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 23.3 cents per unit for the period July 1 through Sept. 30, 2006.
The third-quarter distribution represents a 19.5% increase over the expected quarterly distribution rate of 19.5 cents stated in the partnership's Feb. 2006 initial public offering prospectus and a 5.9% increase over the second-quarter 2006 distribution of 22 cents per unit.
The new distribution, which equates to 93.2 cents per unit on an annualized basis, will be paid Nov. 14, 2006 to unitholders of record at the close of business on Nov. 7, 2006.
The partnership plans to announce third-quarter earnings before the market opens on Wed., Nov. 1. An analyst conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 406-5356 and provide code 7901645. 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 |
