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NORTHERN BORDER PARTNERS, L.P. INCREASES QUARTERLY CASH
DISTRIBUTION 7 PERCENT
FOR IMMEDIATE RELEASE: Tuesday, January 18, 2000
OMAHA - Northern Border Partners, L.P. announced today a 7 percent increase in the Partnership’s quarterly cash distribution to $0.65 per unit for the fourth quarter of 1999, up from $0.61 per unit. The indicated annual distribution is now $2.60 per unit. This is the Partnership’s third increase in distributions in three years.
“The distribution increase reflects the strong performance of our businesses,” said Larry DeRoin, chairman and chief executive officer of Northern Border Partners, L.P. “Throughput on Northern Border Pipeline increased 37% in 1999 over the previous year. The planned extension to northern Indiana will provide the next growth increment for the pipeline and will further enhance its position as the premier link between Canadian gas supplies and the Midwest market. Finally, the Partnership’s Bighorn gas gathering acquisition in Wyoming’s Powder River Basin demonstrates our commitment to continue to grow and diversify.”
The quarterly distribution is payable Feb. 14, 2000 to unitholders of record as of Jan. 31, 2000.
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 interstate pipeline system that transports approximately 24 percent of all Canadian natural gas imports into the United States. In addition, the Partnership owns the Black Mesa Pipeline, a 273-mile, coal-water slurry pipeline from Kayenta, Arizona to the Mohave Power Station in Laughlin, Nevada and an equity investment in Bighorn Gas Gathering, L.L.C., a gathering system located in the Powder River Basin in Campbell and Sheridan Counties, Wyoming.
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 include competitive conditions in the gathering and transportation of natural gas and actions by regulatory agencies.
Click here to download this press release in Microsoft Word format.
For additional information please contact:
Beth Jensen
(402) 398-7806
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