Inter Pipeline 2016 and 4Q16 roundup

Inter Pipeline’s annual highlights for 2016 include:

• Generated record funds from operations of CAN$849 million, a 10% increase over the 2015 results.
• Realised a net income increase of 3% to a record CAN$478 million for the year.
• Declared annual cash dividends of CAN$539 million or CAN$1.57 per share.
• Attractive annual payout ratio of 66%.
• An annualised dividend increase of CAN$0.06 per share; the 14th consecutive increase for Inter Pipeline shareholders.
• Annual throughput volumes on Inter Pipeline's pipeline systems averaged approximately 1.3 million bpd.
• Acquired a large scale Canadian natural gas liquids midstream business for CAN$1.35 billion, providing a new platform for future growth.
• Bulk liquid storage capacity utilisation averaged a new record of 98% for the year, up from 94% in 2015.
• Successfully raised over CAN$775 million of equity capital and CAN$800 million of term debt at attractive rates.

The company’s 4Q16 highlights include:

• Record quarterly funds from operations of CAN$255 million, an increase of 20% from the same period in 2015.
• A conservative quarterly payout ratio of 58%.
• Average throughput volumes for Inter Pipeline's oil sands and conventional pipeline systems reached a new quarterly record of 1.37 million bpd.
• Purchased the remaining 15% interest in the Cold Lake pipeline system from Canadian Natural Resources Ltd. (Canadian Natural) for CAN$527.5 million.
• Entered into a long term transportation agreement with Canadian Natural for its Kirby North SAGD oil sands project.

Read the full release here.

Read the article online at: https://www.worldpipelines.com/business-news/17022017/inter-pipeline-2016-and-4q16-roundup/