Crosstex Declares Increases in Quarterly Distribution and Dividend
January 19 2012 - 6:30AM
Business Wire
The Crosstex Energy companies today announced the declaration of
the quarterly distribution for Crosstex Energy, L.P. (NASDAQ: XTEX)
(the Partnership) and the quarterly dividend for Crosstex Energy,
Inc. (NASDAQ: XTXI) (the Corporation) from the fourth quarter of
2011:
- The quarterly distribution on the
Partnership’s common units will be $0.32 per unit. The distribution
is payable February 14 to unitholders of record February 1. This
amount is approximately a 23 percent increase over the
fourth-quarter 2010 rate.
- The quarterly dividend on the
Corporation’s common stock will be $0.11 per share. The dividend is
payable February 14 to shareholders of record February 1. This
amount is approximately a 38 percent increase over the
fourth-quarter 2010 rate.
“These increases reflect our estimates of
improved performance in the fourth-quarter of
2011 and the progress of our announced growth projects,”
said Barry E. Davis, Crosstex President and Chief Executive
Officer. “We will issue 2012 Guidance in conjunction with our
fourth-quarter and full-year 2011 earnings release. We expect
it to be consistent with our previously issued guidance
of distribution growth in excess of 10 percent and dividend
growth in excess of 20 percent for 2012.”
About the Crosstex Energy
Companies
Crosstex Energy, L.P., a midstream natural gas company
headquartered in Dallas, Texas, operates approximately 3,300 miles
of pipeline, nine processing plants and three fractionators.
Crosstex Energy, L.P. currently provides services for 3.2 billion
cubic feet of natural gas per day, or approximately six percent of
marketed U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner
interest, a 25 percent limited partner interest and the incentive
distribution rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found
at www.crosstexenergy.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. These statements are
based on certain assumptions made by the Partnership and the
Corporation based upon management's experience and perception of
historical trends, current conditions, expected future developments
and other factors the Partnership and the Corporation believe are
appropriate in the circumstances. These statements include, but are
not limited to, statements with respect to results of operations
and future growth and dividend and distribution guidance. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the
Partnership and the Corporation, which may cause the Partnership's
and the Corporation's actual results to differ materially from
those implied or expressed by the forward-looking statements. These
risks include, but are not limited to, risks discussed in the
Partnership's and the Corporation's filings with the Securities and
Exchange Commission. The Partnership and the Corporation have no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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