BP Midstream Partners LP (“BP Midstream,” “BPMP” or the “Partnership”) today announced that the Board of Directors of BP Midstream Partners GP LLC, the general partner of the Partnership, declared its initial quarterly cash distribution of $0.179755 per unit for the fourth quarter of 2017. The distribution represents a prorated portion of the Partnership's minimum quarterly distribution of $0.2625 per unit ($1.05 per unit annualized), based upon the number of days after the closing of the Partnership's initial public offering on October 30, 2017, through December 31, 2017. The distribution will be payable on February 15, 2018, to unitholders of record as of February 1, 2018, with an ex-distribution date of January 31, 2018.
BPMP is a fee-based, growth-oriented master limited partnership recently formed by BP to own, operate, develop and acquire pipelines and other midstream assets. BPMP’s initial assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines serving as key infrastructure for BP and its affiliates and other customers to transport onshore and offshore production to key refining markets and trading and distribution hubs.
For more information on BPMP and the assets owned by the partnership, please visit www.bpmidstreampartners.com.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership's distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
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