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EOTT ENERGY PARTNERS, L.P. REPORTS THIRD QUARTER RESULTS
FOR IMMEDIATE RELEASE: Thursday, November 7, 1996
HOUSTON -- EOTT Energy Partners, L.P. (EOTT) today reported third quarter 1996 net income of $7.2 million, or $0.37 per unit, compared to $4.6 million, or $0.26 per unit, for the third quarter of 1995. Third quarter 1996 income from continuing operations was $7.2 million, or $0.37 per unit, compared to $3.6 million, or $0.21 per unit, for the third quarter of 1995.
For the first nine months of 1996, EOTT reported net income of $21.5 million, or $1.12 per unit, compared to a loss of $59.1 million, or a loss of $3.41 per unit, in the first nine months of 1995. Because EOTT’s West Coast processing and asphalt marketing operations were sold effective September 29, 1995, the related 1995 nine months loss of $62.0 million, or a loss of $3.57 per unit, was reported as discontinued operations.
"Our strong performance reflects continued favorable market conditions in the third quarter and the added strength of our Mississippi crude oil pipeline and gathering system acquired at the beginning of this year," said Philip J. Hawk, president of EOTT.
As previously reported, cash distributions to common unitholders of $0.475 per unit were declared on September 30, 1996 for the third quarter of 1996. The distribution is payable on November 14, 1996 to unitholders of record as of October 31, 1996. "We are especially pleased with the continuing improvement in our company’s performance, enabling us not only to fully fund cash distributions to common unitholders but also to make our second consecutive full quarterly distribution on the subordinated units," Hawk said.
EOTT has been serving the petroleum industry since 1946 and is a major gatherer and marketer of crude oil in North America. EOTT Energy Partners, L.P. is listed on the NYSE under the symbol of "EOT". EOTT and its general partner, EOTT Energy Corp., are headquartered in Houston, Texas.
| EOTT Energy Partners, L.P. |
| Operating Segment Statistics |
| (Unaudited) |
| Three Mo. Ended Sept. 30 | Nine Mo. Ended Sept. 30 |
| 1996 | 1995 |
1996 | 1995 |
| Gross Margin (in millions) |
| North American | $ 34.0 | $ 23.6 | $ 110.1 | $ 65.4 |
| Refined Products Mktg. | 1.1 | 0.4 | 3.7 | 2.2 |
| Operating Income (in millions) |
| North American | $ 12.6 | $ 9.4 | $ 41.4 | $ 20.9 |
| Refined Products Mktg. | 0.4 | 0.0 | 1.1 | 0.6 |
| Corporate & Other | (5.5) | (5.7) | (19.3) | (15.2) |
| North American Crude Oil |
| Gross Margin ($/Total Bbl) | $ 0.43 | $ 0.38 | $ 0.48 | $ 0.34 |
| Total Volumes (MBbl/d) | 871.0 | 681.4 | 841.7 | 705.8 |
| Lease Volumes (MBbl/d) | 301.0 | 245.7 | 300.2 | 245.9 |
| Consolidated Statement of Income |
| (Unaudited) |
| (in thousands except net income per unit) |
| Three Mo. Ended Sept. 30 | Nine Mo. Ended Sept. 30 |
| 1996 | 1995 |
1996 | 1995 |
| Revenues | $1,822,369 | $1,191,314 | $5,066,885 | $3,710,259 |
| Cost of Sales | 1,787,227 | 1,167,320 | 4,953,122 | 3,642,624 |
| Gross Margin | 35,142 | 23,994 | 113,763 | 67,635 |
| Expenses |
| Operating Expenses | 24,626 | 17,701 | 78,569 | 53,518 |
| DD&A; | 3,048 | 2,578 | 11,972 | 7,814 |
| Operating Income | 7,468 | 3,715 | 23,222 | 6,303 |
| Other Income (Expense) |
| Interest Income | 134 | 54 | 386 | 432 |
| Interest and Related Charges | (850) | (539) | (2,562) | (3,359) |
| Other | 432 | 378 | 416 | 864 |
| Income from Continuing Operations | 7,184 | 3,608 | 21,462 | 4,240 |
| Income (Loss) from Discontinued Operations | - | 950 | - | (62,030) |
| Net Income (Loss) Before Extraordinary Item | 7,184 | 4,558 | 21,462 | (57,790) |
| Extraordinary Item | - | - | - | (1,315) |
| Net Income (Loss) | $ 7,184 | $ 4,558 | $ 21,462 | $ (59,105) |
| Net Income (Loss) per Unit |
| Continuing Operations | $ 0.37 | $ 0.21 | $ 1.12 | $ 0.24 |
| Discontinued Operations | - | 0.05 | - | (3.57) |
| Extraordinary Item | - | - | - | (0.08) |
| Net Income (Loss) per Unit | $ 0.37 | $ 0.26 | $ 1.12 | $ (3.41) |
| Number of Units Outstanding | 18,830 | 17,000 | 18,830 | 17,000 |
For additional information please contact:
Carol Hensley
713-853-6498
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