Midcoast Energy Partners: 4Q15 results

Midcoast Energy Partners, L.P. has announced that the board of directors of its general partner has declared a quarterly cash distribution of US$0.3575 per unit, or US$1.43 per unit on an annualised basis on all of its outstanding common and subordinated units, for the quarter ended December 31, 2015.

The approved distribution remains unchanged from the previous quarter and represents an increase of 4.4% over the 4Q14. The distribution is payable on February 12, 2016, to unit holders of record at the close of business on 5 February, 2016.

"We have executed a number of actions to strengthen our underlying business and have made significant progress on our strategic initiatives. As previously disclosed, we expect to report strong financial results for full-year 2015 at MEP," said C. Gregory Harper, President for the partnership.

"Our industry remains in a weak commodity price cycle, which is expected to persist in 2016. Thus, we are maintaining our distribution consistent with the prior quarter to preserve cash flow, strengthen coverage and enhance the Partnership's financial flexibility."

Edited from source by Elizabeth Corner

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