El Paso Pipeline Partners Increases 3Q Cash Distribution
El Paso Pipeline Partners 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.