EOTT ENERGY PARTNERS, L.P. REPORTS FIRST QUARTER RESULTS
FOR IMMEDIATE RELEASE: Monday, May 15, 2000
HOUSTON -- EOTT Energy Partners, L.P. (EOTT) announced today net income of $2.1 million, or $0.08 per diluted unit, in the first quarter of 2000 compared to net income of $2.5 million, or $0.10 per diluted unit, before the cumulative effect of an accounting change in the first quarter of 1999.
Excluding the noncash impacts of mark-to-market accounting for certain energy contracts, net income was $3.9 million, or $0.14 per unit, in the first quarter of this year compared to $0.4 million, or $0.02 per unit, in the same period last year. First quarter results this year include a negative $1.8 million noncash mark-to-market impact, while 1999 first quarter results included a $2.1 million positive impact.
EOTT’s improved results, excluding the impact of mark-to-market accounting, were primarily the result of a strong increase in earnings from Pipeline Operations, partially offset by reduced margins from West Coast Operations and higher operating and financing costs.
The first quarter cash distribution of $0.475 per common unit was declared April 18, 2000 and is payable May 15, 2000 to common unitholders of record as of April 28, 2000. The full distribution on common units was covered by cash flow generated from operations.
EOTT has not included balance sheet information in its Form 10-Q filed today with the Securities and Exchange Commission. EOTT has filed for an extension to submit the omitted information. EOTT has been engaged in an extensive review and analysis of the implementation of its new computerized marketing and accounting system, and is investigating certain unresolved systems integration issues.
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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