Investor Tools
Print PagePrint Page
E-mail PageE-mail Page
RSS FeedsRSS Feeds
E-mail AlertsE-mail Alerts
IR ContactsIR Contacts
Financial Tear SheetFinancial Tear Sheet


 
Crosstex Energy, L.P.
Trades on the NASDAQ Exchange under the symbol XTEX.
Press Release

Printer Friendly Version View printer-friendly version
<< Back
Crosstex Increases Distributions for Fourth Consecutive Quarter; Company Also Declares Full $0.30 Quarterly Dividend

DALLAS--(BUSINESS WIRE)--April 22, 2004--The Crosstex Energy companies, Crosstex Energy, L.P. (NasdaqNM:XTEX) (the Partnership) and Crosstex Energy, Inc. (NasdaqNM:XTXI) (the Corporation), today announced first quarter distributions and dividends:

    --  Quarterly distributions on the Partnership's common and
        subordinated units will increase from $0.375 per unit, post
        split, to $0.40 per unit, payable May 14 to unitholders of
        record on May 3.

    --  Quarterly dividends on the Corporation's common stock will be
        $0.30 per common share, payable May 14 to shareholders
        of record on May 3. The Corporation had previously indicated
        its intent was to pro-rate the first quarter dividend from the
        closing date of the IPO of the Corporation (January 16, 2004),
        which would have meant a payment of $0.25 in the first
        quarter.

"We have increased distributions every quarter since taking the Partnership public in December 2002," said Barry E. Davis, president and chief executive officer of Crosstex. "As we continue to successfully execute our growth strategy, we are able to directly share that success with our unitholders and shareholders each quarter through growth in cash distributions. This increase is based on the results of our operations before our recently completed LIG transaction, which closed on April 1, 2004. Consideration of further increases as a result of the potential accretion from LIG will be given as we see actual results of its operations."

About the Crosstex Energy Companies

Crosstex Energy, L.P., a mid-stream natural gas company headquartered in Dallas, operates approximately 4,500 miles of pipeline, five processing plants and over 50 natural gas amine treating plants. Crosstex currently provides services for over 1.5 BCF/day of natural gas.

Crosstex Energy, Inc. owns five million limited partner units in the Partnership, the two percent general partner interest in the Partnership and the Partnership's incentive distribution rights. Additional information about Crosstex can be found at www.crosstexenergy.com.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.


    CONTACT: Crosstex Energy, Dallas
             Barry E. Davis, 214-953-9500
             or
             William W. Davis, 214-953-9500

    SOURCE: Crosstex Energy

 
 HomeSite IndexContact UsSafety & Environment