Magellan Midstream Partners (NYSE:MMP) has added a little extra to its shareholder payout. The company declared a new distribution of $0.5075 per unit, or 1.5% higher than the previous disbursement of $0.50 handed out in February. The new payout will be distributed on May 15 to shareholders of record as of May 8.

In the press release announcing the move, Magellan pointed out that this is the its 44th distribution increase since 2001, the year it went public.

The new dividend annualizes to $2.03 per share. That yields 3.7% at Magellan's current stock price of $54.18.

The company will unveil its Q1 results in a conference call before the market opens on Thursday, May 2.

Fool contributor Eric Volkman has no position in Magellan Midstream Partners. The Motley Fool recommends Magellan Midstream Partners. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.