- See more news releases in
- Oil & Energy
- Acquisitions, Mergers and Takeovers
- Conference Call Announcements
- Earnings
Fort Chicago announces second quarter results and updated 2008 guidance
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
Trading Symbol: FCE.UN
Exchange: TSX
CALGARY, Aug. 7 /CNW/ - Fort Chicago Energy Partners L.P. today announced
its results for the three and six months ended June 30, 2008 and updated 2008
guidance. Mr. Stephen H. White, President and Chief Executive Officer
commented, "Throughout the first half of this year, the Partnership has
continued to benefit from exceptional NGL market conditions."
Highlights
- Solid financial results from each business, including significantly
higher distributions from Aux Sable year-to-date
- Strong operating performance from each business, with Alliance
Pipeline achieving record throughput for first half of year
- Acquisition of Brush II Generation Facility announced on
July 14, 2008
Financial Highlights
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
-------------------------------------------------------------------------
($ Thousands, except per
unit amounts) 2008 2007 2008 2007
-------------------------------------------------------------------------
Revenues 178,684 135,945 351,901 262,152
Net income 20,117 22,809 52,162 36,711
Per Unit ($) 0.15 0.17 0.39 0.28
Distributable cash 41,565 39,980 84,380 70,646
Per Unit ($) 0.313 0.304 0.638 0.538
Cash from operating activities 39,512 33,689 135,111 92,179
Net income for the three and six months ended June 30, 2008 was
$20.1 million or $0.15 per Unit and $52.2 million or $0.39 per Unit,
respectively, compared to $22.8 million or $0.17 per Unit and $36.7 million or
$0.28 per Unit for the same periods in 2007, respectively. Continued strong
NGL market conditions in the first half of 2008 resulted in $39.6 million of
margin-based lease revenues being generated by Aux Sable, all of which has
been recognized in revenues and distributable cash. In comparison, of the
$16.1 million margin-based lease revenues generated in the first half of 2007,
$12.8 million was recognized by June 30, with the remainder being recognized
over the balance of 2007. Earnings from the Pipeline Business for the six
months ended June 30, 2008 included $10.3 million or $0.08 per Unit received
in the first quarter from Calpine Energy Services Canada Partnership ("CESCA")
in settlement of its Alliance transportation contracts. Further, year-to-date
2008 earnings included a gain of $4.2 million related to the initial public
offering of common shares by Pristine Power Inc., which resulted in Fort
Chicago's ownership interest in Pristine being diluted from approximately 20
percent to approximately 11 percent. These increases were offset in the second
quarter and partially offset in the first half of the year by higher corporate
costs, including increased recognition of foreign exchange losses previously
deferred and recorded in the cumulative translation adjustment account,
resulting from the significant cash flows distributed by Fort Chicago's U.S.
businesses. Increased corporate costs also reflect incremental administration
and interest costs related to the Countryside acquisition, increased corporate
office and business development activities, higher taxes resulting from
increased U.S. earnings and the effect of the stronger Canadian dollar.
Distributable cash for the three and six months ended June 30, 2008 was
$41.6 million or $0.313 per Unit and $84.4 million or $0.638 per Unit,
respectively, compared to $40.0 million or $0.304 per Unit and $70.6 million
or $0.538 per Unit for the same periods in 2007, respectively, due primarily
to record NGL margins for the first half of 2008 partially offset by higher
current taxes pertaining to Aux Sable, whose earnings are now fully taxable as
a result of utilizing its remaining prior year loss carry-forwards.
Year-to-date distributable cash also increased due to the CESCA settlement in
the first quarter of 2008. Fort Chicago Power generated positive cash flow
from operations for the three and six months ended June 30, 2008, partially
offset by higher costs associated with accelerated major maintenance at the
Ripon Cogeneration Facility. Distributable cash for the three and six months
ended June 30, 2008 also reflects higher Partnership corporate costs as
described earlier and the effect of the stronger Canadian dollar.
Cash generated from operating activities during the three and six months
ended June 30, 2008 was $39.5 million and $135.1 million, respectively,
compared to $33.7 million and $92.2 million for the same periods last year,
respectively. These increases primarily reflect higher earnings from the NGL
Business and, for the six month period, Alliance's settlement with CESCA.
