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TC PipeLines, LP Announces Second Quarter Earnings and Declares Quarterly Distribution
Calgary, Alberta - July 20, 2000 - (Nasdaq NM: TCLPZ) - TC PipeLines, LP today announced net income of US$8.5 million or US$0.48 per unit for the three months ended June 30, 2000. For the six months ended June 30, 2000, TC PipeLines reported net income of US$16.9 million or US$0.95 per unit. This compares to US$3.0 million of net income or US$0.17 per unit for the Partnership's initial period of May 28, 1999, the date of the Partnership's initial public offering, to June 30, 1999.
The Partnership's 30% general partner interest in Northern Border Pipeline Company (Northern Border Pipeline) generated equity income in the amount of US$8.8 million and US$17.4 million for the three and six months ended June 30, 2000, respectively. The Partnership has held its interest in Northern Border Pipeline since May 28, 1999.
The board of directors of TC PipeLines GP, Inc., the general partner of TC PipeLines, LP, has also declared the Partnership's second quarter distribution in the amount of US$0.45 per unit. This distribution is payable on August 14, 2000, to unitholders of record as of July 31, 2000.
"Today's announcement of the Partnership's second quarter distribution demonstrates our desire to continue generating a steady stream of distributions to our unitholders," said Garry Mihaichuk, President and Chief Executive Officer of TC PipeLines GP, Inc. "In terms of growing the Partnership's asset base and cash distributions, our plans to acquire a 49% general partner interest in Tuscarora Gas Transmission Company mark the first step towards achieving this objective."
TC PipeLines, LP plans to hold a conference call with investment analysts today at 3:00 p.m. (eastern). During this call, TC PipeLines, LP's senior executives will review the Partnership's 2000 second quarter results and discuss the planned Tuscarora acquisition. Those interested in listening to the call can dial 1-800-273-9672. A replay of the conference call will also be available from 7:00 p.m. (eastern) today until Thursday, July 27, 2000 by dialing 1-800-408-3053 then entering passcode 499874.
TC PipeLines, LP is a publicly held limited partnership. It owns a 30% interest in Northern Border Pipeline Company, a Texas general partnership engaged in the business of transporting natural gas. Northern Border owns a 1,214-mile United States interstate pipeline system that transports natural gas from the Montana-Saskatchewan border to markets in the midwestern United States. TC PipeLines is managed by its general partner, TC PipeLines GP, Inc., a wholly owned subsidiary of TransCanada PipeLines Limited. Subsidiaries of TransCanada also hold common and subordinated units of the Partnership. Common units of TC PipeLines, LP are quoted on the Nasdaq National Market and trade under the symbol "TCLPZ". For more information about TC PipeLines, LP, visit the Partnership's Internet site at www.tcpipelineslp.com.
Media Inquiries:
Glenn Herchak
(403) 267-3309
Limited Partner and Analyst Inquiries:
Theresa Jang
(403) 290-7485
Toll-free 1-877-290-2772
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