Inter Pipeline Ltd., in its financial and operating results for the three and twelve-month periods ended December 31, 2018, announced a record $1.1 billion in funds from operations, a 10 percent increase over the previous year, with its natural gas liquids processing business reaching a record annual FFO of $445 million.
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Inter Pipeline Ltd. has announced a $1.46 billion capital expenditure program for 2019. Approximately $1.34 billion, or 92 percent, of total capital expenditures will be for organic growth initiatives with the remaining invested in sustaining capital projects.
Inter Pipeline Ltd. announced that its European storage subsidiary, Inter Terminals Ltd., has entered into an agreement to acquire 100 percent of the issued share capital of NuStar Energy, L.P.'s European bulk liquid storage business for cash consideration of USD$270 million, or approximately CAD$354 million. The transaction is expected to close in the fourth quarter of 2018 and is subject to customary closing conditions.
Inter Pipeline Ltd. has announced strong financial and operating results for the three month period ended March 31, 2018. Funds from operations (FFO) totalled $254 million, a three percent increase over first quarter 2017, while net income for the quarter was a record $143 million. The company's NGL processing business segment generated record quarterly FFO of $99 million, up 20 percent from first quarter 2017, and record total pipeline throughput volumes averaged 1,488,400 barrels per day (b/d). In addition, the company continued to advance construction activities at the Heartland Petrochemical Complex site in Strathcona County, Alberta.
Siemens Canada has received an order from Inter Pipeline to supply two industrial gas turbine generators for a Central Utilities Block (CUB) which is part of its Heartland Petrochemical Complex currently under construction in Alberta's Industrial Heartland near Fort Saskatchewan.
Inter Pipeline has announced plans to construct a world-scale integrated propane dehydrogenation (PDH) and polypropylene (PP) plant in Strathcona County, Alberta. The Heartland Petrochemical Complex will be built near Inter's Redwater Olefinic Fractionator, and is estimated to cost $3.5 billion.
Inter Pipeline Ltd. has entered into an agreement to acquire the shares of The Williams Companies Inc.’s and Williams Partners L.P.'s Canadian natural gas liquids (NGL) midstream businesses for cash consideration of $1.35 billion, subject to closing adjustments. The transaction is expected to close in the third quarter of 2016 and is subject to approval under the Competition Act and other customary closing conditions.
Inter Pipeline Ltd. (“Inter Pipeline”) is pleased to announce that a major component of the $1.4 billion Polaris pipeline system expansion has been successfully completed and placed into commercial service. Accordingly, Inter Pipeline has begun generating cash flow under its 20-year diluent transportation agreement with the FCCL Partnership (“FCCL”), a business venture between Cenovus Energy and ConocoPhillips Canada Resources Corp.