Magellan Midstream Partners LP (MMP) will raise its quarterly distribution by 0.8 percent to $1.005 per unit in the second quarter of 2019.

The next distribution will be paid on May 15, 2019 to unitholders of record on May 8, 2019. The new annual rate of $4.02 per share yields 6.6% at a price of $61.12.

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.