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LAKEHEAD PIPE LINE PARTNERS, L.P. REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS

 LAKEHEAD PIPE LINE PARTNERS, L.P. REPORTS
 FIRST QUARTER 1992 FINANCIAL RESULTS
 SUPERIOR, Wis., April 20 /PRNewswire/ -- Lakehead Pipe Line Partners, L.P. (NYSE: LHP) today announced net income of $11,824,000 for the quarter ending March 31, 1992. The partnership's operating revenue for the same period was $53,840,000, and its operating income was $18,538,000.
 The partnership also announced the cash distribution for the fiscal quarter ending March 31, 1992 will be $0.59 per unit. This distribution will be made on May 15, 1992 to Unitholders of record April 30, 1992, and will be combined with a distribution for the five days ending Dec. 31, 1991 of $0.03 per unit. No business activity was conducted by the partnership prior to Dec. 27, 1991.
 During the quarter ended March 31, 1992, pipeline system deliveries of crude oil and other liquid hydrocarbons averaged 1,292,000 barrels per day. System utilization during the same period totalled 91 billion barrel miles. For the quarter ended March 31, 1991, the predecessor pipeline system deliveries averaged 1,261,000 barrels per day and system utilization was 87 billion barrel miles.
 The Preference Units of the partnership are traded on the New York Stock Exchange under the symbol "LHP."
 LAKEHEAD PIPE LINE PARTNERS, L.P.
 Consolidated Statement of Income
 (Unaudited; dollars in thousands, except per unit amounts)
 Three Months Ended March 31
 Actual Pro forma Predecessor
 1992 1991 1991
 Operating revenues $53,840 $52,026 $52,026
 Operating expenses 28,598 29,639 29,302
 Depreciation 6,704 6,599 4,362
 Operating income 18,538 15,788 18,362
 Interest expense (7,490) (7,530) (1,023)
 Investment and other income 928 85 85
 Minority interest (152) (121) ---
 Net income before income taxes 11,824 8,222 17,424
 Income taxes --- --- 6,779
 Net income $11,824 $ 8,222 $10,645
 Net income per unit $0.54 $0.37 N/A
 -0- 4/20/92
 /CONTACT: Jon Staudohar, investor relations of Lakehead Pipe Line Partners, L.P., 715-394-1404/
 (LHP) CO: Lakehead Pipe Line Partners, L.P. ST: Wisconsin IN: OIL SU: ERN


AL -- LA037 -- 0294 04/20/92 18:19 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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