Incitec Pivot Ltd T.IPL

Inter Pipeline posts record Q2 net income

[kijiji]

The Globe and Mail reports in its Friday, Aug. 9, edition that oil sands transport company Inter Pipeline ($23.64) is reporting record second quarter net income of $260-million or 63 cents a share, nearly double the $136-million or 35 cents it declared in the same period of 2018. A Canadian Press dispatch to The Globe reports that the increase comes despite only a slight rise in revenue, to $642-million from $631-million, and a decrease in its core pipeline volumes to 1.34 million barrels a day (b/d) from 1.38 million b/d a year earlier. Analysts had expected net income of $114-million on revenue of $594-million. The company says it increased its processing of natural gas liquids to 134,000 b/d in the three months ended June 30 from 113,000 b/d in the same period last year, while revenue from bulk storage increased to $26.9-million from $17.4-million, owing to an acquisition of a company with operations in Britain and the Netherlands. Separately, Inter Pipeline announced it is considering the sale of its bulk liquid storage businesses in Europe with operations in Britain, Denmark, Sweden, Germany, Netherlands and Ireland and 37 million barrels of storage capacity to reduce debt.