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FOR IMMEDIATE RELEASE: Tuesday, July 30, 1996
HOUSTON -- Enron Global Power & Pipelines L.L.C. (Ticker symbol: EPP) today reported a 20 percent increase in earnings per share to $0.48 for the second quarter of 1996 compared to earnings per share of $0.40 in the second quarter of 1995. Net income for the second quarter of 1996 was $11.6 million compared to net income of $8.3 million in the second quarter of 1995.
For the first half of 1996, EPP's earnings per share were $0.96 compared to first half 1995 earnings per share of $0.78. Net income in the first half of 1996 was $23.1 million compared to net income of $16.2 million in the first half of 1995.
"EPP's increased earnings in the second quarter of 1996 primarily reflect the acquisition of an approximate 50 percent interest in both a natural gas pipeline system in Colombia and a 185-megawatt power project in the Dominican Republic," said Rodney L. Gray, chairman, president and chief executive officer. "These acquisitions demonstrate EPP's ability to successfully purchase Enron Corp.'s (Enron) completed projects and operate those assets for the benefit of both shareholders and customers."
EPP's purchase right agreement with Enron provides preferential access to Enron's significant backlog of energy development projects that assist in EPP's long-term growth. EPP continues to evaluate third-party projects which could contribute to earnings and cash flow growth. The company recently agreed to acquire an additional interest in Compania de Inversiones de Energia S.A. (CIESA), the majority owner of Argentina's largest natural gas pipeline system.
EPP's assets consist of interests in two power plants in the Philippines, one power plant in both Guatemala and the Dominican Republic and natural gas pipeline systems in Argentina and Colombia.
Enron Global Power & Pipelines, owned 59 percent by Enron Corp., is traded on the New York Stock Exchange under the ticker symbol, "EPP."
For additional information please contact:
Carol Hensley
(713) 853-6498
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