Northern Border Partners, L.P. (NYSE:NBP) today reported fourth
quarter 2005 net income of $35.9 million or $0.72 per unit compared
with net income of $40.1 million or $0.80 per unit for fourth
quarter 2004. For the full year 2005, Northern Border Partners
reported net income of $147.0 million, or $2.93 per unit, compared
with $144.7 million, or $2.89 per unit for the same period in 2004.
Cash flow as measured by earnings before interest, taxes,
depreciation and amortization (EBITDA) was $94.0 million for fourth
quarter 2005 down from $100.4 million in the fourth quarter of
2004. EBITDA for the full year 2005 was $372.0 million compared
with $366.9 million for the same period one year ago. Distributable
cash flow for 2005 was $191.4 million or $3.88 per unit compared to
$203.8 million or $4.15 per unit in 2004. "Our 2005 earnings were
slightly better than our previous expectations and were the highest
in the history of Northern Border Partners," said Bill Cordes,
chief executive officer of Northern Border Partners. "Our gathering
and processing segment continues to perform well, reporting record
net income for the year, due primarily to higher prices and higher
volumes in the Williston Basin for natural gas and natural gas
liquids. The interstate natural gas pipeline segment's earnings
were better than our earlier expectations, but they are lower than
last year due to unsold capacity and capacity sold at a discount on
Northern Border Pipeline." FOURTH QUARTER 2005 HIGHLIGHTS Fourth
quarter 2005 results compared to 2004 included: -- Increased
operating margin of $8.0 million from the Partnership's gathering
and processing operations in the Williston Basin. Gathered and
processed volumes increased by 12 percent and the average price
realized for natural gas increased by 19 percent while the average
price realized for natural gas liquids increased by 37 percent. --
Operating and maintenance expenses increased by $9.9 million
primarily as a result of reversals of prior accruals related to
Enron Corp. which reduced 2004 expenses. FULL YEAR 2005 HIGHLIGHTS
Comparison of full-year 2005 vs. 2004 included: -- Operating
revenue from interstate pipelines was lower on a year over year
basis. An increase in revenue of $9.4 million on Northern Border
Pipeline as the result of the sale of its bankruptcy claims against
Enron was offset by lower operating revenue on the pipeline of
$16.2 million related to uncontracted and discounted capacity. --
Increased operating margins of $30.2 million from the Partnership's
gathering and processing operations due primarily to higher prices
and higher volumes in the Williston Basin for natural gas and
natural gas liquids. This was partially offset by lower volumes
gathered and gathering rates in the Powder River. -- Equity
earnings from investments increased 38 percent to $24.8 million in
2005 from $18.0 million in 2004 due to the settlement of our
preferred A shares with Bighorn Gas Gathering and improved results
from our gathering and processing joint ventures interests. --
Operations and maintenance expenses for Northern Border Partners
were higher on a year over year basis. In 2004, operations and
maintenance expense was lower as a result of reversals of prior
years' accruals for Enron-related items totaling $11.1 million. In
addition, 2004 operations and maintenance expense was reduced by a
$3.3 million gain on the sale of non-strategic assets in the Powder
River Basin. Interstate Natural Gas Pipeline Segment The interstate
natural gas pipeline segment contributed net income of $123.6
million for full year 2005, compared with $134.6 million in 2004.
