Duncan Energy Partners Increases Quarterly Cash Distribution; Announces Record Date And Special Unitholder Meeting
Duncan Energy Partners L.P. (NYSE:DEP) today announced that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.46 per common unit, or $1.84 per unit on an annualized basis. The quarterly distribution will be paid on Wednesday, August 10, 2011, to unitholders of record at the close of business on Friday, July 29, 2011. This distribution represents a 2.2 percent increase from the $0.45 per unit distribution declared for the second quarter of 2010 and is the 11 th consecutive quarterly distribution increase.
Also on July 15, 2011, Duncan Energy Partners L.P. announced it will host a special meeting of unitholders at 8 a.m. CDT on September 7, 2011 to consider and vote upon approval of the Agreement and Plan of Merger with Enterprise Products Partners L.P. (NYSE:EPD) and the merger. The meeting will be held at the partnership’s offices located at 1100 Louisiana Street, 10 th floor, Houston, TX 77002. The record date for the special meeting has been set for July 25, 2011, and unitholders of record at the close of business on the record date will be entitled to vote at the special meeting.
The two publicly-traded partnerships announced a definitive agreement to merge on April 29, 2011. Under the terms of the definitive merger agreement, DEP unitholders would receive 1.01 EPD common units in exchange for each DEP limited partner unit they own at closing.
Duncan Energy Partners will announce earnings for the second quarter 2011 on Tuesday, August 9, 2011, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will join Enterprise Products Partners L.P. to discuss second quarter financial performance in a combined conference call with analysts and investors at 9 a.m. CDT. The call will be broadcast live on the Internet and may be accessed at the partnership’s website ( www.deplp.com).To listen to the webcast, participants should visit the “Investors” section of the partnership’s website at least 15 minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available for one week following the conference call and can be accessed one hour after the completion of the call.
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