Hiland Announces Quarterly Distribution Declarations
July 25 2008 - 9:00AM
PR Newswire (US)
ENID, Okla., July 25 /PRNewswire-FirstCall/ -- The Hiland
companies, Hiland Partners, LP (NASDAQ:HLND) and Hiland Holdings
GP, LP (NASDAQ:HPGP) today announced 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 second quarter of 2008. The declared quarterly
distributions on the Partnership's common and subordinated units
will increase to $0.8625 per unit (an annualized rate of $3.45 per
unit) from $0.8275 per unit (an annualized rate of $3.31 per unit).
This represents a 4.2% increase over the prior quarter and a 17.7%
increase over the distribution for the same quarter of the prior
year. The distribution will be payable on August 14, 2008 to
Unitholders of record on August 4, 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 second quarter of 2008. The declared
quarterly distributions on the Partnership's units will increase to
$0.3050 per unit (an annualized rate of $1.22 per unit) from $0.28
per unit (an annualized rate of $1.12 per unit). This represents a
8.9% increase over the prior quarter and a 38.6% increase over the
distribution for the same quarter of the prior year. The
distribution will be payable on August 19, 2008 to Unitholders of
record on August 4, 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 2,030 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, 2,321,471 common units
and 3,060,000 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. DATASOURCE: Hiland Partners, LP; Hiland Holdings
GP, LP CONTACT: Matt Harrison, Vice President and CFO of Hiland
Partners, LP, +1-580-242-6040 Web site:
http://www.hilandpartners.com/
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