Oiltanking Partners Announces Increase in Quarterly Distribution
HOUSTON, July 21, 2014 /PRNewswire/ -- Oiltanking Partners, L.P. (NYSE: OILT) (the "Partnership") announced today that the board of directors of its general partner declared a cash distribution of $0.26 per unit, or $1.04 per unit on an annualized basis, for the second quarter of 2014. The Partnership completed a two-for-one common and subordinated unit split on July 14, 2014. For the prior quarter, $0.495 was distributed to unitholders, which would be equivalent to $0.2475 on a split adjusted basis. The second quarter distribution represents a 5.1% increase over the prior quarter distribution and a 22.4% increase over the prior year distribution of $0.425 ($0.2125 on a split adjusted basis) per unit. The distribution will be paid on August 14, 2014, to unitholders of record on August 1, 2014.
Oiltanking Partners, L.P. is a growth-oriented master limited partnership engaged in independent storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. We are the logistics provider of choice to major integrated oil companies, distributors, marketers and chemical and petrochemical companies. Our core assets are strategically located along the Gulf Coast of the United States on the Houston Ship Channel and in Beaumont, Texas. For more information, visit www.oiltankingpartners.com.
This press release contains forward-looking statements. These forward-looking statements reflect Oiltanking Partners L.P.'s current views with respect to future events, based on what it believes are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties as described in Oiltanking Partners L.P.'s filings with the Securities and Exchange Commission, available at the SEC's website at www.sec.gov. By issuing forward-looking statements based on current expectations, opinions, views or beliefs, Oiltanking Partners has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.
Note to Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of Oiltanking Partners, L.P.'s distributions to foreign investors as attributable to income that is effectively connected with a United States trade or business. Accordingly, Oiltanking Partners L.P.s' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Manager, FP&A and IR
SOURCE Oiltanking Partners, L.P.