Operating revenue for the segment includes a decrease at Northern
Border Pipeline of $2.7 million in fourth quarter 2005 and $16.8
million for the full year, related primarily to capacity on the
pipeline that went unsold or was sold at discounted rates. The full
year 2005 reduction was partially offset by a $9.4 million recovery
from the sale of the pipeline's bankruptcy claims against Enron and
Enron North America in the third quarter. Average daily throughput
for the interstate natural gas pipeline segment was essentially
flat year over year at 3,204 million cubic feet per day (mmcfd) in
2005 compared with 3,166 mmcfd in 2004, including a fourth quarter
decline for Northern Border Pipeline and a fourth quarter increase
for Midwestern Gas Transmission. As shown in the table below,
Northern Border Pipeline's average daily contracted firm capacity
for 2005 declined by 4 percent from 2004. The pipeline's weighted
average system rate for firm demand for 2005 was $0.371 per mcf, 1
percent below the 2004 average rate of $0.376 per mcf. Changes in
both the average system rate and the average contracted capacity
resulted from reduced demand for pipeline capacity and tighter
natural gas market price spreads between Alberta, Canada and the
U.S. Midwest in the shoulder months. In addition, Northern Border
Pipeline rates are based on the distance of the transportation
path. As a result, the weighted average system rate varies due to
changing transportation paths as well as discounting activity. -0-
*T Northern Border Pipeline Company Total System Revenue Summary
----------------------------------------------------------------------
Fourth Quarter Full Year
------------------------------------------- 2005 2004 2005 2004
----------------------------------------------------------------------
Percent Contracted (1) 101% 100% 97% 101% Weighted Average System
Rate ($/mcf) $0.369 $0.375 $0.371 (2) $0.376 Total Revenue
(Millions) $80.0 $82.7 $312.3 (2) $329.1 1. Daily average
contracted capacity compared to a design capacity of 2,374 mmcfd.
2. Amounts exclude revenue from sale of Enron bankruptcy claims. *T
Natural Gas Gathering and Processing Segment Net income from the
natural gas gathering and processing segment was $16.6 million in
the fourth quarter 2005 compared to $11.8 million in fourth quarter
2004. Full year net income was $67.6 million, an increase of 52
percent or $23.1 million over 2004. The Bear Paw/Crestone midstream
assets have experienced four consecutive years of growth since
their purchase by Northern Border Partners. The primary differences
between the periods for the segment were: -- Gathering and
processing volumes in the Williston Basin were 64 mmcfd in 2005
compared with 55 mmcfd in 2004, a 16 percent increase, primarily
attributable to additional well connects. Bear Paw's Williston
Basin operations connected 114 wells during 2005, which set a
well-connect record in the basin for Bear Paw since the Partnership
purchased this entity in 2001. -- Prices realized for natural gas
and natural gas liquids increased. Natural gas prices increased 44
percent from $4.76 per million British thermal units (mmBtu) in
2004 to $6.87 per mmBtu in 2005, net of hedging. The average price
received for natural gas liquids climbed 70 percent, from $0.53 per
gallon in 2004 to $0.92 per gallon in 2005, net of hedging. --
Volumes on the Partnership's wholly owned gathering systems in the
Powder River Basin declined by approximately 9 percent, from
approximately 206 mmcfd in 2004 to approximately 187 mmcfd in 2005,
due to system production declines and diversion of a producer's
volume to its own gathering system. -- Equity earnings increased by
$6.1 million due to increased volumes and transportation rates from
our joint venture pipelines, as well as an increase of $2.7 million
over 2004, as a result of a settlement of Preferred A shares in
Bighorn Gas Gathering. Coal Slurry Pipeline Segment On December 31,
2005, Black Mesa Pipeline's transportation contract with the coal
supplier of the Mohave Generating Station expired and our coal
slurry pipeline operations were temporarily shut down as expected.
