UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
___________
FORM
8-K
CURRENT
REPORT
Pursuant
To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Date
of Report (Date of earliest event reported)
|
April
24, 2008
|
|
TC
PipeLines, LP
|
|
(Exact
name of registrant as specified in its
charter)
|
|
Delaware
|
000-26091
|
52-2135448
|
|
(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
|
13710
FNB Parkway
Omaha,
Nebraska
|
68154-5200
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
Registrant’s
telephone number, including area code
|
(877)
290-2772
|
|
(Former
name or former address if changed since last
report)
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17
CFR 240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17
CFR 240.13e-4(c))
|
Item
2.02 Results
of Operations and Financial Condition.
On
April
24, 2008, the Partnership issued a press release announcing financial
results for the Partnership's 2008 first quarter earnings. A
copy of the press release is furnished with this report as Exhibit 99.1, and
is
incorporated herein by reference.
In
accordance with General Instruction B.2. of Form 8-K, the information in
this Item 2.02 and Exhibit 99.1 hereto are being furnished and are not
deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended, and are not otherwise subject to the liabilities of that
section. Accordingly, the information in this Item 2.02 and Exhibit
99.1 hereto will not be incorporated by reference into any filing made by the
Partnership under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, unless specifically identified therein as
being incorporated therein by reference.
Item
8.01 Other
Events.
Bison
Pipeline Project – On April 4, 2008, Northern Border Pipeline Company announced
that its wholly-owned subsidiary, Bison Pipeline LLC, is conducting a binding
open season for potential shippers to request firm pipeline capacity on a
proposed new pipeline system. Should this project be built, it will provide
another transportation source for Northern Border shippers to export natural
gas
supply from the Rockies basin.
It
is
anticipated that the Bison Pipeline Project will consist of approximately
289
miles of 24-inch diameter pipeline, compression and related facilities,
originating at the natural gas gathering facilities of Fort Union Gas Gathering,
L.L.C. and Bighorn Gas Gathering, LLC near Dead Horse, Wyoming. The
pipeline would extend in a northeasterly direction to its terminus in Morton
County, North Dakota near Northern Border’s Compressor Station No. 6. The
initial capacity of the Bison Pipeline Project is anticipated to be
approximately 400 MMcf/d with a maximum capacity of 660 MMcf/d. However,
the ultimate capacity of the pipeline will be determined by the level of
binding
shipper commitments. The
projected in-service date for the Bison Pipeline Project is November 15,
2010.
It is estimated that this project will cost approximately $498 million. The
final transportation rates and potential revenue are dependent upon the final
project scope and shipper demand for the project, which may be affected by
competition from other proposed pipelines to transport natural gas from the
Rockies basin. The Bison Pipeline Project is contingent on the results of
the
binding open season and regulatory approvals.
Compressor
Station Expansion Project – Tuscarora Gas Transmission Company’s compressor
station expansion project to support Sierra Pacific Power Company’s Tracy
Combined Cycle Power Plant went into service on April 1, 2008. The
new contract of 40,000 Dth/d will generate approximately $5.8 million of
annual
revenue.
Item
9.01 Financial Statements
and
Exhibits.
| (d) | Exhibits. | |
|
|
99.1
|
Press
Release dated April 24, 2008.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| TC PipeLines, LP | |
| by: TC PipeLines GP, Inc., | |
| its general partner |
|
|
By: | /s/ Amy W. Leong |
| Amy W. Leong | ||
| Principal Financial Officer and Controller | ||
Dated: April
24, 2008
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release dated April 24, 2008.
|
Exhibit
99.1
NewsRelease
TC
PipeLines, LP Reports Strong 2008 First Quarter Results
CALGARY,
Alberta – April 24, 2008 – (Nasdaq: TCLP) – TC PipeLines, LP (the Partnership)
today reported first quarter 2008 net income of $33.6 million or $0.89 per
common unit (all amounts in U.S. dollars), an increase of $13.6 million or
68
per cent compared to $20.0 million or $0.77 per common unit for the same
period
last year.
In
first
quarter 2008, the Partnership received total cash distributions of $34.7
million; $11.6 million from Great Lakes Gas Transmission Limited Partnership
(Great Lakes) and $23.1 million from Northern Border Pipeline Company (Northern
Border). The total cash distributions received represent a $12.5 million
increase compared to the same quarter last year.
