NGL Energy Partners LP (NYSE: NGL) announced today that the Board of
Directors of its general partner increased the quarterly cash
distribution for the third fiscal quarter ended December 31, 2012, by
$.0125 to $0.4625 per outstanding limited partner unit from $0.45 per
unit, resulting in an annualized cash distribution of $1.85 per unit.
This distribution is payable on February 14, 2013, to unitholders of
record entitled to receive the distribution at the close of business on
February 4, 2013. This is the fifth consecutive quarter NGL has
increased its cash distribution since its initial public offering in May
2011.
“We are pleased to announce a distribution increase of 32.1% over our
distribution paid for the same quarter of the prior fiscal year and 2.8%
over the distribution paid in the prior fiscal quarter,” said H. Michael
Krimbill, CEO. “As a result of NGL’s continued acquisition activity
generating higher earnings and distributable cash flow, a slate of
organic asset growth projects, plus very strong distribution coverage,
we are targeting distribution growth for calendar 2013 in the range of
12%-15%.”
This press release includes “forward-looking statements.”
All statements other than statements of historical facts included or
incorporated herein may constitute forward-looking statements. Actual
results could vary significantly from those expressed or implied in such
statements and are subject to a number of risks and uncertainties. While
NGL believes its expectations as reflected in the forward-looking
statements are reasonable, NGL can give no assurance that such
expectations will prove to be correct. The forward-looking statements
involve risks and uncertainties that affect operations, financial
performance, and other factors as discussed in filings with the
Securities and Exchange Commission. Other factors that could impact any
forward-looking statements are those risks described in NGL’s annual
report on Form 10-K, quarterly reports on Form 10-Q, and other public
filings. You are urged to carefully review and consider the cautionary
statements and other disclosures made in those filings, specifically
those under the heading “Risk Factors”. NGL undertakes no obligation to
publicly update or revise any forward-looking statements except as
required by law.
About NGL Energy Partners LP
NGL Energy Partners LP is a Delaware limited partnership. NGL owns and
operates a vertically integrated energy business with four primary
businesses: water services, crude oil logistics, NGL logistics and
retail. NGL completed its initial public offering in May 2011. For
further information visit the Partnership's website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section
1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy
Partner LP’s distributions to foreign investors as being attributable to
income that is effectively connected with a United States trade or
business. Therefore, distributions to foreign investors are
subject to federal income tax withholding at the highest applicable
effective tax rate.
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