We incurred temporary shut down costs of $0.7 million in the fourth
quarter which were reflected in the segment's operation and
maintenance expense. Net income for the coal slurry pipeline
segment was $3.9 million for full year 2005, up $0.8 million due to
an adjustment in depreciation rates. BUSINESS OUTLOOK Interstate
Natural Gas Pipeline Segment -- We anticipate that 2006 demand for
Northern Border Pipeline's transportation capacity will be similar
to 2005 demand based on our expectations of Canadian natural gas
supply and demand for natural gas in the Midwestern U.S. However,
the level of discounting in 2006 may vary from 2005 depending upon
current market conditions. -0- *T Northern Border Pipeline Company
Total System Revenue Forecast (Years Ended December 31)
----------------------------------------------------------------------
2004 2005 2006 ----------------------------------------------
Actual Actual Forecast
----------------------------------------------------------------------
Percent Currently Contracted (1) 101% 97% 73% Percent Expected To
Be Contracted N/A N/A 97% - 101% Weighted Average System Rate
($/mcf) $0.376 $0.371 (2) $0.350- $0.380 Total Revenue (Millions)
$329 $312 (2) $305 - $320 1. Daily average contracted capacity
compared to design capacity of 2,374 mmcfd. 2. Amounts exclude
revenue from sale of Enron bankruptcy claims. *T -- On November 1,
2005 as required by the provisions of the settlement of Northern
Border Pipeline's 1999 rate case, the pipeline filed a new rate
case with the Federal Energy Regulatory Commission (FERC). In
December 2005, the FERC issued an order that identified the issues
raised in the proceeding and accepted the proposed rates but
suspended their effectiveness until May 1, 2006, at which time the
new rates will be collected subject to refund until final
resolution of the rate case. A procedural schedule was established
setting a hearing commencement date of October 4, 2006. An initial
decision is scheduled for February 2007, unless resolved earlier
with a settlement between FERC staff, Northern Border Pipeline and
a majority of the customers and subsequently approved by the
Commission. In the meantime, increased revenues from the new rates
will be reserved, thereby resulting in minimal impact to Northern
Border Pipeline's financial results. -- Northern Border Pipeline's
Chicago III Expansion Project is expected to go into service in
April 2006. The Chicago III Expansion Project will increase
Northern Border Pipeline's transportation capacity 130 mmcfd to 974
mmcfd from Harper, Iowa to the Chicago market area. Midwestern Gas
Transmission's Eastern Extension Project's application for a
certificate of public convenience and necessity from the FERC is
pending. Since the certificate has not yet been received, the
proposed in-service date of November 2006 may be delayed. The
Eastern Extension Project will extend Midwestern Gas Transmission's
transportation service 31 miles into Tennessee. -- On February 7,
2006, Guardian Pipeline, L.L.C. announced that it had signed
precedent agreements with two major Wisconsin utility companies for
an expansion of its existing pipeline system in eastern Wisconsin.
The proposed project will expand and extend Guardian 106 miles from
its current terminus near Ixonia to the Green Bay area. The
expansion will bring an additional 537,200 dekatherms per day of
capacity to the area. Capital costs are estimated to range between
$200 million and $250 million and pending all necessary approvals,
construction could begin in early 2008. Viking Gas Transmission
Company, a subsidiary of Northern Border Partners, owns a one-third
interest in Guardian. Natural Gas Gathering and Processing Segment
-- Bear Paw Energy receives a significant portion of its revenue
from the sale of commodities in exchange for gathering and
processing services. Therefore, the segment's results are exposed
to market risk due to its sensitivity to natural gas and natural
gas liquids prices. Bear Paw Energy utilizes financial instruments
to hedge commodity price risk. For 2006, approximately 47 percent
and 24 percent of its projected equity natural gas and natural gas
liquids volumes, respectively, are hedged. -- Approximately $28
million of growth capital expenditures are anticipated for the
segment in 2006. Williston Basin expansions and optimization
projects are projected to be $15 million. -- The Partnership
expects continued strong commodity prices and additional volume
growth in the Williston Basin in 2006. -- For 2006, volumes through
our 100 percent owned assets in the Powder River Basin are expected
to continue to decline between 5 and 10 percent compared to 2005
averages. Volumes on the joint venture pipelines are expected to
increase by approximately 5 percent above 2005 figures. Coal Slurry
Pipeline -- As expected, on December 31, 2005, our coal slurry
pipeline operations were temporarily shut down. Black Mesa Pipeline
is working to resolve coal slurry transportation issues and
interested parties continue to negotiate water and coal supply
issues so that operations may resume at the Mohave Generating
Station in the future. If these issues are resolved and the project
receives a favorable Environmental Impact Statement in a timely
manner, Black Mesa Pipeline would be reconstructed in 2008 and 2009
for a targeted in service date of 2010. DISTRIBUTION DECLARATION On
January 20, 2006, the Partnership Policy Committee declared the
Partnership's quarterly cash distribution of $0.80 per unit for the
fourth quarter of 2005. The indicated annual rate is $3.20. The
distribution is payable February 14, 2006 to unitholders of record
on January 31, 2006. CONFERENCE CALL Northern Border Partners will
host a conference call on Wednesday February 15, 2006 at 12:30 p.m.
