Hi-Crush Partners LP Announces 9% Increase in Third Quarter 2014 Distribution to $0.625 per Unit
Houston, Texas - October 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 $0.625 per unit on all common and subordinated units, or $2.50 on an annualized basis. The approved distribution represents a second consecutive increase of $0.05 or 9% over the previous quarter's distribution, and is the fifth consecutive increase over the minimum quarterly distribution declared by the partnership.
"We remain focused on growth, and on delivery of value to our Hi-Crush unit holders," said Laura Fulton, Chief Financial Officer of Hi-Crush. "Our success in securing long-term committed volumes has provided consistently solid results, and our financial outlook is strong. Over the last five quarters, we have increased our quarterly distribution by 32%, and are confident that we can continue to deliver on double digit annual growth in our distributions to all unit holders through similar quarterly increases."
The distribution will be paid on November 14, 2014 to all common and subordinated unit holders of record on October 31, 2014.
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.
Hi-Crush is an integrated producer, transporter, marketer and distributor of high-quality monocrystalline sand, a specialized mineral that is used as a "proppant" (frac sand) to enhance the recovery rates of hydrocarbons from oil and natural gas wells. Our reserves, which are located in Wyeville, 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.
Source: Hi-Crush Partners LP