Operating Highlights
For the six months ended June 30, 2008 Alliance exceeded its contracted
1.325 bcf/d of firm-service capacity, with shippers utilizing record levels of
the Authorized Overrun Service ("AOS") available on the system. Actual
transportation deliveries, including utilized AOS, averaged 1.654 bcf/d, up
from 1.641 bcf/d in 2007, reflecting the reliability of Alliance's equipment
and an aggressive focus on planning and scheduling of maintenance to limit
outage times. Aux Sable also continued to operate reliably, with year-to-date
volumes of 72.4 thousand barrels per day, up from average volumes of
68.0 thousand barrels per day during the same period last year. In June, Fort
Chicago Power completed its major maintenance work at the Ripon Cogeneration
Facility, which included a two-week planned outage. The operating performance
of Fort Chicago Power's facilities continues to be in line with the
Partnership's expectations. NRGreen's Kerrobert waste heat generation facility
operated throughout the second quarter without incident, after experiencing a
failure early in the first quarter. NRGreen's Loreburn facility commenced
operations at the end of May and generated revenues throughout the month of
June.
Key Accomplishments and Growth Initiatives
On July 14, 2008, Fort Chicago announced the acquisition of a 100 percent
interest in the Brush II Generation Facility, a nominal 70 megawatt natural
gas fired combined cycle power generation facility situated in a 280 MW,
multi-unit complex in Brush, Colorado, approximately 150 kilometres northeast
of Denver. The aggregate purchase price is approximately US$32 million and
will be financed from existing bank credit facilities. The acquisition is
expected to close in August, subject to usual closing conditions, including
the approval of the U.S. Federal Energy Regulatory Commission. The Brush II
facility is fully contracted under long-term tolling agreements with
investment grade off-takers through December 31, 2019 and is operated by an
experienced third party contract operator, which also operates the other units
in the Brush complex. This acquisition possesses solid investment attributes
consistent with those of the Partnership's existing businesses and represents
another step in its strategy of growing its power business in North America.
Fort Chicago and its businesses continue to advance other growth
initiatives within its existing operations and to pursue opportunities to
diversify into new energy infrastructure businesses. Steady progress is being
made in the construction of several projects, including Alliance's B.C.
Expansion project, Aux Sable's Heartland Off-gas Facility, Fort Chicago
Power's London Cogeneration Facility, NRGreen's Estlin and Alameda waste heat
facilities and the East Windsor Cogeneration Facility. As well, Alton, Jordan
Cove and Alliance continue to pursue commercial arrangements to underpin their
respective natural gas storage, LNG terminal and Rockies Alliance Pipeline
projects.
Distributions
For the three and six months ended June 30, 2008 Fort Chicago paid
distributions of $0.25 per Unit and $0.50 cents per Unit, respectively,
compared to $0.2325 per Unit and $0.465 per Unit for the same periods last
year, respectively, reflecting the increase of the Partnership's annualized
per Unit distribution from $0.93 to $1.00 in November 2007. For the six months
ended June 30, 2008, the payout ratio was 78 percent, resulting in the
Distribution Account increasing by $11.9 million to $81.7 million due
primarily to increased distributable cash being generated by Aux Sable and the
CESCA settlement.
Updated 2008 Guidance
Over the balance of the year the Partnership expects NGL market
fundamentals to continue to support strong earnings and cash flows from Aux
Sable. The Pipeline Business is expected to continue to generate stable
earnings and cash flows, which are underpinned by long-term contracts.
Earnings and cash flows from the Power Business are also expected to increase
as electrical demand in California is higher in the summer months. Based on
the Partnership's year-to-date performance and its current outlook, 2008
distributable cash is now expected to be in the range of $1.15 per Unit to
$1.50 per Unit, compared to $1.13 per Unit to $1.70 per Unit, and the payout
ratio for the year is expected to be between 67 percent and 87 percent. This
narrower range reflects Aux Sable's strong year-to-date and projected margins
and higher cash taxes as a result of higher Aux Sable earnings and the recent
decision to not implement certain tax planning initiatives designed to utilize
additional U.S. loss carry-forwards in 2008 that otherwise would be used in
future years. This decision reflects ongoing planning related to the 2007
legislation applicable to specified investment flow-through entities. Fort
Chicago's ability to maintain its existing level of distributions is not
affected by this shift of current taxes between fiscal years. Further details
concerning updated 2008 guidance can be found in the Investor Information
section of Fort Chicago's website at www.fortchicago.com.
