TULSA, Okla.--()--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner increased the quarterly cash distribution for the third fiscal quarter ended December 31, 2012, by $.0125 to $0.4625 per outstanding limited partner unit from $0.45 per unit, resulting in an annualized cash distribution of $1.85 per unit. This distribution is payable on February 14, 2013, to unitholders of record entitled to receive the distribution at the close of business on February 4, 2013. This is the fifth consecutive quarter NGL has increased its cash distribution since its initial public offering in May 2011.
“As a result of NGL’s continued acquisition activity generating higher earnings and distributable cash flow, a slate of organic asset growth projects, plus very strong distribution coverage, we are targeting distribution growth for calendar 2013 in the range of 12%-15%.”
“We are pleased to announce a distribution increase of 32.1% over our distribution paid for the same quarter of the prior fiscal year and 2.8% over the distribution paid in the prior fiscal quarter,” said H. Michael Krimbill, CEO. “As a result of NGL’s continued acquisition activity generating higher earnings and distributable cash flow, a slate of organic asset growth projects, plus very strong distribution coverage, we are targeting distribution growth for calendar 2013 in the range of 12%-15%.”
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes its expectations as reflected in the forward-looking statements are reasonable, NGL can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors”. NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with four primary businesses: water services, crude oil logistics, NGL logistics and retail. NGL completed its initial public offering in May 2011. For further information visit the Partnership's website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.