Copano Energy maintains cash distribution

Copano Energy (CPNO) yesterday set a cash distribution for the first quarter of 57.5 cents per unit, or $2.30 per unit on an annualized basis, for all of its outstanding common units. This distribution is equal to its distribution for the fourth quarter. The distribution will be payable on May 15 to holders of record at the close of business on May 1.

"Copano has elected to maintain its 57.5-cent quarterly distribution to unitholders. Management concluded that it would be inappropriate to consider our traditional quarterly increase in light of challenging economic and commodity price conditions in the first quarter and the ongoing efforts we are asking our employees and service providers to make with respect to reducing our costs. We are encouraged by recent commodity price developments, however, and feel cautiously optimistic regarding pricing trends as 2009 progresses," CEO John Eckel said.