Sanchez Production Partners Increases the Distribution on Its Common Units; Announces Distributions on Class A and Class B Preferred Units
HOUSTON, TX--(Marketwired - February 09, 2016) - Sanchez Production Partners LP (NYSE MKT: SPP) ("SPP" or the "Partnership") has declared a fourth quarter 2015 cash distribution on its common units of $0.4060 per unit ($1.6240 per unit annualized), which represents a 1.5% increase over the Partnership's third quarter 2015 cash distribution on common units.
The Partnership has also declared a fourth quarter 2015 paid-in-kind distribution of 2.5% on its Class A preferred units and a fourth quarter 2015 prorated cash distribution of $0.3815 per unit on its Class B preferred units.
The distributions are payable on Feb. 29, 2016 to holders of record on Feb. 19, 2016.
ABOUT THE PARTNERSHIP
Sanchez Production Partners LP (NYSE MKT: SPP) is a publicly-traded limited partnership focused on the acquisition, development, ownership and operation of midstream and other energy production assets. The Partnership owns an oil and natural gas gathering and processing system located in the Eagle Ford Shale in Dimmit and Webb Counties, Texas. The Partnership also currently owns producing reserves in the Eagle Ford Shale in South Texas, the Gulf Coast region of Texas and Louisiana, and across several basins in Oklahoma and Kansas. The Partnership announced in March 2015 that is exploring the possible divestiture of its assets and operations in Oklahoma and Kansas.
Additional information about SPP can be found in the Partnership's documents on file with the U.S. Securities and Exchange Commission (www.sec.gov) and in the "Investor Presentation" available on the Partnership's website.
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of SPP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, SPP's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
This press release contains statements that are considered forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors, many of which are beyond our control. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the "Risk Factors" section in our U.S. Securities and Exchange Commission filings and elsewhere in those filings. The forward-looking statements speak only as of the date made, and other than as required by law, we do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.
(February 9, 2016 - 4:15 PM EST)
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