On September 5, 2023, Energy Income Partners, LLC (EIP) announced that it believes that Magellan Midstream Partners, L.P's August 29, 2023 Presentation amounts to a series of scare tactics that present the Company unitholders with a false choice: merge with ONEOK or else. EIP's decision to vote against the merger is based on the financials presented by management that show definitively that the Company is better off as a stand-alone company, and Energy Income urged its fellow unitholders to vote ?no?. In addition, EIP stated that it has released a new presentation on its website votemmp.com that addresses the Company's August 29, 2023 presentation.

EIP calls out Management for not disputing the poor growth prospects for ONEOK evidenced by ONEOK's own forecast in the S-4 of less than a 5% return on its growth capital over the next five years. EIP expressed that it has a greater belief in Magellan's prospects than both Magellan's Board and Management. EIP further expressed that based on financial analysis of the information provided by ONEOK and Magellan management, it is clear that staying a stand-alone company with an appropriate analysis of alternatives such as a tax-efficient conversion to a C-Corp is better for unitholders than the proposed merger.