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.
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.
Forward-Looking Statements
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.
Logo -
http://photos.prnewswire.com/prnh/20120927/MM82470LOGO
SOURCE Summit Midstream Partners, LP