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ENRON LIQUIDS PIPELINE, L.P. REPORTS SECOND QUARTER 1996 NET INCOME OF $0.20 PER UNIT
FOR IMMEDIATE RELEASE: Monday, July 29, 1996
HOUSTON -- Enron Liquids Pipeline, L.P. today reported second quarter 1996 net income of $1.4 million, or $0.20 per unit. The amounts compare to second quarter 1995 net income of $1.6 million, or $0.24 per unit. Net revenues were $12.9 million in the second quarter of 1996 as compared to $12.0 million in the same period of 1995.
For the first half of the year, the company reported net income of $4.2 million, or $0.63 per unit, compared to $5.6 million, or $0.85 per unit, reported for the comparable period in 1995. Year-to-date net revenues were $29.8 million in 1996 as compared to $26.7 million in 1995.
Cash distributions to unitholders for the second quarter of 1996, totaling $0.63 per unit, were declared on June 20, 1996. The distribution is payable August 14, 1996 to unitholders of record as of July 31, 1996.
"The decline in net income from the second quarter of 1995 was primarily due to lower earnings on our North System and at the Painter gas processing plant," said William V. Allison, the president of Enron Liquids Pipeline Company, the general partner of Enron Liquids Pipeline, L.P. "On the North System, higher seasonal butane volumes in the second quarter of 1996 partly replaced volumes that were lost due to the shutdown of a synthetic natural gas facility in 1995. For the first half of 1996, however, North System volumes increased 5 percent compared to 1995. Also, the second quarter of 1995 included a $0.5 million non-recurring business interruption insurance settlement. At the Painter plant, lower processing volumes reflected unscheduled downtime. As previously reported, the Painter plant's major customer is terminating its processing contract effective in the third quarter. These decreases were partially offset by significantly stronger earnings from the Central Basin Pipeline, where volumes increased 39 percent above the second quarter of 1995 due to new enhanced oil recovery projects undertaken by our customers," said Allison.
Enron Liquids Pipeline, L.P. owns and operates two interstate common carrier natural gas liquids (NGL) pipeline systems and one carbon dioxide (CO2) pipeline system. The North System transports, stores and delivers a full range of NGLs and refined products from south central Kansas to markets in the Midwest and has interconnects, using third party pipelines, to the eastern United States. The Cypress Pipeline transports ethane from Mont Belvieu, Texas, to the Lake Charles, Louisiana area. The Central Basin Pipeline transports CO2 in West Texas. The Partnership also owns and operates the Cora Terminal, a modern, high-speed, rail-to-barge coal transfer facility and the Painter gas processing plant and related facilities, located in Uinta County, Wyoming and owns an indirect interest in an NGL fractionator. Enron Liquids Pipeline, L.P. trades on the New York Stock Exchange under the symbol, "ENP".
For additional information please contact:
A. H. Davis
(713) 853-6941
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