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SANTA FE PACIFIC PIPELINE PARTNERS L.P. ANNOUNCES RESULTS

 SANTA FE PACIFIC PIPELINE PARTNERS L.P. ANNOUNCES RESULTS
 LOS ANGELES, April 15 /PRNewswire/ -- Santa Fe Pacific Pipeline Partners L.P. (NYSE: SFL) announced first quarter 1992 net income of $13.1 million, or $0.67 per unit, a 19 percent increase over net income of $11.0 million, or $0.57 per unit, for the same period last year.
 The partnership also declared a cash distribution of 70 cents on each preference and common unit for the first quarter of 1992. This is the 14th consecutive quarterly distribution paid by the partnership and the fourth consecutive distribution of 70 cents per unit. The distribution is payable May 15, 1992, to unit holders of record as of April 30, 1992.
 Irvin Toole, Jr., chairman, president and chief executive officer of the general partner, stated, "First quarter results were particularly gratifying considering the lingering effects of the recession on product demand. Volumes increased 0.7 percent, however, first quarter revenues of $47.2 million were $3.2 million or 7 percent higher than the prior-year quarter. This significant improvement reflected a longer average pipeline haul due to increased Arizona volumes and new revenue from pipeline and terminal projects completed in late 1991."
 Commercial volumes, which accounted for 94 percent of total volumes, were 0.2 percent higher than the prior-year quarter. Military volumes increased 9 percent compared to the prior-year quarter when the military deployment to the Persian Gulf negatively impacted military fuel requirements at bases served by the partnership.
 Operating expenses of $24.9 million increased $0.7 million or 3 percent over the prior-year quarter as a result of increased depreciation, risk insurance and field operating expenses partially offset by reduced general and administrative expenses.
 The site assessment and proposed removal actions for the Sparks, Nev. remediation project were submitted to the Environmental Protection Agency (EPA) in early March, and EPA comments are currently being reviewed. When the removal action plan is finalized and approved by the EPA later this year, sufficient information will be available to reasonably estimate future remediation costs and record a provision which will represent the partnership's potential liability. Such costs are not expected to have a material adverse effect on the partnership's financial condition.
 Capital expenditures for the quarter were $5.8 million, an increase of $2.6 million from the same period last year. Full-year capital expenditures are expected to be approximately $34 million.
 Santa Fe Pacific Pipeline Partners L.P. is the largest independent refined petroleum 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.
 SANTA FE PACIFIC PIPELINE PARTNERS L.P.
 Financial and Operating Highlights
 Condensed Financial Data
 (Unaudited)
 (In millions, except per unit and per barrel amounts)
 Three months ended
 March 31,
 1992 1991
 Operating
 revenues $47.2 $44.0
 Operating expenses
 (excluding depreciation
 & amortization) 20.4 20.1
 Depreciation and
 amortization 4.5 4.1
 Total operating expenses 24.9 24.2
 Operating income 22.3 19.8
 Interest and debt expense 9.1 9.1
 Other income, net 0.2 0.4
 Minority interest (0.3) (0.1)
 Net income $13.1 $11.0
 Net income per unit(a) $0.67 $0.57
 Cash distributions
 declared per unit $0.70 $0.65
 SANTA FE PACIFIC PIPELINE PARTNERS, L.P.
 Operating Data
 Barrels delivered 74.9 74.3
 Barrel miles 10,525 10,049
 Total revenue
 per barrel $0.63 $0.59
 (a) Based on 19,148,148 preference and common units outstanding during all periods presented.
 -0- 4/15/92
 /CONTACT: Thomas L. Lambert of Santa Fe Pacific Pipeline Partners L.P., 213-486-7766/
 (SFL) CO: Santa Fe Pacific Pipeline Partners L.P. ST: California IN: OIL SU: ERN


EH-KJ -- LA029 -- 8854 04/15/92 15:40 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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