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INTERPROVINCIAL ANNOUNCES SECOND QUARTER RESULTS

 EDMONTON, Alberta, Aug. 4 /PRNewswire/ -- Interprovincial Pipe Line System Inc. (NASDAQ: IPPIF; Toronto, Montreal: IPL) today announced that earnings for the three months ended June 30, 1993 increased to $18.8 million ($0.47 per share) from $18.0 million ($0.45 per share), during the second quarter of 1992. The improvement was because of higher IPL System utilization and an increased contribution from the Lakehead System.
 Earnings for the six months ended June 30, 1993 were $35.3 million ($0.89 per share), compared with $41.1 million ($1.03 per share) in the corresponding period last year. The decline in earnings for the six- month period was primarily because of lower throughput on the IPL System during the first three months of the year resulting from operational problems experienced by some producers and feeder pipelines, as well as to lower earnings from corporate investing activities. By the end of the second quarter, utilization of the IPL System had recovered to last year's level, and throughput forecasts indicate a high level of utilization for the balance of 1993.
 Pipeline system deliveries of crude oil and other liquid hydrocarbons during the first six months of 1993 averaged 1,458,000 barrels per day compared with 1,448,000 during the same period last year. The increase in deliveries resulted from increased shipments of medium and heavy oils, partially offset by lower volumes of light crude oil. System utilization was 167 billion barrel miles, marginally less than in 1992.
 Cash from operations for the six months ended June 30, 1993 was $84.0 million, compared with $62.9 million in 1992. Capital expenditures totaled $25.8 million during the first six months of 1993, compared with $37.2 million a year ago.
 A quarterly dividend of $0.50 per share was declared payable Aug. 16, 1993, to shareholders of record Sept. 1, 1993.
 Interprovincial Pipe Line System Inc. is a widely held, publicly owned corporation with shares traded on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL," and in the United States on the NASDAQ market under "IPPIF."
 INTERPROVINCIAL PIPE LINE SYSTEM INC.
 Highlights
 (Unaudited)
 (Dollars in millions, except per share amounts)
 Three Months Six Months
 Ended June 30, Ended June 30,
 1993 1992 1993 1992
 Financial
 Segmented earnings
 IPL System $8.7 $7.9 $17.1 $21.2
 IPL (NW) System 3.7 3.6 7.2 7.1
 Lakehead System 2.9 2.4 5.0 4.4
 Corporate 3.5 4.1 6.0 8.4
 Earnings $18.8 $18.0 $35.3 $41.1
 Cash from operations $54.2 $31.5 $84.0 $62.9
 Dividends $20.0 $19.9 $39.9 $39.8
 Per share amounts
 Earnings $0.47 $0.45 $0.89 $1.03
 Cash from operations $1.36 $0.79 $2.11 $1.58
 Dividends $0.50 $0.50 $1.00 $1.00
 Operating
 Operating revenue $95.6 $94.1 $193.5 $194.6
 Capital expenditures $17.7 $24.6 $25.8 $37.2
 Deliveries (thousands
 of barrels per day) 1,437 1,393 1,458 1,448
 Barrels miles
 (billions) 83 80 167 168
 Average haul (miles) 642 631 635 639
 -0- 8/4/93
 /CONTACT: Frank Ternan, manager-corporate communications of Interprovincial Pipe Line, 403-420-8471 or 403-429-7138 (residence)/
 (IPPIF)


CO: Interprovincial Pipe Line Inc. ST: Alberta IN: OIL SU: ERN

BP -- LA045 -- 9547 08/04/93 16:57 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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