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TRANSCANADA PIPELINES ANNOUNCES SECOND QUARTER RESULTS

       TRANSCANADA PIPELINES ANNOUNCES SECOND QUARTER RESULTS
    CALGARY, Alberta, July 20 /PRNewswire/ -- The following is being issued by TransCanada PipeLines Ltd. (NYSE: TRP, Montreal, Toronto: TRP):
    As in the first quarter of 1992 and throughout all four quarters of 1991, the continuing expansion of the company's Canadian mainline system was the principal reason for second quarter earnings growth.
    Net income was $81.0 million for the three months ended June 30, 1992, up $19.5 million, compared to $61.5 million for the same period in 1991.  This represents earnings per share of 39 cents per share for the three months ended June 30, 1992, which compares to 33 cents per share for the same period in 1991.  Net income for the first half of 1992 was $160.5 million, an increase of $40.5 million from $120.0 million in 1991.  On an earnings per share basis, this amounts to 78 cents per share for the six months ended June 30, 1992, compared to 66 cents per share in 1991.
    While contributions to operating income for the Gas Sales, Marketing and Other segment were relatively flat in the second quarter of 1992, compared to last year, this segment's operating income increased $3.5 million in the first half of 1992, compared to 1991.  This increase was primarily because of increased export sales as well as seasonal sales in U.S. spot markets.
    Equity income from investments for the three months and six months ended June 30, 1992, increased $9.1 million and $17.7 million, respectively, compared to the same periods one year ago.  New facilities put into service on the Great Lakes system in late 1991 generated increased equity income throughout the first two quarters of 1992, compared to the same periods in 1991.  Phase II of the Ocean State Power Plant, which went into service in October 1991, was the other main contributor to the increase in equity income.
    Funds generated from operations in the first six months of 1992 were $247.9 million, up $88.1 million from $159.8 million in the six months ended June 30, 1991.  This increase is principally a result of higher earnings, combined with distributions from Great Lakes and Ocean State.
                     TRANSCANADA PIPELINES LTD.
                        Financial Highlights
             (Millions of dollars except per share data)
                          Three months          Six months
                         ended June 30,        ended June 30,
                        1992      1991        1992       1991
    Revenues            844.7     711.7      1,770.6    1,560.9
    Net income
     for the period      81.0      61.5        160.5      120.0
    Funds generated
     from operations    118.4      81.0        247.9      159.8
    Capital expenditures
     and investments    329.4     197.2        732.1      460.9
    Per share data
     Net income         $0.39     $0.33        $0.78      $0.66
    Funds generated
     from operations    $0.66     $0.51        $1.41      $1.02
    Average shares
     outstanding
     (thousands)                             176,355    156,110
    -0-                            7/20/92
    /CONTACT:  Bruce Leslie of TransCanada PipeLines Ltd., 403-267-8524/
    (TRP) CO:  TransCanada PipeLines Ltd. ST:  Alberta IN:  OIL SU:  ERN JL -- LA031 -- 0976 07/20/92 18:36 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
Words:509
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