HOUSTON, April 11, 2013 /PRNewswire/ -- Copano
Energy, L.L.C. (NASDAQ: CPNO) announced today a cash distribution
for the first quarter of 2013 of $0.575 per unit, or $2.30 per unit on an annualized basis, for all of
its outstanding common units. This distribution will be payable on
April 26, 2013, to holders of record
of common units at the close of business on April 22, 2013.
Pursuant to Copano's merger agreement with Kinder Morgan, Copano is obligated not to
increase its quarterly distribution above $0.575 per unit for as long as the merger
agreement remains in effect. Copano and Kinder Morgan currently expect to complete the
merger in May 2013, subject to
receipt of Copano's unitholder approval and other customary closing
conditions.
This release serves as qualified notice to nominees under
Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please
note that 100% of Copano's distributions to foreign investors are
attributable to income that is effectively connected with a
United States trade or business.
Accordingly, all of Copano's distributions to foreign investors are
subject to federal income tax withholding at the highest effective
tax rate for individuals or corporations, as applicable.
Nominees, and not Copano, are treated as the withholding agents
responsible for withholding on the distributions received by them
on behalf of foreign investors.
About Copano Energy, L.L.C.
Copano Energy, L.L.C. (NASDAQ: CPNO) is a midstream natural gas
company with operations in Texas,
Oklahoma and Wyoming. For more information, please visit
www.copano.com.
This news release includes "forward-looking statements," as
defined by the Securities and Exchange Commission. Statements that
address activities or events that Copano believes will or may occur
in the future are forward-looking statements. These statements
include, but are not limited to, statements about future producer
activity and Copano's total distributable cash flow and
distribution coverage. These statements are based on management's
experience and perception of historical trends, current conditions,
expected future developments and other factors management believes
are reasonable. Important factors that could cause actual results
to differ materially from those in forward-looking statements
include the following risks and uncertainties, many of which are
beyond Copano's control: the volatility of prices and market demand
for natural gas, crude oil, condensate and NGLs, and for products
derived from these commodities; Copano's ability to continue to
connect new sources of natural gas, crude oil and condensate, and
the NGL content of new gas supplies; the ability of key producers
to continue to drill and successfully complete and connect new
natural gas and condensate volumes and such producers' performance
under their contracts with Copano; Copano's ability to attract and
retain key customers and contract with new customers, and such
customers' performance under their contracts with Copano; Copano's
ability to access or construct new pipeline capacity, gas
processing and NGL fractionation and transportation capacity; the
availability of local, intrastate and interstate transportation
systems, trucks and other facilities and services for condensate,
natural gas and NGLs; Copano's ability (and the ability of its
third-party service providers) to meet in-service dates, cost
expectations and operating performance standards for construction
projects; Copano's ability to successfully integrate any acquired
asset or operations; Copano's ability to access its revolving
credit facility and to obtain additional financing on acceptable
terms; the effectiveness of Copano's hedging program; general
economic conditions; force majeure events such as the loss of a
market or facility downtime; the effects of government regulations
and policies; Copano's ability to complete its proposed merger with
Kinder Morgan; and other financial,
operational and legal risks and uncertainties detailed from time to
time in Copano's quarterly and annual reports filed with the
Securities and Exchange Commission. Copano does not undertake to
update any forward-looking statement except as provided by
law.
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Carl Luna,
SVP and CFO
Copano
Energy, L.L.C.
713-621-9547
Jack
Lascar / jlascar@dennardlascar.com
Anne
Pearson / apearson@dennardlascar.com
Dennard-Lascar Associates / 713-529-6600
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SOURCE Copano Energy, L.L.C.
Copyright 2013 PR Newswire