Copano energy maintains quarterly cash distribution
Jul 11, 2012 3:15:00 PM
Close Ad
HOUSTON, July 11, 2012 /PRNewswire/ -- Copano Energy, L.L.C. (NASDAQ: CPNO) announced today a cash distribution for the second quarter of 2012 of $0.575 per unit, or $2.30 per unit on an annualized basis, for all of its outstanding common units. This distribution will be payable on August 9, 2012, to holders of record of common units at the close of business on July 31, 2012.
"Copano will maintain its $0.575 quarterly distribution to unitholders," said R. Bruce Northcutt, President and Chief Executive Officer of Copano. "We expect that our second quarter distribution coverage will be significantly higher than our first quarter coverage but less than 100% due primarily to the effect of lower commodity prices.
"At our Houston Central Complex, our 200,000 Mcf/d cryo plant is performing better than originally expected and we are continuing to see increased volumes from the Eagle Ford. We are making good progress on our 2012 Eagle Ford capital projects and will start to see the benefits of our fully integrated strategy once our first 400,000 Mcf/d processing expansion and Formosa's 75,000 Bbl/d fractionation expansion are complete early next year," Northcutt added.
This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of Copano's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Copano's distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Copano, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.
"My well came in big, so big, Bick and there's more down there and there's bigger wells. I'm rich, Bick. I'm a rich 'un. I'm a rich boy." - Jett Rink
