Inter Pipeline Meets Our Expectations, Remains a Strong Dividend Play
No-moat Inter Pipeline reported fourth-quarter results that generally met our expectations, with adjusted funds from operations of CAD 273 million, a 2% increase from the year-ago period but down 9% sequentially. The decreased sequential performance was driven by lower volumes on the company’s conventional crude pipelines and the widening of the heavy oil differential that negatively affected marketing activities. Total oil sands throughput averaged 1.216 million barrels of oil per day, flat fro...Inter Pipeline is engaged in the business of of petroleum transportation, bulk liquid storage and natural gas liquids (NGL) extraction through the ownership and operation of energy infrastructure assets in western Canada, the U.K., Denmark, Germany, Ireland and Sweden. Co. has four operating business segments that are reportable segments: the oil sands transportation business segment; the conventional oil pipelines business segment; the bulk liquid storage business segment; and the NGL extraction business segment.
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