Inter Pipeline has reported record pipeline throughput and record funds from operations in its third quarter financials.
In the third quarter its generated funds from operations of $205 million, a 46% increase compared to the third quarter of 2014.
Bulk liquid storage funds from operations for the quarter increased by 46% to $29 million (€26.6 million) as a result of strong utilisation rates and the Inter Terminals Sweden acquisition.
Additionally, the company reported record total pipeline throughput volumes averaging 1,329,300 barrels per day.
Average European bulk liquid storage utilization rates improved to 93% during the quarter from 78% in the same period in 2014.
The company’s strong results were largely driven by record financial performance within the oil sands transportation business segment. Two major oil sands expansions came into service in the first quarter of 2015, providing significant incremental cash flow to Inter Pipeline.
Inter Pipeline’s bulk liquid storage segment generated record funds from operations, with an increase of 46%. Stronger contango pricing relationships in certain petroleum product futures markets continue to drive higher utilization rates, particularly in Inter Terminal’s Danish operations.