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NORTHERN BORDER PARTNERS, L.P. REPORTS SECOND QUARTER NET INCOME OF $12.8 MILLION
FOR IMMEDIATE RELEASE: Thursday, July 17, 1997
HOUSTON -- Northern Border Partners, L.P. today reported net income of $12.8 million, or $0.48 per unit, for the second quarter of 1997. The amounts compare to net income of $12.7 million, or $0.48 per unit, for the same period in 1996. Net income for the period includes $0.6 million, or $0.02 per unit, related to a reimbursement received by Northern Border Pipeline Company for vacating certain microwave frequency bands.
For the first half of 1997, Northern Border Partners, L.P. reported net income of $26.2 million, compared to $25.6 million for the first half of 1996. Net income per unit for the six months ended June 30, 1997 amounted to $0.98 per unit compared to $0.96 per unit for the first half of 1996. Net income for the first half of 1997 includes $2.0 million, or $0.07 cents per unit, related to reimbursements received by Northern Border Pipeline Company for vacating certain microwave frequency bands.
Second quarter 1997 throughput volumes for Northern Border Pipeline Company averaged 1,755 million cubic feet per day (MMcf/d) versus 1,751 MMcf/d for the second 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 second quarter of 1997. The indicated annual rate is $2.20 per unit. The distribution is payable August 14, 1997, to unitholders of record as of July 31, 1997, out of the available cash flow from operations of the Partnership from April 1, 1997 to June 30, 1997.
"During the second quarter, Northern Border Partners L.P., increased its effective ownership position in Black Mesa Pipeline from 60.5% to 71.75% through the acquisition of Williams Technologies, Inc., a leading consultant in slurry pipeline technology. Williams Technologies, Inc. has an 11.25% ownership position in and is the operator of the Black Mesa Pipeline," said Larry L. DeRoin, chairman and chief executive officer of Northern Border Partners, L.P.
"The final environmental impact statement was issued by the environmental staff of the Federal Energy Regulatory Commission (FERC) on The Chicago Project, which we believe clears the way for final FERC approval," DeRoin said. "Additionally, Northern Border Pipeline Company successfully closed on construction debt financing during the second quarter."
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 about 20 percent of all Canadian gas into the U.S. The Partnership also has a 71.75 percent ownership position in Black Mesa Pipeline, a 273-mile coal-water slurry pipeline from Kayenta, Arizona to 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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