El Paso Pipeline Partners says 4Q profit rose to $64.6M on expansions and a sale

El Paso Pipeline reports 4Q profit of $64.6M

HOUSTON — Natural gas transportation company El Paso Pipeline Partners LP said on Monday that its fourth-quarter profit rose 25.4 percent on pipeline expansions and the sale of a facility in Utah.

El Paso Pipeline earned $64.6 million, or 47 cents per partnership unit, during the quarter that ended Dec. 31. That was up from $51.5 million, or 37 cents per unit, during the same period in 2008.

Revenue rose 20.4 percent to $151.1 million, from $125.5 million a year earlier.

The quarter included a gain of $8 million, or 4 cents per unit, from the sale of Natural Buttes compressor station and gas processing plant by its majority-owned Colorado Interstate Gas Co.

Analysts surveyed by Thomson Reuters expected profit of 39 cents per unit on revenue of $133.7 million.

For the full year, the company earned $213.5 million, or $1.56 per unit, up from $171.6 million, or $1.12 per unit, in 2008. Revenue rose 17.6 percent to $537.6 million, from $457.2 million in 2008.

El Pas Pipeline rose 36 cents to $26.25 in midday trading.