CONE Midstream Increases Quarterly Cash Distribution and Announces Pending Conversion of Subordinated Units to Common Units
October 20 2017 - 6:45AM
CONE Midstream Partners LP (NYSE:CNNX) (“CNNX” or the
“Partnership”), today announced that the Board of Directors of its
general partner, CONE Midstream GP LLC, has declared a cash
distribution of $0.3025 per unit with respect to the third quarter
of 2017. The distribution will be made on November 14, 2017
to unitholders of record as of the close of business on November 3,
2017. The distribution, which equates to an annual rate of
$1.21 per unit, represents an increase of 3.5% over the prior
quarter, and an increase of 15% over the distribution paid with
respect to the third quarter of 2016.
CNNX also announced that the Board of Directors
of its general partner has confirmed and approved that, upon the
payment of the distribution with respect to the third quarter of
2017, the financial tests required for conversion of CNNX’s
subordinated units will be met. Accordingly, CNNX’s
29,163,121 subordinated units will convert into common units on a
one-for-one basis effective November 15, 2017, the first business
day following the payment of the third-quarter distribution.
The conversion of the subordinated units will not impact the
amount of cash distributions paid by the Partnership.
* * * * *
CONE Midstream Partners is a growth-oriented
master limited partnership that owns, operates, develops and
acquires gathering and other midstream energy assets to service
natural gas production in the Appalachian Basin in Pennsylvania and
West Virginia. Our assets include natural gas gathering
pipelines and compression and dehydration facilities, as well as
condensate gathering, collection, separation and stabilization
facilities. More information is available at our website
www.conemidstream.com.
* * * * *
This press release is intended to be a qualified
notice to nominees as provided for under Treasury Regulation
Section 1.1446-4(b). Brokers and nominees should treat one
hundred percent (100.0%) of CONE Midstream’s distributions to
non-U.S. investors as being attributed to income that is
effectively connected with a United States trade or business.
Accordingly, CONE Midstream's distributions to non-U.S.
investors are subject to federal income tax withholding at the
highest applicable effective tax rate. Nominees, and not CONE
Midstream, are treated as withholding agents responsible for
withholding on the distributions received by them on behalf of
foreign investors.
* * * * *
This press release contains forward-looking
statements within the meaning of the federal securities laws.
Statements that are predictive in nature, that depend upon or refer
to future events or conditions or that include the words "will,"
"believe," "expect," "anticipate," "intend," "estimate" and other
expressions that are predictions of or indicate future events and
trends and that do not relate to historical matters identify
forward-looking statements. You should not place undue reliance on
forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict, and
there can be no assurance that actual outcomes and results will not
differ materially from those expected by our management. You
should not place undue reliance on forward-looking statements.
Although forward-looking statements reflect our
good faith beliefs at the time they are made, they involve known
and unknown risks, uncertainties and other factors. For more
information concerning factors that could cause actual results to
differ materially from those conveyed in the forward-looking
statements, including, among others, that our business plans may
change as circumstances warrant, please refer to the "Risk Factors"
and "Forward-Looking Statements" sections of our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. We undertake no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
changed circumstances or otherwise, unless required by law.
Contact:
Stephen R. Milbourne CONE Midstream Partners Investor Relations
Phone: 724-485-4408 Email: smilbourne@conemidstream.com
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