HOUSTON, May 4, 2016 /PRNewswire/ -- Spectra Energy Partners, LP (NYSE: SEP) announced that the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.65125 per unit, an increase of 1.25 cents over the previous level of $0.63875 per unit. This is the 34th consecutive quarter that Spectra Energy Partners has increased its quarterly cash distribution. The cash distribution is payable on May 27, 2016, to unitholders of record at the close of business on May 16, 2016. This quarterly cash distribution equates to $2.605 per unit on an annual basis.
This information is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Under rules applicable to publicly-traded partnerships, our distributions to non-U.S. unitholders are subject to withholding tax at the highest effective applicable rate to the extent attributable to income that is effectively connected with the conduct of a U.S. trade or business. Given the uncertainty at the time of making distributions regarding the amount of any distribution that is attributable to income that is so effectively connected, we intend to treat all of our distributions as attributable to our U.S. operations, and as a result, the entire distribution will be subject to withholding.
Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based master limited partnership, formed by Spectra Energy Corp (NYSE: SE). SEP is one of the largest pipeline MLPs in the United States and connects growing supply areas to high-demand markets for natural gas and crude oil. These assets include more than 15,000 miles of transmission and gathering pipelines, approximately 170 billion cubic feet of natural gas storage, and approximately 4.8 million barrels of crude oil storage.
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SOURCE Spectra Energy Partners, LP