The board of directors of Magellan Midstream Partners, L.P. has increased the partnership's quarterly cash distribution to $1.0275 per unit for the period October 1, 2019 through Dec. 31, 2019, representing the 71st distribution increase since its initial public offering in 2001. The fourth-quarter 2019 distribution is 3% higher than the fourth-quarter 2018 distribution of 99.75 cents per unit and represents an approximate 1% increase over the third-quarter 2019 distribution of $1.02. For the year, the company declared distributions of $4.065 per unit for 2019, or 5% higher than distributions of $3.87 per unit for 2018. The new distribution, which equates to $4.11 per unit on an annualized basis, will be paid February 14 to unitholders of record at the close of business on February 7, 2020.