TC PipeLines, LP announces 2Q16 results

TC PipeLines, LP has recently reported its 2Q16 net income, attributable to controlling interests of US$54 million and distributable cash flow of US$76 million.

Highlights

• Generated net income attributable to controlling interests of US$54 million.
• Generated distributable cash flow of US$76 million.
• Paid cash distributions of US$60 million.
• Declared cash distributions of US$0.94 per common unit, a 6% increase.

"Our portfolio of long term contracted assets continued to perform well in the second quarter. Demand for transportation on GTN was strong which provided an opportunity for incremental revenue while Great Lakes has benefited from additional contracted volumes," said Brandon Anderson, President of TC PipeLines, GP, Inc. "This solid performance, together with the accretion on the PNGTS acquisition, provides the basis for us to increase the distribution to our unitholders by six percent again this year which is consistent with our historical guidance."

Adapted from press release by Anna Nicklin

Read the article online at: https://www.worldpipelines.com/business-news/05082016/tc-pipelines-lp-announces-2q16-results/