The board of directors of Magellan Midstream Partners, L.P. has increased the partnership's quarterly cash distribution to 69.5 cents per unit for the period October 1 through December 31, 2014, representing the 51st distribution increase since its initial public offering in 2001. The fourth-quarter 2014 distribution is 19% higher than the fourth-quarter 2013 distribution of 58.5 cents per unit and represents a 4% increase over the third-quarter 2014 distribution of 66.75 cents. For the year, the company declared distributions of $2.615 per unit for 2014, or 20% higher than distributions of $2.1825 per unit for 2013.

The new distribution, which equates to $2.78 per unit on an annualized basis, will be paid on February 13, 2015 to unitholders of record at the close of business on February 6, 2015.