HOUSTON, March 12, 2018 (GLOBE NEWSWIRE) -- Hi-Crush Partners LP (NYSE:HCLP), or “Hi-Crush”, today announced that following the close of business on March 16, 2018, Hi-Crush will be added to both the Alerian MLP Index (AMZ) and the Alerian MLP Equal Weight Index (AMZE), becoming one of the 50 constituents of each of those indices.
“The addition of Hi-Crush to the AMZ and AMZE indices is recognition of the prudent investments we have made over the past few years, resulting in a stronger balance sheet and providing Hi-Crush with the sustainable cash flow to support meaningful distribution growth, while also executing on our significant unit repurchase program,” said Laura C. Fulton, Chief Financial Officer.
Hi-Crush previously announced that it expects to increase its quarterly cash distribution by approximately 10% per quarter for the foreseeable future, subject to periodic review and market conditions. Hi-Crush also previously announced a $100 million unit repurchase program. Hi-Crush repurchased 2,030,163 common units during the fourth quarter of 2017, for a total cost of $20.0 million under the authorized $100 million unit buyback program.
Hi-Crush is a premier provider of proppant and logistics solutions to the North American energy industry. Our portfolio of purpose-built production facilities is capable of producing 13.4 million tons per year of high-quality monocrystalline sand, a specialized mineral used as a proppant during the well completion process, necessary to facilitate the recovery of hydrocarbons from oil and natural gas wells. Our Wisconsin production facilities' direct access to major U.S. railroads enhances our delivery capabilities into consuming basins, while our strategically located owned and operated in-basin terminals as well as our Texas production facility positions us within close proximity to significant activity in all major oil and gas basins for advantageous truck transportation. Our integrated distribution system, enhanced by our innovative PropStream logistics solution, efficiently delivers proppant the "last mile" into the blender, providing customers surety of supply from mine to wellsite. For more information, visit www.hicrush.com.
Marc Silverberg, ICR
Source: Hi-Crush Partners LP
Hi-Crush Partners LP