Inter Pipeline announces strong 1Q16 results

Inter Pipeline has released its 1Q16 financial results, stating generated funds from operations totaling US$186 million (+5% y/y).

Other highlights include:

• FFO for bulk liquid storage recorded US$31 million (+53% y/y).
• Net 1Q16 income was US$105 million (US$0.31/share).
• Declared cash dividends of US%313 million (US$0.39/share).
• Quarterly payout ratio of 75%.
• Total pipeline throughput volumes remained strong, averaging 1 312 700 bpd.
• Completed construction of US$25 million diluent connection to the JACOS-Nexen Hangingstone project.
• Secured a long-term diluent supply connection agreement with Pembina Pipeline on the Polaris pipeline system.
• Entered into a long-term agreement to provide bitumen blend transportation service to the North West Redwater Sturgeon Refinery.
• Bulk liquid storage capacity utilisation averaged 98% for the quarter, an increase from 90% compared to 1Q15.

Read the article online at: https://www.worldpipelines.com/contracts-and-tenders/10052016/inter-pipeline-announces-strong-1q16-results-122/