Houston, Texas, October 17, 2013 - 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 $0.49 per unit on all common and subordinated units, or $1.96 on an annualized basis. The approved distribution represents an increase of 3% over the previous quarter's distribution and is the first increase over the minimum quarterly distribution declared by the partnership.
"We were ready to raise the minimum quarterly distribution for the third quarter, which was a quarter earlier than our previous guidance," said Laura Fulton, Chief Financial Officer of Hi-Crush. "Going forward, we maintain our 2014 distribution guidance of low double digit growth over our prior annualized distribution of $1.90 per unit in 2013."
The distribution will be paid on November 15, 2013 to all common and subordinated unit holders of record on November 1, 2013.
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.