Miller Energy Announces Pipeline Tariff Reduction; Shares Add 4%

By Midnight Trader,  January 10, 2013, 11:26:27 AM EDT

Miller Energy Resources (ILL) announced that the rate it pays to move crude oil on to market on the Cook Inlet Pipeline system (CIPL) will be lowered from $6.17 per barrel to $3.21 per barrel beginning January 2013.

In addition, Miller's wholly-owned Alaskan subsidiary, Cook Inlet Energy plans to significantly increase throughput through the CIPL system in 2013 as a result of its ongoing drilling program.

This reduction will continue to have a significant positive impact on the company's cash flow and the PV-10 values of our reserves, as well as expanding the economic lives of our oil reserves.

MILL shares are up 3.6% at $3.70.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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