Summit Midstream Partners, LP Announces Fourth Quarter 2012 Distribution
DALLAS, Jan. 23, 2013 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today that the board of directors of its general partner, Summit Midstream GP, LLC, has declared a quarterly cash distribution of $0.41 per unit on all of its outstanding common and subordinated units, or $1.64 per unit on an annualized basis, for the quarter ended December 31, 2012. The distribution will be paid on February 14, 2013 to unitholders of record as of the close of business on February 7, 2013.
This is SMLP's first distribution to be paid since closing its initial public offering and is 5.96% over the $0.3870 per unit pro-rated minimum quarterly distribution, or MQD for the quarter based on the October 3, 2012 closing date for the initial public offering.
About Summit Midstream Partners, LP
Summit Midstream Partners, LP is a growth-oriented limited partnership focused on owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America. SMLP currently provides fee-based natural gas gathering and compression services in two unconventional resource basins: (i) the Piceance Basin, which includes the Mesaverde, Mancos and Niobrara Shale formations in western Colorado; and (ii) the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas. SMLP owns and operates approximately 386 miles of pipeline and 147,600 horsepower of compression. SMLP is headquartered in Dallas, TX with offices in Houston, TX, Denver, CO and Atlanta, GA.
Summit Midstream Partners, LLC ("Summit Investments") owns a 69.1% limited partner interest in SMLP and owns and controls the general partner of SMLP, Summit Midstream GP, LLC, which has sole responsibility for conducting the business and managing the operations of SMLP. Summit Investments is a privately held company owned by members of management, funds controlled by Energy Capital Partners II, LP, and GE Energy Financial Services, Inc. and certain of its affiliates.
Forward Looking Statements & Other Disclosures
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause our actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting us is contained in our Rule 424(b)(4) Prospectus filed with the Securities and Exchange Commission ("SEC") on September 28, 2012 and other documents and reports filed from time to time with the SEC. Any forward-looking statements in this press release are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.
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 (100.0%) of SMLP's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, SMLP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
SOURCE Summit Midstream Partners, LP