Tranche Update on Magellan Midstream Partners, L.P.'s Equity Buyback Plan announced on January 21, 2020.

Magellan Midstream Partners, L.P. primarily transports, stores and distributes refined petroleum products and crude oil. The Company owns refined petroleum products pipeline system in the country and can store more than 100 million barrels of petroleum products, such as gasoline, diesel fuel and crude oil. The Company's segments include refined products and crude oil. Refined products segment comprised of its approximately 9,800 miles refined petroleum products pipeline system with 54 terminals and two marine storage terminals. Crude oil segment comprised of approximately 2,200 miles of crude oil pipelines, a condensate splitter and 39 million barrels of aggregate storage capacity, of which approximately 29 million barrels are used for contract storage. Approximately 1,000 miles of these pipelines, the condensate splitter and 31 million barrels of this storage capacity, including 25 million barrels used for contract storage are wholly owned by the Company.