ECA Marcellus Trust I Announces There Will Be No Quarterly Distribution
2020年5月14日 - 5:15AM
ビジネスワイヤ(英語)
ECA MARCELLUS TRUST I (NYSE: ECT) announced today that there
will be no distribution paid for the quarter ended March 31, 2020
to holders of record as of the close of business on May 22, 2020,
as Trust expenses exceeded net revenues to the Trust for the
quarter.
The Trust was formed to own royalty interests in natural gas
properties now held by Greylock Energy LLC, and certain of its
wholly owned subsidiaries (“Greylock”) in the Marcellus Shale
formation in Greene County, Pennsylvania. The Trust is entitled to
receive certain amounts of the proceeds attributable to Greylock’s
interest in the sale of production from the properties. As
described in the Trust's filings, the amount of the quarterly
distributions is expected to fluctuate from quarter to quarter,
depending on the proceeds received by the Trust as a result of
production and natural gas prices and the amount of the Trust's
administrative expenses, among other factors. The amount of
proceeds received or expected to be received by the Trust (and its
ability to pay distributions) has been and will continue to be
directly affected by the volatility in commodity prices, which have
declined since the beginning of 2020 primarily attributable to the
economic effects of the COVID-19 pandemic and could remain low for
an extended period of time. Continued low natural gas prices will
reduce proceeds to which the Trust is entitled, which will reduce
the amount of cash available for distribution to unitholders and in
certain periods could result in no distributions to
unitholders.
Pursuant to IRC Section 1446, withholding tax on income
effectively connected to a United States trade or business
allocated to non-U.S. persons (“ECI”) should be made at the highest
marginal rate. Under Section 1441, withholding tax on fixed,
determinable, annual, periodic income from United States sources
allocated to non-U.S. persons should be made at 30% of gross income
unless the rate is reduced by treaty. This release is intended to
be a qualified notice to nominees and brokers as provided for under
Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I,
and while specific relief is not specified for Section 1441 income,
this disclosure is intended to suffice. For distributions made to
non-U.S. persons, nominees and brokers should withhold at the
highest effective tax rate.
This press release contains statements that are "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 contained in this press
release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unit holders. The anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from Greylock with respect to
the relevant quarterly period. Any differences in actual cash
receipts by the Trust could affect this distributable amount. Other
important factors that could cause actual results to differ
materially include expenses of the Trust and reserves for
anticipated future expenses and the effect, impact, potential
duration or other implications of the COVID-19 pandemic. Statements
made in this press release are qualified by the cautionary
statements made in this press release. Neither Greylock nor the
Trustee intends, and neither assumes any obligation, to update any
of the statements included in this press release. An investment in
Common Units issued by ECA Marcellus Trust I is subject to the
risks described in the Trust's Annual Report on Form 10-K for the
year ended December 31, 2019, and all of its other filings with the
Securities and Exchange Commission. The Trust's annual, quarterly
and other filed reports are or will be available over the Internet
at the SEC's web site at http://www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20200513005552/en/
ECA Marcellus Trust I The Bank of New York Mellon
Trust Company, N.A., as Trustee Sarah Newell 1(512)
236-6555
ECA Marcellus Trust I (NYSE:ECT)
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