TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner declared a quarterly distribution of $0.6325 per unit ($2.53 on an annualized basis) for the quarter ended June 30, 2015.
This distribution represents a 7.4% increase over the distribution paid for the same quarter a year ago. This distribution is payable on August 14, 2015 to unitholders of record entitled to receive the distribution at the close of business on August 3, 2015. This is the fifteenth consecutive quarter NGL has increased its cash distribution since its public offering in May 2011.
With respect to the Grand Mesa pipeline project out of the DJ Basin:
- over 75% of the ROW (Right of Way) has been acquired,
- permitting process is on schedule,
- our additional storage at Cushing is under construction and expected to be completed in March 2016 and
- the pipeline remains on schedule to be in service by September 2016.
In addition, a new third party gathering system will be connecting into Grand Mesa. NGL is increasing annual EBITDA guidance on Grand Mesa from $150 million previously reported to a range of $160-$175 million.
NGL reaffirms its distribution increase guidance of 6%-8% in calendar 2015 and 2016.
This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes its expectations as reflected in the forward-looking statements are reasonable, NGL can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and operates a vertically integrated energy business with five primary businesses: water solutions, crude oil logistics, NGL logistics, refined products/renewables and retail propane. For further information visit the Partnership's website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.