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Oklahoma business briefs for Jan. 26

Oklahoma business briefs for Jan. 26
Published: January 26, 2013


Access to boost

cash distribution

Access Midstream Partners LP is boosting its quarterly cash distribution to 45 cents per each common, subordinated or Class C unit for the fourth quarter. The distribution is up 15 percent over the same period of last year. The board of Access' general partner also declared a distribution equal to 45 cents a unit on its Class B units that will be paid in the form of additional Class B units. The distributions will be paid Feb. 13.

NGL hikes distribution 5 quarters in a row

NGL Energy Partners LP will pay a quarterly cash distribution of 46.25 cents a unit for the third fiscal quarter. That is an increase of 1.25 cents a unit, marking the fifth consecutive quarter NGL has increased its distribution since its initial public offering in May 2011. “We are pleased to announce a distribution increase of 32.1 percent over our distribution paid for the same quarter of the prior fiscal year and 2.8 percent over the distribution paid in the prior fiscal quarter,” CEO H. Michael Krimbill said. “As a result of NGL's continued acquisition activity generating higher earnings and distributable cash flow, a slate of organic asset growth projects, plus very strong distribution coverage, we are targeting distribution growth for calendar 2013 in the range of 12 percent to 15 percent.” The distribution is payable on Feb. 15.

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