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INTERPROVINCIAL PIPE LINE ANNOUNCES FIRST QUARTER RESULTS

 INTERPROVINCIAL PIPE LINE ANNOUNCES FIRST QUARTER RESULTS
 EDMONTON, Alberta, May 6 /PRNewswire/ -- Interprovincial Pipe Line Inc. (NASDAQ-NMS: IPPIF, Toronto, Montreal: IPL) announced today that earnings for the first quarter of 1992 were $25.8 million ($0.65 per share) compared with $23.2 million ($0.58 per share) during the same quarter last year.
 Comparisons with 1991 first quarter results are affected by a loss of $2.7 million ($0.07 per share) from discontinued oil and gas operations in 1991. Excluding discontinued operations, earnings were virtually the same as last year.
 On Dec. 27, 1991, the corporation's wholly owned U.S. subsidiary, Lakehead Pipe Line Company, Inc., transferred its pipeline business to a U.S. master limited partnership in return for cash proceeds, the assumption of certain liabilities, and an approximate 20 percent equity interest in the partnership. As a result of this transaction, the corporation's share of the United States System earnings is reduced to 20 percent.
 Notwithstanding the reduction in U.S. earnings, total earnings remained steady, due to higher earnings from the Canadian Main System as well as income generated from the investment of the proceeds retained from the sale to the partnership.
 The results of the first quarter, however, should not be taken as an indication of the expected results for 1992. Historically, the first quarter results have reflected above average deliveries and lower levels of major repair and maintenance expenditures due to the timing of such programs.
 Pipeline system deliveries of crude oil and other liquid hydrocarbons during the first quarter were 1,506,000 barrels per day compared with 1,499,000 barrels per day in the same quarter last year. The 1991 deliveries reflect shipments made across the Canadian and U.S. systems, including 42,000 barrels per day of deliveries originating and terminating in the United States.
 The increase in deliveries is attributed to greater production of light crude in Western Canada and higher volumes of natural gas liquids. In addition, comparisons take into account a line break in Minnesota in March 1991, which reduced deliveries during that quarter.
 During the first three months, barrel miles amounted to 88 billion compared to 85 billion in Canada for the same period of 1991.
 For the three months ended March 31, 1992, cash generated from operations declined to $35.9 million from $49.2 million in the same period last year.
 During the first quarter of 1992, the corporation continued its efforts to improve operating efficiency and reliability of the system, with $12.6 million of capital expenditures.
 Dividends paid in the quarter amounted to $298.3 million, including the regular dividend of $0.50 per share, and a special dividend of $7 per share which represented, in part, the proceeds from the restructuring and refinancing of U.S. pipeline operations.
 A quarterly dividend of $0.50 per share was declared payable June 1, 1992, to shareholders of record May 15, 1992.
 The common shares of Interprovincial Pipe Line Inc. are traded in Canada on the Toronto and Montreal stock exchanges under the symbol "IPL," and in the United States on the NASDAQ-NMS under "IPPIF."
 Installment 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 for share amounts)
 Three months ended March 31,
 Per Per
 1992 Share 1991 Share
 Financial
 Pipeline earnings $25.8 $0.65 $25.9 $0.65
 Earnings $25.8 $0.65 $23.2 $0.58
 Cash from operations $35.9 $0.90 $49.2 $1.24
 Regular dividends $19.9 $0.50 $19.8 $0.50
 Operating
 Operating revenue $108.6 --- $160.3 ---
 Capital expenditures $12.6 --- $9.8 ---
 Deliveries (thousands of
 barrels per day) 1,506 --- 1,499 ---
 Barrel miles (billions) 88 --- 172 ---
 Average haul (miles) 641 --- 1,277 ---
 Segmented Earnings
 Canadian Main System $16.0 --- $11.0 ---
 Norman Wells Pipeline 3.5 --- 3.4 ---
 Lakehead 2.0 --- 12.2 ---
 Corporate 4.3 --- (0.7) ---
 Pipeline Earnings 25.8 --- 25.9 ---
 Discontinued oil and gas
 operations --- --- (2.7) ---
 Earnings $25.8 --- $23.2 ---
 Segmented Cash from Operations
 Canadian Main System $30.8 --- $25.5 ---
 Norman Wells Pipeline 7.1 --- 7.0 ---
 Lakehead (5.0) --- 16.1 ---
 Corporate 3.0 --- 0.6 ---
 Cash from operations $35.9 --- $49.2 ---
 -0- 5/6/92
 /CONTACT: L.F. Bradley of Interprovincial Pipe Line Inc., 403-420-8166/
 (IPPIF IPL.) CO: Interprovincial Pipe Line Inc. ST: Alberta IN: OIL SU: ERN


KJ -- LA021 -- 7147 05/06/92 13:33 EDT
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Date:May 6, 1992
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