TULSA, Okla., April 24 /PRNewswire-FirstCall/ -- 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 32.25 cents per
unit for the period Jan. 1 through March 31, 2008, representing its ninth
consecutive quarterly distribution increase.
The first-quarter distribution represents a 23% increase over the
first-quarter 2007 distribution of 26.15 cents and a 5% increase over the
fourth-quarter 2007 distribution of 30.7 cents per unit.
The new distribution, which equates to $1.29 per unit on an annualized
basis, will be paid May 15, 2008 to unitholders of record at the close of
business on May 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
first quarter 2008, MGG will receive distributions of $20.9 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 Tues., May 6. An analyst conference call is scheduled at 1:30 p.m.
Eastern the same day. To participate, dial (888) 596-2573 and provide code
4963639. Investors also may listen to the call via the partnership's website
at http://www.mgglp.com/webcasts.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 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
SOURCE Magellan Midstream Holdings, L.P.
