Inter Pipeline posts strong first quarter results
Inter Pipeline Ltd. announced strong financial and operating results for the three month period ended March 31.
According to a company press release, Inter Pipeline generated positive financial results in the first quarter of 2018, with funds from operations of $254.2 million, or $0.67 per share.
This three percent gain in funds from operations compared to the first quarter 2017 was largely driven by the strong performance of the NGL processing business, which continued to benefit from rising commodity pricing.
First Quarter Highlights
• Funds from operations (FFO) totalled $254 million, a three percent increase over first quarter 2017;
• Net income for the quarter was a record $143 million;
• Declared cash dividends of $160 million, or $0.42 per share;
• Attractive quarterly payout ratio* of 63 percent;
• NGL processing business segment generated record quarterly FFO of $99 million, up 20 percent from first quarter 2017;
• Record total pipeline throughput volumes averaged 1,488,400 barrels per day (b/d); and
• Continued to advance construction activities at the Heartland Petrochemical Complex site in Strathcona County, Alta.
(Inter Pipeline Ltd.)