EOTT ENERGY PARTNERS, L.P. REPORTS SECOND QUARTER EARNINGS OF $0.09 PER UNIT
FOR IMMEDIATE RELEASE: Thursday, August 12, 1999
HOUSTON - EOTT Energy Partners, L.P. (Partnership) announced today net income per diluted unit increased to $0.09 in the second quarter of 1999 compared to a second quarter 1998 loss of $(0.07) per diluted unit. Net income for the second quarter of 1999 increased to $2.2 million from a loss of $1.3 million in the same period of 1998.
"The significant earnings improvement this quarter over last year is the result of our strengthened market position and increased operating efficiencies achieved over the past year. We have rapidly and successfully integrated the assets acquired from Koch Industries in 1998," said Michael D. Burke, president and CEO of EOTT. "In addition, we purchased strategic assets from Texas-New Mexico Pipeline Company in May 1999 and are aggressively combining these assets with existing operations to maximize the cost synergies and cash flow contribution."
Operating income increased more than seven-fold to $8.7 million in the most recent quarter from $1.2 million in the same period last year, primarily the result of acquisitions completed in the second half of 1998 and in May 1999. Crude oil lease volumes from the North America – East of Rockies operating segment increased more than 55 percent over last year to an average 412,200 barrels per day in the most recent quarter from an average 264,700 barrels per day in the second quarter of 1998.
The cash distribution of $0.475 per common unit for the second quarter of 1999 was declared July 20, 1999 and will be paid August 13, 1999 to common unitholders of record as of July 30, 1999. The second quarter distribution on common units will be paid using cash available from the Partnership.
EOTT Energy Partners, L.P. is a major independent marketer of crude oil in the United States and Canada. Together with its predecessors, the Partnership has been serving the petroleum industry since 1946. Both EOTT Energy Partners, L.P. and EOTT Energy Corp., the general partner, are headquartered in Houston, Texas. The common units of EOTT Energy Partners, L.P. trade on the NYSE under the symbol "EOT."
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Please see attached tables for additional financial information.
For additional information please contact:
Hardie Davis
(713) 853-6941
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