 |
EOTT ENERGY PARTNERS, L.P. REPORTS FOURTH QUARTER 1998 RESULTS AND ANNOUNCES FULL COVERAGE OF COMMON DISTRIBUTION
FOR IMMEDIATE RELEASE: Tuesday, February 16, 1999
HOUSTON - EOTT Energy Partners, L.P. (EOTT) announced today net income of $0.7 million, or $0.03 per diluted unit, for the fourth quarter 1998, compared to a net loss of $10.2 million, or $(0.53) per diluted unit, for the fourth quarter 1997. EOTT reported a loss for the full year 1998 of $4.1 million, or $(0.21) per diluted unit, compared to a net loss of $14.4 million, or $(0.75) per diluted unit, in 1997. Fourth quarter 1997 and full year 1997 results include $10.0 million, or $0.52 per unit, of non-recurring charges.
“In 1998 we substantially strengthened the market position of EOTT. The December acquisition of crude oil gathering and transportation assets significantly increased lease volumes and more than doubled the miles of crude oil pipeline owned. We are quickly integrating these important assets with existing operations and anticipate a positive contribution to cash flow by the middle of the year,” said Michael D. Burke, president and CEO of EOTT. “In addition, I am pleased to report EOTT paid the fourth quarter 1998 distribution to common and special unitholders without using distribution support from Enron Corp.”
As previously announced, Enron Corp. increased its distribution support to $29 million and extended it through 2001 as a result of the approval of certain proposals at the Special Meeting of Unitholders on February 12, 1999.
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.”
This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EOTT Energy Partners, L.P. believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements herein include, but are not limited to, demand for various grades of crude oil and the resulting changes in pricing conditions, the success of the Partnership’s risk management activities, conditions of the capital markets and equity markets during the periods covered by the forward looking statements, and the Partnership’s success in integrating recently acquired assets.
Click here to download this press release in Microsoft Word format.
For additional information please contact:
A. H. Davis
(713) 853-6941
|
