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NORTHERN BORDER PARTNERS, L.P. REPORTS FIRST QUARTER NET INCOME OF $12.8 MILLION AND DECLARES QUARTERLY DIVIDEND
FOR IMMEDIATE RELEASE: Thursday, April 18, 1996
HOUSTON -- Northern Border Partners, L.P. today reported
net income of $12.8 million, or $0.48 per unit, for the first
quarter of 1996. The amounts compare to net income of $13.0 million,
or $0.48 per unit, for the same period in 1995. Comparative operating
revenues were $52.9 million for the most recent quarter and $52.2
million a year ago.
First quarter throughput volumes averaged 1,807 million cubic
feet per day (MMcf/d) versus 1,786 MMcf/d for the first quarter
of 1995.
The Partnership Policy Committee of Northern Border Partners,
L.P. today declared the Partnership's regular quarterly cash distribution
of $0.55 per unit for the first quarter of 1996. The indicated
annual rate is $2.20 per unit. The first quarter distribution
is payable on May 15, 1996, to unitholders of record as of April
30, 1996, out of the available cash flow from operations of the
Partnership from January 1 to March 31, 1996.
"We continue to make progress on several fronts on our proposed
$800 million expansion and extension project to transport an additional
700 MMcf/d of Canadian and northern plains natural gas to markets
in the midwest in 1998," said Larry L. DeRoin, Chairman of
the Northern Border Partners, L.P. Partnership Policy Committee.
"Engineering contracts for the mainline pipe and compressor
stations have been awarded. In addition, Northern Border Pipeline
Company has filed responses to the Federal Energy Regulatory Commission's
(FERC) requests for information on the business and environmental
issues of the proposed project, and the FERC has held public environmental
evaluation meetings in which we actively participated," DeRoin
added.
Northern Border Partners, L.P. owns a 70 percent general partner
interest in Northern Border Pipeline Company, which owns a 969-mile
U.S. interstate pipeline system that transports natural gas produced
in Western Canada and the Williston Basin to major gas consuming
markets in the U.S.
Northern Border Partners, L.P. is listed on the New York Stock
Exchange under the symbol "NBP".
Northern Border Partners,
L.P.
Financial Highlights
| (Unaudited: in millions except net income per unit) |
| First Quarter | 1996 | 1995 |
| Operating Revenue | $ 52.9 | $ 52.2 |
| Net Income | $ 12.8 | $ 13.0 |
| Per Unit Net Income | $ .48 | $ .48 |
| Average Units Outstanding | 26.2 | 26.2 |
| Consolidated Statement of Income |
| (Unaudited: in millions) |
| First Quarter | 1996 | 1995 |
| Operating Revenue | $ 52.9 | $ 52.2 |
| Operating Expenses |
| Operations and maintenance | 6.8 | 6.4 |
| Depreciation and amortization | 13.4 | 11.8 |
| Taxes other than income | 6.4 | 6.3 |
| | 26.6 | 24.5 |
| Operating Income | 26.3 | 27.7 |
| Interest expense | ( 8.5) | ( 9.0) |
| Other income (expense) | 0.5 | ( 0.1) |
| Minority interest | (5.5) | ( 5.6) |
| Net Income | $ 12.8 | $ 13.0 |
| Operating Highlights (Unaudited) |
| First Quarter | 1996 | 1995 |
| Gas Delivered (MMcf) | 161,245 | 157,684 |
| Average throughput (MMcf/d) | 1,807 | 1,786 |
For additional information please contact:
Diane Bazelides
(713) 853-6285
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