THE WOODLANDS, Texas,
April 23, 2015 /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 $0.565 per unit on all of its outstanding common
and subordinated units, or $2.26 per
unit on an annualized basis, for the quarter ended March 31, 2015. The distribution will be paid on
May 15, 2015 to unitholders of record
as of the close of business on May 8,
2015.
This quarterly distribution represents an increase of
$0.065 per unit, or 13.0%, over the
$0.50 per unit distribution paid for
the quarter ended March 31, 2014 and
an increase of $0.005 per unit, or
0.9%, over the $0.56 per unit
distribution paid for the quarter ended December 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
primarily long-term and fee-based natural gas gathering and
processing agreements with 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 over 250,000 horsepower of
compression. SMLP is headquartered in The
Woodlands, Texas with regional corporate offices in
Denver, Colorado and Atlanta, Georgia.
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, natural gas, and water-related
midstream energy infrastructure assets in the Bakken Shale in
North Dakota, the DJ Niobrara
Shale in Colorado, and the Utica
Shale in Ohio. Summit Investments
also owns a 40% interest in a joint venture that is developing
natural gas gathering and condensate stabilization infrastructure
in the Utica Shale in southeastern Ohio. Summit Investments is a privately held
company 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 2014 Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March
2, 2015 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