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NORTHERN BORDER PARTNERS, L.P. REPORTS 26 PERCENT INCREASE IN SECOND QUARTER NET INCOME AND DECLARES SECOND QUARTER DISTRIBUTION
FOR IMMEDIATE RELEASE: Monday, July 19, 1999
HOUSTON – Northern Border Partners, L. P. announced today a 26 percent increase in second quarter net income to $20.6 million or $0.69 per unit. The amounts compare to $16.4 million or $0.55 per unit for the same period in 1998. The increase in net income is primarily attributable to the completion, in December, 1998, and successful operation of Northern Border Pipeline Company’s Chicago Project, which increases the pipeline’s capacity by greater than 40 percent and plays a key role in natural gas transportation services to the upper Midwest.
“We are pleased with the operation of The Chicago Project facilities which provide a competitively priced, reliable supply of Canadian natural gas to the Chicago marketplace as well as the surrounding area,” said Larry DeRoin, chairman and chief executive officer of Northern Border Partners, L. P. “The pipeline operated at an average utilization rate of 99 percent during the second quarter, reinforcing its position as one of the United States’ premier transportation systems.”
Throughput volumes in the second quarter 1999 increased significantly compared to second quarter 1998, averaging 2,357 versus 1,657 million cubic feet per day, respectively.
The Partnership Policy Committee of Northern Border Partners, L. P. today declared the Partnership’s quarterly cash distribution of $0.61 per unit for the second quarter of 1999. The indicated annual rate is $2.44 per unit. The second quarter distribution is payable August 13, 1999 to unitholders of record July 30, 1999.
Northern Border Partners, L. P. owns a 70 percent general partner interest in Northern Border Pipeline Company, which owns and operates a 1,214-mile U. S. interstate pipeline system that transports nearly 25 percent of all Canadian natural gas imports into the U.S. The partnership also owns 100 percent of Black Mesa Pipeline, a 273-mile coal-water slurry pipeline from Kayenta, Arizona to Laughlin, Nevada. Common units of Northern Border Partners, L. P. are listed on the New York Stock Exchange and trade under the symbol “NBP”. Northern Border Pipeline Company information may be found on the Internet at www.nbp.enron.com.
Please see attached tables for additional financial information
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Although Northern Border 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 changes in the regulatory environment, particularly with regard to regulation by the Federal Energy Regulatory Commission; and the conditions of the capital markets and equity markets.
Click here to download this press release in Microsoft Word format.
Please see attached tables for additional financial information.
For additional information please contact:
A.H. Davis
(713) 853-6941
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