Eastern Time to review fourth quarter and full year 2005 results.
This call may be accessed via the Partnership's website at
http://www.northernborderpartners.com. The webcast will be
available on the Partnerships' website through March 15, 2006. The
call in number for the live conference call is 303-262-2050. An
audio replay of the call will be available through March 1, 2006 by
dialing, toll free in the United States and Canada, 800-405-2236
and entering passcode 11051430. NON-GAAP FINANCIAL MEASURES The
Partnership has disclosed in this press release EBITDA and DCF
amounts that are non-GAAP financial measures. Management believes
EBITDA and DCF provide useful information to investors as a measure
of comparability to peer companies. However, these calculations may
vary from company to company, so the Partnership's computations may
not be comparable to those of other companies. DCF is not
necessarily the same as available cash as defined in the
Partnership Agreements. Management further uses EBITDA to compare
the financial performance of its segments and to internally manage
those business segments. The three and twelve months ended December
31, 2005 and 2004 reconciliations of EBITDA to net income and
EBITDA to cash flow from operating activities, and computations of
DCF are included in the financial information with this release. On
a consolidated basis, EBITDA is reconciled to cash flow from
operating activities determined under GAAP. For segment information
of this press release, EBITDA is reconciled to net income rather
than to cash flow from operating activities, since the Partnership
does not determine segment cash flow from operating activities due
to its intercompany cash management activity. FORWARD-LOOKING
STATEMENT This press release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Although
Northern Border Partners believes that its expectations regarding
future events are based on reasonable assumptions, it can give no
assurance that its goals will be achieved. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements herein include: -0- *T Interstate
Natural Gas Pipeline Segment: -- the impact of unsold capacity on
Northern Border Pipeline being greater or less than expected; --
the ability to market pipeline capacity on favorable terms, which
is affected by: -- future demand for and prices of natural gas; --
competitive conditions in the overall natural gas and electricity
markets; -- availability of supplies of Canadian and United States
natural gas; -- availability of additional storage capacity;
weather conditions; and -- competitive developments by Canadian and
U.S. natural gas transmission peers; -- final orders by the FERC
which adversely impact the requested changes in Northern Border
Pipeline's November 2005 rate case; -- performance of contractual
obligations by the shippers; -- political and regulatory
developments that impact FERC, proceedings involving interstate
pipelines and the interstate pipelines' success in sustaining their
positions in such proceedings; -- the ability to recover operating
costs, costs of property, plant and equipment and regulatory assets
in our rates; -- timely receipt of approval by FERC for
construction and operation of the Midwestern Gas Transmission
Eastern Extension Project and required regulatory clearances; our
ability to acquire all necessary rights-of-way and obtain
agreements for interconnects in a timely manner; our ability to
promptly obtain all necessary materials and supplies required for
construction. Natural Gas Gathering and Processing Segment: -- the
rate of development, well performance, gas quality, and competitive
conditions in gas fields near our natural gas gathering systems in
the Powder River and Williston Basins and our investments in the
Powder River and Wind River Basins; -- prices of natural gas and
natural gas liquids; -- the composition and quality of the natural
gas we gather and process in our plants; -- the impact on drilling
