DALLAS, Oct. 23, 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 $0.54 per unit on all of its outstanding common
and subordinated units, or $2.16 per
unit on an annualized basis, for the quarter ended September 30, 2014. The distribution will
be paid on November 14, 2014 to
unitholders of record as of the close of business on November 7, 2014.
This quarterly distribution represents an increase of
$0.08 per unit, or 17.4%, over the
$0.46 per unit distribution paid for
the quarter ended September 30, 2013
and an increase of $0.02 per unit, or
3.8%, over the $0.52 per unit
distribution paid for the quarter ended June
30, 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 more
than 2,300 miles of pipeline and approximately 240,000 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 49.5% 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, 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.
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SOURCE Summit Midstream Partners, LP