Northern Border Partners, L.P. To Purchase Remaining Interests in Guardian Pipeline, L.L.C.

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March 30, 2006

Northern Border Partners, L.P. (NYSE:NBP) announced today that it will purchase additional 66 2/3 percent interests in Guardian Pipeline, L.L.C. for approximately $77 million. The interests are currently held by Wisconsin Energy Corporation (NYSE:WEC) (33 1/3 percent) and a subsidiary of WPS Resources Corporation (NYSE:WPS) (33 1/3 percent). The purchase is expected to close by the end of April 2006, subject to receipt of all necessary approvals. Following completion of the transaction, Northern Border Partners, through its subsidiaries, will own 100 percent of Guardian Pipeline, L.L.C.

Guardian Pipeline is a 143-mile interstate natural gas pipeline system that commenced service in December 2002. It is currently capable of transporting 750,000 dekatherms per day (Dth/d) of natural gas from Joliet, Illinois to Ixonia, Wisconsin.

On February 7, 2006, Guardian announced that it will expand and extend the existing pipeline approximately 106 miles from Ixonia to the Green Bay area. The expansion would bring an additional 537,200 Dth/d of capacity to eastern Wisconsin. Two major Wisconsin utility companies have entered into natural gas transportation agreements to support the project. Capital costs are estimated to range between $200 million and $250 million and construction could begin after approval by the Federal Energy Regulatory Commission, which is expected in late 2007. The project is targeted for completion in November 2008.

"We are excited about the opportunity to own 100 percent of the existing Guardian pipeline as well as the opportunity to build, own and operate Guardian's expansion and extension to Green Bay. Consolidating Guardian's ownership adds strategic benefits to the Partnership as well as significant fee-based revenue under long-term contracts," said Bill Cordes, chief executive officer of Northern Border Partners. "As we move forward with this project, we are pleased to be a part of new pipeline infrastructure that will provide natural gas customers in Wisconsin with the necessary choices to support growth and competition."

Upon completion of the transaction, Guardian's financial results will be consolidated and reported in the Partnership's interstate pipeline segment instead of reflected as equity earnings of unconsolidated affiliates on the income statement.

Operating income and depreciation expense for Guardian for the full year 2006 are expected to be $20 million to $23 million, and $6 million to $7 million, respectively.


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