Cash
distributions paid by the Partnership were $25.6 million or $0.665 per common
unit in first quarter 2008, an increase of $14.3 million compared to $11.3
million or $0.60 per common unit for the same period last year.
“The
addition of Great Lakes, combined with continuing strong results from Northern
Border and Tuscarora, has given the Partnership another quarter of increasing
financial returns,” said Russ Girling, chairman and chief executive officer of
TC PipeLines GP, Inc. “Our first quarter results show that our business strategy
is working and long-term value is being created for our
unitholders.”
Financial
Highlights
|
(unaudited)
|
Three
months ended March 31,
|
||
|
(millions
of dollars
except per common unit amounts)
|
2008
|
2007
|
|
|
Net
income
|
33.6
|
20.0
|
|
|
Per
common unit (1)
|
$0.89
|
$0.77
|
|
|
Partnership
cash flows (2)
|
33.6
|
19.6
|
|
|
Cash
distributions paid
|
25.6
|
11.3
|
|
|
Cash
distributions declared per common unit (3)
|
$0.70
|
$0.65
|
|
|
Weighted
average
common units outstanding (millions)
|
34.9
|
24.6
|
|
|
Common
units
outstanding at end of period (millions)
|
34.9
|
34.9
|
|
(1)
Net income per common unit is computed by dividing net income, after deduction
of the general partner's allocation, by the weighted average number of common
units outstanding. The general partner's allocation is computed based upon
the
general partner's two per cent interest plus an amount equal to incentive
distributions.
(2)
Partnership cash flows is a non-GAAP financial measure. Refer to the
section entitled "Partnership Cash Flows" for further detail.
(3)
The Partnership's 2008 first quarter cash distribution will be paid on May
15,
2008 to unitholders of record as of April 30, 2008.
Recent Developments
Northern
Border Expansion Projects
Bison
Pipeline Project – On April 4, 2008, Northern Border announced that its
wholly-owned subsidiary, Bison Pipeline LLC, is conducting a binding open season
for potential shippers to request firm pipeline capacity on a proposed new
pipeline system. Should this project be built, it will provide another
transportation source for Northern Border shippers to export natural gas supply
from the Rockies basin.
It
is
anticipated that the Bison Pipeline Project will consist of approximately 289
miles of 24-inch diameter pipeline, compression and related facilities,
originating at the natural gas gathering facilities of Fort Union Gas Gathering,
L.L.C. and Bighorn Gas Gathering, LLC near Dead Horse, Wyoming. The
pipeline would extend in a northeasterly direction to its terminus in Morton
County, North Dakota near Northern Border’s Compressor Station No. 6. The
initial capacity of the Bison Pipeline Project is anticipated to be
approximately 400 MMcf/d with a maximum capacity of 660 MMcf/d. However,
the ultimate capacity of the pipeline will be determined by the level of binding
shipper commitments. The projected in-service date for the Bison Pipeline
Project is November 15, 2010. It is estimated that this project will cost
approximately $498 million. The final transportation rates and potential revenue
are dependent upon the final project scope and shipper demand for the project,
which may be affected by competition from other proposed pipeline
projects to transport natural gas from the Rockies basin. The Bison
Pipeline Project is contingent on the results of the binding open season and
regulatory approvals.
Des
Plaines Project – In February 2008, Northern Border filed with the Federal
Energy Regulatory Commission (FERC) to construct, own and operate interconnect
facilities, including a 1,600 horsepower compressor facility near Joliet,
Illinois. It is estimated that this project will cost approximately $17 million.
The targeted in-service date is November 1, 2008; however, this schedule is
dependent upon the receipt of timely regulatory approvals. The Des Plaines
Project will be fully subscribed under long-term compression and transportation
contracts.
Tuscarora
Gas Expansion Project
Compressor
Station Expansion Project – Tuscarora Gas Transmission Company’s (Tuscarora)
compressor station expansion project to support Sierra Pacific Power Company’s
Tracy Combined Cycle Power Plant went into service on April 1, 2008. The
new contract of 40,000 Dth/d will generate approximately $5.8 million of annual
revenue.
