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TRANSCANADA PIPELINES ANNOUNCES SECOND QUARTER RESULTS

 CALGARY, Alberta, July 20 /PRNewswire/ -- TransCanada PipeLines today announced that net income for the three months ended June 30, 1993, was $91.7 million, or 42 cents per share, compared to $81.0 million, or 39 cents per share, reported for the same period in 1992.
 "These improved results reflect the investments we have made in both our Canadian mainline system and our network of U.S. pipelines," said Gerald J. Maier, chairman and chief executive officer. Included in the net income figures is $3.6 million, or 2 cents per share, resulting from the settlement of a lawsuit initiated by a subsidiary of Alberta Natural Gas Co. Ltd. (ANG) against a third party. TransCanada has a 49.96 percent interest in ANG.
 Net income for the six months ended June 30, 1993, was $179.0 million, an increase of $18.5 million over the same period in 1992. This represents an increase of 4 cents per share, to 82 cents per share.
 Operating income from the Gas Sales, Marketing and Other segment was $2.7 million for the three months ended June 30, 1993, compared to $3.0 million for the same period in 1992. Contributions to operating income in the six months ended June 30, 1993, were $7.8 million from $14.2 million in 1992. The 1992 amount included certain sales which were offset by higher-than-expected gas purchase costs in the third and fourth quarters of 1992.
 Funds generated from operations in the first six months of 1993 were $222.7 million, a decrease of $25.2 million from the same period in 1992. This decrease is because of reduced distributions from associated pipeline operations and to deferred taxes.
 TRANSCANADA PIPELINES LTD.
 Financial Highlights
 (Millions of dollars except per share data)
 Three Months Six Months ended
 ended June 30, June 30,
 1993 1992 1993 1992
 Revenues 978.7 844.7 2,093.9 1,770.6
 Net income for the period 91.7 81.0 179.0 160.5
 Funds generated from
 operations 124.7 118.4 222.7 247.9
 Capital expenditures
 and investments 149.8 329.4 372.2 732.1
 Net income per share $0.42 $0.39 $0.82 $0.78
 Funds generated from
 operations per share $0.65 $0.66 $1.17 $1.41
 Average shares outstanding
 (thousands) 189,745 176,355
 -0- 7/20/93
 /CONTACT: David Annesley of TransCanada Pipelines, 403-267-8525/
 (TRP.)


CO: TransCanada PipeLines Ltd. ST: Alberta IN: OIL SU: ERN

BP -- LA035 -- 3636 07/20/93 17:55 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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