Magellan Midstream Partners (MMP) will raise its quarterly distribution to $0.8725 per share.

The new distribution, which equates to $3.49 per unit on an annualized basis, will be paid May 15 to unitholders of record at the close of business on May 1.

Magellan Midstream Partners, L.P.  is a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil. The partnership owns the longest refined petroleum products pipeline system in the country, with access to nearly 50% of the nation's refining capacity, and can store approximately 100 million barrels of petroleum products such as gasoline, diesel fuel and crude oil.