Net
Income
The
following net income information is presented to enhance investors’
understanding of the way that management analyzes the Partnership’s financial
performance:
2
| The shaded areas in the tables below disclose the results from Great Lakes, Northern Border and Tuscarora, representing 100 per cent of each entity's operations for the given period. | |||||||||
|
For
the three months ended March 31, 2008
|
|||||||||
| (unaudited) |
Northern
|
||||||||
| (millions of dollars) | Partnership | Tuscarora(1) | Corporate | Great Lakes | Border(2) | ||||
| Transmission revenues |
6.9
|
6.9
|
-
|
79.7
|
83.8
|
||||
| Operating expenses |
(2.2)
|
(1.2)
|
(1.0)
|
(15.1)
|
(19.4)
|
||||
|
4.7
|
5.7
|
(1.0)
|
64.6
|
64.4
|
|||||
|
Depreciation
|
(1.6)
|
(1.6)
|
-
|
(14.6)
|
(15.2)
|
||||
| Financial charges, net and other |
(7.6)
|
(0.9)
|
(6.7)
|
(8.2)
|
(9.7)
|
||||
| Michigan business tax |
-
|
-
|
-
|
(1.7)
|
-
|
||||
|
40.1
|
39.5
|
||||||||
| Equity income |
38.1
|
-
|
-
|
18.6
|
19.5
|
||||
| Net income |
33.6
|
3.2
|
(7.7)
|
18.6
|
19.5
|
||||
(1) The
Partnership owns a 100 per cent general partner interest in Tuscarora following
the acquisition of an additional two per cent interest on December 31,
2007.
(2) The
Partnership owns a 50 per cent general partner interest in Northern Border.
Equity income from Northern Border includes amortization of a $10 million
transaction fee paid to the operator of Northern Border at the time of
the
additional 20 per cent acquisition in April 2006.
|
For
the three months
ended March 31, 2007
|
|||||||||
| (unaudited) |
Great
Lakes(3)
|
Northern
|
|||||||
| (millions of dollars) |
Partnership
|
Tuscarora
|
Corporate
|
Feb
23 - Mar
31
|
Border(4)
|
||||
| Transmission revenues |
6.9
|
6.9
|
-
|
30.4
|
79.6 | ||||
| Operating expenses |
(2.0)
|
(1.2)
|
(0.8)
|
(6.1)
|
(17.8)
|
||||
|
|
4.9
|
5.7
|
(0.8)
|
24.3
|
61.8
|
||||
| Depreciation |
(1.6)
|
(1.6)
|
-
|
(5.9)
|
(15.3)
|
||||
| Financial charges, net and other |
(8.1)
|
(1.2)
|
(6.9)
|
(3.4)
|
(10.4)
|
||||
|
15.0
|
36.1
|
||||||||
| Equity income |
24.8
|
-
|
-
|
7.0
|
17.8
|
||||
| Net income |
20.0
|
2.9
|
(7.7)
|
7.0
|
17.8
|
||||
(3)
The Partnership acquired a 46.45 per cent general partner interest in Great
Lakes on February 22, 2007.
(4)
The Partnership owns a 50 per cent general partner interest in Northern Border.
Equity income from Northern Border includes amortization of a $10 million
transaction fee paid to the operator of Northern Border at the time of the
additional 20 per cent acquisition in April 2006.
First Quarter 2008
The
Partnership reported first quarter 2008 net income of $33.6 million or $0.89
per
common unit, an increase of $13.6 million or 68 per cent compared to $20.0
million or $0.77 per common unit for the same quarter last year. This was
primarily due to increased equity income from Great Lakes in 2008.
Equity
income from Great Lakes was $18.6 million in
first quarter 2008, an increase of $11.6 million or 166 per cent, compared
to
$7.0 million for the period February 23 to March 31, 2007. The increase in
equity income, which was in line with the
Partnership's expectations, was primarily due to a full quarter of
income contribution in 2008 as
compared to 37 days in the first quarter of 2007.
3
In
the
first quarter of 2008, Great Lakes recorded Michigan business tax of $1.7
million, which is a new partnership level tax. The Partnership’s share of the
Michigan business tax was $0.8 million.