Conference Call
---------------
Fort Chicago will hold a conference call at 9:00 a.m. Mountain time
(11:00 a.m. Eastern time) on Friday, August 8, 2008, to discuss the second
quarter results of 2008. The call can be accessed at 1-800-733-7560 or
1-416-644-3415. A replay will be available shortly thereafter at
1-877-289-8525 and 1-416-640-1917. The access code in each case is 21274265
(followed by the No. sign).
Fort Chicago is a publicly traded limited partnership based in Calgary,
Alberta, that owns and operates energy infrastructure assets across North
America. Its Class A Units are listed on the TSX under the symbol FCE.UN and
have been assigned a stability rating by Dominion Bond Rating Service and
Standard & Poor's of STA-2 (low) and SR-2, respectively. Fort Chicago is
engaged in three principal businesses: a pipeline transportation business
comprised of interests in two pipeline systems, the Alliance Pipeline and the
Alberta Ethane Gathering System; an NGL extraction business which includes a
significant interest in a world-class extraction facility near Chicago; and a
power business with cogeneration facilities in Ontario and California,
district energy systems in Ontario and Prince Edward Island and waste heat
power facilities along the Alliance Pipeline. Fort Chicago and its businesses
are also actively developing a number of greenfield investment opportunities
that will be a key source of future growth, including various pipeline
projects across North America, an Oregon-based LNG terminal, Alberta-based
ethane and NGL extraction facilities, repowering and expansion opportunities
at the California power facilities, and a Nova Scotia-based underground
natural gas storage facility.
Class A Unit Ownership Restrictions
Fort Chicago is organized in accordance with the terms and conditions of
a limited partnership agreement which provides that no Class A Units may be
transferred to, among other things, a person who is a "non-resident" of
Canada, a person in which an interest would be a "tax shelter investment" or a
partnership which is not a "Canadian partnership" for purposes of the Income
Tax Act (Canada).
Certain information contained herein relating to, but not limited to,
Fort Chicago and its businesses constitutes forward-looking information under
applicable securities laws. All statements, other than statements of
historical fact, which address activities, events or developments that we
expect or anticipate may or will occur in the future, are forward-looking
information. Forward-looking information typically contains statements with
words such as "may", "estimate", "anticipate", "believe", "expect", "plan",
"intend", "target", "project", "forecast" or similar words suggesting future
outcomes or outlook. The following discussion is intended to identify certain
factors, although not necessarily all factors, which could cause future
outcomes to differ materially from those set forth in the forward-looking
information. The risks and uncertainties that may affect the operations,
performance, development and results of Fort Chicago's businesses include, but
are not limited to, the following factors: the ability of Fort Chicago to
successfully implement its strategic initiatives and achieve expected
benefits; the status, credit risk and continued existence of contracted
customers; the availability and price of energy commodities; fluctuations in
foreign exchange and interest rates; the regulatory environment; competitive
factors in the pipeline, NGL and power industries; and the prevailing economic
conditions in North America. The reader is cautioned that these factors and
risks are difficult to predict and that the assumptions used in the
preparation of such information, although considered reasonably accurate by
Fort Chicago at the time of preparation, may prove to be incorrect or may not
occur. Accordingly, readers are cautioned that the actual results achieved
will vary from the information provided herein and the variations may be
material. Readers are also cautioned that the foregoing list of factors and
risks is not exhaustive. Additional information on these and other risks,
uncertainties and factors that could affect Fort Chicago's operations or
financial results are included in its filings with the securities commissions
or similar authorities in each of the provinces of Canada, as may be updated
from time to time. There is no representation by Fort Chicago that actual
results achieved will be the same in whole or in part as those set out in the
forward-looking information. Furthermore, the forward-looking statements
contained herein are made as of the date hereof, and Fort Chicago does not
undertake any obligation to update publicly or to revise any forward-looking
information, whether as a result of new information, future events or
otherwise. Any forward-looking information contained herein is expressly
qualified by this cautionary statement.
