Rose Rock Midstream, L.P. Increases Distributions on Limited Partner Units
TULSA, Okla., April 25, 2013 (GLOBE NEWSWIRE) -- Rose Rock Midstream, L.P.
(NYSE:RRMS) announced today that the Board of Directors of its general partner
has declared a cash distribution for the first quarter of 2013 of $0.43 per
unit, or $1.72 per unit on an annualized basis. This distribution represents
an increase of approximately 15% over the first quarter of 2012 quarterly
distribution of $0.3725 per unit, and an approximately 7% increase over the
prior quarter's distribution.
"We are pleased to announce the fifth consecutive increase in the distribution
to RRMS limited partner unitholders since our initial public offering in
December 2011. With this increase we anticipate to be at the high end of our
2013 guidance of 10% to 15% year-over-year distribution growth," said Norm
Szydlowski, chairman and chief executive officer of Rose Rock Midstream.
The distribution will be paid on May 15, 2013 to all unitholders of record on
May 6, 2013.
About Rose Rock Midstream
Rose Rock Midstream, L.P. (NYSE:RRMS) is a growth-oriented Delaware limited
partnership formed by SemGroup® Corporation (NYSE:SEMG) to own, operate,
develop and acquire a diversified portfolio of midstream energy assets. Rose
Rock Midstream provides crude oil gathering, transportation, storage and
marketing services. Headquartered in Tulsa, OK, Rose Rock Midstream has
operations in six states with the majority of its assets strategically located
in or connected to the Cushing, Oklahoma crude oil marketing hub.
This release is a qualified notice under Treasury Regulation Section
1.1446-4(b). Brokers and nominees should treat 100% of Rose Rock Midstream,
L.P.'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.
Certain matters contained in this Press Release include "forward-looking
statements." All statements, other than statements of historical fact,
included in this Press Release including the prospects of our industry, our
anticipated financial performance, including distributable cash flow,
management's plans and objectives for future operations, business prospects,
outcome of regulatory proceedings, market conditions and other matters, may
constitute forward-looking statements. Although we believe that the
expectations reflected in these forward-looking statements are reasonable, we
cannot assure you that these expectations will prove to be correct. These
forward-looking statements are subject to certain known and unknown risks and
uncertainties, as well as assumptions that could cause actual results to
differ materially from those reflected in these forward-looking statements.
Factors that might cause actual results to differ include, but are not limited
to, insufficient cash from operations following the establishment of cash
reserves and payment of fees and expenses to pay the minimum quarterly
distribution; any sustained reduction in demand for crude oil in markets
served by our midstream assets; our ability to obtain new sources of supply of
crude oil; competition from other midstream energy companies; our ability to
comply with the covenants contained in and maintain certain financial ratios
required by our credit facility; our ability to access credit markets; our
ability to renew or replace expiring storage contracts; the loss of or a
material nonpayment or nonperformance by any of our key customers; the overall
forward market for crude oil; the possibility that our hedging activities may
result in losses or may have a negative impact on our financial results;
hazards or operating risks incidental to the gathering, transporting or
storing of crude oil; our failure to comply with new or existing environmental
laws or regulations; the possibility that the construction or acquisition of
new assets may not result in the corresponding anticipated revenue increases;
as well as other risk factors discussed from time to time in each of our
documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking
statements contained in this Press Release, which reflect management's
opinions only as of the date hereof. Except as required by law, we undertake
no obligation to revise or publicly release the results of any revision to any
CONTACT: Investor Relations:
Mary Catherine Ward
Rose Rock Midstream logo
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