Equity
income from Northern Border was $19.5 million in the first quarter of 2008,
an
increase of $1.7 million or ten per cent, compared to $17.8 million in the
same
period last year. Northern Border’s net income increased $3.4 million, or nine
per cent, to $39.5 million in first quarter 2008 compared to $36.1 million
in
the first quarter of 2007. The increase in net income was primarily due to
increased transmission revenues, partially offset by increased operating
expenses. Transmission revenues increased $4.2 million for the three
months ended March 31, 2008 compared to the same period last year due primarily
to an increase in overall volumes sold. Operating expenses increased $1.6
million for the three months ended March 31, 2008 compared to the same period
last year primarily due to increased general and administrative expenses and
increased expense related to the over recovery of the compressor usage
surcharge, partially offset by decreased taxes other than income.
Tuscarora’s
net income for first quarter 2008 of $3.2 million was consistent with the same
period in the prior year.
Partnership
Cash Flows
The
following Partnership cash flows information is presented to enhance investors’
understanding of the way that management analyzes the Partnership’s financial
performance:
| (unaudited) |
Three
months ended March 31,
|
||
| (millions of dollars except per common unit amounts) |
2008
|
2007
|
|
| Total cash distributions received (a) |
34.7
|
22.2
|
|
| Cash flows provided by Tuscarora's operating activities |
6.6
|
5.1
|
|
| Partnership costs (b) |
(7.7)
|
(7.7)
|
|
| Partnership cash flows (b) |
33.6
|
19.6
|
|
| Partnership cash flows per common unit |
$
0.96
|
$
0.80
|
|
| Cash distributions declared |
(27.4)
|
(24.9)
|
|
| Cash distributions declared per common unit |
$
0.70
|
$
0.65
|
|
| Cash distributions paid |
(25.6)
|
(11.3)
|
|
| Cash distributions paid per common unit |
$
0.665
|
$
0.600
|
|
(a)
Reconciliation of non-GAAP financial measure: Total cash distributions
received is a non-GAAP financial measure which is the sum of equity income
from
investment in Great Lakes, less equity income in excess of distributions
received from Great Lakes, less reduction in the return of capital from Great
Lakes, plus equity income from investment in Northern Border and return of
capital from Northern Border. It is provided as a supplement to results reported
in accordance with GAAP. Management believes that this is a meaningful measure
to assist investors in evaluating the levels of cash distributions from our
investments. Below is a reconciliation of total cash distributions received
to
GAAP financial measures:
4
|
|
Three
months
ended March 31,
|
||
| (millions of dollars) |
2008
|
2007
|
|
| Equity income from investment in Great Lakes | 18.6 | 7.0 | |
| Equity income in excess of distributions received from Great Lakes | - | (7.0) | |
| Reduction in the return of capital from Great Lakes | (7.0) | - | |
| Cash distributions from Great Lakes | 11.6 | - | |
| Equity income from investment in Northern Border | 19.5 | 17.8 | |
| Return of capital from Northern Border |
3.6
|
4.4
|
|
| Cash distributions from Northern Border | 23.1 | 22.2 | |
| Total cash distributions received | 34.7 | 22.2 | |
(b) Reconciliation
of non-GAAP financial measure: Partnership cash flows is a non-GAAP
financial measure which is the sum of cash distributions received and cash
flows
from Tuscarora's operating activities less Partnership costs. We exclude
Tuscarora's costs from the Partnership costs so that investors may evaluate
our
costs independent of costs directly attributable to our investments.
Management believes that this is a useful measure to assist investors in
evaluating the Partnership's cash flow from its operating activities. A
reconciliation of Partnership costs is summarized below:
|
Three
months
ended March 31,
|
|||
| (millions of dollars) |
2008
|
2007
|
|
| Operating expenses | 2.2 | 2.0 | |
| Financial charges, net and other | 7.6 | 8.1 | |
| Less: | |||
| Operating expenses and financial charges from Tuscarora | (2.1) | (2.4) | |
| Partnership costs | 7.7 | 7.7 | |
First
Quarter 2008
Partnership
cash flows increased $14.0 million, or 71 per cent, to $33.6 million for first
quarter 2008, compared to $19.6 million for the same period of last year. This
increase was primarily a result of cash distributions received from Great Lakes,
which contributed $11.6 million in first quarter 2008 compared to $nil in the
same period of last year. Cash flows provided by Tuscarora’s operating
activities increased $1.5 million for the three months ended March 31, 2008
compared to the same period in the prior year primarily due to a reduction
in
operating working capital. Cash distributions received from Northern Border
increased $0.9 million in first quarter 2008 compared to the same period last
year.
