(NYSE: MMP) and reports its financialresults on a consolidated basis with the financial results of MMP. Thepartnership currently has no separate operating activities apart from thoseconducted by MMP, and its distributable cash flow is derived from cashdistributions received from MMP. Related to first quarter 2009, MGG will receive distributions of $23.5 millionfrom its ownership interest in MMP, almost all of which is available fordistribution to MGG unitholders.Operating profit decreased between quarters primarily due to the one-time gainon assignment of a third-party supply agreement in 2008 and due to timing ofmark-to-market (MTM) adjustments for New York Mercantile Exchange (NYMEX)positions, which MMP began utilizing in late 2008. While these positionsprovide an economic hedge to MMP's commodity-related activities, they do notmeet the requirements for hedge accounting treatment. Investors also maylisten to the call via the partnership's web site at http:// replays of the conference call will be available from 4:30 p.m Easterntoday through midnight on May 12.
To access the replay, dial (888) 203-1112and provide code 4319905. The replay also will be available at http:// Magellan Midstream Holdings, L.P.Magellan Midstream Holdings, L.P. (NYSE: MGG) is a publicly traded partnershipformed to own the general partner interest and 100% of the incentivedistribution rights in Magellan Midstream Partners, L.P. (NYSE: MMP), whichprimarily transports, stores and distributes refined petroleum products.
Moreinformation is available at http:// of this document may constitute forward-looking statements as definedby federal law. Although management believes any such statements are based onreasonable assumptions, there is no assurance that actual outcomes will not bematerially different. Additional information about issues that could lead tomaterial changes in performance is contained in the partnership's filings withthe Securities and Exchange Commission.MMP and MGG have filed a joint proxy statement/prospectus and other documentswith the Securities and Exchange Commission (SEC) in relation to the proposedsimplification of their capital structure. Investors and security holders areurged to read these documents carefully because they contain importantinformation regarding MMP, MGG and the simplification. Once finalized, adefinitive joint proxy statement/prospectus will be sent to unitholders of MMPand MGG seeking their approvals as contemplated by the simplificationagreement. Once available, investors and security holders may obtain a freecopy of the joint proxy statement/prospectus and other documents containinginformation about MMP and MGG, without charge, at the SEC's website at.
Copies of the joint proxy statement/prospectus and the SECfilings incorporated by reference in the joint proxy statement/prospectus mayalso be obtained free of charge by contacting Investor Relations at (877)934-6571 or by accessing or , MGG and the officers and directors of the general partner of eachpartnership may be deemed to be participants in the solicitation of proxiesfrom their security holders. Information about these persons can be found inthe annual report and proxy statement for each partnership as filed with theSEC, and additional information about such persons may be obtained from thejoint proxy statement/prospectus.This communication shall not constitute an offer to sell or the solicitationof an offer to buy any securities, nor shall there be any sale of securitiesin any jurisdiction in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securities laws ofany such jurisdiction. 160, Non-Controlling Interests in Consolidated FinancialStatements on January 1, 2009.As prescribed by SFAS No. 160, thenon-controlling owners' interest is treated as a component of equityand is no longer included in expense; therefore, in the statementabove, the partnership has allocated net income between thenon-controlling owners' interest, the limited partners' interest andthe general partner's interest. For presentation and disclosurepurposes, the partnership has retrospectively applied SFAS No. 160for all periods presented.MAGELLAN MIDSTREAM HOLDINGS, L.P. and since that date its general partnerhas owned a non-economic general partner in the partnership.Subsequent to that transaction, the general partner has not beenallocated a portion of the partnership's net income.SOURCEMagellan Midstream Holdings, L.P.Paula Farrell of Magellan Midstream Holdings, L.P., +1-918-574-7650,.