The board of directors of Magellan Midstream Partners, L.P. has increased the partnership's quarterly cash distribution to 85.5 cents per unit for the period Oct. 1 through Dec. 31, 2016, representing the 59th distribution increase since its initial public offering in 2001. The fourth-quarter 2016 distribution is 9% higher than the fourth-quarter 2015 distribution of 78.5 cents per unit and represents a 2% increase over the third-quarter 2016 distribution of 83.75 cents. For the year, Magellan declared distributions of $3.315 per unit for 2016, or 10% higher than distributions of $3.005 per unit for 2015. The new distribution, which equates to $3.42 per unit on an annualized basis, will be paid Feb. 14 to unitholders of record at the close of business on Feb. 3.