El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Pipeline Partners Increases Quarterly Cash Distribution
HOUSTON, TX, Apr 20, 2010 (MARKETWIRE via COMTEX) --El Paso Pipeline Partners, L.P. (NYSE: EPB) today announced that the Board of Directors of its general partner has declared a $0.380 per unit quarterly cash distribution for the first quarter of 2010, or $1.52 per unit on an annualized basis. This distribution represents a 17 percent increase from the $0.325 per unit paid for the first quarter 2009 and a 6 percent increase from the $0.360 per unit paid for the fourth quarter 2009.
"We are pleased with the continued growth of our partnership," said Jim Yardley, president and chief executive officer of the general partner of El Paso Pipeline Partners. "Our recent acquisition and the steady, predictable cash flows from our assets have enabled us to increase our quarterly distribution every quarter since our initial public offering."
The distribution will be paid May 14, 2010 on all outstanding common and subordinated units to holders of record as of the close of business on April 30, 2010.
El Paso Pipeline Partners, L.P. is a Delaware limited partnership formed by El Paso Corporation to own and operate natural gas transportation pipelines and storage assets. El Paso Corporation owns approximately 62 percent of the limited partner units, and the 2 percent general partner interest. El Paso Pipeline Partners, L.P. owns Wyoming Interstate Company, an interstate pipeline system serving the Rocky Mountain region, a 58 percent interest in Colorado Interstate Gas Company which operates in the Rocky Mountain region, a 51 percent interest in Southern LNG Company, L.L.C., which owns the Elba Island LNG storage and regasification terminal near Savannah, Georgia, a 51 percent interest in El Paso Elba Express Company, L.L.C., and a 25 percent interest in Southern Natural Gas Company, both of which are interstate pipeline systems serving the southeastern region of the United States. For more information about El Paso Pipeline Partners, visit www.eppipelinepartners.com.
Note to Non-United States Investors This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent of El Paso Pipeline Partners' distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, El Paso Pipeline Partners' distributions to Non-United States investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Investor & Media Relations
Bruce Connery, Vice President
Bill Baerg, Manager
Office: (713) 420-2906
SOURCE: El Paso Pipeline Partners