Certain financial information contained in this news release may not be
standard measures under Generally Accepted Accounting Principles ("GAAP") in
Canada and may not be comparable to similar measures presented by other
entities. These measures are considered to be important measures used by the
investment community and should be used to supplement other performance
measures prepared in accordance with GAAP in Canada. For further information
on non-GAAP financial measures used by Fort Chicago see Management's
Discussion and Analysis, in particular, the section entitled "Non-GAAP
Financial Measures" contained in the annual Management Discussion and
Analysis, filed by Fort Chicago with Canadian securities regulators.
Fort Chicago Energy Partners L.P.
-------------------------------------------------------------------------
Consolidated Statement of Financial Position
-------------------------------------------------------------------------
June 30, December 31,
($ Thousands; unaudited) 2008 2007
-------------------------------------------------------------------------
Assets
Current assets
Cash and short-term investments 49,614 47,191
Restricted cash 44,850 75,236
Transportation security deposits and revenue
adjustments 1,955 5,991
Receivables 69,201 59,568
Inventory 3,537 2,623
Prepaid expenses and other 5,809 6,321
-------------------------------------------------------------------------
174,966 196,930
Long-term receivables 232,038 218,701
Pipeline, plant and other capital assets 2,355,062 2,326,057
Intangible assets 98,429 98,876
Goodwill 19,901 19,104
Other assets 30,268 11,696
-------------------------------------------------------------------------
2,910,664 2,871,364
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities
Current liabilities
Payables 88,893 69,677
Transportation security deposits and revenue
adjustments 6,130 5,275
Distribution payable 11,110 10,968
Current portion of long-term senior debt and
capital leases 69,709 65,292
Subordinated convertible debentures and
exchangeable debentures 23,487 46,783
-------------------------------------------------------------------------
199,329 197,995
Long-term senior debt and capital leases 1,647,496 1,652,133
Subordinated convertible debentures 23,836 23,783
Future taxes 210,931 198,985
Other long-term liabilities 38,767 43,015
-------------------------------------------------------------------------
2,120,359 2,115,911
-------------------------------------------------------------------------
Partners' Equity
Partners' capital account 1,013,278 991,294
Cumulative other comprehensive loss (75,261) (102,092)
Cumulative net income 536,806 484,644
Cumulative distributions (684,518) (618,393)
-------------------------------------------------------------------------
790,305 755,453
-------------------------------------------------------------------------
2,910,664 2,871,364
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Fort Chicago Energy Partners L.P.
-------------------------------------------------------------------------
Consolidated Statement of Income and Cumulative Income
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
-------------------------------------------------------------------------
($ Thousands,
except per
unit amounts;
unaudited) 2008 2007 2008 2007
-------------------------------------------------------------------------
Revenues
Operating revenues 178,802 134,175 335,571 258,921
Interest and other (118) 1,770 16,330 3,231
-------------------------------------------------------------------------
178,684 135,945 351,901 262,152
-------------------------------------------------------------------------
Expenses
Operations and maintenance 60,073 32,041 114,321 65,940
Depreciation and amortization 30,805 29,866 62,586 61,001
Interest and other finance 26,352 26,766 54,719 54,136
General, administrative and
project development 20,100 17,277 36,800 32,766
Foreign exchange and other 7,473 (215) 14,231 1,765
-------------------------------------------------------------------------
144,803 105,735 282,657 215,608
-------------------------------------------------------------------------
Net income before taxes 33,881 30,210 69,244 46,544
Current taxes 11,105 31 11,271 121
Future taxes 2,659 7,370 5,811 9,712
-------------------------------------------------------------------------
Net income 20,117 22,809 52,162 36,711
Cumulative net income at
the beginning of the period 516,689 412,389 484,644 398,487
-------------------------------------------------------------------------
Cumulative net income at the
end of the period 536,806 435,198 536,806 435,198
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net income per Unit
Basic and diluted 0.15 0.17 0.39 0.28
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Consolidated Statements of Comprehensive Income and Cumulative Other
Comprehensive Income
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
-------------------------------------------------------------------------
($ Thousands; unaudited) 2008 2007 2008 2007
-------------------------------------------------------------------------
Net income 20,117 22,809 52,162 36,711
Other comprehensive income
(loss), net of taxes
Cumulative translation
adjustment
Unrealized foreign
exchange gain (loss) on
translation of
self-sustaining foreign
operations (3,186) (27,997) 9,837 (31,817)
Deemed realization of
cumulative translation
adjustment reclassified
to net income 7,054 2,140 15,897 4,324
Gain (loss) on hedge of
self-sustaining foreign
operation 744 - (2,440) -
Other 216 720 3,537 720
-------------------------------------------------------------------------
4,828 (25,137) 26,831 (26,773)
-------------------------------------------------------------------------
Comprehensive income (loss) 24,945 (2,328) 78,993 9,938
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cumulative other comprehensive
loss at the beginning of the
period (80,089) (72,528) (102,092) (70,892)
Other comprehensive income
(loss), net of taxes 4,828 (25,137) 26,831 (26,773)
-------------------------------------------------------------------------
Cumulative other comprehensive
loss at the end of the period (75,261) (97,665) (75,261) (97,665)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Fort Chicago Energy Partners L.P.
