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NORTHERN BORDER PARTNERS, L.P. REPORTS FIRST QUARTER NET INCOME OF $13.5 MILLION AND DECLARES QUARTERLY DIVIDEND
FOR IMMEDIATE RELEASE: Tuesday, April 15, 1997
HOUSTON -- Northern Border Partners, L.P. today reported first quarter 1997 net income of $13.5 million, or $0.50 per unit, compared to net income of $12.8 million, or $0.48 per unit, for the same period in 1996. Net income for the period includes $1.4 million, or $0.05 per unit, related to a reimbursement received by Northern Border Pipeline Company for vacating certain microwave frequency bands.
First quarter throughput volumes averaged 1,816 million cubic feet per day (MMcf/d) versus 1,807 MMcf/d for the first quarter of 1996.
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 1997. The indicated annual rate is $2.20 per unit. The first quarter distribution is payable on May 15, 1997, to unitholders of record as of April 30, 1997, out of the available cash flow from operations of the Partnership from January 1 to March 31, 1997.
"We are pleased with the continuing progress of Northern Border Pipeline Company toward constructing The Chicago Project," said Larry L. DeRoin, chairman and chief executive officer of Northern Border Partners, L.P. "Construction financing agreements are in the final stages of negotiation as we await final FERC certification anticipated in the second quarter of 1997. We continue to acquire right-of-way necessary to construct the pipeline and have entered into or are finalizing contracts with vendors for compressor units, large diameter line pipe, fittings and other construction materials," 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. The Partnership also has a 60.5 percent ownership position in the Black Mesa Pipeline, a 273-mile, 18-inch diameter coal-water slurry pipeline from Kayenta, Arizona to the Mohave Power Station in Laughlin, Nevada.
Northern Border Partners, L.P. is listed on the New York Stock Exchange under the symbol "NBP".
For additional information please contact:
A. H. Davis
(713) 853-6941
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