Inter Pipeline reports $104.4 million Q2 profit up from $61 million a year ago

CALGARY – Inter Pipeline Fund (TSX:IPL.UN) said Thursday it earned $104.4 million in its latest quarter, up from $61 million a year ago.

The pipeline company said the profit amounted to 39 cents per unit for the quarter ended June 30 compared with a profit of 24 cents per unit a year ago.

Revenue totalled $275.6 million, up from $273.3 million.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Quarterly throughput on Inter Pipeline’s oil sands and conventional oil pipeline systems averaged 967,500 barrels per day, up 30,100 bpd from the second quarter of 2011.

On Tuesday, Inter Pipeline announced a $2.1-billion plan to expand its pipeline system after inking a deal with a venture between Cenovus Energy (TSX:CVE) and ConocoPhillips.

The operator of pipelines throughout Alberta signed a binding shipper support agreement to ship bitumen and diluent for three major oil sands projects owned by the FCCL Partnership.

The expansion plans in northern Alberta involve the construction of approximately 840 kilometres of new pipeline and seven new pump stations.

The new operations will provide service to existing FCCL projects at Foster Creek and Christina Lake, as well as the Narrows Lake project which is under development.

Units in the fund were up 10 cents at $21 on the Toronto Stock Exchange on Thursday.