase our distribution once again to MGG unitholders, which coincides with the distribution increase announced today by Magellan Midstream Partners, L.P. (NYSE: MMP),” said John Chandler , chief financial officer. “Our cash available for distribution continues to increase as a direct result of our ownership of the incentive distribution rights of MMP, which entitle us to an increasing amount of cash flow as MMP raises its distribution.”
The partnership plans to announce second-quarter earnings before the market opens on Thurs., July 27. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 406-5356 and provide code 3744325. 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 |
