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'
