HOUSTON, April 23, 2012 /PRNewswire/ -- Oiltanking Partners, L.P. (NYSE: OILT), announced today that the Board of Directors of its general partner has declared a cash distribution for the first quarter of 2012 of $0.35 per unit, or $1.40 per unit on an annualized basis, for all of its outstanding limited partner units. The increased distribution represents a 2.9% increase over the prior quarter distribution of $0.34 per limited partnership unit. The distribution will be paid on May 14, 2012 to all unitholders of record on May 3, 2012.
Oiltanking Partners is a master limited partnership engaged in independent storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. We provide our services to a variety of customers, including major integrated oil companies, distributors, marketers and chemical and petrochemical companies. Our assets are located along the Gulf Coast of the United States. For more information, visit www.oiltankingpartners.com.
This press release contains forward-looking statements. These forward-looking statements reflect Oiltanking Partners' 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' 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.
This release is intended to be a qualified notice, as provided for under Treasury Regulation Section 1.1446-4(b), given by a publicly traded partnership for the broker and nominee to be treated as the withholding agent. Brokers and nominees should treat one hundred percent (100.0%) of Oiltanking Partners' distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Oiltanking Partners' distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Ken Owen, Chief Financial Officer
SOURCE Oiltanking Partners, L.P.