EOTT ENERGY PARTNERS, L.P. REPORTS SECOND QUARTER RESULTS
FOR IMMEDIATE RELEASE: Monday, August 14, 2000
HOUSTON -- EOTT Energy Partners, L.P. (EOTT) announced today recurring net income of $3.3 million, or $0.12 per diluted unit, in the second quarter of 2000, compared to $2.2 million, or $0.09 per diluted unit, in the same period last year. Including nonrecurring income of $1.6 million, related primarily to an insurance settlement, total net income for the second quarter of 2000 was $4.9 million, or $0.17 per diluted unit.
The earnings increase in the second quarter of 2000 was primarily the result of higher income from Pipeline Operations, partially offset by a reduction in West Coast margins and increased operating and financing costs. The improvement in Pipeline Operation results was largely due to the acquisition of assets from Texas-New Mexico Pipeline Company completed in May 1999.
Second quarter results in both periods include noncash gains related to the required mark-to-market accounting of certain energy contracts of $0.1 million in the recent quarter and $1.0 million a year ago.
The cash distribution of $0.475 per common unit was declared for the second quarter on July 20, 2000 and is payable Aug. 14, 2000 to common unitholders of record as of July 31, 2000. The full distribution on common units was covered by cash flow generated from operations.
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. The common units of EOTT Energy Partners, L.P. trade on the NYSE under the symbol “EOT.”
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 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.
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Please see attached tables for additional financial information.
Please see attached tables for additional financial information.
For additional information please contact:
Dave Schafer
(713) 853-6758
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