and production by factors beyond our control, including the demand
for natural gas and refinery grade crude oil; producers' desire and
ability to obtain necessary permits; reserve performance; and
capacity constraints on the pipelines that transport natural gas,
crude oil and natural gas liquids from the producing areas and our
facilities; -- the efficiency of our plants in processing natural
gas and extracting natural gas liquids. Coal Slurry Pipeline
Segment: -- renewal of the coal slurry pipeline transportation
contract under reasonable terms; -- the impact of a potential
impairment charge. General: -- developments in the December 2,
2001, filing by Enron of a voluntary petition for bankruptcy
protection under Chapter 11 of the United States Bankruptcy Code
affecting our settled claims; -- regulatory actions and receipt of
expected regulatory clearances; -- actions by rating agencies; --
the ability to control operating costs; -- conditions in the
capital markets and the ability to access the capital markets; --
the risk inherent in the use of information systems in our
business, implementation of new software and hardware, and the
impact on the timeliness of information for financial reporting;
and -- acts of nature, sabotage, terrorism or other similar acts
causing damage to our facilities or our suppliers' or shippers'
facilities. *T Northern Border Partners, L.P. is a publicly traded
partnership whose purpose is to own, operate and acquire a
diversified portfolio of energy assets. The Partnership owns and
manages natural gas pipelines and is engaged in the gathering and
processing of natural gas. More information may be found at
http://www.northernborderpartners.com. -0- *T Northern Border
Partners, L.P. Financial Highlights --------------------
(Unaudited: In Millions Except Per Unit Amounts) Fourth Quarter
Year to Date 2005 2004 2005 2004 -------- -------- --------
-------- Operating Revenue $185.7 $156.8 $678.6 $590.4 Net Income
$35.9 $40.1 $147.0 $144.7 Per Unit Net Income $0.72 $0.80 $2.93
$2.89 Cash Flows From Operating Activities $64.7 $52.7 $267.4
$244.6 EBITDA (1) $94.0 $100.4 $372.0 $366.9 Distributable Cash
Flow $43.0 $54.3 $191.4 $203.8 Distributable Cash Flow Per Unit
$0.87 $1.11 $3.88 $4.15 Consolidated Statement of Income
-------------------------------- (Unaudited: In Millions Except Per
Unit Amounts) Fourth Quarter Year to Date 2005 2004 2005 2004
-------- -------- -------- -------- Operating Revenue $185.7 $156.8
$678.6 $590.4 -------- -------- -------- -------- Operating
Expenses Product Purchases 54.0 32.2 167.3 103.2 Operations and
Maintenance 34.5 24.6 129.9 111.2 Depreciation and Amortization
22.8 22.3 86.0 86.4 Taxes Other Than Income 9.5 8.8 38.6 36.2
-------- -------- -------- -------- Total Operating Expenses 120.8
87.9 421.8 337.0 -------- -------- -------- -------- Operating
Income 64.9 68.9 256.8 253.4 Interest Expense, Net (22.3) (20.6)
(86.9) (77.0) Other Income (Expense), Net 0.6 0.2 3.3 1.6 Equity
Earnings from Investments 5.5 4.1 24.8 18.0 Minority Interest
(11.0) (13.8) (45.7) (50.0) -------- -------- -------- --------
Income From Continuing Operations Before Income Taxes 37.7 38.8
152.3 146.0 Income Taxes 2.0 1.0 5.8 5.1 -------- -------- --------
-------- Income From Continuing Operations 35.7 37.8 146.5 140.9
Discontinued Operations, net of tax 0.2 2.3 0.5 3.8 --------
-------- -------- -------- Net Income $35.9 $40.1 $147.0 $144.7
======== ======== ======== ======== Per Unit Income From Continuing
Operations $0.71 $0.76 $2.92 $2.81 ======== ======== ========
======== Per Unit Net Income $0.72 $0.80 $2.93 $2.89 ========
======== ======== ======== Average Units Outstanding 46.4 46.4 46.4
46.4 ======== ======== ======== ======== Footnotes to Financial
Tables ---------------------------------- (1) EBITDA is computed
from net income plus minority interest; interest expense, net;
income taxes; and depreciation and amortization less equity AFUDC.
