|Veresen Inc. - VSN.t is a leading diversified energy infrastructure company that owns and operates energy infrastructure assets across North America.|
A pipeline business is comprised of interests in two pipeline systems; the Alliance Pipeline and the Alberta Ethane Gathering System. Midstream business includes natural gas and NGLs processing energy infrastructure. The company also operates a power business with gas-fired and renewable facilities.
"Veresen Inc. ("Veresen") (TSX:VSN) today announced its third quarter operating and financial results.
Third Quarter Financial and Operational Highlights
- Distributable cash for the quarter of $101 million or $0.33 per Common Share compared to $94 million or $0.30 per Common Share in the second quarter, with Alliance releasing an additional $8 million in distributable cash previously held in trust
- Throughput volumes on Alliance remained particularly strong in the third quarter, driven by continuing shipper uptake of seasonal firm and interruptible transportation in response to stronger relative pricing in U.S. Mid-West markets
- Total of $271 million ($128 million net to Veresen) in growth capital was invested by Veresen Midstream during the third quarter, including $244 million ($116 million net) for the construction of the Sunrise, Tower and Saturn Phase II processing facilities
- Full year 2016 distributable cash guidance increased approximately 6% to a range of $1.12 per Common Share to $1.16 per Common Share to reflect the continued strong performance in the underlying businesses and management's confidence in sustained momentum through the fourth quarter