-------------------------------------------------------------------------
Consolidated Statement of Cash Flows
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
-------------------------------------------------------------------------
($ Thousands; unaudited) 2008 2007 2008 2007
-------------------------------------------------------------------------
Operating
Net income 20,117 22,809 52,162 36,711
Less: Non-cash
transportation revenue (2,760) (3,891) (3,508) (10,094)
Add: Depreciation,
amortization and other
non-cash items 32,319 30,567 56,564 60,057
Unrealized foreign exchange
loss (gain) 8,039 (912) 14,704 614
Future taxes 2,669 7,370 5,811 9,712
Changes in non-cash working
capital (20,872) (22,254) 9,378 (4,821)
-------------------------------------------------------------------------
39,512 33,689 135,111 92,179
-------------------------------------------------------------------------
Financing
Long-term debt issued,
net of issue costs 6,800 29,465 37,468 43,141
Long-term debt repaid (50,718) (30,570) (58,863) (33,205)
Distributions paid (33,062) (30,613) (65,983) (60,993)
Other (1,258) - (402) -
-------------------------------------------------------------------------
(78,238) (31,718) (87,780) (51,057)
-------------------------------------------------------------------------
Investing
Pipeline, plant and other
capital assets (36,648) (18,412) (64,768) (31,658)
Restricted cash 20,189 - 30,797 -
Other - - (11,307) -
Changes in non-cash
investing working capital (5,615) (1,514) (285) (4,557)
-------------------------------------------------------------------------
(22,074) (19,926) (45,563) (36,215)
-------------------------------------------------------------------------
Increase in cash and short-term
investments before the effect
of foreign exchange rate
changes on cash and short-term
investments (60,800) (17,955) 1,768 4,907
Effect of foreign exchange
rate changes on cash and
short-term investments (399) (2,853) 655 (3,103)
Cash and short-term investments
at the beginning of the period 110,813 67,330 47,191 44,718
-------------------------------------------------------------------------
Cash and short-term investments
at the end of the period 49,614 46,522 49,614 46,522
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Fort Chicago Energy Partners L.P.
-------------------------------------------------------------------------
Distributable Cash (1)
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
-------------------------------------------------------------------------
($ Thousands, except where noted) 2008 2007(3) 2008 2007(3)
-------------------------------------------------------------------------
Cash inflows
Alliance distributions,
prior to withholdings for
capital expenditures and
net of debt service 27,186 28,083 64,684 58,522
AEGS distributable cash,
after non-recoverable capital
expenditures and debt service 4,052 4,078 7,994 7,839
Aux Sable distributions,
net of support payments,
non-recoverable debt service
costs and maintenance capital 28,607 12,610 38,847 13,740
Fort Chicago Power distributable
cash, after maintenance capital
expenditures and debt service(4) 888 - 503 -
NRGreen distributions, prior to
withholding for project
development costs 275 350 525 660
Interest income and other 44 260 370 485
-------------------------------------------------------------------------
61,052 45,381 112,923 81,246
Cash outflows
General and administrative (4,198) (1,892) (7,264) (3,619)
Interest and other finance (3,437) (2,673) (8,491) (5,179)
Taxes (11,091) (22) (11,224) (106)
Principal repayments on
senior debt (761) (814) (1,564) (1,696)
-------------------------------------------------------------------------
Distributable cash(1) 41,565 39,980 84,380 70,646
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Distributable cash per
Unit ($)(2) 0.313 0.304 0.638 0.538
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Distributions paid/payable 33,183 30,590 66,124 61,015
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Distributions paid/payable
per Unit ($) 0.2500 0.2325 0.5000 0.4650
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) Distributable cash is not a standard measure under generally accepted
accounting principles in Canada and may not be comparable to similar
measures presented by other entities. Distributable cash represents
the cash available to Fort Chicago for distribution to holders of
Units after providing for debt service obligations and any capital
expenditures that are not growth-oriented or recoverable but does not
include distribution reserves, if any, available in Fort Chicago's
jointly held businesses, or project development costs, which
represent discretionary costs, the recoverability of which has not
been established, incurred to assess the commercial viability of new
greenfield business initiatives unrelated to the Partnership's
operating businesses. Distributable cash is an important measure used
by the investment community to assess the source and sustainability
of Fort Chicago's cash distributions and should be used to supplement
other performance measures prepared in accordance with generally
accepted accounting principles in Canada. See the following table for
the reconciliation of distributable cash to cash flow from operating
activities.
