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INTERPROVINCIAL PIPE LINE ANNOUNCES THIRD QUARTER RESULTS

 INTERPROVINCIAL PIPE LINE ANNOUNCES THIRD QUARTER RESULTS
 EDMONTON, Alberta, Nov. 4 /PRNewswire/ -- Interprovincial Pipe Line Inc. (NASDAQ-NMS: IPPIF) today announced earnings of $63.8 million ($1.60 per share) for the nine months ended Sept. 30, 1992. Earnings of $63.2 million ($1.59 per share) for the same period in 1991 included a loss of $7.5 million ($0.19 per share) from discontinued oil and gas operations.
 Pipeline earnings declined $6.9 million compared with last year, because of the reduction in the corporation's equity in its wholly owned U.S. pipeline business to 20 percent as a result of the U.S. master limited partnership transaction late in 1991. This reduction was partially offset by investment income from proceeds retained from the transaction, favorable tax adjustments related to prior years' corporate activities, and higher earnings on the Canadian Main System. The improvement in Canadian Main System earnings was due primarily to higher system utilization and to the timing of expenditures for operational programs. Therefore the year-to-date results should not be taken as an indication of expected results for 1992.
 All of these factors also affected the earnings for the third quarter of this year; however, these earnings were comparatively higher than for the same period last year due to the adverse impact of hydrostatic testing on the U.S. pipeline system in 1991. For the quarter ended Sept. 30, 1992, earnings were $22.7 million ($0.57 per share) compared with $18.8 million ($0.47 per share) in the corresponding quarter of 1991.
 Cash generated from operations during the nine months ended Sept. 30, 1992, amounted to $100.7 million compared with $139.2 million in the same period last year.
 During the first nine months of 1992, IPL's capital expenditures to increase system efficiency and maintain reliability totaled $75.1 million.
 Pipeline system deliveries of crude oil and other liquid hydrocarbons averaged 1,455,000 barrels per day during the first nine months of 1992, compared with 1,402,000 during the same period last year. The increase resulted from higher volumes of medium and heavy crude oil, natural gas liquids, and refined products shipped to destinations in the Prairie Provinces and the United States.
 A quarterly dividend of $0.50 per share was declared payable Dec. 1, 1992, to shareholders of record Nov. 13, 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." 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 per share amounts)
 Three months Nine months
 ended ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Financial
 Earnings
 Canadian Main System $13.3 $8.9 $34.5 $29.0
 Norman Wells Pipeline 3.6 3.5 10.7 10.6
 Lakehead 2.0 6.8 6.4 32.0
 Corporate 3.8 (0.4) 12.2 (0.9)
 Pipeline Earnings 22.7 18.8 63.8 70.7
 Discontinued Oil and Gas
 Operations --- --- --- (7.5)
 Earnings $22.7 $18.8 $63.8 $63.2
 Cash From Operations $37.8 $44.2 $100.7 $139.2
 Regular Dividends $19.9 $19.8 $59.7 $59.4
 Per Share Amounts
 Pipeline earnings $0.57 $0.47 $1.60 $1.78
 Earnings $0.57 $0.47 $1.60 $1.59
 Cash from operations $0.95 $1.11 $2.53 $3.51
 Regular dividends $0.50 $0.50 $1.50 $1.50
 Operating(a)
 Operating Revenue $99.9 $94.6 $294.5 $295.5
 Capital Expenditures $37.9 $21.8 $75.1 $45.3
 Deliveries (thousands
 of barrels per day) 1469 1337 1455 1402
 Barrel Miles (billions) 87 78 255 248
 Average haul (miles) 640 636 639 648
 (a) For comparison purposes, the 1991 operating highlights have been restated to exclude the U.S. pipeline business.
 -0- 11/04/92
 /CONTACT: D.P. Truswell, VP, Finance, 403-420-5303, (fax) 403-420-5389, of Interprovincial Pipe Line/
 (IPPIF) CO: Interprovincial Pipe Line Inc. ST: Alberta IN: OIL SU: ERN


JB -- LA036 -- 2638 11/04/92 15:57 EST
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Date:Nov 4, 1992
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