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
"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
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
William W. Davis, 214-953-9500
SOURCE: Crosstex Energy