Inter Pipeline Announces Increase to Monthly Dividends
CALGARY, ALBERTA -- (Marketwired) -- 09/09/13 -- Inter Pipeline Ltd.
("Inter Pipeline") (TSX:IPL) announced today that its board of
directors has approved a 13% increase to its monthly cash dividends
from $0.095 to $0.1075 per share commencing with its September 2013
dividend payable in October 2013. On an annualized basis, dividends
will increase from $1.14 to $1.29 per share.
Shareholders of record as of September 23rd, 2013 will be eligible
for Inter Pipeline's new monthly dividend rate of $0.1075 per share,
with initial payment expected on or about October 15th, 2013.
"The dividend increase announced today represents our eleventh
consecutive and single largest increase," commented David Fesyk,
President and Chief Executive Officer. "It is supported by the
continuing strong performance of our underlying business as well as
the commencement of cash flow from several projects that recently
entered commercial service. We are well positioned to extend our
record of profitable growth and regular dividend increases."
Over the past six months Inter Pipeline began receiving revenue under
a new ethane sales agreement with NOVA Chemicals, a new diluent
delivery contract with Suncor Energy and a new contract with Canadian
Natural Resources to provide bitumen blend and diluent service to the
Kirby South oil sands project. Collectively these projects are
expected to generate incremental long term EBITDA of $65 million
In addition, Inter Pipeline is currently advancing a multi-year $2.6
billion expansion program on its Cold Lake and Polaris pipeline
systems under commercially secured contracts with major oil sands
Since inception in 1997, Inter Pipeline has distributed $11.69 per
share, or over $2.2 billion in cash payments to investors.
Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation, natural gas
liquids extraction, and bulk liquid storage business based in
Calgary, Alberta, Canada. Structured as a Canadian corporation, Inter
Pipeline owns and operates energy infrastructure assets in western
Canada, the United Kingdom, Denmark, Germany and Ireland. Additional
information about Inter Pipeline can be found at
Inter Pipeline's common
shares trade on the Toronto Stock Exchange
under the symbol IPL.
Certain information contained herein may constitute forward-looking
statements that involve risks and uncertainties. Forward-looking
statements in this news release include, but are not limited to,
timing and cost schedules of Polaris and Cold Lake capital projects
and forward EBITDA estimates,. Readers are cautioned not to place
undue reliance on forward-looking statements, including, but not
limited to, statements regarding the sustainability of future
dividends. Such information, although considered reasonable by Inter
Pipeline at the time of preparation, may later prove to be incorrect
and actual results may differ materially from those anticipated in
the statements made. For this purpose, any statements that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements often contain terms such as
"may", "will", "should", "anticipate", "expects" and similar
expressions. Such risks and uncertainties include, but are not
limited to, risks associated with operations, such as loss of
markets, regulatory matters, environmental risks, industry
competition, potential delays and cost overruns of construction
projects, including the Polaris and Cold Lake projects, and the
ability to access sufficient capital from internal and external
sources. You can find a discussion of those risks and uncertainties
in Inter Pipeline's securities filings at www.sedar.com. The
forward-looking statements contained in this news release are made as
of the date of this document, and, except to the extent required by
applicable securities laws and regulations, Inter Pipeline assumes no
obligation to update or revise forward-looking statements made herein
or otherwise, whether as a result of new information, future events,
or otherwise. The forward-looking statements contained in this
document are expressly qualified by this cautionary note.
All dollar values are expressed in Canadian dollars unless otherwise
Inter Pipeline Fund
Vice President, Capital Markets
403-290-6015 or 1-866-716-7473
Director, Corporate and Investor Communications
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