(2) The number of Units used to calculate distributable cash per Unit is
based on the average number of Units outstanding at each record date.
For the three months ended June 30, 2008, the average number of Units
outstanding for this calculation was 132,788,996 (2007 - 131,226,180)
and 136,446,174 (2007 - 136,483,012) on a basic and diluted basis,
respectively. For the six months ended June 30, 2008, the average
number of Units outstanding for this calculation was 132,302,721
(2007 - 131,214,237) and 136,464,593 (2007 - 136,483,012) on a basic
and diluted basis, respectively. The number of Units outstanding
would increase by 2,261,621 (2007 - 5,174,167) Units if the
outstanding Convertible Debentures as at June 30, 2008 were converted
into Units.
(3) Certain comparative figures have been reclassified to conform to
presentation adopted in 2008.
(4) Assets acquired August 10, 2007.
Fort Chicago Energy Partners L.P.
-------------------------------------------------------------------------
Reconciliation of Distributable Cash to Cash Flow from Operating
Activities
-------------------------------------------------------------------------
Three months Six months
ended June 30 ended June 30
-------------------------------------------------------------------------
($ Thousands, except where noted;
unaudited) 2008 2007 2008 2007
-------------------------------------------------------------------------
Consolidated cash flow from
operating activities 39,512 33,689 135,111 92,179
Deduct: Cash flow used by
(generated from) operating
activities applicable to
jointly held businesses(1) 8,236 (3,630) (45,168) (31,905)
-------------------------------------------------------------------------
Cash flow from operating
activities applicable to
wholly-owned businesses(2) 47,748 30,059 89,943 60,274
Add (deduct) amounts applicable
to wholly-owned businesses
Project development costs 3,386 3,250 5,429 5,984
Change in non-cash working
capital (6,323) (2,385) (7,446) (2,346)
Principal repayments on
senior notes (1,357) (1,378) (2,756) (2,824)
Maintenance capital
expenditures (3,938) - (7,450) -
Distributions earned greater
than distributions received(3) 2,049 10,434 6,660 9,558
-------------------------------------------------------------------------
Distributable cash 41,565 39,980 84,380 70,646
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) Represents the cash flow from operating activities applicable to
jointly held businesses which is not under the sole control of the
Partnership and, as a consequence, is not included in distributable
cash until such time as distributions are declared by the jointly
held businesses.
(2) Net of support payments made to Alliance Canada Marketing of $0.7
million and $1.7 million for the three and six months ended June 30,
2008, respectively (2007 - $0.7 million and $1.5 million,
respectively).
(3) Represents the difference between distributions declared by jointly
held businesses and distributions received.
For further information:
For further information: Stephen H. White, President and C.E.O.; Hume D. Kyle, Vice President, Finance and C.F.O., Fort Chicago Energy Partners L.P., Livingston Place, Suite 440, 222 - 3rd Avenue S.W., Calgary, AB, T2P 0B4, Phone: (403) 296-0140, Fax: (403) 213-3648, www.fortchicago.com
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
CNW Membership
Fill out a CNW membership form or contact us at 1 (877) 269-7890
Learn about CNW services
Request more information about CNW products and services or call us at 1 (877) 269-7890
Share this article