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Enbridge Energy Partners Q2 net income up

Posted on: Tue, 28 Jul 2009 05:02:00 EDT

Symbols: EEP

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Jul 28, 2009 (Datamonitor via COMTEX) --
EEP | Quote | Chart | News | PowerRating -- Enbridge Energy Partners has reported a net income attributable to limited partners of $102.9 million, or $0.88 per share, for the second quarter of 2009, compared to $47.4 million, or $0.49 per share, for the same period of 2008.

The company has reported operating revenues of $1.31 billion for the second quarter of 2009, compared to $2.93 billion for the same quarter of 2008.

Enbridge Energy Partners has reported a net income allocable to limited partners of $157.9 million, or $1.37 per share, for the first six months of 2009, compared to $139.5 million, or $1.48 per share, for the corresponding period of 2008.

Year-to-date operating revenues were $2.77 billion, compared to $5.37 billion for the first six months of 2008.

Terrance McGill, president of the partnership's management company and of its general partner, said: "We are very pleased with our second quarter results and the significant progress we have made on several fronts. Our adjusted net income of $100.6 million for the quarter was the second highest in the partnership's history.

"These strong results, under the current circumstances, were mainly due to the contribution made by the Southern Access Expansion project, our very proactive cost savings initiatives program and improved earnings in our natural gas segment."

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