Printer Friendly

SANTA FE PACIFIC PIPELINE PARTNERS L.P. ANNOUNCES IT WILL RECORD CHARGE OF APPROXIMATELY $16.5 MILLION IN 1992

 LOS ANGELES, Dec. 30 /PRNewswire/ -- Santa Fe Pacific Pipeline Partners L.P. (NYSE: SFL) (SFPP) announced that it will record a charge of approximately $16.5 million in 1992, reflecting the cumulative effect of early adoption of new accounting standards for post-retirement and post-employment benefits (Statements of Financial Accounting Standards Nos. 106 and 112). The new standards generally require an actuarial method be used to accrue for the expected costs of these benefits over employees' years of service as opposed to when claims are paid.
 SFPP's 1992 quarterly results will be restated to reflect the one-time charge in the first quarter, and 1992 quarterly operating expenses will also be increased in total by about $1.8 million. "The impact of this accounting change is in line with expectations and has no impact on SFPP's cash flow," said Irvin Toole Jr., chairman, president and chief executive officer of the general partner.
 Santa Fe Pacific Pipeline Partners L.P. is the largest independent refined products pipeline in the United States in terms of revenue generated. The partnership serves six western states with approximately 3,300 miles of common carrier pipeline and 14 truck loading terminals.
 -0- 12/30/92
 /CONTACT: Thomas L. Lambert, manager-Investor Relations of Santa Fe Pipeline Partners, 213-486-7766/
 (SFL)


CO: Santa Fe Pipeline Partners L.P. ST: California IN: OIL SU:

BP-EH -- LA020 -- 0627 12/30/92 13:09 EST
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:Dec 30, 1992
Words:231
Previous Article:SECURITY ENVIRONMENTAL SYSTEMS ANNOUNCES PRELIMINARY SHAREHOLDER LAWSUIT SETTLEMENT
Next Article:GET A JUMP ON THE 1993 STOCK MARKET; TOWN & COUNTRY OFFERS ADVICE FROM TEN BLUE CHIP BROKERS; JANUARY ISSUE ON NEWSSTAND DECEMBER 31
Topics:


Related Articles
SANTA FE PACIFIC PARTNERS ANNOUNCES RESULTS
SANTA FE PACIFIC PIPELINE ANNOUNCES FOURTH QUARTER RESULTS
SANTA FE PACIFIC PIPELINE PARTNERS, L.P. ANNOUNCES FOURTH QUARTER EARNINGS
SANTA FE PACIFIC PIPELINE PARTNERS, L.P. ANNOUNCES THIRD QUARTER EARNINGS
SANTA FE PACIFIC PIPELINE PARTNERS, L.P. ANNOUNCES FOURTH QUARTER EARNINGS
Santa Fe Pacific Pipeline Partners, L.P. Announces Third Quarter Earnings
Santa Fe Pacific Pipeline Partners, L.P. Announces Fourth Quarter Earnings
Santa Fe Pacific Pipeline Partners Announces First Quarter Earnings
Santa Fe Pacific Pipeline Partners Announces First Quarter Earnings
Santa Fe Pacific Pipeline Partners, L.P. Announces Fourth Quarter Earnings

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