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Magellan Midstream increases quarterly distribution

Magellan Midstream Partners LP declared a cash distribution of 85.5 cents per unit for the fourth quarter of 2016, a 2% increase from the previous quarter and a 9% increase over the year-ago period.

The distribution, which equates to $3.42 per unit on an annual basis, will be payable Feb. 14 to unit holders of record Feb. 3, according to a Jan. 24 news release.

The partnership also declared distributions of $3.315 per unit for 2016, which is 10% higher than the previous year's distributions of $3.005 per unit.