Magellan Midstream (MMP) will raise its quarterly distribution by 2.1 percent to $0.9575 per unit in the third quarter of 2018.

Last year the MLP hiked its distribution by a total of 8.1 percent and 2018 marks the 17th consecutive year of annual distribution increases by MMP.

The next distribution will be paid August 14, 2018 to unitholders of record at the close of business on August 7, 2018. The new yield for MMP is 5.4% based on the annual distribution of $3.83 per share.

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.