Hiland Announces Quarterly Distribution Declarations
Posted on: Friday, 25 April 2008, 09:01 CDT
ENID, Okla., April 25 /PRNewswire-FirstCall/ -- The Hiland companies, Hiland Partners, LP and Hiland Holdings GP, LP today announce the following quarterly distribution declarations.
Hiland Partners, LP
The Board of Directors of Hiland Partners GP, LLC, the managing general partner of Hiland Partners, LP, today announced an increase in its cash distribution for the first quarter of 2008. The declared quarterly distributions on the Partnership's common and subordinated units will increase to $0.8275 per unit (an annualized rate of $3.31 per unit) from $0.7950 per unit (an annualized rate of $3.18 per unit). This represents a 4.1% increase over the prior quarter and a 16.1% increase over the distribution for the same quarter of the prior year. The distribution will be payable on May 14, 2008 to Unitholders of record on May 5, 2008.
Hiland Holdings GP, LP
The Board of Directors of Hiland Partners GP Holdings, LLC, the general partner of Hiland Holdings GP, LP, today announced an increase in its cash distribution for the first quarter of 2008. The declared quarterly distributions on the Partnership's units will increase to $0.28 per unit (an annualized rate of $1.12 per unit) from $0.2550 per unit (an annualized rate of $1.02 per unit). This represents a 9.8% increase over the prior quarter and a 34.9% increase over the distribution for the same quarter of the prior year. The distribution will be payable on May 19, 2008 to Unitholders of record on May 5, 2008.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Please note that one hundred (100.0%) percent of Hiland's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, Hiland's distributions to foreign investors are subject to federal income tax withholding at a rate of thirty-five (35.0%) percent.
About the Hiland Companies
Hiland Partners, LP is a publicly traded midstream energy partnership engaged in gathering, compressing, dehydrating, treating, processing and marketing natural gas, and fractionating, or separating, natural gas liquids, or NGLs. The Partnership also provides air compression and water injection services to an oil and gas exploration and production company for use in its oil and gas secondary recovery operations. The Partnership's operations are primarily located in the Mid-Continent and Rocky Mountain regions of the United States. Hiland Partners, LP's midstream assets consist of fourteen natural gas gathering systems with approximately 2,024 miles of gathering pipelines, five natural gas processing plants, seven natural gas treating facilities and three NGL fractionation facilities. The Partnership's compression assets consist of two air compression facilities and a water injection plant.
Hiland Holdings GP, LP owns the two percent general partner interest, 1,301,471 common units and 4,080,000 subordinated units in Hiland Partners, LP, and the incentive distribution rights of Hiland Partners, LP.
The information contained in this press release is available on the Partnership's website at http://www.hilandpartners.com/. For more information, please contact Matt Harrison, Vice President and CFO, at 580.242.6040.
Hiland Partners, LP; Hiland Holdings GP, LP
CONTACT: Matt Harrison, Vice President and CFO, +1-580-242-6040, forHiland Partners, LP
Web site: http://www.hilandpartners.com/
Source: PRNewswire-FirstCall
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