Excluding
the reduction in the return of capital from Great Lakes and the return of
capital from Northern Border, the Partnership used $4.5 million of cash flows
for investing activities for first quarter 2008 compared to $734.9 for first
quarter 2007. Tuscarora made capital expenditures of $4.5 million during the
three months ended March 31, 2008 related to the compressor station expansion
project in Likely, California. The Partnership acquired its 46.45 per cent
general partner interest in Great Lakes during first quarter 2007 for $733.3
million.
The
Partnership used $33.6 million of cash flows from financing activities in
first
quarter 2008. Distributions paid by the Partnership increased $14.3 million,
or
127 per cent, to $25.6 million for the three months ended March 31, 2008
compared to $11.3 million for the same period in the prior year due to the
increased number of common units outstanding and increases in quarterly per
common unit distribution amounts. The Partnership paid $25.6 million in
distributions in first quarter 2008 in the following manner: $23.2
million to common unitholders (including $1.4 million to the general
partner as holder of 2,035,106 common units and $5.8 million to TransCan
Northern Ltd. as holder of 8,678,045 common units), $1.9 million to the general
partner as holder of the incentive distribution rights, and $0.5 million
to the
general partner in respect of its two per cent general partner
interest.
5
The
Partnership repaid $8.0 million of the outstanding balance on its Senior Credit
Facility during first quarter 2008 compared to $9.0 million during the same
period last year. In first quarter 2007, the acquisition of Great
Lakes was primarily financed through a private placement of common units and
a
contribution made by the Partnership’s general partner to maintain its two per
cent general interest for total net proceeds of $607.3 million. The
Partnership funded the balance of the consideration paid with a draw on its
Senior Credit Facility of $133.0 million.
Conference
Call
Analysts,
members of the public, the media and other interested parties are invited to
participate in a teleconference and audio webcast on Thursday, April 24, 2008
at
10:00 a.m. (Mountain) and 12:00 p.m. (Eastern). Mark Zimmerman,
president of the general partner, will discuss first quarter 2008 financial
results and general developments and issues concerning the Partnership followed
by a question and answer session for the investment community and media. To
participate, please call (866) 225-0198. A replay of the conference call will
also be available two hours after the conclusion of the call and until midnight,
Thursday, May 1, 2008, by dialing (800) 408-3053, then entering pass code
3258631.
A
live
webcast of the conference call will also be available through the Partnership’s
website at www.tcpipelineslp.com.
An audio replay of the call will be available on the website.
TC
PipeLines, LP is a publicly traded limited partnership. TC PipeLines, LP has
interests in more than 3,600 miles of federally regulated U.S. interstate
natural gas pipelines, including Great Lakes Gas Transmission Limited
Partnership (46.45 per cent ownership), Northern Border Pipeline Company (50
per
cent ownership) and Tuscarora Gas Transmission Company (100 per cent ownership).
Great Lakes is a 2,115-mile pipeline serving markets in Minnesota, Wisconsin,
Michigan and eastern Canada. The 1,249-mile Northern Border Pipeline transports
natural gas from the Montana-Saskatchewan border to markets in the midwestern
United States. Tuscarora owns a 240-mile pipeline system that transports natural
gas from Oregon where it interconnects to TransCanada’s Gas Transmission
Northwest System. TC PipeLines, LP is managed by its general partner, TC
PipeLines GP, Inc., an indirect wholly owned subsidiary of TransCanada
Corporation. TC PipeLines GP, Inc., also holds common units of TC PipeLines,
LP.
Common units of TC PipeLines, LP are quoted on the NASDAQ Stock Market and
trade
under the symbol “TCLP.” For more information about TC PipeLines, LP, visit the
Partnership’s website at www.tcpipelineslp.com.
