Sanchez Midstream Partners Increases Distribution on Common Units; Announces Distribution on Class B Preferred Units
10 August 2017 - 7:00AM
Sanchez Midstream Partners LP (NYSE American:SNMP) (“SNMP” or the
“Partnership”) announced today that the board of directors of its
general partner has declared a quarterly cash distribution on its
common units of $0.4441 per unit ($1.7764 per unit
annualized).
The distribution represents an
increase of approximately 11.0% since the Partnership initiated
distributions in November 2015 and an increase of approximately
6.2% over the Partnership’s August 2016 cash distribution.
The board of directors of the general partner
has also declared a cash distribution to the holders of its Class B
preferred units equal to $0.28225 per Class B preferred unit.
The distributions are payable on Aug. 31, 2017
to holders of record on Aug. 22, 2017.
About the PartnershipSanchez
Midstream Partners LP (NYSE American:SNMP) is a growth-oriented
publicly-traded limited partnership focused on the acquisition,
development, ownership and operation of midstream and production
assets in North America. The Partnership has ownership stakes
in oil and natural gas gathering systems, natural gas pipelines,
and a natural gas processing facility, all located in the Western
Eagle Ford in South Texas.
Additional
InformationAdditional information about SNMP can be found
in the Partnership’s documents on file with the U.S. Securities and
Exchange Commission (www.sec.gov) and in the “Investor
Presentation” available on the Partnership’s website
(www.sanchezmidstream.com).
This press release is intended to be a qualified
notice under Treasury Regulation Section 1.1446-4(b) and (d).
Brokers and nominees are treated as withholding agents responsible
for withholding distributions received by them on behalf of foreign
investors and should treat one hundred percent (100.0%) of SNMP’s
distributions to non-U.S. investors as being attributable to income
that is effectively connected with a United States trade or
business. Accordingly, SNMP’s distributions to non-U.S.
investors are subject to federal income tax withholding at the
highest applicable effective tax rate.
Forward-Looking StatementsThis
press release contains, and the officers and representatives of the
Partnership and its general partner may from time to time make,
statements that are considered forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. These forward-looking statements are
subject to a number of risks and uncertainties, many of which are
beyond our control, which may include statements about
our: business strategy; acquisition strategy; financing
strategy; ability to make, maintain and grow distributions; the
ability of our customers to meet their drilling and development
plans on a timely basis or at all and perform under gathering and
processing agreements; future operating results; future capital
expenditures; and plans, objectives, expectations, forecasts,
outlook and intentions. All of these types of statements,
other than statements of historical fact included in this press
release, are forward-looking statements. In some cases,
forward-looking statements can be identified by terminology such as
“may,” “could,” “should,” “expect,” “plan,” “project,” “intend,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“pursue,” “target,” “continue,” the negative of such terms or other
comparable terminology.
The forward-looking statements contained in this
press release are largely based on our expectations, which reflect
estimates and assumptions made by our management. These
estimates and assumptions reflect our best judgment based on
currently known market conditions and other factors. Although
we believe such estimates and assumptions to be reasonable, they
are inherently uncertain and involve a number of risks and
uncertainties that are beyond our control. In addition,
management’s assumptions about future events may prove to be
inaccurate. Management cautions all readers that the
forward-looking statements contained in this press release are not
guarantees of future performance, and we cannot assure any reader
that such statements will be realized or the forward-looking events
and circumstances will occur. Actual results may differ
materially from those anticipated or implied in the forward-looking
statements due to factors listed in the “Risk Factors” section in
our filings with the U.S. Securities and Exchange Commission and
elsewhere in those filings. The forward-looking statements
speak only as of the date made, and other than as required by law,
we do not intend to publicly update or revise any forward-looking
statements as a result of new information, future events or
otherwise. These cautionary statements qualify all
forward-looking statements attributable to us or persons acting on
our behalf.
PARTNERSHIP CONTACT
Charles C. Ward
Chief Financial Officer
Sanchez Production Partners GP LLC
(877) 847-0009
General Inquiries: (877) 847-0008
www.sanchezmidstream.com
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