In the second quarter of 2021, Inter Pipeline generated adjusted pretax earnings of $235.2m, a 2% increase from $230.3m in the same quarter of 2020. Funds from operations were also higher at $206.3m, a 12% increase from $184.4m in the second quarter of 2020.
Financial results were higher due to strong operational performance within its transport business, adjusted for the sale of most of the European bulk liquid storage business which closed in November 2020.
President and CEO Christian Bayle took the opportunity of the financial report to thank the Inter Pipeline team for its “unwavering focus on advancing our business priorities despite the disruption and uncertainty of an extended corporate strategic review and likely sale of the company.”
The merger with Pembina Pipeline Corporation was terminated in the quarter, with Inter Pipeline paid a termination fee of $350m. Inter Pipeline’s board of directors has now recommended acceptance of the July 19 takeover offer from an affiliate of Brookfield Infrastructure Partners.
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