The board of directors of Magellan Midstream Partners, L.P. has increased the partnership's quarterly cash distribution to 78.5 cents per unit for the period Oct. 1 through Dec. 31, 2015.

The fourth-quarter 2015 distribution is 13% higher than the fourth-quarter 2014 distribution of 69.5 cents per unit and represents a 3% increase over the third-quarter 2015 distribution of 76.25 cents. For the year, Magellan declared distributions of $3.005 per unit for 2015, or 15% higher than distributions of $2.615 per unit for 2014. The new distribution, which equates to $3.14 per unit on an annualized basis, will be paid Feb.

12, 2016 to unit holders of record at the close of business on Feb. 5, 2016.