Printer Friendly

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

 LAKEHEAD PIPE LINE PARTNERS, L.P. REPORTS
 SECOND QUARTER 1992 FINANCIAL RESULTS
 (Repeating from yesterday, July 21)
 SUPERIOR, Wis., July 21 /PRNewswire/ -- Lakehead Pipe Line Partners, L.P. (NYSE: LHP) today announced net income of $22.5 million for the six months ended June 30, 1992. The partnership's operating revenue for the same period was $106.5 million, and its operating income was $35.8 million.
 For the three months ended June 30, 1992, net income was $10.7 million, and operating revenue and operating income were $52.7 million and $17.3 million, respectively.
 The partnership also announced the cash distribution for the fiscal quarter ended June 30, 1992 will be $0.59 per unit. This distribution will be made on Aug. 14, 1992 to unitholders of record July 31, 1992.
 During the six months ended June 30, 1992, pipeline system deliveries of crude oil and other liquid hydrocarbons averaged 1,241,000 barrels per day. System utilization during the same period totalled 173 billion barrel miles. For the six months ended June 30, 1991, the predecessor pipeline system deliveries averaged 1,251,000 barrels per day and system utilization was 173 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 millions, except per unit amounts)
 Three months ended Six months ended
 June 30, June 30,
 Pro Forma(a) Pro Forma(a)
 1992 1991 1992 1991
 Operating revenue(b) $52.7 $51.8 $106.5 $103.8
 Expenses
 Power 12.4 13.1 26.3 27.4
 Operating and
 administrative 16.3 15.6 31.0 30.9
 Depreciation 6.7 6.6 13.4 13.2
 35.4 35.3 70.7 71.5
 Operating income 17.3 16.5 35.8 32.3
 Investment and other
 income 0.9 0.1 1.8 0.2
 Interest expense (7.3) (7.4) (14.8) (14.9)
 Minority interest (0.2) (0.2) (0.3) (0.3)
 Net income $10.7 $ 9.0 $22.5 $17.3
 Net income per unit $0.48 $0.41 $1.02 $0.78
 (a) Pro forma statement of income reflects the results of the pipeline business previously owned by Lakehead Pipe Line Co. Inc., the predecessor company. Certain pro forma adjustments have been made to these results as if the partnership had been formed on Jan. 1, 1991.
 (b) Operating revenue in 1992 reflects an 18 percent tariff increase effective May 3 on new pipeline receipts. This increase is being examined by the Federal Energy Regulatory Commission and would be subject to refund if FERC established rates at a lower level.
 -0- 7/21/92 R
 /CONTACT: Jon Staudohar of Lakehead Pipe Line Partners, L.P., 715-394-1404/
 (LHP) CP: Lakehead Pipe Line Partners, L,P. ST: Wisconsin IN: OIL SU: ERN


AL -- LA026 -- 1734 07/22/92 09:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 22, 1992
Words:492
Previous Article:STATE OF THE ART INC. ANNOUNCES STOCK REPURCHASE PLAN
Next Article:1ST SOURCE REPORTS EARNINGS INCREASE FOR 1992 SECOND QUARTER
Topics:


Related Articles
LAKEHEAD PIPE LINE PARTNERS L.P. ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
LAKEHEAD PIPE LINE PARTNERS L.P. ANNOUNCES 1992 FINANCIAL RESULTS
TEPPCO PARTNERS, L.P. REPORTS SECOND QUARTER RESULTS OF OPERATIONS
LAKEHEAD RECEIVES DECISION ON PIPELINE TARIFF RATES
LAKEHEAD PIPE LINE PARTNERS, L.P. FOURTH QUARTER 1994 CASH DISTRIBUTION
C O R R E C T I O N -- LAKEHEAD PIPE LINE PARTNERS (Correction Notice)
LAKEHEAD PIPE LINE PARTNERS ANNOUNCES FERC DECISION TO MODIFY TARIFF RATES
Lakehead Pipe Line Partners, L.P. Reports Third Quarter Financial Results and Cash Distribution
Lakehead Pipe Line Partners, L.P. Reports 26% Increase in Second Quarter Earnings; Announces Cash Distribution
Lakehead Pipe Line Partners, L.P. Reports Stronger Third Quarter Financial Results and Announces Cash Distribution.

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