BP Midstream Partners LP (“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 $0.3355 per unit for the third quarter of 2019. The distribution reflects an increase of 3.6% over the second quarter 2019 distribution per unit.
Commenting on the distribution increase, CEO Rip Zinsmeister said, “This new distribution level represents a year-to-date cumulative 11.3 percent increase. The continued delivery of organic growth across our portfolio so far this year underpins our confidence to raise the distribution again this quarter. BP Midstream Partners expects to deliver mid-teens distribution growth for unitholders in 2019 from our existing portfolio.”
The third quarter 2019 distribution will be payable on Nov. 14, 2019, to unitholders of record as of Oct. 31, 2019, with an ex-distribution date of Oct. 30, 2019.
BPMP is a fee-based, growth-oriented master limited partnership formed by BP Pipelines (which is an indirect wholly owned subsidiary of 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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