Summit Midstream Partners, LP Announces Increased Second Quarter 2014
DALLAS, July 24, 2014
DALLAS, July 24, 2014 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE:
SMLP) announced today that the board of directors of its general partner,
Summit Midstream GP, LLC, has declared a quarterly cash distribution of $0.52
per unit on all of its outstanding common and subordinated units, or $2.08 per
unit on an annualized basis, for the quarter ended June 30, 2014. The
distribution will be paid on August 14, 2014 to unitholders of record as of
the close of business on August 7, 2014.
Summit Midstream Partners Logo.
This quarterly distribution represents an increase of $0.085 per unit, or
19.5%, over the $0.435 per unit distribution paid for the quarter ended June
30, 2013 and an increase of $0.02 per unit, or 4.0%, over the $0.50 per unit
distribution paid for the quarter ended March 31, 2014.
This release is intended to be a qualified notice under Treasury Regulation
Section 1.1446-4(b). Brokers and nominees should treat one hundred percent
(100.0%) of SMLP's distributions to foreign investors as being attributable to
income that is effectively connected with a United States trade or business.
Accordingly, SMLP's distributions to foreign investors are subject to federal
income tax withholding at the highest applicable effective tax rate.
About Summit Midstream Partners, LP
SMLP is a growth-oriented limited partnership focused on developing, owning
and operating midstream energy infrastructure assets that are strategically
located in the core producing areas of unconventional resource basins,
primarily shale formations, in North America. SMLP currently provides natural
gas gathering, treating and processing services pursuant to long-term,
primarily fee-based natural gas gathering and processing agreements with our
customers and counterparties in four unconventional resource basins: (i) the
Appalachian Basin, which includes the Marcellus Shale formation in northern
West Virginia; (ii) the Williston Basin, which includes the Bakken and Three
Forks shale formations in northwestern North Dakota; (iii) the Fort Worth
Basin, which includes the Barnett Shale formation in north-central Texas; and
(iv) the Piceance Basin, which includes the Mesaverde formation as well as the
Mancos and Niobrara shale formations in western Colorado and eastern Utah.
SMLP owns and operates 2,294 miles of pipeline and 239,800 horsepower of
compression. SMLP is headquartered in Dallas, TX with regional corporate
offices in Houston, TX, Denver, CO and Atlanta, GA.
About Summit Midstream Partners, LLC
Summit Midstream Partners, LLC ("Summit Investments") indirectly owns a 56.7%
limited partner interest in SMLP and indirectly owns and controls the general
partner of SMLP, Summit Midstream GP, LLC, which has sole responsibility for
conducting the business and managing the operations of SMLP. Summit
Investments owns, operates and is developing various crude oil, associated
natural gas, and water-related midstream energy infrastructure assets in the
Bakken Shale in North Dakota and in the DJ Niobrara Shale in Colorado. Summit
Investments is also developing natural gas gathering and condensate
stabilization infrastructure in the Utica Shale in southeastern Ohio under a
joint venture agreement with affiliates of MarkWest Energy Partners, L.P. and
The Energy & Minerals Group. Summit Investments is a privately held company
owned by members of management and funds controlled by Energy Capital Partners
II, LLC and certain of its affiliates.
This press release includes certain statements concerning expectations for the
future that are forward-looking within the meaning of the federal securities
laws. Forward-looking statements contain known and unknown risks and
uncertainties (many of which are difficult to predict and beyond management's
control) that may cause SMLP's actual results in future periods to differ
materially from anticipated or projected results. An extensive list of
specific material risks and uncertainties affecting SMLP is contained in its
2013 Annual Report on Form 10-K as updated by our Current Report on Form 8-K
filed with the Securities and Exchange Commission on July 3, 2014 and as
amended and updated from time to time. Any forward-looking statements in this
press release are made as of the date of this press release and SMLP
undertakes no obligation to update or revise any forward-looking statements to
reflect new information or events.
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SOURCE Summit Midstream Partners, LP
Contact: Marc Stratton, Vice President and Treasurer, 214-242-1966,
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