El Paso Pipeline Partners, L.P. (NYSE: EPB) today increased its quarterly cash distribution per common unit to $0.63 ($2.52 annualized) payable on Aug. 14, 2013, to unitholders of record as of July 31, 2013. This represents a 15 percent increase over the second quarter 2012 cash distribution per unit of $0.55 ($2.20 annualized). EPB has increased its cash distribution 21 consecutive quarters since its initial public offering in November 2007.
Chairman and CEO Richard D. Kinder said, “EPB had a solid second quarter with total asset earnings before DD&A and certain items of $285 million, up 4 percent from $275 million for the same period last year. EPB’s results were driven by a full quarter contribution in 2013 from the drop down of Cheyenne Plains Pipeline from its general partner on May 24, 2012, along with an Elba Express expansion project coming online.”
EPB reported second quarter distributable cash flow before certain items of $129 million, down from $135 million for the comparable period in 2012. Distributable cash flow per unit before certain items was $0.60, compared to $0.65 for the second quarter last year. Second quarter net income before certain items was $144 million compared to $131 million for the same period in 2012. Including certain items, net income was $136 million versus $105 million for the second quarter last year.
For the first six months, EPB generated distributable cash flow before certain items of $298 million, up 7 percent from $278 million for the first two quarters of 2012. Distributable cash flow per unit before certain items was $1.38 versus $1.35 for the first six months last year. Net income before certain items was $321 million versus $272 million for first half of 2012. Including certain items, net income was $310 million compared to $260 million for the first two quarters last year.