Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass Energy GP, LP
(NYSE: TEGP) (“Tallgrass”) today announced their quarterly distributions
for the second quarter of 2016. The distributions will be paid on
Friday, August 12, 2016, to unitholders and shareholders of record as of
the close of business on Friday, July 29, 2016.
TEP
The board of directors of TEP’s general partner declared a quarterly
cash distribution of $0.755 per common unit for the second quarter of
2016, or $3.02 on an annualized basis. This represents a sequential
increase of 7.1 percent from the first quarter 2016 distribution of
$0.705 per common unit and an increase of 30.2 percent from the second
quarter 2015 distribution of $0.58 per common unit. It is TEP’s twelfth
consecutive increase since its IPO in May 2013.
The increase is consistent with TEP’s plan to recommend to the Board of
Directors of its general partner increases in its second and third
quarter 2016 distributions that will aggregate to approximately $0.09
over the first quarter 2016 distribution of $0.705. TEP acquired a 25
percent membership interest in Rockies Express Pipeline in May 2016.
TEGP
The board of directors of TEGP's general partner declared a quarterly
cash distribution of $0.245 per Class A share for the second quarter of
2016, or $0.98 annualized basis. This represents a sequential increase
of 16.7 percent from the first quarter 2016 distribution of $0.21 per
Class A share and an increase of 84.2 percent from the pro forma
full-quarter (non-prorated) second quarter 2015 distribution per Class A
share. It is TEGP’s fourth consecutive increase since its IPO in May
2015.
About Tallgrass Energy Partners, LP
Tallgrass Energy Partners, LP (NYSE: TEP) is a publicly traded,
growth-oriented limited partnership formed to own, operate, acquire and
develop midstream energy assets in North America. TEP currently provides
crude oil transportation to customers in Wyoming, Colorado, and the
surrounding regions through Pony Express, which owns the Pony Express
System, a crude oil pipeline commencing in Guernsey, Wyoming and
terminating in Cushing, Oklahoma that includes a lateral in northeast
Colorado that commences in Weld County, Colorado, and interconnects with
the pipeline just east of Sterling, Colorado. It provides natural gas
transportation and storage services for customers in the Rocky Mountain,
Midwest and Appalachian regions of the United States through the Rockies
Express Pipeline, a FERC-regulated natural gas pipeline system extending
from Opal, Wyoming and Meeker, Colorado to Clarington, Ohio, the
Tallgrass Interstate Gas Transmission system, a FERC-regulated natural
gas transportation and storage system located in Colorado, Kansas,
Missouri, Nebraska and Wyoming, and the Trailblazer Pipeline system, a
FERC-regulated natural gas pipeline system extending from the Colorado
and Wyoming border to Beatrice, Nebraska. TEP provides services for
customers in Wyoming at the Casper and Douglas natural gas processing
facilities and the West Frenchie Draw natural gas treating facility, and
NGL transportation services in Northeast Colorado. TEP also performs
water business services in Colorado and Texas through BNN Water
Solutions, LLC. TEP’s operations are strategically located in and
provide services to certain key United States hydrocarbon basins,
including the Denver-Julesburg, Powder River, Wind River, Permian and
Hugoton-Anadarko Basins and the Niobrara, Mississippi Lime, Eagle Ford
and Bakken shale formations.
About Tallgrass Energy GP, LP
Tallgrass Energy GP, LP (NYSE: TEGP) is a limited partnership that has
elected to be treated as a corporation for U.S. federal income tax
purposes. TEGP owns a controlling membership interest in Tallgrass
Equity, LLC through its role as the sole managing member. Tallgrass
Equity, LLC owns, both directly and through its ownership of the general
partner of TEP, all of TEP's incentive distribution rights, 100 percent
of the general partner interest in TEP and 20,000,000 TEP Common Units.
To learn more, please visit our website at www.tallgrassenergy.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160706005264/en/
Copyright Business Wire 2016
