El Paso Pipeline Partners today reported first quarter 2011 financial and operational results.
Highlights:
— $0.57 earnings per common unit for first quarter 2011, an 8 percent increase from first quarter 2010
— $230 million adjusted EBITDA for the first quarter 2011, up 35 percent from first quarter 2010
— $152 million distributable cash flow for first quarter 2011, a 67 percent increase from first quarter 2010
— Completed acquisition of an additional 25 percent interest in Southern Natural Gas (SNG)
— Raised quarterly cash distributions to $0.46 per common unit for the first quarter 2011, a 21 percent increase from the first quarter of 2010
“ We started 2011 the same way we finished 2010 — executing on our acquisition strategy and delivering significant growth in distributable cash flow ,” said Jim Yardley, president and chief executive officer of El Paso Pipeline Partners . “ Our recent acquisition of additional interests in Southern Natural Gas provides unitholders with more exposure to one of the country’s best positioned pipelines and increases an asset base that consistently delivers very stable cash flows. We have made excellent progress towards our targets for the year, and will remain focused on execution as we move forward .”
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Source: El Paso Pipeline Partners, May 5, 2011;