Vanguard Natural Resources, LLC (NYSE:VNR) (“Vanguard” or “the Company”) announced today that its board of directors has approved the Company changing its quarterly distribution policy to a monthly distribution. The monthly distribution policy will commence with the July 2012 distribution to be paid in September. The payable date will be 45 days from the month end with the record date being the first business day of the payable date month. As an example, the table below illustrates the new distribution policy for the next four months but will continue in this manner until further notice.
|Distribution Month||Record Date||Payable Date|
|July 2012||September 4, 2012||September 14, 2012|
|August 2012||October 1, 2012||October 15, 2012|
|September 2012||November 1, 2012||November 14, 2012|
|October 2012||December 3, 2012||December 14, 2012|
Richard Robert, EVP & CFO, commented, “We have listened to investors and we believe that we are giving them what they want. A monthly distribution should allow investors to better manage their finances by matching their monthly cash outflows with monthly cash inflows. In addition, a monthly distribution will allow us to reward our investors in a timelier manner as we make accretive acquisitions in the future. We believe the decision to pay distributions monthly rather than quarterly will be welcomed by both our current Vanguard unitholders as well as other potential investors looking to invest in high yielding energy securities.”
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