Hi-Crush Partners LP: Hi-Crush Partners LP Announces First Increase to
Houston, Texas, October 17, 2013 - Hi-Crush Partners LP (NYSE: HCLP), or
Hi-Crush, announced today that the Board of Directors of its general partner
has declared a cash distribution of $0.49 per unit on all common and
subordinated units, or $1.96 on an annualized basis. The approved
distribution represents an increase of 3% over the previous quarter's
distribution and is the first increase over the minimum quarterly distribution
declared by the partnership.
"We were ready to raise the minimum quarterly distribution for the third
quarter, which was a quarter earlier than our previous guidance," said Laura
Fulton, Chief Financial Officer of Hi-Crush. "Going forward, we maintain our
2014 distribution guidance of low double digit growth over our prior
annualized distribution of $1.90 per unit in 2013."
The distribution will be paid on November 15, 2013 to all common and
subordinated unit holders of record on November 1, 2013.
Distributions to Foreign Investors
The declaration of the distribution intended to be a qualified notice to
nominees under Treasury Regulation Section 1.1446-4(b), with 100% of the
Partnership's distributions to foreign investors attributable to income that
is effectively connected with a United States trade or business. Accordingly,
the Partnership's distributions to foreign investors are subject to federal
income tax withholding at the highest effective tax rate.
Hi-Crush is an integrated producer, transporter, marketer and distributor of
high-quality monocrystalline sand, a specialized mineral that is used as a
"proppant" (frac sand) to enhance the recovery rates of hydrocarbons from oil
and natural gas wells. Our reserves, which are located in Wyeville, Wisconsin,
consist of "Northern White" sand, a resource that exists predominately in
Wisconsin and limited portions of the upper Midwest region of the United
States. Hi-Crush owns and operates the largest distribution network in the
Marcellus and Utica shales, and has distribution capabilities throughout North
America. For more information, visit www.hicrushpartners.com.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Hi-Crush Partners LP via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.