Press release from PR Newswire
Spectra Energy Partners Announces Quarterly Cash Distribution Increase of Five-Eighths Cent to $0.50125 Per Unit
Monday, April 29, 2013
Spectra Energy Partners Announces Quarterly Cash Distribution Increase of Five-Eighths Cent to $0.50125 Per Unit17:21 EDT Monday, April 29, 2013
--Quarterly distribution equates to $2.005 per unit on an annual basis
--Following an expected third quarter close on a drop-down from our general partner, the quarterly distribution increase will be raised to three-quarters of a cent per unit
HOUSTON, April 29, 2013 /PRNewswire/ -- Spectra Energy Partners, LP (NYSE: SEP) announced that the board of directors of its general partner declared a quarterly cash distribution to unitholders of $0.50125 per unit, an increase of five-eighths cent over the previous level of $0.495 per unit. This is the 22nd consecutive quarter that Spectra Energy Partners has increased its quarterly cash distribution. The cash distribution is payable on May 15, 2013, to unitholders of record at the close of business on May 9, 2013. This quarterly cash distribution equates to $2.005 per unit on an annual basis.
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"Our distribution increase of five-eighths cent per unit demonstrates our commitment to growing our portfolio and our distributions in a meaningful way. That growth will be supported by our general partner's expectation to drop down over $2 billion in fee-based assets during the next two years," said Julie Dill, president and chief executive officer. "Spectra Energy Corp's intentions support a very positive distribution outlook for our unitholders. And that includes our objective to increase our quarterly distribution by three-quarters of a cent following a drop-down which we expect to be announced this quarter."
This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b). Please note that 100 percent of Spectra Energy Partners' distributions to foreign investors are attributable to income that is effectively connected with a U.S. trade or business. Accordingly, Spectra Energy Partners' distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on our beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: the timing and success of the completion of the expected drop-down; state and federal legislative and regulatory initiatives that affect cost and investment recovery, have an effect on rate structure, and affect the speed at and degree to which competition enters the natural gas industries; outcomes of litigation and regulatory investigations, proceedings or inquiries; weather and other natural phenomena, including the economic, operational and other effects of hurricanes and storms; the timing and extent of changes in interest rates; general economic conditions, including the risk of a prolonged economic slowdown or decline, or the risk of delay in a recovery, which can affect the long-term demand for natural gas and related services; potential effects arising from terrorist attacks and any consequential or other hostilities; changes in environmental, safety and other laws and regulations; results and costs of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general market and economic conditions; increases in the cost of goods and services required to complete capital projects; growth in opportunities, including the timing and success of efforts to develop domestic pipeline, storage, gathering and other infrastructure projects and the effects of competition; the performance of natural gas transmission, storage and gathering facilities; the extent of success in connecting natural gas supplies to transmission and gathering systems and in connecting to expanding gas markets; the effect of accounting pronouncements issued periodically by accounting standard-setting bodies; conditions of the capital markets during the periods covered by the forward-looking statements; and the ability to successfully complete merger, acquisition or divestiture plans; regulatory or other limitations imposed as a result of a merger, acquisition or divestiture; and the success of the business following a merger, acquisition or divestiture. These factors, as well as additional factors that could affect our forward-looking statements, are described in our filings that we make with the SEC, which are available via the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. All forward-looking statements in this release are made as of the date hereof and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based master limited partnership, formed by Spectra Energy Corp (NYSE: SE), that owns interests in natural gas transportation and storage assets in the United States, including more than 3,500 miles of transmission and gathering pipelines and approximately 57 billion cubic feet (Bcf) of natural gas storage. These assets are capable of transporting 4.5 Bcf of natural gas per day from growing supply areas to high-demand markets.
SOURCE Spectra Energy Partners, LP
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