Tallgrass Energy Increases Quarterly Distributions and Announces Date for Third Quarter 2017 Financial Results
Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass Energy GP, LP
(NYSE: TEGP) (“Tallgrass”) today announced their quarterly distributions
for the third quarter of 2017. The distributions will be paid on
Tuesday, November 14, 2017, to unitholders and shareholders of record as
of the close of business on Tuesday, October 31, 2017.
TEP
The board of directors of TEP’s general partner declared a quarterly
cash distribution of $0.945 per common unit for the third quarter of
2017, or $3.78 on an annualized basis. This represents a sequential
increase of 2.2 percent from the second quarter 2017 distribution of
$0.925 per common unit and an increase of 18.9 percent from the third
quarter 2016 distribution of $0.795 per common unit. It is TEP’s 17th
consecutive increase since its May 2013 IPO.
The increase is in excess of management’s previously announced plan to
recommend to the board of directors of its general partner increases in
its second and third quarter 2017 distributions that would aggregate to
at least $0.10 per unit (or $0.40 per unit on an annualized basis) over
the first quarter 2017 distribution of $0.835. TEP acquired an
approximate 25 percent membership interest in Rockies Express Pipeline
LLC in March 2017 and has increased the distribution by an aggregate of
$0.11 for the second and third quarters of 2017.
TEGP
The board of directors of TEGP’s general partner declared a quarterly
cash distribution of $0.3550 per Class A share for the third quarter of
2017, or $1.42 on an annualized basis. This represents a 3.6 percent
sequential increase from the second quarter 2017 distribution of $0.3425
per Class A share and an increase of 35.2 percent from the third quarter
2016 distribution of $0.2625 per Class A share. It is TEGP’s ninth
consecutive increase since its May 2015 IPO.
Third Quarter 2017 Financial Results and
Conference Call
Tallgrass plans to report third quarter 2017 financial results on
Thursday, November 2, 2017, after market close and hold a conference
call at 3:30 p.m. Central Time that same day.
Tallgrass invites unitholders, shareholders and other interested parties
to listen to the call through a link posted on the Investor Relations
section of Tallgrass’s website at www.tallgrassenergy.com.
Tax Considerations
This release is intended to be a qualified notice to nominees and
brokers under Treasury Regulation Sections 1.1446-4(b)(4) and (d). All
of TEP’s distributions to foreign investors are attributable to income
that is effectively connected with a United States trade or business.
Accordingly, TEP’s distributions to foreign investors are subject to
federal income tax withholding at the highest effective tax rate.
About Tallgrass Energy
Tallgrass Energy is a family of companies that includes publicly traded
partnerships Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass
Energy GP, LP (NYSE: TEGP), and privately held Tallgrass Development,
LP. Operating across 10 states, Tallgrass is a growth-oriented midstream
energy operator with transportation, storage, terminal, water, gathering
and processing assets that serve some of the nation’s most prolific
crude oil and natural gas basins.
To learn more, please visit our website at www.tallgrassenergy.com.
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Copyright Business Wire 2017
Source: Business Wire
(October 10, 2017 - 2:25 PM EDT)
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