Copano Energy, L.L.C. (NASDAQ: CPNO) announced today a cash distribution
for the second quarter of 2012 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 August 9, 2012, to holders of record of
common units at the close of business on July 31, 2012.
"Copano will maintain its $0.575 quarterly distribution to unitholders,"
said R. Bruce Northcutt, President and Chief Executive Officer of
Copano. "We expect that our second quarter distribution coverage will be
significantly higher than our first quarter coverage but less than 100%
due primarily to the effect of lower commodity prices.
"At our Houston Central Complex, our 200,000 Mcf/d cryo plant is
performing better than originally expected and we are continuing to see
increased volumes from the Eagle Ford. We are making good progress on
our 2012 Eagle Ford capital projects and will start to see the benefits
of our fully integrated strategy once our first 400,000 Mcf/d processing
expansion and Formosa's 75,000 Bbl/d fractionation expansion are
complete early next year," Northcutt added.
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, Wyoming and Louisiana. For more
information, please visit www.copano.com.
This press 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 and natural gas liquids; Copano's ability
to continue to obtain new sources of natural gas supply and retain its
key customers; the impact on volumes and resulting cash flow of
technological, economic and other uncertainties inherent in estimating
future production; producers' ability to drill and successfully
complete and attach new natural gas supplies; the NGL content of new gas
supplies; Copano's ability to access or construct new processing,
fractionation and transportation capacity; the availability of
downstream transportation and other facilities for natural gas and NGLs;
mechanical failures and other operational risks affecting the
performance of Copano's processing plants and other facilities, higher
construction costs or project delays due to inflation, limited
availability of required resources, or the effects of environmental,
legal or other uncertainties; general economic conditions; the
effects of government regulations and policies; 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.
CPNO-IR
