Copano Energy Maintains Quarterly Cash Distribution
HOUSTON, April 11, 2013
HOUSTON, April 11, 2013 /PRNewswire/ --Copano Energy, L.L.C. (NASDAQ: CPNO)
announced today a cash distribution for the first quarter of 2013 of $0.575
per unit, or $2.30 per unit on an annualized basis, for all of its outstanding
common units. This distribution will be payable on April 26, 2013, to holders
of record of common units at the close of business on April 22, 2013.
Pursuant to Copano's merger agreement with Kinder Morgan, Copano is obligated
not to increase its quarterly distribution above $0.575 per unit for as long
as the merger agreement remains in effect. Copano and Kinder Morgan currently
expect to complete the merger in May 2013, subject to receipt of Copano's
unitholder approval and other customary closing conditions.
This release serves as qualified notice to nominees under Treasury Regulation
Sections 1.1446-4(b)(4) and (d). Please note that 100% of Copano's
distributions to foreign investors are attributable to income that is
effectively connected with a United States trade or business. Accordingly, all
of Copano's distributions to foreign investors are subject to federal income
tax withholding at the highest effective tax rate for individuals or
corporations, as applicable. Nominees, and not Copano, are treated as the
withholding agents responsible for withholding on the distributions received
by them on behalf of foreign investors.
About Copano Energy, L.L.C.
Copano Energy, L.L.C. (NASDAQ: CPNO) is a midstream natural gas company with
operations in Texas, Oklahoma and Wyoming. For more information, please visit
This news release includes "forward-looking statements," as defined by the
Securities and Exchange Commission. Statements that address activities or
events that Copano believes will or may occur in the future are
forward-looking statements. These statements include, but are not limited to,
statements about future producer activity and Copano's total distributable
cash flow and distribution coverage. These statements are based on
management's experience and perception of historical trends, current
conditions, expected future developments and other factors management believes
are reasonable. Important factors that could cause actual results to differ
materially from those in forward-looking statements include the following
risks and uncertainties, many of which are beyond Copano's control: the
volatility of prices and market demand for natural gas, crude oil, condensate
and NGLs, and for products derived from these commodities; Copano's ability to
continue to connect new sources of natural gas, crude oil and condensate, and
the NGL content of new gas supplies; the ability of key producers to continue
to drill and successfully complete and connect new natural gas and condensate
volumes and such producers' performance under their contracts with Copano;
Copano's ability to attract and retain key customers and contract with new
customers, and such customers' performance under their contracts with Copano;
Copano's ability to access or construct new pipeline capacity, gas processing
and NGL fractionation and transportation capacity; the availability of local,
intrastate and interstate transportation systems, trucks and other facilities
and services for condensate, natural gas and NGLs; Copano's ability (and the
ability of its third-party service providers) to meet in-service dates, cost
expectations and operating performance standards for construction projects;
Copano's ability to successfully integrate any acquired asset or operations;
Copano's ability to access its revolving credit facility and to obtain
additional financing on acceptable terms; the effectiveness of Copano's
hedging program; general economic conditions; force majeure events such as the
loss of a market or facility downtime; the effects of government regulations
and policies; Copano's ability to complete its proposed merger with Kinder
Morgan; and other financial, operational and legal risks and uncertainties
detailed from time to time in Copano's quarterly and annual reports filed with
the Securities and Exchange Commission. Copano does not undertake to update
any forward-looking statement except as provided by law.
Carl Luna, SVP and CFO
Copano Energy, L.L.C.
Jack Lascar / firstname.lastname@example.org
Anne Pearson / email@example.com
Dennard-Lascar Associates / 713-529-6600
SOURCE Copano Energy, L.L.C.
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