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Unitholders' Capital
6 Months Ended
Jun. 30, 2011
Notes To Financial Statements [Abstract]  
Unitholders' Capital
Note 3 - Unitholders' Capital
 
Public Offering of Units
 
In March 2011, the Company sold 16,726,067 units representing limited liability company interests at $38.80 per unit ($37.248 per unit, net of underwriting discount) for net proceeds of approximately $623 million (after underwriting discount and offering expenses of approximately $26 million).  The Company used the net proceeds from the sale of these units to fund the March 2011 redemptions of a portion of the outstanding 2017 Senior Notes and 2018 Senior Notes and to fund the cash tender offers and related expenses for a portion of the remaining 2017 Senior Notes and 2018 Senior Notes (see Note 6).  The Company used the remaining net proceeds from the sale of units to finance a portion of the March 31, 2011, acquisition in the Williston Basin.
 
Distributions
 
Under the Company's limited liability company agreement, the Company's unitholders are entitled to receive a quarterly distribution of available cash to the extent there is sufficient cash from operations after establishment of cash reserves and payment of fees and expenses.  Distributions paid by the Company during the six months ended June 30, 2011, are presented on the condensed consolidated statement of unitholders' capital.  On July 26, 2011, the Company's Board of Directors declared a cash distribution of $0.69 per unit with respect to the second quarter of 2011, which represents a 5% increase over the previous quarter.  The distribution, totaling approximately $122 million, will be paid on August 12, 2011, to unitholders of record as of the close of business on August 5, 2011.