NORTHERN BORDER PARTNERS, L.P. REPORTS
FOURTH QUARTER NET INCOME
FOR IMMEDIATE RELEASE: Thursday, January 25, 2001
OMAHA, Neb. -- Northern Border Partners, L.P. (NYSE - NBP) reported today fourth quarter 2000 net income of $20.4 million in total or $0.65 per unit compared to $19.5 million or $0.65 per unit in the fourth quarter 1999. Cashflows from operating activities increased from $37.2 million in the fourth quarter of 1999 to $45.6 million in the fourth quarter 2000.
The Partnership also reported 2000 net income of $76.7 million or $2.50 per unit compared to $81.0 million or $2.70 per unit for 1999. Cashflows from operating activities increased from $173.4 million in 1999 to $192.1 million for 2000.
Firm and interruptible transportation units for Northern Border Pipeline Company averaged 2,306 million dekatherm miles per day (MMdthm/d) in the fourth quarter 2000 compared to 2,295 MMdthm/d in the fourth quarter of 1999. Crestone Energy Ventures, LLC average daily volumes were 397 million cubic feet per day in fourth quarter 2000.
“The Partnership had a strong fourth quarter and achieved several key strategic objectives in the past year,“ said Bill Cordes, chairman and chief executive officer of Northern Border Partners. “As a result, our regulated and non-regulated businesses are well positioned as solid growth platforms for the future. In addition to continuing our program of targeted acquisitions, our focus for 2001 will be the successful completion of Northern Border Pipeline’s approved extension into Indiana; closing the recently announced Bear Paw Energy acquisition; and securing commitments to support the Bison Pipeline Project.”
As previously announced, the Partnership Policy Committee of Northern Border Partners declared the fourth quarter distribution of $0.70 per unit payable Feb. 14, 2001 to unitholders of record Jan. 31, 2001. The indicated annual rate is $2.80 per unit.
Northern Border Partners will host an analyst conference call to review fourth quarter 2000 results on Friday, Jan. 26, 2001 at 11:00 am EST. The partnership will also simulcast the call live via the Internet at www.northernborderpartners.com.
A replay of the call will be available through Saturday, Feb. 3, 2001 by dialing, toll free, (888) 203-1112 and entering the confirmation code 659933. The call will also be archived on the Northern Border Partners website.
Northern Border Partners, L.P. owns a 70 percent general partner interest in Northern Border Pipeline Company, which owns a 1,214-mile interstate pipeline system that transports natural gas from the Montana-Saskatchewan border to markets in the Midwestern United States. Through Crestone Energy Ventures, the Partnership owns interests in Crestone Gas Gathering Services (100 percent), Bighorn Gas Gathering (49 percent), Fort Union Gas Gathering (33.33 percent) and Lost Creek Gathering (35 percent) in the Powder River and Wind River Basins in Wyoming. 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. Northern Border Partners information may be found at www.northernborderpartners.com/.
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 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; timely approval of permits, acquisition of rights-of-way, and construction delays; negotiation of definitive agreements, completion of due diligence and regulatory approvals; and actions by regulatory agencies.
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Please see attached tables for additional financial information.
For additional information please contact:
Public Relations Contact:
Beth Jensen
(402) 398-7806
Investor Relations Contact:
Ellen Konsdorf
(402) 398-7840
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