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Inter Pipeline's Q2 net income nearly doubles

Inter Pipeline Ltd. on Aug. 8 posted second-quarter net income of C$260.3 million, or 63 Canadian cents per share, above the C$136.1 million, or 35 cents per share, reported in the prior-year period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 29 cents, with four analysts reporting.

Revenue for the quarter clocked in at C$641.6 million, an increase from C$631.0 million a year earlier. Total funds from operations were C$240.2 million, or 59 cents per share, down from C$261.5 million, or 68 cents per share, in the year-ago quarter. Inter Pipeline attributed the decrease to lower frac-spread pricing in the NGL processing business.

"In addition to our solid results, we advanced our capital program with on-going expansion activities in Central Alberta and bringing our Kirby North oil sands project into service," President and CEO Christian Bayle said. "Construction on the Heartland petrochemical complex continues to go very well and we are achieving important milestones on time and within budget."

Calgary, Alberta-based Inter Pipeline is engaged in petroleum transportation, NGL processing and bulk liquid storage.