Printer Friendly

INTERPROVINCIAL PIPE LINE CO. ANNOUNCES SECOND QUARTER RESULTS

 INTERPROVINCIAL PIPE LINE CO. ANNOUNCES SECOND QUARTER RESULTS
 EDMONTON, Alberta, Aug. 5 /PRNewswire/ -- Interprovincial Pipe Line Inc. (NASDAQ: IPPIF; Toronto, Montreal: IPL, IPL.R) announced today that earnings for the six months ended June 30, 1992 were $41.1 million ($1.03 per share) compared with earnings of $44.4 million ($1.12 per share) during the same period last year. The 1991 results included a loss from Discontinued Oil and Gas Operations of $7.5 million ($0.19 per share).
 Pipeline earnings declined $10.8 million, primarily due to the reduction in the corporation's equity in its former U.S. pipeline business to 20 percent as a result of the U.S. Master Limited Partnership Transaction in 1991. This reduction was partially offset by investment income from proceeds retained from the transaction and by improved earnings on the Canadian Main System.
 The board of directors has continued its $2.00 annual dividend rate and, accordingly, a quarterly dividend of $0.50 per share was declared payable Sept. 1, 1992, to shareholders of record Aug. 17, 1992.
 On June 19, the National Energy Board rendered its decision on IPL's Class 3 Toll Adjustment Application for 1992 tolls. In addition to an effective reduction in the deemed common equity ratio, the NEB approved a rate of return of 12.5 percent compared with 13.25 percent in effect since 1987. The difference between interim tolls collected since Jan. 1, 1992 and the approved annualized tolls will effectively be refunded, with interest, through lower tolls during the last four months of this year. The impact of this decision, to the extent that it relates to the first and second quarters, is reflected in the reported results.
 Pipeline system deliveries of crude oil and other liquid hydrocarbons averaged 1,448,000 barrels per day during the first six months of 1992. During the same period last year, deliveries averaged 1,434,000 barrels per day. The increase in deliveries over 1991 is due to higher volumes of refined products and natural gas liquids nominated for shipment.
 For the six months ended June 30, 1992, cash generated from operations declined to $62.9 million from $95.0 million in the same period last year. A higher contribution from corporate investment activities only partially offset the reduction in contributions from the U.S. pipeline business.
 The corporation is continuing to improve the operating efficiency and reliability of the system, and committed $37.2 million to capital expenditures during the first half of 1992.
 Interprovincial Pipe Line Inc. operates the world's longest petroleum pipeline, transporting crude oil and other liquid hydrocarbons from Western Canada to refineries and markets in the Midwest United States and Eastern Canada. IPL 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-NMS under "IPPIF." Instalment receipts evidencing common shares of the corporation trade on the Toronto and Montreal stock exchanges under the symbol "IPL.R."
 INTERPROVINCIAL PIPE LINE INC.
 Highlights
 (unaudited; dollars in millions, except per share amounts)
 Per Per
 Six months ended June 30, 1992 Share 1991 Share
 Financial
 Pipeline earnings $41.1 $1.03 $51.9 $1.31
 Consolidated earnings $41.1 $1.03 $44.4 $1.12
 Cash from operations $62.9 $1.58 $95.0 $2.40
 Regular dividends $39.8 $1.00 $39.6 $1.00
 Segmented Earnings
 Canadian main system $21.2 $20.1
 Norman Wells Pipeline 7.1 7.1
 Lakehead 4.4 25.2
 Corporate 8.4 (0.5)
 Pipeline earnings 41.1 51.9
 Discontinued Oil and Gas
 Operations - (7.5)
 Earnings $41.1 $44.4
 Segmented Cash From Operations
 Canadian Main System $46.9 $49.1
 Norman Wells Pipeline 14.2 14.4
 Lakehead (5.7) 32.3
 Corporate 7.5 (0.8)
 Cash from operations $62.9 $95.0
 Restated
 Six months ended June 30, 1992 1991 1991(a)
 Operating
 Operating revenue $194.6 $320.5 $200.9
 Capital expenditures $37.2 $33.8 $23.5
 Deliveries (thousands of
 barrels per day) 1,448 1,477 1,434
 Barrel miles (billions) 168 343 170
 Average haul (miles) 639 1,284 654
 (a) For comparison purposes, the 1991 operating highlights have been restated to exclude the U.S. pipeline business.
 -0- 8/5/92
 /CONTACT: D.P. Truswell, VP-finance of Interprovincial Pipe Line, 403-420-5303/
 (IPPIF) CO: Interprovincial Pipe Line Co. ST: Alberta IN: OIL SU: ERN


AL -- LA033 -- 7306 08/05/92 17:33 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 5, 1992
Words:755
Previous Article:DIME SAVINGS BANK TO FILE REVISED CAPITAL PLAN
Next Article:AMERICAN STOCK EXCHANGE DAILY REPORT
Topics:


Related Articles
INTERPROVINCIAL PIPE LINE ANNOUNCES FIRST QUARTER RESULTS
LAKEHEAD PIPE LINE PARTNERS, L.P. REPORTS SECOND QUARTER 1992 FINANCIAL RESULTS
INTERPROVINCIAL PIPE LINE ANNOUNCES THIRD QUARTER RESULTS
LAKEHEAD PIPE LINE PARTNERS L.P. FIRST QUARTER 1993 FINANCIAL RESULTS
INTERPROVINCIAL PROPOSES $275 MILLION EXPANSION ANNOUNCES FIRST QUARTER RESULTS
INTERPROVINCIAL ANNOUNCES SECOND QUARTER RESULTS
INTERPROVINCIAL ANNOUNCES THIRD QUARTER RESULTS
LAKEHEAD PIPE LINE PARTNERS, L.P. ANNOUNCES EARNINGS 1994 EARNINGS UP 15%
LAKEHEAD PIPE LINE PARTNERS ANNOUNCES RATE ACCORD; CASH DISTRIBUTION AND HIGHER SIX MONTH NET INCOME
Lakehead Pipe Line Announces First Quarter 1997 Earnings and Cash Distribution

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters