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NGL processing business' strong performance boosts Inter Pipeline Q2 results

Inter Pipeline Ltd. on Aug. 9 reported second-quarter net income of C$136.1 million, or 35 Canadian cents per share, up from C$102.3 million, or 27 cents per share, in the year-ago period.

Revenue for the quarter was C$631.0 million, up from C$516.0 million in the year-ago quarter.

Total funds from operations amounted to C$261.5 million, or 68 cents per share, compared with C$207.0 million, or 56 cents per share, in the year-ago quarter. The company mainly attributed the year-over-year increase in second-quarter funds from operations to the performance of its NGL processing business, which saw strong production volumes and higher frac-spread pricing.

Funds from operations in the NGL processing business segment was reported at C$101.3 million for the second quarter, up from C$28.4 million in the same quarter of 2017.