Enbridge Energy Management, L.L.C. Confirms Amount of Share Distribution for Fourth Quarter 2016
HOUSTON, TX--(Marketwired - Feb 3, 2017) - Enbridge Energy Management, L.L.C. (NYSE: EEQ) ("Enbridge Management") today confirmed that its previously declared share distribution, to be paid on February 14, 2017, will consist of 2.5980 additional shares for each 100 shares of record on February 7, 2017.
The distribution of additional Enbridge Management shares is based on the notional cash value of the declared distribution of $0.583 per share and the average closing price of Enbridge Management shares for the ten consecutive trading days prior to the ex-dividend date.
Enbridge Energy Management, L.L.C. manages the business and affairs of Enbridge Energy Partners, L.P. ("Enbridge Partners") (NYSE: EEP), and its sole asset is an approximate 17 percent limited partner interest in Enbridge Partners. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE: ENB) (TSX: ENB) is the general partner of Enbridge Partners, and holds an approximate 42 percent interest in Enbridge Partners together with all of the outstanding preferred units and Class B, D and E units in Enbridge Partners. Enbridge Management is the delegate of the general partner of Enbridge Partners.
Enbridge Partners owns and operates a diversified portfolio of crude oil and, through its interests in Midcoast Energy Partners, L.P. ("Midcoast Partners"), natural gas transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. The system's deliveries to refining centers and connected carriers in the United States account for approximately 23 percent of total U.S. oil imports. Midcoast Partners' natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast areas, deliver approximately 2.0 billion cubic feet of natural gas daily.
