Copano Energy, L.L.C. (NASDAQ: CPNO) announced today a cash distribution
for the fourth 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 February 14, 2013, to holders of record
of common units at the close of business on January 31, 2013.
"Copano will maintain its $0.575 quarterly distribution to unitholders,"
said R. Bruce Northcutt, President and Chief Executive Officer of
Copano. "We expect fourth quarter distribution coverage will be
approximately 100%, which is roughly in line with third quarter coverage
(as adjusted for non-recurring items). We look forward to the first
quarter startup of our 400 MMcf/d cryogenic processing expansion at
Houston Central and the anticipated second quarter startup of Formosa's
fractionation expansion. Together, these projects will be a catalyst for
strong second-half 2013 cash flow growth," 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 and Wyoming. 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 connect new sources of natural gas, crude oil and
condensate, and the NGL content of new gas supplies; 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 connect new
natural gas supplies; Copano's ability to attract and retain key
customers; performance by producers, customers and service providers under
their contracts with Copano;; the availability of downstream
transportation and other facilities for natural gas and NGLs; operational
risks affecting the performance of Copano or third-party processing,
fractionation plants and other facilities, Copano's ability to
access or construct new processing, fractionation and transportation
capacity; higher construction costs or project delays due to
inflation, limited availability of required resources, or the effects of
operational, 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. Copano does
not undertake to update any forward-looking statement except as provided
by law.
