Oiltanking Partners Announces Two-for-One Unit Split
HOUSTON, May 28, 2014 /PRNewswire/ -- Oiltanking Partners, L.P. (NYSE: OILT) (the "Partnership") announced today that the board of directors of its general partner has authorized a two-for-one split of the Partnership's common and subordinated units. Holders of record at the close of business on July 7, 2014 will receive one additional limited partner unit for each unit owned on that date. The units will be distributed on July 14, 2014.
"This two-for-one unit split reflects our continuing confidence in the future growth of Oiltanking Partners and our ability to deliver strong operating and financial results," said Ken Owen, President and Chief Executive Officer of the Partnership's general partner. "We believe the unit split will make the Partnership's units more accessible to a broader base of potential investors and enhance liquidity for all unitholders."
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.
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SOURCE Oiltanking Partners, L.P.