OKLAHOMA CITY--(EON: Enhanced Online News)--Access Midstream Partners, L.P. (NYSE:ACMP), today announced that the Board of Directors of its general partner declared a cash distribution of $0.535 per Common, Subordinated and Class C Unit for the 2013 third quarter. The third quarter cash distribution represents an increase of $0.10, or 23.0%, compared to the 2012 third quarter and represents an increase of $0.05, or 10.3%, compared to the 2013 second quarter.
In addition, the Board of Directors of the general partner declared a distribution equal to $0.535 per unit on the Partnership’s Class B Units. The distribution to the Class B unitholders will be paid in the form of additional Class B units.
The distributions will be payable on November 14, 2013 to all unitholders of record at the close of business on November 7, 2013, together with the distribution to the general partner.
J. Mike Stice, Access Midstream Partners’ Chief Executive Officer, commented, “I could not be more pleased to announce a five cent per unit step-up in the distribution approved by our Board this quarter. Our outstanding operational and financial performance has resulted in continued strong cash flows, allowing us to reward our investors for their confidence. From this new baseline, the Partnership expects to grow limited partner distributions at a sustained 15% rate consistent with previous guidance. We remain committed to executing our best-in-class business model and delivering superior value to our investors.”
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Please note that 100% of the Partnership’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Access Midstream Partners, L.P. (NYSE:ACMP) is the industry’s largest gathering and processing master limited partnership as measured by throughput volume. The Partnership owns, operates, develops and acquires natural gas gathering and processing systems and other midstream energy assets. Headquartered in Oklahoma City, the Partnership's operations are focused on the Barnett, Eagle Ford, Haynesville, Marcellus, Niobrara and Utica Shales and the Mid-Continent region of the U.S. The Partnership’s common units are listed on the New York Stock Exchange under the symbol ACMP. Further information is available at www.accessmidstream.com where the Partnership routinely posts announcements, updates, events, investor information and presentations and all recent press releases.
This press release includes forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. They include but are not limited to our business strategy and plans and objectives for future operations. We caution you not to place undue reliance on our forward-looking statements, which speak only as of the date of this release, and we undertake no obligations to update this information. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Factors that could cause actual results to differ materially from expected results are described under “Risk Factors” in our 2012 Annual Report on Form 10-K and our other SEC filings.