Printer Friendly

TEPPCO PARTNERS, L.P. REPORTS SECOND QUARTER RESULTS OF OPERATIONS

 HOUSTON, July 16 /PRNewswire/ -- TEPPCO Partners, L.P. (NYSE: TPP) today reported second quarter 1993 net income of $3.5 million, or $0.24 per unit, compared with second quarter 1992 net income of $2.9 million, or $0.19 per unit.
 Operating revenues were $38.0 million for the 1993 period, compared with second quarter 1992 operating revenues of $37.1 million. Favorable price differentials for gasoline in the Central and Midwest market areas, jet fuel movements to the Greater Cincinnati/Northern Kentucky Airport and farming-related demand for distillate resulted in increased refined products deliveries and revenues. Liquefied petroleum gases (LPGs) revenues improved due to cold weather-related demand for long-haul deliveries of propane early in the quarter and refinery demand for isobutane, a feedstock used in gasoline production.
 Second quarter 1993 operating expenses were $19.9 million, compared with $20.3 million for the same period last year. The decrease was due primarily to staff and overhead reductions implemented in 1992, partially offset by increased property taxes.
 Net income for the six months ended June 30, 1993, increased 70 percent to $17.0 million, or $1.16 per unit, compared with net income of $10.0 million, or $0.68 per unit, for the same period in 1992.
 Operating revenues of $86.8 million for the first six months of 1993 increased $8.5 million from the $78.3 million for the same period a year ago. Improvement resulted from strong demand for propane during the first and early second quarters of 1993 as a result of sustained cold weather in the upper Midwest. Revenues also were favorably affected by increased deliveries of jet fuel and motor fuel in the Midwest.
 Operating expenses were $40.7 million for the first six months of 1993, compared with $40.0 million for the same period in 1992. The increase was attributable to throughput-related power costs and property taxes, which were partially offset by lower staff and overhead expenses.
 Other income-net for both the quarter and six months ended June 30, 1993, decreased from corresponding periods in 1992 as a result of lower interest income and a favorable settlement of $0.6 million in the second quarter of 1992 related to prior-year property taxes.
 TEPPCO Partners, L.P. is a publicly owned master limited partnership. TE Products Pipeline Company, Limited Partnership, the operating partnership, is one of the largest common carrier pipelines of refined petroleum products and liquefied petroleum gases in the United States.
 TEPPCO Partners, L.P.
 FINANCIAL HIGHLIGHTS


(Unaudited - In Millions, Except Per Unit and Per Barrel Amounts)
 Three Months Ended Six Months Ended
 June 30 June 30
 1993 1992 1993 1992
 Operating Revenues $38.0 $37.1 $86.8 $78.3
 Operating Expenses 19.9 20.3 40.7 40.0
 Depreciation 5.9 5.9 11.9 11.7
 Operating Income 12.2 10.9 34.2 26.6
 Interest Expense (9.2) (9.3) (18.5) (18.6)
 Other Income-Net 0.5 1.3 1.3 2.0
 Net Income $3.5 $ 2.9 $17.0 $10.0
 Net Income Per Unit $0.24 $0.19 $1.16 $0.68
 Number of Units 14.5 14.5 14.5 14.5
 OPERATING DATA
 Barrels Delivered
 Refined Products 22.4 21.5 42.3 41.8
 LPGs 5.1 5.5 17.3 16.0
 Mont Belvieu Operations 5.2 7.3 11.7 13.1
 TOTAL 32.7 34.3 71.3 70.9
 Average Tariff Per Barrel
 Refined Products $0.84 $0.83 $0.83 $0.79
 LPGs 1.81 1.58 1.99 1.74
 Mont Belvieu Operations 0.16 0.15 0.15 0.16
 Average System Tariff
 Per Barrel $0.88 $0.80 $1.00 $0.89
 -0- 7/16/93
 /CONTACT: Media Relations-Eric W. Thode, 713-759-3635, or Investor Relations-Brenda J. Peters, 713-759-3954, both of TEPPCO Partners, L.P.
 (TPP)


CO: TEPPCO Partners, L.P. ST: Texas IN: OIL SU: ERN

LG -- NY041 -- 2546 07/16/93 14:30 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1993
Words:667
Previous Article:TEPPCO PARTNERS, L.P. DECLARES QUARTERLY DISTRIBUTION
Next Article:FREDA CORPORATION REPORTS GROSS REVENUES AND NET INCOME FOR THE THIRD QUARTER AND FOR THE NINE MONTHS OF FISCAL 1993
Topics:


Related Articles
TEPPCO PARTNERS REPORTS RESULTS OF OPERATIONS
TEPPCO PARTNERS, L.P. DECLARES QUARTERLY DISTRIBUTION AND REPORTS SECOND QUARTER RESULTS OF OPERATIONS
TEPPCO PARTNERS, L.P. DECLARES QUARTERLY DISTRIBUTION AND REPORTS SECOND QUARTER RESULTS OF OPERATIONS
TEPPCO PARTNERS, L.P. DECLARES QUARTERLY DISTRIBUTION
TEPPCO PARTNERS, L.P. DECLARES INCREASE IN QUARTERLY DISTRIBUTION; REPORTS RECORD FIRST-QUARTER RESULTS
TEPPCO PARTNERS, L.P. REPORTS RECORD SECOND-QUARTER RESULTS
TEPPCO PARTNERS, L.P. REPORTS RECORD THIRD-QUARTER RESULTS
TEPPCO PARTNERS, L.P. REPORTS RECORD FIRST-QUARTER RESULTS
TEPPCO Partners, L.P. Reports Record Fourth Quarter and Annual 1996 Earnings
TEPPCO Partners, L.P. Reports Record Second-Quarter Results

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