Tallgrass increases quarterly distribution for fifth consecutive quarter
Published by Rosalie Starling,
Editor - Hydrocarbon Engineering
World Pipelines,
Tallgrass Energy Partners, LP has announced that the board of directors of its general partner declared a quarterly cash distribution to partners of US$ 0.41 per common unit for Q3 2014, or US$ 1.64 on an annualised basis. This represents an amount that is 42.6% over TEP’s minimum quarterly distribution, a 37.8% increase from Q3 2013 and a 7.9% sequential increase from the Q2 2014 distribution of US$ 0.38.
The US$ 0.41 per common unit distribution represents TEP’s fifth consecutive quarterly distribution increase since its IPO in May 2013. The increase is consistent with TEP’s plan to recommend increasing its Q3 and Q4 2014 distributions to achieve at least an aggregate increase of US$ 0.10 per quarter, or US$ 0.40 on an annualised basis, as a result of its acquisition of a 33.3% interest in the Tallgrass Pony Express Pipeline.
The quarterly distribution will be paid on 14 November 2014, to unit holders of record as of the close of business on 31 October 2014.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldpipelines.com/business-news/07102014/tallgrass-increases-quarterly-distribution-for-fifth-consecutive-quarter-883/
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