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NORTHERN BORDER PARTNERS, L. P. REPORTS INCREASE OF 19 PERCENT IN 1999 NET INCOME PER UNIT
FOR IMMEDIATE RELEASE: Tuesday, January 25, 2000
OMAHA – Northern Border Partners, L. P. (NYSE - NBP) today reported a 19 percent increase in 1999 net income per unit to $2.70, or $81.0 million in total compared to $2.27 per unit in 1998 or $68.0 million in total. The increase in 1999 net income is primarily attributable to the successful operation of the expanded and extended Northern Border Pipeline system.
For the fourth quarter 1999, the Partnership reported net income per unit of $0.65, or $19.5 million in total, a five percent increase over fourth quarter 1998. Net income for the fourth quarter 1998 was $18.6 million, or $0.62 per unit.
“We delivered strong financial and operating results in 1999, reporting record earnings and pipeline throughput and we are anticipating another outstanding year of operations in 2000,” said Larry DeRoin, chairman and chief executive officer of Northern Border Partners, L.P. “We are also excited about our recent investment in Bighorn Gas Gathering, L.L.C., which is significant to the Partnership because it is the beginning of an acquisition strategy to diversify and broaden the scope of the Partnership’s businesses, especially in the non-regulated area.”
As a result of the strong performance of the business, the Partnership recently announced a seven percent increase in cash distributions, from $0.61 per unit to $0.65 per unit, the third increase in three years. The increase is payable on February 14, 2000 to unitholders of record January 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.
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Please see attached tables for additional financial information.
For additional information please contact:
Beth Jensen
(402) 398-7806
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