Hi-Crush Partners LP Announces 9.5% Increase in Second Quarter 2014 Distribution to $0.575 per Unit
16 Juli 2014 - 11:00PM
News Release
Houston, Texas, July 16, 2014 - Hi-Crush Partners
LP (NYSE: HCLP), or Hi-Crush, announced today that the Board of
Directors of its general partner has declared a cash distribution
of $0.575 per unit on all common and subordinated units, or $2.30
on an annualized basis. The approved distribution represents
an increase of $0.05 or 9.5% over the previous quarter's
distribution and is the fourth consecutive increase over the
minimum quarterly distribution declared by the partnership.
"Over the last four quarters, we have increased
our quarterly distribution by 21%," said Laura Fulton, Chief
Financial Officer of Hi-Crush. "Hi-Crush continues to be
focused on providing double digit annual growth in our
distributions to all unitholders through similar quarterly
increases."
The distribution will be paid on August 15, 2014
to all common and subordinated unit holders of record on August 1,
2014.
Hi-Crush also announced today that the conditions
precedent to conversion of its Class B units into common units will
be satisfied upon payment of the distribution on August 15, 2014
and, upon such payment, Hi-Crush Proppants LLC, Hi-Crush's sponsor
and sole owner of the partnership's Class B units, will be eligible
to convert all of the partnership's 3,750,000 Class B units on a
one-for-one basis into common units.
Distributions to Foreign
Investors
The declaration of the distribution intended to be
a qualified notice to nominees under Treasury Regulation Section
1.1446-4(b), with 100% of the Partnership's distributions to
foreign investors attributable to income that is effectively
connected with a United States trade or business.
Accordingly, the Partnership's distributions to foreign investors
are subject to federal income tax withholding at the highest
effective tax rate.
About Hi-Crush
Hi-Crush is an integrated producer, transporter,
marketer and distributor of high-quality monocrystalline sand, a
specialized mineral that is used as a proppant to enhance the
recovery rates of hydrocarbons from oil and natural gas wells. Our
reserves, which are located in Wisconsin, consist of "Northern
White" sand, a resource that exists predominately in Wisconsin and
limited portions of the upper Midwest region of the United States.
Hi-Crush owns and operates the largest distribution network in the
Marcellus and Utica shales, and has distribution capabilities
throughout North America. For more information, visit
www.hicrushpartners.com.
Forward-Looking Statements
Some of the information in this
news release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"). Forward-looking statements give our current
expectations, and contain projections of results of operations or
of financial condition, or forecasts of future events. Words such
as "may," "assume," "forecast," "position," "predict," "strategy,"
"expect," "intend," "plan," "estimate," "anticipate," "could,"
"believe," "project," "budget," "potential," or "continue," and
similar expressions are used to identify forward-looking
statements. They can be affected by assumptions used or by known or
unknown risks or uncertainties. Consequently, no forward-looking
statements can be guaranteed. When considering these
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in Hi-Crush's reports filed
with the Securities and Exchange Commission ("SEC"), including
those described under 1A of Hi-Crush's Form 10-K for the year ended
December 31, 2013 and any subsequently filed 10-Q. Actual results
may vary materially. You are cautioned not to place undue reliance
on any forward-looking statements. You should also understand that
it is not possible to predict or identify all such factors and
should not consider the risk factors in our reports filed with the
SEC or the following list to be a complete statement of all
potential risks and uncertainties. Factors that could cause our
actual results to differ materially from the results contemplated
by such forward-looking statements include: the volume of frac sand
we are able to sell; the price at which we are able to sell frac
sand; the outcome of any pending litigation; changes in the price
and availability of natural gas or electricity; changes in
prevailing economic conditions; and difficulty collecting
receivables. All forward-looking statements are expressly qualified
in their entirety by the foregoing cautionary statements.
Hi-Crush's forward-looking statements speak only as of the date
made and Hi-Crush undertakes no obligation to update or revise its
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor
Contact:
Investor Relations
ir@hicrushpartners.com
(713) 960-4811
Source: Hi-Crush Partners LP
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Hi-Crush Partners LP via Globenewswire
HUG#1828271
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