Inter Pipeline’s storage segment generated record funds from operations in 2015, according to the company’s annual financial statement.
The segment generated $98.3 million in 2015 – a 30% increase compared to 2014 results. This is due to the acquisition of Inter Terminals Sweden in June 2015 and strong demand for storage services across the business segment.
Overall utilisation rates for 2015 averaged 94%, compared to 79% in 2014. Higher utilisation rates were experienced across all terminals, led by the company’s Danish facilities where stronger contango pricing relationships for certain petroleum products continued to drive favourable results.
Within this segment, fourth quarter funds from operations totalled $28.2 million, a 79% increase compared to the fourth quarter of 2014. Utilisation rates were 97% compared to 84% in the comparable quarter of 2014.
In 2015, the company generated record funds from operations of $774 million, representing a 37% increase over 2014 results.