24/7 Wall St.
10-28-2008, 08:40 AM
24/7 Wall St. Daily News
http://www.247wallst.com/images/2008/10/28/oil_gas_pipeline_pic.jpg</img> (http://247wallstreet.typepad.com/.shared/image.html?/photos/uncategorized/2008/10/28/oil_gas_pipeline_pic.jpg)TEPPCO Partners (NYSE:TPP), a pipeline master limited partnership, reported third quarter earnings of $0.40/common unit on revenues of $4.2 billion. Analysts were expecting $0.43/common unit and revenues of $3.36 billion. Net income totaled $47 million, down slightly from third quarter 2007 income of $47.6 million. The company estimated that Hurricanes Gustav and Ike reduced EBITDA by about $3.7 million. For the first nine months of the year, TEPPCO's net income is off $74.7 million from a year ago.
The largest single contributor to TEPPCO's results is the sale ofpetroleum products, which generated $4.03 billion in revenues. Unlikemost other pipeline companies, TEPPCO buys most of the crude oil ittransports and resells it at the downstream end of the pipe. Petroleumpurchases accounted for $3.99 billion of the company's expenses.
The company reported total debt of $2.3 billion, and $600 million onits revolving credit facility. TEPPCO expects capex to reach $425-$450million for all of 2008, and $350-$400 million in 2009.
Earlier this month, TEPPCO announced a cash distribution of$0.725/common unit for the third quarter. At that time, the company'spresident noted that TEPPCO "continues to benefit from a diverse set ofbusinesses that emphasize fee-based cash flows." That's the very shortstory of pipeline MLPs. It also happens to be true.
Paul Ausick
October 28, 2008
http://feeds.feedburner.com/~f/typepad/RyNm?i=CBa3M</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=CBa3M) http://feeds.feedburner.com/~f/typepad/RyNm?i=fFG9M</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=fFG9M) http://feeds.feedburner.com/~f/typepad/RyNm?i=vGSBm</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=vGSBm)
complete story here... (http://www.247wallst.com/2008/10/teppco-piping-e.html)
http://www.247wallst.com/images/2008/10/28/oil_gas_pipeline_pic.jpg</img> (http://247wallstreet.typepad.com/.shared/image.html?/photos/uncategorized/2008/10/28/oil_gas_pipeline_pic.jpg)TEPPCO Partners (NYSE:TPP), a pipeline master limited partnership, reported third quarter earnings of $0.40/common unit on revenues of $4.2 billion. Analysts were expecting $0.43/common unit and revenues of $3.36 billion. Net income totaled $47 million, down slightly from third quarter 2007 income of $47.6 million. The company estimated that Hurricanes Gustav and Ike reduced EBITDA by about $3.7 million. For the first nine months of the year, TEPPCO's net income is off $74.7 million from a year ago.
The largest single contributor to TEPPCO's results is the sale ofpetroleum products, which generated $4.03 billion in revenues. Unlikemost other pipeline companies, TEPPCO buys most of the crude oil ittransports and resells it at the downstream end of the pipe. Petroleumpurchases accounted for $3.99 billion of the company's expenses.
The company reported total debt of $2.3 billion, and $600 million onits revolving credit facility. TEPPCO expects capex to reach $425-$450million for all of 2008, and $350-$400 million in 2009.
Earlier this month, TEPPCO announced a cash distribution of$0.725/common unit for the third quarter. At that time, the company'spresident noted that TEPPCO "continues to benefit from a diverse set ofbusinesses that emphasize fee-based cash flows." That's the very shortstory of pipeline MLPs. It also happens to be true.
Paul Ausick
October 28, 2008
http://feeds.feedburner.com/~f/typepad/RyNm?i=CBa3M</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=CBa3M) http://feeds.feedburner.com/~f/typepad/RyNm?i=fFG9M</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=fFG9M) http://feeds.feedburner.com/~f/typepad/RyNm?i=vGSBm</img> (http://feeds.feedburner.com/~f/typepad/RyNm?a=vGSBm)
complete story here... (http://www.247wallst.com/2008/10/teppco-piping-e.html)