Inergy, L.P. Declares Quarterly Cash Distribution
The Board of Directors of Inergy GP, LLC, general partner of Inergy, L.P. (NYSE:NRGY) (“Inergy”), announced that it has declared the partnership’s quarterly cash distribution of $0.13 per limited partner unit ($0.52 annually) for the quarter ended June 30, 2013. The distribution will be paid on August 14, 2013, to unitholders of record as of August 7, 2013.
On June 18, 2013, Inergy completed the pro rata distribution to its unitholders of approximately 56.4 million common units of Inergy Midstream, L.P. (NYSE:NRGM) at a distribution rate of 0.432052 NRGM unit for each Inergy limited partner unit owned on the record date. As a result, Inergy’s quarterly cash distribution of $0.13 reflects the NRGM unit distribution. Inergy investors who received – and continue to own through August 7, 2013 – NRGM common units distributed by Inergy will receive total quarterly cash distributions of $0.3025 per Inergy unit, consisting of the $0.13 per unit to be paid directly by Inergy and approximately $0.1725 per Inergy unit to be paid by NRGM, based upon NRGM’s declared quarterly distribution of $0.40 per NRGM common unit.
On June 19, 2013, Crestwood Holdings LLC completed the previously announced acquisition of Inergy’s general partner and contributed to Inergy ownership of CMLP GP, LLC, which owns 100% of the general partnership interests and incentive distribution rights of Crestwood Midstream Partners LP (NYSE:CMLP) (“Crestwood”).
Inergy, Inergy Midstream, and Crestwood each plan to release earnings for the quarter ended June 30, 2013 on August 6, 2013. Inergy, Inergy Midstream, and Crestwood will host a joint conference call and internet webcast on August 6, 2013, at 9:00 a.m. Central Time to discuss the results of operations for the quarter. The call-in number for the earnings call is 1-480-629-9723, and the conference name is Inergy. The live internet webcast and the replay can be accessed on Inergy’s website, www.inergylp.com. A digital recording of the call will be available for one week following the call by dialing 1-303-590-3030 and entering the pass code 4631393.About Inergy, L.P. Inergy, L.P. is a publicly traded master limited partnership that controls, owns, and operates energy midstream businesses. Inergy's operations include a natural gas storage business in Texas and an NGL and crude oil supply and logistics business that serves customers in the United States and Canada. Through its general partner interest in Inergy Midstream, L.P. and Crestwood Midstream Partners LP, Inergy is also engaged in the development and operation of natural gas, NGL and crude oil gathering, processing, storage, and transportation assets in multiple unconventional shale plays across the United States. For more information about Inergy, L.P., visit www.inergylp.com. About Inergy Midstream, L.P. Inergy Midstream, L.P. is a publicly traded master limited partnership that develops, owns, and operates predominantly fee-based natural gas, NGL and crude oil storage and transportation businesses in the Northeast region of the United States and in North Dakota. For more information about Inergy Midstream, L.P., visit www.inergylp.com . About Crestwood Midstream Partners LP Houston, Texas-based Crestwood is a growth-oriented, midstream master limited partnership which owns and operates predominately fee-based gathering, processing, treating, and compression assets servicing natural gas producers in the Barnett Shale in north Texas, the Marcellus Shale in northern West Virginia, the Fayetteville Shale in northwest Arkansas, the Granite Wash in the Texas Panhandle, the Avalon Shale/Bone Spring in southeastern New Mexico, and the Haynesville/Bossier Shale in western Louisiana. For more information about Crestwood, visit www.crestwoodlp.com . Forward-Looking Statements This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Inergy’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
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