Vanguard Posts Increase in Quarterly Distribution
Vanguard Natural Resources has approved an increase in the quarterly distribution to $0.55 per unit ($2.20 on an annual basis) for the second quarter of 2010 which will be payable on August 13, 2010 to unitholders of record on August 6, 2010. With this increase, the Company will have increased its quarterly distribution by $0.025 per unit or approximately 5% over the first quarter 2010 distribution of $0.525 per unit and over the course of the last twelve months will have increased the distribution by 10%. Based on Vanguard's closing unit price on July 20, 2010 of $24.12 and an annualized distribution of $2.20 per unit, new investors can earn an attractive tax-deferred yield of approximately 9%.
Richard A. Robert, Executive Vice-President and CFO of Vanguard, commented, "We are very pleased to be able to increase the cash distributions to our unitholders as a result of our successful acquisition activity in the first half of 2010. Our ability to increase our quarterly distribution is predicated on growing our Company through acquisitions. With our renewed ability to access the equity capital markets and our recently increased borrowing base on our reserve-based credit facility we are excited about our future prospects for growth."