(2) Management classifies expenditures that are expected to
generate additional revenues or significant operating efficiency as
growth capital expenditures and equity investments. Any remaining
capital expenditures are classified as maintenance. (3) Volume
information presented in operating results includes 100% of the
volumes for joint ventures and equity investments as well as for
wholly owned subsidiaries. Northern Border Partners, L.P.
Reconciliation of non-GAAP Financial Measures
----------------------------------------------- (Unaudited: In
Millions Except Per Unit Amounts) Reconciliation of EBITDA to Net
Fourth Quarter Year to Date Income 2005 2004 2005 2004 --------
-------- -------- -------- EBITDA (1) $94.0 $100.4 $372.0 $366.9
Minority Interest (11.0) (13.8) (45.7) (50.0) Interest Expense, Net
(22.3) (20.6) (86.9) (77.0) Depreciation and Amortization
(including amounts in Other Income, Net and Discontinued
Operations) (23.1) (22.5) (86.4) (87.2) Income taxes (including
amounts in Discontinued Operations) (2.0) (3.4) (6.5) (8.1) Equity
AFUDC (included in Other Income, Net) 0.3 0.0 0.5 0.1 --------
-------- -------- -------- Net Income $35.9 $40.1 $147.0 $144.7
======== ======== ======== ======== Reconciliation of EBITDA to
Cash Flows From Operating Activities EBITDA (1) $94.0 $100.4 $372.0
$366.9 Interest Expense, Net (22.3) (20.6) (86.9) (77.0) Changes in
Current Assets and Liabilities (1.9) (21.8) 3.7 (19.3) Equity
Earnings from Investments (5.5) (4.1) (24.8) (18.0) Distributions
Received from Equity Investments 4.4 3.4 16.5 12.5 Changes in
Reserves and Deferred Credits 0.1 0.4 (0.3) (2.7) Gain on Sale of
Assets 0.0 (3.2) 0.0 (6.6) Other (4.1) (1.8) (12.8) (11.2) --------
-------- -------- -------- Cash Flows From Operating Activities
$64.7 $52.7 $267.4 $244.6 ======== ======== ======== ========
Reconciliation of EBITDA to Distributable Cash Flow EBITDA (1)
$94.0 $100.4 $372.0 $366.9 Interest Expense, Net (22.3) (20.6)
(86.9) (77.0) Maintenance Capital (10.5) (8.2) (29.4) (21.0)
Distributions to Minority Interest (17.1) (14.9) (60.9) (61.7)
Other (1.1) (2.4) (3.4) (3.4) -------- -------- -------- --------
Distributable Cash Flow $43.0 $54.3 $191.4 $203.8 ======== ========
======== ======== Distributable Cash Flow Per Unit $0.87 $1.11
$3.88 $4.15 ======== ======== ======== ======== Northern Border
Partners, L.P. Other Financial Information
--------------------------- (Unaudited: In Millions) December 31,
December 31, 2005 2004 ------------ ------------ Summary Balance
Sheet Data Total assets by segment: Interstate Natural Gas Pipeline
$1,889.0 $1,904.7 Natural Gas Gathering and Processing 590.5 570.1
Coal Slurry Pipeline 16.4 18.3 Other (assets not allocated to
segments) 28.0 21.6 ------------ ------------ Total consolidated
assets $2,523.9 $2,514.7 ============ ============ Consolidated
capitalization: Long-term debt, including current maturities
$1,355.0 $1,330.4 Partners' capital 767.6 780.2 Minority interests
in partners' equity 274.5 290.1 Accumulated other comprehensive
income (2.0) 9.2 ------------ ------------ Total capitalization
