The Crosstex Energy companies today announced the declaration of the
quarterly distribution for Crosstex Energy, L.P. (NASDAQ: XTEX) (the
Partnership) and the quarterly dividend for Crosstex Energy, Inc.
(NASDAQ: XTXI) (the Corporation).
The quarterly distribution on the Partnership’s common units will be
$0.25 per unit. The distribution is payable February 13 to unitholders
of record February 9.
The quarterly dividend on the Corporation’s common stock will be $0.09
per share. The dividend is payable February 13 to shareholders of
record February 9.
“These reduced distribution and dividend levels reflect our continued
focus on executing our near-term business strategy, which emphasizes
increasing liquidity and reducing leverage. This focus and the changes
we’ve made will allow us to operate more efficiently and effectively
during today’s challenging commodity and financial markets,” said Barry
E. Davis, Crosstex Chairman, President and Chief Executive Officer. “Due
to the continued decline in natural gas liquids prices and their impact
on our processing business, as well as lower natural gas prices and
their impact on producer drilling activity, we believe it is prudent to
take steps to preserve value over the long term. We are actively
exploring all alternatives to improve liquidity and to maintain our
assets during this temporary dislocation in commodity and financial
About the Crosstex Energy Companies
Crosstex Energy, L.P., a midstream natural gas company headquartered in
Dallas, operates approximately 5,700 miles of pipeline, 12 processing
plants, four fractionators, and approximately 195 natural gas
amine-treating plants and dew-point control plants. Crosstex currently
provides services for 4.0 billion cubic feet per day of natural gas, or
approximately eight percent of marketed U.S. daily production.
Crosstex Energy, Inc. owns the two percent general partner interest, a
34 percent limited partner interest and the incentive distribution
rights of Crosstex Energy, L.P.
Additional information about the Crosstex companies can be found at www.crosstexenergy.com.
Source: Crosstex Energy
<b>Jill McMillan, 214-721-9271</b>
Public & Industry Affairs</b>