Inergy Midstream, L.P. Declares Initial Quarterly Cash Distribution
January 27 2012 - 7:45AM
Business Wire
The Board of Directors of NRGM GP, LLC, general partner of
Inergy Midstream, L.P. (NYSE:NRGM), announced that it has declared
a prorated cash distribution of $0.04 per limited partner unit for
the quarter ended December 31, 2011. The $0.04 cash distribution
per limited partner unit corresponds to an initial quarterly cash
distribution of $0.37 per quarter ($1.48 annually) and represents
the prorated distribution for the period of time from December 21,
2011, the closing of Inergy Midstream’s initial public offering,
through December 31, 2011, the end of its first fiscal quarter. The
distribution will be paid on February 14, 2012, to unitholders of
record as of February 7, 2012.
“Our business is performing as expected, and we are pleased to
declare the first distribution to our new unitholders,” said John
Sherman, President and CEO of Inergy Midstream. “Inergy Midstream’s
business is fee based and comprised of high-quality assets located
on top of the Marcellus Shale and upstream of the premium demand
market of the Northeast.”
Mr. Sherman continued, “From a position of financial strength
and flexibility, we expect to deliver growth in cash distributions
to unitholders through current organic growth projects, additional
bolt-on opportunities, and other expansion initiatives.”
Inergy Midstream plans to release its fiscal 2012 first quarter
earnings on January 31, 2012. Inergy Midstream will host a live
conference call and internet webcast on January 31, 2012, at 9:00
a.m. Central Time to discuss the results of operations for the
quarter ended December 31, 2011, and its business outlook. The
call-in number for the earnings call is 1-888-595-3894, and the
conference name is Inergy Midstream. The live internet webcast and
the replay can be accessed on Inergy Midstream’s website,
www.inergylp.com. A digital recording of the call will be available
for one week following the call by dialing 1-855-859-2056 and
entering the pass code 46673488.
About Inergy Midstream, L.P.
Inergy Midstream, L.P., headquartered in Kansas City, Missouri,
is a master limited partnership engaged in the development and
operation of natural gas and NGL storage and transportation assets.
Our assets are located in the Northeast region of the United
States.
This press release contains forward-looking statements, which
are statements that are not historical in nature such as the
expectation that we expect to deliver growth in cash distributions
to unitholders. Forward-looking statements are subject to certain
risks, uncertainties, and assumptions. Should one or more of these
risks or uncertainties materialize or any underlying assumption
proves incorrect, actual results may vary materially from those
anticipated, estimated, or projected. Among the key factors that
could cause actual results to differ materially from those referred
to in the forward-looking statements are: weather conditions that
vary significantly from historically normal conditions; the general
level of petroleum product demand and the availability of propane
supplies; the price of propane to the consumer compared to the
price of alternative and competing fuels; the demand for high
deliverability natural gas storage capacity in the Northeast; our
ability to successfully implement our business plan; the outcome of
rate decisions levied by the Federal Energy Regulatory Commission;
our ability to generate available cash for distribution to
unitholders; and the costs and effects of legal, regulatory, and
administrative proceedings against us or which may be brought
against us. These and other risks and assumptions are described in
Inergy’s annual reports on Form 10-K and other reports that are
available from the United States Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management’s view only as
of the date made. We undertake no obligation to update any
forward-looking statement, except as otherwise required by law.
Corporate news, unit prices, and additional information about
Inergy Midstream, including reports from the United States
Securities and Exchange Commission, are available on the Company’s
website, www.inergylp.com. For more information, contact Mike
Campbell in Inergy Midstream’s Investor Relations Department at
816-842-8181 or via e-mail at
investorrelations@inergyservices.com.
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 of Inergy’s distributions to foreign investors
as being attributable to income that is effectively connected with
a United States trade or business. Accordingly, Inergy Midstream’s
distributions to foreign investors are subject to federal income
tax withholding at the highest applicable effective tax rate.
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