2,395.1 2,409.9 Consolidated other current liabilities and reserves
and deferred credits 128.8 104.8 ------------ ------------ Total
liabilities and capitalization $2,523.9 $2,514.7 ============
============ Fourth Quarter Year to Date 2005 2004 2005 2004
------------ ------------ ------- ------- Capital Expenditures and
Equity Investments (2) Maintenance - Interstate Natural Gas
Pipeline $8.9 $6.8 $23.4 $15.9 Natural Gas Gathering and Processing
0.8 1.4 2.3 3.4 Coal Slurry Pipeline 0.0 0.0 0.0 1.6 Other 0.8 0.0
3.7 0.1 ------------ ------------ ------- ------- 10.5 8.2 29.4
21.0 ------------ ------------ ------- ------- Growth - Interstate
Natural Gas Pipeline 8.1 0.2 16.3 0.3 Natural Gas Gathering and
Processing 3.4 17.1 22.8 22.1 Coal Slurry Pipeline 0.0 0.0 0.0 0.0
------------ ------------ ------- ------- 11.5 17.3 39.1 22.4
------------ ------------ ------- ------- Total $22.0 $25.5 $68.5
$43.4 ============ ============ ======= ======= Northern Border
Partners, L.P. Summary Segment Information
--------------------------- (Unaudited) Fourth Quarter Year to Date
2005 2004 2005 2004 ---------- ---------- ---------- ----------
Interstate Natural Gas Pipeline Segment Operating Results (3): Gas
Delivered (mmcf) 284,958 283,129 1,141,902 1,130,634 Average
Throughput (mmcfd) 3,166 3,159 3,204 3,166 Financial Results (In
Millions): Operating Revenue $96.3 $96.5 $378.7 $383.6 ----------
---------- ---------- ---------- Operating Expenses Operations and
Maintenance 16.5 9.2 62.0 52.7 Depreciation and Amortization 17.3
17.1 67.2 67.1 Taxes Other Than Income 9.0 7.9 35.3 32.8 ----------
---------- ---------- ---------- Total Operating Expenses 42.8 34.2
164.5 152.6 ---------- ---------- ---------- ---------- Operating
Income 53.5 62.3 214.2 231.0 Interest Expense, Net (11.3) (11.8)
(45.0) (43.9) Other Income, Net 0.3 0.3 2.3 0.7 Equity Earnings
from Investments 1.1 0.6 2.3 1.6 ---------- ---------- ----------
---------- Income Before Income Taxes 43.6 51.4 173.8 189.4 Income
Taxes 1.9 1.0 4.5 4.8 ---------- ---------- ---------- ----------
Net Income 41.7 50.4 169.3 184.6 Net Income to Minority Interest
(11.0) (13.8) (45.7) (50.0) ---------- ---------- ----------
---------- Net Income to Northern Border Partners $30.7 $36.6
$123.6 $134.6 ========== ========== ========== ========== EBITDA
(1) $72.2 $80.4 $285.9 $300.7 ========== ========== ==========
========== Distributions from Northern Border Pipeline: Paid to
Northern Border Partners $39.9 $34.7 $142.0 $143.9 Paid to Minority
Interest $17.1 $14.9 $60.9 $61.7 ---------- ---------- ----------
---------- Total Distributions $57.0 $49.6 $202.9 $205.6 ==========
========== ========== ========== Reconciliation of EBITDA to Net
Income EBITDA (1) $72.2 $80.4 $285.9 $300.7 Minority Interest
(11.0) (13.8) (45.7) (50.0) Interest Expense, Net (11.3) (11.8)
(45.0) (43.9) Depreciation and Amortization (17.6) (17.2) (67.6)
(67.5) Income taxes (1.9) (1.0) (4.5) (4.8) Equity AFUDC (included
in Other Income (Expense)) 0.3 0.0 0.5 0.1 ---------- ----------
---------- ---------- Net Income $30.7 $36.6 $123.6 $134.6
