Andeavor Logistics Announces 27th Consecutive Quarterly Distribution Increase
SAN ANTONIO, TX - January 19, 2018 - Andeavor Logistics LP (NYSE: ANDX) announced today the declaration of its quarterly cash distribution for the fourth quarter 2017 of $1.00 per limited partnership unit, or $4.00 on an annualized basis. This distribution represents a 1.5% increase over the quarterly distribution of $0.9852 per limited partnership unit, or $3.94 per unit on an annualized basis, paid in November 2017. This represents the 27th consecutive quarterly increase. The fourth quarter distribution will be paid February 14, 2018 to all unitholders of record as of January 31, 2018. In the prior four quarters, ANDX has increased its distribution to limited partners by 10%.
Andeavor Logistics also announced today that the board of directors of its general partner declared an initial partial-period cash distribution on its 6.875% Series A Fixed-to-Floating Rate Cumulative Redeemed Perpetual Preferred Units, payable on February 15, 2018 to unitholders of record as of the close of business on February 1, 2018.
About Andeavor Logistics LP
Andeavor Logistics LP is a leading full-service logistics company operating primarily in the western and midcontinent regions of the United States. Andeavor Logistics owns and operates a network of crude oil, refined products and natural gas pipelines. Andeavor Logistics also owns and operates crude oil and refined products truck terminals, marine terminals and dedicated storage facilities. In addition, Andeavor Logistics owns and operates natural gas processing and fractionation complexes. Andeavor Logistics is a fee-based, growth oriented Delaware limited partnership formed by Andeavor and is headquartered in San Antonio, Texas.
Forward Looking Statements
This release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation statements concerning the amount and timing of our cash distributions. For more information concerning factors that could affect these statements, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other public filings and press releases, available at www.andeavorlogistics.com. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise.
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that 100 percent of Andeavor Logistics LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Andeavor Logistics' distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals or corporations, as applicable. Nominees, and not Andeavor Logistics, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.
Andrew Woodward, Sr. Director, Finance and Investor Relations, (210) 626-7202
Andeavor Media Relations, firstname.lastname@example.org, (210) 626-7702