Inter Pipeline Fund Announces Third Quarter 2012 Financial and Operating Results
Inter Pipeline Fund (IPL-UN.TO) announced today its financial and operating results for the three and nine month periods ended September 30, 2012.
Funds from operations totaled $106.4 million or $0.39 per unit. This represents a decrease of $5.5 million from third quarter 2011 levels, however prior period results were positively impacted by a one time $20.5 million pricing adjustment in the NGL extraction business segment.
Q3 2012 results included an initial revenue contribution from the Polaris pipeline system, increased throughput in the conventional oil pipeline segment, very strong throughput levels at the Cochrane NGL extraction plant and higher cash flow in the bulk liquid storage segment due to the first quarter 2012 acquisition of a petroleum storage business in Denmark.
Third quarter funds from operations from the NGL extraction, oil sands transportation, conventional oil pipelines and bulk liquid storage businesses were $50.4 million, $44.1 million, $38.9 million and $17.6 million, respectively.
Corporate costs, including interest and income tax expenses, were $44.6 million in the quarter.
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