========== ========== ========== ========== Northern Border
Partners, L.P. Summary Segment Information
--------------------------- (Unaudited) Fourth Quarter Year to Date
2005 2004 2005 2004 -------- -------- -------- -------- Natural Gas
Gathering and Processing Segment Operating Results (3): Volumes
(mmcfd): Gathering 1,079 1,048 1,044 1,022 Processing 65 58 64 55
Financial Results (In Millions): Operating Revenue $83.2 $54.6
$275.3 $184.7 -------- -------- -------- -------- Operating
Expenses Product Purchases 54.0 32.2 167.3 103.2 Operations and
Maintenance 12.4 9.6 44.9 35.9 Depreciation and Amortization 4.3
3.7 16.0 14.8 Taxes Other Than Income 0.4 0.7 2.4 2.5 --------
-------- -------- -------- Total Operating Expenses 71.1 46.2 230.6
156.4 -------- -------- -------- -------- Operating Income 12.1 8.4
44.7 28.3 Interest Expense, Net 0.0 (0.1) (0.2) (0.4) Other Income
(Expense) 0.1 0.0 0.6 0.2 Equity Earnings from Investments 4.4 3.5
22.5 16.4 -------- -------- -------- -------- Income Before Income
Taxes 16.6 11.8 67.6 44.5 Income Taxes 0.0 0.0 0.0 0.0 --------
-------- -------- -------- Net Income $16.6 $11.8 $67.6 $44.5
======== ======== ======== ======== EBITDA (1) $20.9 $15.6 $83.8
$59.7 ======== ======== ======== ======== Distributions Received
from Equity Investments $4.4 $3.4 $16.5 $12.5 ======== ========
======== ======== Reconciliation of EBITDA to Net Income EBITDA (1)
$20.9 $15.6 $83.8 $59.7 Interest Expense, Net 0.0 (0.1) (0.2) (0.4)
Depreciation and Amortization (4.3) (3.7) (16.0) (14.8) Income
taxes 0.0 0.0 0.0 0.0 -------- -------- -------- -------- Net
Income $16.6 $11.8 $67.6 $44.5 ======== ======== ======== ========
Northern Border Partners, L.P. Summary Segment Information
--------------------------- (Unaudited) Fourth Quarter Year to Date
2005 2004 2005 2004 -------- -------- -------- -------- Coal Slurry
Pipeline Segment Operating Results: Tons of Coal Shipped (In
Thousands) 1,027 1,306 4,561 4,652 Financial Results (In Millions):
Operating Revenue $6.2 $5.7 $24.6 $22.0 -------- -------- --------
-------- Operating Expenses Operations and Maintenance 4.4 3.4 16.0
13.3 Depreciation and Amortization 1.1 1.5 2.6 4.5 Taxes Other Than
Income 0.2 0.2 0.8 0.8 -------- -------- -------- -------- Total
Operating Expenses 5.7 5.1 19.4 18.6 -------- -------- --------
-------- Operating Income 0.5 0.6 5.2 3.4 Other Income 0.0 0.0
(0.1) 0.0 -------- -------- -------- -------- Income Before Income
Taxes 0.5 0.6 5.1 3.4 Income Taxes 0.2 0.0 1.2 0.3 --------
-------- -------- -------- Net Income $0.3 $0.6 $3.9 $3.1 ========
======== ======== ======== EBITDA (1) $1.6 $2.1 $7.7 $7.9 ========
======== ======== ======== Reconciliation of EBITDA to Net Income
EBITDA (1) $1.6 $2.1 $7.7 $7.9 Depreciation and Amortization (1.1)
(1.5) (2.6) (4.5) Income taxes (0.2) 0.0 (1.2) (0.3) --------
-------- -------- -------- Net Income $0.3 $0.6 $3.9 $3.1 ========
======== ======== ======== *T
Northern Border (NYSE:NBP)
Historical Stock Chart
From Sep 2024 to Oct 2024
Northern Border (NYSE:NBP)
Historical Stock Chart
From Oct 2023 to Oct 2024