TC Pipelines, LP Cash Flow Increases in Fourth Quarter 2011

TC PipeLines, LP (NYSE: TCP) on Feb., 16 reported fourth quarter 2011 Partnership cash flow of $83.3 million compared to $51.7 million for the same period in 2010. For the year ended Dec. 31, Partnership cash flow was $222.4 million, compared to $180.1 million in 2010.

Net income in the fourth quarter 2011 was $38.3 million or $0.70 per common unit, and for the year ended Dec. 31 was $157.4 million or $3.02 per common unit.

"The Partnership's results in 2011 demonstrate a commitment to our strategy of investing in stable, long-term assets. The addition of interests in two high-quality pipelines, GTN and Bison, diversified and strengthened our portfolio by adding new markets and new supply sources," said Steve Becker, president of TC PipeLines GP, Inc.

--  Full-Year Highlights:

    --  Partnership cash flows of $222.4 million

    --  Paid cash distributions of $154.8 million

    --  Increased cash distributions paid by 3.4 percent to $3.04 per common unit

    --  Net income of $157.4 million or $3.02 per common unit

    --  Acquired 25 percent interest in two long-haul natural gas pipelines: Gas Transmission Northwest LLC (GTN) and Bison Pipeline LLC (Bison)

    --  Raised $337.6 million in equity from a secondary issuance of common units in connection with the GTN and Bison acquisition

    --  Raised $350.0 million in first public debt offering and obtained investment grade credit ratings (BBB/Baa2)

--  Fourth Quarter Highlights:

    --  Partnership cash flows of $83.3 million, including a one-time cash distribution from GTN of $20.0 million related to its cash balance

        at the time of acquisition

    --  Paid cash distributions of $42.0 million

    --  Declared cash distributions of $0.77 per common unit

    --  Net income of $38.3 million or $0.70 per common unit

    --  Achieved rate case settlement on Tuscarora, pending Federal Energy Regulatory Commission (FERC) approval

    --  Received approval from FERC on GTN rate settlement

    --  Moved exchange listing to the New York Stock Exchange (NYSE) and changed trading ticker symbol to 'TCP'

Regency Energy Partners reports increases in financial results

Regency Energy Partners LP (NYSE: RGP) on Feb. 15 announced its financial results for the fourth quarter and full year ended Dec.31, 2011.

For full-year 2011, adjusted EBITDA increased 29 percent to $422 million, compared to $327 million in 2010. Adjusted EBITDA increased by 13 percent for the fourth quarter of 2011, compared to the fourth quarter of 2010. The increases were primarily attributable to RGP’s acquisition of a 30 percent interest in the Lone Star Joint Venture in May 2011 and an increase in the adjusted segment margin in the Gathering and Processing segment due to increased volumes in south and west Texas. The full-year increase was also partly due to a full-year contribution from the MEP Joint Venture in 2011, compared to a partial-year contribution in 2010.

For full-year 2011, net income increased to $74 million, compared to a net loss of $11 million in 2010. Net income increased to $14 million for the fourth quarter of 2011, compared to a net loss of $9 million for the fourth quarter of 2010.

"Our acquisition of an interest in the Lone Star Joint Venture added a predominantly fee-based natural gas liquids platform to Regency's portfolio which when combined with increased volumes in south and west Texas, led to solid year-over-year adjusted EBITDA growth," said Mike Bradley, president and chief executive officer of Regency.