El Paso Pipeline Partners, L.P. (NYSE: EPB) today increased its quarterly cash distribution per common unit to $0.65 ($2.60 annualized) payable on Nov. 14, 2013, to unitholders of record as of Oct. 31, 2013. This represents a 12 percent increase over the third quarter 2012 cash distribution per unit of $0.58 ($2.32 annualized) and is up from $0.63 per unit ($2.52 annualized) for the second quarter of 2013. EPB has increased its cash distribution 22 consecutive quarters since its initial public offering in November 2007.
EPB reported third quarter total asset earnings before DD&A and certain items of $286 million, down from $299 million for the same period last year. Chairman and CEO Richard D. Kinder said, “EPB’s earnings declined compared to the third quarter of 2012 primarily due to the impact of two recent rate case settlements approved by the Federal Energy Regulatory Commission (FERC) that have resulted in lower rates on the Southern Natural Gas (SNG) and Wyoming Interstate Company (WIC) pipeline systems. Additionally, an unusually cool summer coupled with gas prices that were higher than last year lowered demand from natural gas-fired peaking power plants served by SNG. Results at Southern LNG and Elba Express were higher than in the third quarter last year. Looking ahead, EPB has identified approximately $1.1 billion in expansion and joint venture investments, and we are pursuing customer commitments for additional projects.”
EPB reported third quarter distributable cash flow before certain items of $127 million, down from $149 million for the comparable period in 2012. Distributable cash flow per unit before certain items was $0.58, compared to $0.71 for the third quarter last year. Third quarter net income before certain items was $141 million compared to $154 million for the same period in 2012. Including certain items, net income was $141 million versus $151 million for the third quarter last year.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV