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Inter Pipeline declares 1Q17 and May 2017 results

Published by
World Pipelines,


Inter Pipeline Ltd. (Inter Pipeline) has announced strong financial and operating results for both 1Q17, ending on 31 March 2017, and for May 2017.

1Q17 highlights

The company’s 1Q17 highlights include: funds from operations (FFO) totalling CAN$247 million, a 33% increase compared to 1Q16; 1Q17 net income at a record CAN$140 million; declared cash dividends of CAN$150 million, or CAN$0.405 per share; an attractive quarterly payout ratio of 61%; and record total pipeline throughput volumes, averaging 1.46 million bpd.

Funds from the operation of Inter Pipeline’s conventional oil pipelines business segment rose to a new quarterly record of CAN$53.4 million, up 7% or CAN$3.4 million, compared to 1Q16. While transportation revenue decreased slightly as higher volumes were moved on lower revenue pipeline segments, this was offset by strong midstream marketing results.

Average throughput volumes on Inter Pipeline’s three conventional gathering systems totalled 209 900 bpd for the quarter, representing a 1400 bpd increase from 1Q16. Volumes on the Mid-Saskatchewan pipeline system increased 5300 bpd (6%) to a new record of 92 900 bpd on strong regional production from the Viking light oil play. This increase was offset by lower throughput volumes on Central Alberta.

May 2017

Inter Pipeline has declared a cash dividend of CAN$0.135 per share for May 2017. This dividend will be paid on or about 15 June 2017 to shareholders of record on 23 May 2017. This dividend is designated as an ‘eligible dividend’ for Canadian tax purposes.

Since inception, Inter Pipeline has distributed approximately CAN$4.0 billion in cash payments to investors. The company’s objective is to provide investors with sustainable monthly cash dividends, with dividend growth upside tied to the development of its portfolio of growth projects.

Read the article online at: https://www.worldpipelines.com/business-news/09052017/inter-pipeline-declares-1q17-and-may-2017-results/


 

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