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 a quarterly cash distribution of $0.2915 per unit for the third quarter of 2018. The distribution reflects an increase of $0.0190 over the second quarter 2018 distribution and is cumulatively $0.0290 over the Partnership’s minimum quarterly distribution.
Commenting on the distribution increase, CEO Rip Zinsmeister said, “We have now raised the distribution level for three consecutive quarters since listing as a publicly traded master limited partnership. This new distribution level represents a cumulative 11 percent increase above the Partnership’s minimum quarterly distribution. The organic growth and our recently announced acquisition underpin our ability to deliver mid-teens distribution growth through 2019 from our existing portfolio. BP Midstream Partners expects to deliver mid-teens, per annum, per unit distribution growth through 2020. It is very exciting to see BPMP delivering to unit holders on its investment proposition.”
The third quarter 2018 distribution will be payable on Nov. 15, 2018, to unitholders of record as of Nov. 1, 2018, with an ex-distribution date of Oct. 31, 2018.
BPMP is a fee-based, growth-oriented master limited partnership formed by BP to own, operate, develop and acquire pipelines and other midstream assets. BPMP’s assets consist of interests in entities that own crude oil, natural gas, refined products and diluent pipelines, and refined products terminals, 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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