DALLAS, Jan. 23, 2013 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today that the board of directors of its general partner, Summit Midstream GP, LLC, has declared a quarterly cash distribution of $0.41 per unit on all of its outstanding common and subordinated units, or $1.64 per unit on an annualized basis, for the quarter ended December 31, 2012. The distribution will be paid on February 14, 2013 to unitholders of record as of the close of business on February 7, 2013.
This is SMLP's first distribution to be paid since closing its initial public offering and is 5.96% over the $0.3870 per unit pro-rated minimum quarterly distribution, or MQD for the quarter based on the October 3, 2012 closing date for the initial public offering.
About Summit Midstream Partners, LPSummit Midstream Partners, LP is a growth-oriented limited partnership focused on owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in North America. SMLP currently provides fee-based natural gas gathering and compression services in two unconventional resource basins: (i) the Piceance Basin, which includes the Mesaverde, Mancos and Niobrara Shale formations in western Colorado; and (ii) the Fort Worth Basin, which includes the Barnett Shale formation in north-central Texas. SMLP owns and operates approximately 386 miles of pipeline and 147,600 horsepower of compression. SMLP is headquartered in Dallas, TX with offices in Houston, TX, Denver, CO and Atlanta, GA. Summit Midstream Partners, LLC ("Summit Investments") owns a 69.1% limited partner interest in SMLP and owns and controls the general partner of SMLP, Summit Midstream GP, LLC, which has sole responsibility for conducting the business and managing the operations of SMLP. Summit Investments is a privately held company owned by members of management, funds controlled by Energy Capital Partners II, LP, and GE Energy Financial Services, Inc. and certain of its affiliates.