CALGARY — Inter Pipeline Ltd. says an increase in natural gas liquids processing volumes and revenue was the major driver behind higher earnings in the fourth quarter.
The Calgary-based energy transport, processing and storage company says it had net income of $144 million or 36 cents per share in the last three months of 2018, compared with $142 million or 37 cents per share in the same period of 2017.
Revenue from its liquids processing facilities rose to $120 million in the fourth quarter from $91 million a year earlier as volumes jumped to 152,000 barrels per day from 128,000 bpd.
Meanwhile, revenue from oilsands transportation, Inter’s largest division, fell slightly to $151 million from $154 million as average throughput volumes increased by 4,600 barrels per day to 1.2 million bpd.
The company says spending on its $3.5-billion Heartland Petrochemical Complex project surpassed $1 billion in the fourth quarter.
The plant is expected to start producing polypropylene plastic pellets for sale to consumer products manufacturers in late 2021.
Companies mentioned in this article include: (TSX:IPL)
The Canadian Press