6
Cautionary
Statement Regarding Forward-Looking Information
This
news release may include forward-looking statements regarding future events
and
the future financial performance of TC PipeLines, LP. Words such as “believes,”
“expects,” “intends,” “forecasts,” “projects,” and similar expressions identify
forward-looking statements. All forward-looking statements are based on the
Partnership’s current beliefs as well as assumptions made by and information
currently available to the Partnership. These statements reflect the
Partnership’s current views with respect to future events. The Partnership
assumes no obligation to update any such forward-looking statement to reflect
events or circumstances occurring after the date hereof. Important factors
that
could cause actual results to materially differ from the Partnership's current
expectations include results of the Bison Pipeline Project Open Season and
whether or not Northern Border proceeds with the project, regulatory decisions,
particularly those of the Federal Energy Regulatory Commission and the
Securities and Exchange Commission, the ability of Great Lakes and Northern
Border to recontract their available capacity at maximum rates, our ability
to
identify accretive growth opportunities, operational decisions of Northern
Border’s and Great Lakes’ operator, the failure of a shipper on any one of the
Partnership’s pipelines to perform its contractual obligations, supply of
natural gas in the Western Canada sedimentary basin and in competing basins,
such as the Rocky Mountains, future demand for natural gas, overcapacity in
the
industry, costs related to our pipeline systems’ pipeline integrity programs,
and other risks inherent in the transportation of natural gas as discussed
in
the Partnership’s filings with the Securities and Exchange Commission, including
the Partnership’s Annual Report on Form 10-K for the year ended December 31,
2007 and the Partnership’s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2008.
-
30
-
|
Media
Inquiries:
|
Shela
Shapiro / Cecily Dobson
|
(403)
920-7859
(800)
608-7859
|
|
Unitholder
and Analyst Inquiries:
|
Myles
Dougan
|
(877)
290-2772
investor_relations@tcpipelineslp.com
|
7
TC
PipeLines, LP
Financial
Summary
|
Consolidated
Statement of Income
|
|||
|
(unaudited)
|
Three
months ended March 31,
|
||
|
(millions
of dollars except per common unit amounts)
|
2008
|
2007
|
|
|
Equity
income from investment in Great Lakes
|
18.6
|
7.0
|
|
|
Equity
income from investment in Northern Border
|
19.5
|
17.8
|
|
|
Transmission
revenues
|
6.9
|
6.9
|
|
|
Operating
expenses
|
(2.2)
|
(2.0)
|
|
|
Depreciation
|
(1.6)
|
(1.6)
|
|
|
Financial
charges, net and other
|
(7.6)
|
(8.1)
|
|
|
Net
income
|
33.6
|
20.0
|
|
|
Common
units
|
31.0
|
19.0
|
|
|
Subordinated
units
|
-
|
-
|
|
|
General
partner
|
2.6
|
1.0
|
|
|
33.6
|
20.0
|
||
|
Net
income per common unit
|
$0.89
|
$0.77
|
|
|
Weighted
average common units outstanding
(millions)
|
34.9
|
24.6
|
|
|
Common
units outstanding, end of the period
(millions)
|
34.9
|
34.9
|
|
|
Operating
Results
|
Three
months ended March 31,
|
||
|
(unaudited)
|
2008
|
2007
|
|
|
Great
Lakes(1)
|
|||
|
Volumes:
|
|||
|
Gas
delivered (million cubic feet)
|
222,415
|
98,049
|
|
|
Average
throughput (million cubic feet per day)
|
2,444
|
2,650
|
|
|
Capital
Expenditures (millions of dollars):
|
|||
|
Maintenance
|
2.5
|
0.6
|
|
|
Northern
Border
|
|||
|
Volumes:
|
|||
|
Gas
delivered (million cubic feet)
|
217,086
|
199,988
|
|
|
Average
throughput (million cubic feet per day)
|
2,452
|
2,280
|
|
|
Capital
Expenditures (millions of dollars):
|
|||
|
Maintenance
|
0.7
|
0.4
|
|
|
Growth
|
0.4
|
-
|
|
|
Tuscarora
|
|||
|
Volumes:
|
|||
|
Gas
delivered (million cubic feet)
|
9,724
|
10,029
|
|
|
Average
throughput (million cubic feet per day)
|
107
|
111
|
|
|
Capital
Expenditures (millions of dollars):
|
|||
|
Maintenance
|
-
|
-
|
|
|
Growth
|
4.5
|
0.6
|
|
|
(1)
The
summary
information provided for Great Lakes in the March 31, 2007 column
pertains
to the period after acquisition of February 23 to March 31,
2007.
|
|||
8