The board of directors of Magellan Midstream Partners LP has increased the partnership's quarterly cash distribution to 50 cents per unit for the period October 1, 2012 through December 31, 2012, The fourth-quarter 2012 distribution is 23% higher than the fourth-quarter 2011 distribution of 40.75 cents per unit and represents a 3% increase over the third-quarter 2012 distribution of 48.5 cents. For the year, Magellan declared distributions of $1.87625 per unit for 2012, or 18% higher than distributions of $1.585 per unit for 2011. All distribution amounts reflect the partnership's October 2012 two-for-one split of its units.

The new distribution, which equates to $2.00 per unit on an annualized basis, will be paid February 14, 2013 to unit holders of record at the close of business on February 6, 2013.