CRESTWOOD MIDSTREAM PARTNERS LP
717 Texas Avenue, Suite 3150
Houston, TX 77002 www.crestwoodlp.com
Crestwood Announces Fifth Consecutive Quarterly Distribution Increase and Executive Team Addition HOUSTON, TEXAS, January 18, 2012 - Crestwood Midstream Partners LP (NYSE: CMLP) ("Crestwood") announced today that the Board of Directors of its general partner has declared a regular quarterly distribution of $0.49 per unit for the quarter ended December 31,
2011. This quarterly distribution will be payable on February
10, 2012, to unitholders of record on January 31, 2012. The
quarterly distribution represents a 14 percent increase over
the $0.43 per unit distribution paid with respect to the
fourth quarter of 2010. The Class C units issued in April
2011 will not receive a cash distribution, but will instead
be issued additional Class C units.
Crestwood also announced the addition of Robert T. Halpin,
Vice President of Business Development, to Crestwood's
general partner executive team. Mr. Halpin was previously an
associate at First Reserve Corporation, the majority owner of
Crestwood's general partner, since 2009 where he worked
closely with Crestwood management in the selection,
evaluation, negotiation and financing of over $1.3 billion in
acquisitions and capital projects. Prior to joining First
Reserve, Mr. Halpin was an analyst in the global natural
resource group at Lehman Brothers.
Houston, Texas-based Crestwood is a growth-oriented,
midstream master limited partnership which owns and operates
predominately fee-based gathering, processing, treating and
compression assets servicing natural gas producers in the
Barnett Shale in North Texas, the Fayetteville Shale in
Arkansas, the Haynesville/Bossier Shale in Louisiana, the
Granite Wash area in the Texas Panhandle and the Avalon Shale
area of Southeastern New Mexico. For
more information about Crestwood, visit www.crestwoodlp.com.
The statements in this news release regarding future events,
occurrences, circumstances, activities, performance, outcomes
and results are forward-looking statements. Although these
statements reflect the current views, assumptions and
expectations of Crestwood's management, the matters addressed
herein are subject to numerous risks and uncertainties which
could cause actual activities, performance, outcomes and
results to differ materially from those indicated. Such
forward-looking statements include, but are not limited to,
statements about the future financial and operating results,
objectives, expectations and intentions and other statements
that are not historical facts. Factors that could result in
such
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NEWS RELEASE Page 2 of 2
differences or otherwise materially affect Crestwood's
financial condition, results of operations and cash flows
including, without limitation, changes in general economic
conditions; fluctuations in oil, natural gas and NGL prices;
failure or delays by our customers in achieving expected
production in their natural gas projects; competitive
conditions in our industry; actions or inactions taken or
non-performance by third parties, including suppliers,
contractors, operators, processors, transporters and
customers; our ability to consummate acquisitions,
successfully integrate the acquired businesses, realize any
cost savings and other synergies from any acquisition;
fluctuations in the value of certain of our assets and
liabilities; changes in the availability and cost of capital;
operating hazards, natural disasters, weather-related delays,
casualty losses and other matters beyond our control; timely
receipt of necessary government approvals and permits, our
ability to control the costs of construction, including costs
of materials, labor and right-of-way and other factors that
may impact our ability to complete projects within budget and
on schedule; the effects of existing and future laws and
governmental regulations, including environmental and climate
change requirements; the effects of existing and future
litigation; internal controls; and risks related to our
substantial indebtedness as well as other factors disclosed
in Crestwood's filings with the Securities and Exchange
Commission. You should read our filings with the U.S.
Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended December 31,
2010, our subsequently filed Quarterly Reports on Form 10-Q/A
and our Current Reports on
Form 8-K and 8-K/A, for a more extensive list of factors that
could affect results.
This announcement is intended to be a qualified notice under
Treasury Regulation Section
1.1446-4(b) given by a publicly traded partnership. Brokers
and nominees should treat 100 percent of Crestwood's
distributions to non-U.S. investors as being attributed to
income that is effectively connected with a United States
trade or business. Accordingly, Crestwood's distributions to
non-U.S. investors are subject to federal income tax
withholding at the highest applicable effective tax rate.
Mark Stockard
832-519-2207 mstockard@crestwoodlp.com
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