Magellan Midstream hikes dividend by 1%

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The board of directors of Magellan Midstream Partners, L.P. (MMP) has declared a quarterly cash distribution of $1.0475 per unit for the period July 1 through Sept. 30, 2022. The third-quarter 2022 distribution is 1% higher than the $1.0375 paid for both second quarter 2022 and third quarter 2021.

The new distribution, which equates to $4.19 per unit on an annualized basis, will be paid Nov. 14 to unitholders of record at the close of business on Nov. 7.

Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. Magellan owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store more than 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil.

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