On September 25, 2023, ONEOK, Inc. (NYSE: OKE) acquired all of the outstanding common units of Magellan Midstream Partners, L.P. (“MMP” or “Magellan”) in a cash and stock transaction. Common units of Magellan are no longer publicly traded.

MMP unitholders should expect to receive a final Schedule K-1 and supporting materials. Schedule K-1s are expected to be available online at www.taxpackagesupport.com/mmp by March 5, 2024, and mailed shortly after. 

Receipt of a Schedule K-1 is not proof of ownership of common units.

For specific questions regarding previously held MMP common units, please contact the brokerage firm that held your units.

For MMP K-1 information please contact:

Tax Package Support

Phone: 800-230-1032

Online: www.taxpackagesupport.com/MMP

Qualified Notice

Magellan's qualified notice pursuant to U.S. Treasury Regulation § 1.1446-4 for distributions paid in 2023 is available below.

Tax Withholding Related to Merger Transaction

The receipt of shares of ONEOK, Inc. (“ONEOK”) common stock and cash in exchange for Magellan Midstream Partners, L.P. (“Magellan”) units pursuant to the merger will be treated as a taxable sale of Magellan units for U.S. federal income tax purposes. For a foreign unitholder of Magellan, the broker effecting the transfer on behalf of the foreign unitholder is responsible for withholding 10% of the amount realized on the sale under Treasury Regulation Section 1.1446-4(f). The amount realized on the sale includes the shares of ONEOK common stock (valued at the closing price of ONEOK on the closing date of the transaction, which was $66.54) and aggregate cash consideration received in the merger.