Tallgrass Energy Partners, LP (NYSE: TEP) and Tallgrass Energy GP, LP
(NYSE: TEGP) (“Tallgrass”) today announced their quarterly distributions
for the first quarter of 2016. The distributions will be paid on Friday,
May 13, 2016, to unitholders and shareholders of record as of the close
of business on Thursday, April 21, 2016.
TEP
The board of directors of TEP’s general partner declared a quarterly
cash distribution of $0.705 per common unit for the first quarter of
2016, or $2.82 on an annualized basis. This represents a 35.6 percent
increase from the first quarter 2015 distribution of $0.52 per common
unit and a 10.2 percent sequential increase from the fourth quarter 2015
distribution of $0.64 per common unit. It is TEP’s eleventh consecutive
increase since its IPO in May 2013.
“We are very pleased to increase TEP’s distribution by $0.065,” said
Tallgrass President and CEO David G. Dehaemers, Jr. “This amount is
above the minimum increase of $0.06 for the first quarter of 2016 that
was announced in conjunction with the January 2016 acquisition of an
interest in Pony Express and demonstrates our continued commitment to
prudently grow our distributions.”
TEGP
The board of directors of TEGP’s general partner declared a quarterly
cash distribution of $0.21 per Class A share for the first quarter of
2016, or $0.84 on an annualized basis. This represents a 21.4 percent
sequential increase from the fourth quarter 2015 distribution of $0.173
per Class A share and its third 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
and Midwest regions of the United States through 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.
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