Magellan Midstream (MMP) will raise its quarterly distribution to $0.905 per unit.

The new distribution, which equates to $3.62 per unit on an annualized basis, will be paid Nov. 14 to unitholders of record at the close of business on Nov. 2.

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.