Inter Pipeline’s annual highlights for 2016 include:

  • Generated record funds from operations of CAN$849 million, a 10% increase over the 2015 results.
  • Realised a net income increase of 3% to a record CAN$478 million for the year.
  • Declared annual cash dividends of CAN$539 million or CAN$1.57 per share.
  • Attractive annual payout ratio of 66%.
  • An annualised dividend increase of CAN$0.06 per share; the 14th consecutive increase for Inter Pipeline shareholders.
  • Annual throughput volumes on Inter Pipeline's pipeline systems averaged approximately 1.3 million bpd.
  • Acquired a large scale Canadian natural gas liquids midstream business for CAN$1.35 billion, providing a new platform for future growth.
  • Bulk liquid storage capacity utilisation averaged a new record of 98% for the year, up from 94% in 2015.
  • Successfully raised over CAN$775 million of equity capital and CAN$800 million of term debt at attractive rates.

The company’s 4Q16 highlights include:

  • Record quarterly funds from operations of CAN$255 million, an increase of 20% from the same period in 2015.
  • A conservative quarterly payout ratio of 58%.
  • Average throughput volumes for Inter Pipeline's oil sands and conventional pipeline systems reached a new quarterly record of 1.37 million bpd.
  • Purchased the remaining 15% interest in the Cold Lake pipeline system from Canadian Natural Resources Ltd. (Canadian Natural) for CAN$527.5 million.
  • Entered into a long term transportation agreement with Canadian Natural for its Kirby North SAGD oil sands project.

Read the full release here.