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Higher oilsands volumes drives strong results as Inter Pipeline reports $100M Q4 income

Inter Pipeline's Heartland Petrochemical Complex is shown under construction in Fort Saskatchewan, Alta., on Thursday, January 10, 2019. .
Inter Pipeline's Heartland Petrochemical Complex is shown under construction in Fort Saskatchewan, Alta., on Thursday, January 10, 2019. . THE CANADIAN PRESS/Jason Franson

Inter Pipeline Ltd. is crediting strong results from its oilsands transport system, as well as high utilization of its bulk petroleum storage assets, for fourth-quarter financial results that beat analyst expectations.

The Calgary-based company says it had net earnings of $100.5 million or 24 cents per share in the last three months of 2019, compared with analyst expectations of $95 million or 22 cents, according to the financial markets data firm Refinitiv.

READ MORE: Oilsands pipeline firm Inter Pipeline posts record Q2 net income of $260M

Revenue for the quarter was $644 million, ahead of forecasts of $625 million.

The company moved an average of 1.32 million barrels of oilsands crude and diluent on its Alberta gathering system, up from 1.22 million in the fourth quarter of 2018, to set a total pipeline throughput record of 1.5 million bpd.

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Results from Inter’s natural gas processing operations were negatively impacted by lower commodity prices and planned maintenance activities, falling to 135,000 barrels per day in the fourth quarter from 152,000 bpd in the year-earlier period.

READ MORE: Inter Pipeline Ltd. shares lose some of takeover speculation gains

Inter reported full-year 2019 net income of $539 million on revenue of $2.5 billion, versus net income of $592 million on revenue of $2.6 billion in 2018.

Watch below: Some videos about Alberta’s oilsands.