Inter Pipeline Fund Announces Increase to Monthly Distributions
CALGARY, ALBERTA, September 13, 2006: Inter Pipeline Fund (Inter Pipeline) (TSX: IPL.UN) announced today that it will increase its monthly cash payments to unitholders from $0.065 to $0.07 per unit. On an annualized basis, cash distributions will increase from $0.78 to $0.84 per unit, representing an increase of 7.7%. Cash payments at Inter Pipeline’s new, elevated level will be made to unitholders of record as of September 29, 2006, with initial payments expected on or about October 16, 2006.
"Our decision to increase monthly cash distributions is underpinned by very strong performance across all of our energy infrastructure business units, and the advancement of several key development projects," commented David Fesyk, President and Chief Executive Officer. "Inter Pipeline’s industry fundamentals remain strong, and we are positioned to capture additional long term cash flow from recent investments targeting growth within our existing lines of business."
In recent months Inter Pipeline has completed several "organic" development projects including capacity expansions on its Bow River and Cold Lake pipeline systems, and the construction of new interconnection facilities on its Mid Saskatchewan pipeline system. In addition, Inter Pipeline has advanced several initiatives to enhance the handling and storage of biofuel products in its western European operations, expand the scope of its marketing alliance with Nexen Marketing, and improve ethane recovery rates at its NGL extraction plant in Cochrane, Alberta.
| Inter Pipeline
Fund |
Inter Pipeline is a major petroleum transportation, bulk liquid storage and natural gas liquids extraction business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland.
Inter Pipeline is a member of the S&P/TSX Composite Index. Class A Units trade on the Toronto Stock Exchange under the symbol IPL.UN. |
Eligible
Investors
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| Only persons who are residents of Canada, or if partnerships, are Canadian partnerships, in each case for purposes of the Income Tax Act (Canada) are entitled to purchase and own Class A Units and debentures of Inter Pipeline. |
Disclaimer
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Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. Such information, although considered reasonable by the General Partner of Inter Pipeline at the time of preparation, may later prove to be incorrect and actual results may differ materially from those anticipated in the statements made. For this purpose, any statements that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties include, but are not limited to, risks associated with operations, such as loss of markets, regulatory matters, environmental risks, industry competition and the ability to access sufficient capital from internal and external sources. You can find a discussion of those risks and uncertainties in Inter Pipeline’s securities filings at www.sedar.com. Except to the extent required by applicable securities laws and regulations, Inter Pipeline assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether as a result of new information, future events, or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary note.
All dollar values are expressed in Canadian dollars unless otherwise noted. |
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