Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events

Subsequent Events

19. SUBSEQUENT EVENTS

On May 8, 2018, the board of directors of our general partner declared a first quarter 2018 cash distribution on the Partnership’s common units of $0.4508 per unit ($1.8032  per unit annualized) payable on May 31, 2018 to holders of record on May  22, 2018. The Partnership also declared a first quarter distribution on the Class B preferred units and elected to pay the distribution in cash. Accordingly, the Partnership declared a cash distribution of $0.28225 per Class B preferred unit payable on May 31, 2018 to holders of record on May 22, 2018.

On April 30, 2018, a subsidiary of the Partnership, SEP Holdings IV, LLC (“SEP”) entered into an Agreement to Purchase Oil and Gas Interests with EP Energy E&P Company, L.P. (“EP”), pursuant to which EP bought specified wellbores and other associated assets and interests in La Salle County Texas from SEP (the “Briggs Assets”) for a base purchase price of approximately $4.5 million, which after giving effect to preliminary purchase price adjustments was reduced to approximately $4.0 million (the “Briggs Divestiture”), which remains subject to customary post-closing adjustments. In addition, other than a limited amount of retained obligations, EP agreed to assume all obligations relating to the Briggs Assets, including all plugging and abandonment costs, that arose on or after March 1, 2018.