DALLAS, Jan. 25 /PRNewswire-FirstCall/ -- The Crosstex Energy companies,
Crosstex Energy, L.P. (Nasdaq: XTEX) (the "Partnership") and Crosstex Energy,
Inc. (Nasdaq: XTXI) (the "Corporation"), today announced an increase in fourth
quarter distributions and dividends. The companies have increased
distributions and dividends every quarter since the initial public offering of
Fourth quarter distributions and dividends are as follows:
* Quarterly distributions on the Partnership's common and subordinated
units will increase from $0.43 per unit to $0.45 per unit, payable
February 16 to unitholders of record on February 3.
* Quarterly dividends on the Corporation's common stock will increase
from $0.35 per common share to $0.39 per common share, payable
February 16 to shareholders of record on February 3.
"Since the IPO at the end of 2002, we have realized a compounded annual
growth rate of 34 percent in the Partnership's quarterly distributions, and
we've increased the Corporation's quarterly dividends 30 percent since its IPO
in the first quarter of last year," said Barry E. Davis, President and Chief
Executive Officer of the Crosstex Energy companies. "The record of increases
in every quarter since we have become publicly held underscores our commitment
to sustained growth and to sharing that growth with our unitholders and
shareholders. We are confident that the growth will continue into 2005."
The Corporation also announced that it has been advised by Yorktown Energy
Partners IV, L.P. and Yorktown Energy Partners V, L.P. (collectively referred
to as the "Yorktown Partnerships"), early investors in Crosstex Energy, Inc.,
that these entities have distributed an aggregate of 699,704 shares of the
Corporation's common stock to their limited and general partners, effective
January 24, 2005, in accordance with the terms of their respective partnership
agreements. After the distributions, the Yorktown Partnerships will
collectively hold approximately 5.8 million shares of the Corporation's common
stock. The Yorktown Partnerships have informed the Corporation that they have
not made any determination as to the disposition of the remaining stock that
they hold and that the shares that have been distributed can be immediately
resold. The Corporation has also been advised by the principals of the general
partners of the Yorktown Partnerships that they intend to retain the shares
received in the distribution for the foreseeable future.
"We believe that distributions such as this will continue to improve the
liquidity available to investors in the Corporation and we are pleased that
the Yorktown principals intend to continue to hold their investment in
Crosstex," said Mr. Davis.
About the Crosstex Energy Companies
Crosstex Energy, L.P., a mid-stream natural gas company headquartered in
Dallas, operates over 4,500 miles of pipeline, five processing plants, and
over 70 natural gas amine treating plants. Crosstex currently provides
services for over 1.5 BCF/day of natural gas.
Crosstex Energy Inc. owns the general partner, a 54.3 percent limited
partner interest and the incentive distribution rights of Crosstex Energy,
Additional information about the Crosstex companies 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 herein, including statements
regarding the future liquidity available to investors in Crosstex Energy,
Inc., constitute forward-looking statements. Although Crosstex Energy, Inc.
believes that the expectations reflected in the forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to be
Contact: Barry E. Davis, President and Chief Executive Officer
William W. Davis, Executive V.P. and Chief Financial Officer
Phone: (214) 953-9500
SOURCE Crosstex Energy, Inc.
/CONTACT: Barry E. Davis, President and Chief Executive Officer, or
William W. Davis, Executive V.P. and Chief Financial Officer, both of Crosstex
Energy, Inc., +1-214-953-9500/
/Web site: http://www.crosstexenergy.com /
CO: Crosstex Energy, Inc.; Crosstex Energy, L.P.; Yorktown Energy Partners
IV, L.P.; Yorktown Energy Partners V, L.P.
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7912 01/25/2005 07:50 EST http://www.prnewswire.com