Hi-Crush Partners LP Announces Fourth Quarter 2013 Distribution
Houston, Texas, January 16, 2014 - Hi-Crush Partners LP (NYSE: HCLP), Hi-Crush or the Partnership, announced today that the Board of Directors of its general partner has declared a cash distribution of $0.51 per unit on all common and subordinated units, or $2.04 on an annualized basis. The approved distribution represents an increase of 4% over the previous quarter's distribution and is the second increase over the minimum quarterly distribution declared by the Partnership.
"We are pleased to raise the distribution for the second time in line with our guidance," said Laura Fulton, Chief Financial Officer of Hi-Crush. "We reiterate our 2014 guidance of low double digit distribution growth over our prior annualized minimum quarterly distribution of $1.90 per unit."
The distribution will be paid on February 14, 2014 to all common and subordinated unit holders of record on January 31, 2014.
Distributions to Foreign Investors
The declaration of the distribution is 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. The Partnership's 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