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Magellan Midstream Partners raises quarterly distribution

Magellan Midstream Partners LP declared a third-quarter distribution of $1.02 per unit, up 0.8 cent, or 0.7%, from the second-quarter distribution.

The distribution, equivalent to $4.08 per unit on an annualized basis, is 4.3 cents, or 4%, higher compared with a year earlier, according to an Oct. 24 news release. It is payable Nov. 14 to common unit holders of record as of Nov. 7.

Magellan transports and distributes refined petroleum products and crude oil and owns the longest refined-products pipeline system in the U.S.