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Magellan Midstream Partners hikes quarterly distribution

Magellan Midstream Partners LP increased its cash distribution for the fourth quarter of 2019 to $1.0275 per unit, up 0.75 cent, or about 1.0%, from the third-quarter distribution.

The distribution, equivalent to $4.11 per unit on an annualized basis, is 3 cents, or 3%, higher compared with a year earlier, according to a Jan. 21 news release. It is payable Feb. 14 to unit holders of record as of Feb. 7.

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