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NORTHERN BORDER PARTNERS, L.P. REPORTS SECOND QUARTER NET INCOME OF $12.7 MILLION
FOR IMMEDIATE RELEASE: Thursday, July 18, 1996
HOUSTON -- Northern Border Partners, L.P. today reported net income of $12.7 million, or $0.48 per unit, for the second quarter of 1996. The amounts compare to net income of $13.0 million, or $0.49 per unit, for the same period in 1995. Comparative operating revenues were $52.9 million for the most recent quarter and $52.6 million a year ago.
For the first half of 1996, Northern Border Partners, L.P. reported net income of $25.6 million, compared to $25.9 million for the first half of 1995. Net income per unit for the six months ended June 30, 1996 amounted to $0.96 per unit compared to $0.97 per unit for the first half of 1995. Revenues for the first half of 1996 were $105.9 million, compared to $104.8 million for the comparable period in 1995.
Second quarter 1996 throughput volumes averaged 1,751 million cubic feet per day (MMcf/d) versus 1,688 MMcf/d for the second 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 second quarter of 1996. The indicated annual rate is $2.20 per unit. The distribution is payable August 14, 1996, to unitholders of record as of July 31, 1996, out of the available cash flow from operations of the Partnership from April 1, 1996 to June 30, 1996.
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 ) |
| Second Quarter | Year-to-Date |
| 1996 | 1995 | 1996 | 1995 |
| Operating Revenues | $ 52.9 | $ 52.6 | $105.9 | $104.8 |
| Net Income | $ 12.7 | $ 13.0 | $ 25.6 | $ 25.9 |
| Per Unit Net Income | $ .48 | $ .49 | $ .96 | $ $ .97 |
|
| Average Units Outstanding | 26.2 | 26.2 | 26.2 | 26.2 |
| Consolidated Statement of Income |
| (Unaudited: in millions) |
| Second Quarter | Year-to-Date |
| 1996 | 1995 | 1996 | 1995 |
| Operating Revenues | $ 52.9 | $ 52.6 | $105.9 | $104.8 |
| Operating Expenses |
| Operations and maintenance | 7.0 | 7.0 | 13.8 | 13.3 |
| Depreciation and amortization | 13.8 | 11.8 | 27.2 | 23.6 |
| Taxes other than income | 6.2 | 6.2 | 12.6 | 12.5
|
| 27.0 | 25.0 | 53.6 | 49.4 |
| Operating Income | 25.9 | 27.6 | 52.3 | 55.4 |
| Interest expense | ( 8.3) | ( 8.8) | ( 16.8) | 17.9) |
| Other income (expense) | 1.2 | ( 0.2) | 1.8 | ( ( 0.4) |
| Minority interest | ( 6.1) | ( 5.6) | ( 11.7) | ( 11.2) |
| Net Income | $ 12.7 | $ 13.0 | $ 25.6 | $ 25.9 |
| Operating Highlights |
| (Unaudited) |
| Second Quarter | Year-to-Date |
| 1996 | 1995 | 1996 | 1995 |
| Gas Delivered (MMcf) | 156,834 | 150,121 | 318,079 | 307,805 |
| Average throughput (MMcf/d) | 1,751 | 1,688 | 1,779 | 1,737 |
For additional information please contact:
A. H. Davis
(713) 853-6941
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