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Inter Pipeline 2016 and 4Q16 roundup

Published by
World Pipelines,

Inter Pipeline Ltd. (Inter Pipeline) has recently announced its financial and operating results for the 4Q16 period and for the year ending on 31 December 2016.

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.

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Canada pipeline news