El Paso Pipeline Partners Increases Cash Distribution
El Paso Pipeline Partners, L.P. (NYSE: EPB) today announced that the Board of Directors of its general partner has declared a quarterly cash distribution of $0.3000 per unit for the third quarter of 2008, up 1.7 percent from $0.2950 paid for the second quarter 2008. The distribution will be paid November 14, 2008 on all outstanding common and subordinated units to holders of record as of the close of business on October 31, 2008.
“El Paso Pipeline Partners continues to make excellent progress, and we are pleased to announce our second straight distribution increase for our unitholders,” said Jim Yardley, president and chief executive officer of the general partner of El Paso Pipeline Partners. “With the recent purchase of additional interests in Southern Natural Gas Company and Colorado Interstate Gas Company from El Paso Corporation, we now expect to grow distributable cash flow by 8 to 10 percent through 2012, based solely on our current backlog of committed projects.”
With the announcement of the recent acquisition, management said that it intends to recommend to the Board of Directors of the general partner an increase in the quarterly cash distribution to $0.3200 per unit, beginning with the distribution to be declared and paid in the first quarter 2009.
El Paso Pipeline Partners, L.P. is a Delaware limited partnership formed by El Paso Corporation in 2007 to own and operate natural gas transportation pipelines and storage assets. El Paso Corporation owns 83.1 million limited partner units and 2.3 million general partner units. El Paso Pipeline Partners, L.P. owns Wyoming Interstate Company, Ltd. (WIC), an interstate pipeline system serving the Rocky Mountain region, a 40 percent interest in Colorado Interstate Gas Company (CIG) and a 25 percent interest in Southern Natural Gas Company (SNG), which operate in the Rocky Mountain and southeastern regions of the United States, respectively. For more information about El Paso Pipeline Partners, visit www.eppipelinepartners.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. El Paso Pipeline Partners has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, insufficient cash flows required to make the cash distributions to unitholders, the ability to obtain necessary governmental approvals for proposed pipeline projects and to successfully construct and operate such projects; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the risks associated with recontracting of transportation commitments; regulatory uncertainties associated with pipeline rate cases; actions taken by third-party operators, processors and transporters; conditions in geographic regions or markets served by El Paso Pipeline Partners and its affiliates and equity investees or where its operations and affiliates are located; the effects of existing and future laws and governmental regulations; competitive conditions in our industry; changes in the availability and cost of capital; and other factors described in the company’s (and its affiliates’) Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.
Contacts Investor & Media Relations Bruce L. Connery Vice President Office: (713) 420-5855 Media Relations Bill Baerg Manager Office: (713) 420-2906
SOURCE: El Paso Pipeline Partners