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Inter Pipeline Ltd - Q3-2017 Earnings & Price Target Update

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Inter Pipeline owns and operates energy infrastructure assets primarily in western Canada, and also the United Kingdom, Germany, Ireland and Denmark. Inter Pipeline is comprised of four operating divisions located in two geographic areas. The oil sands transportation business, NGL extraction business and conventional oil pipelines business operate in western Canada, the bulk liquid storage business operates in Europe. The Oil Sands Pipelines segment generates a 50% of funds from operations, NGL Extraction - 20%, Conventional Pipelines – 20% and the Bulk Liquids Storage - 10%. They gather 40% of production from the Canadian Oil Sands, transport 15% of conventional Canadian crude volumes, process 40% the natural gas exported from Alberta, and they are the 3rd largest independently owned tank storage business in Europe. The primary area of growth had been in the oil sands pipeline segment until the acquisition of Williams Co. Canadian assets. Total assets are approximately $10.1B including the acquisition from Williams Co.'s that added $1.35B in Sept-2016.

Acquisition of Williams Co. Canadian Assets

Inter Pipeline acquired Williams (WMP-NYSE) Canadian natural gas liquids midstream businesses for $1.35B in Sept-2016. Williams Canada pioneered the process of extracting NGL and olefins from off-gas, a by-product of bitumen upgrading operations in the oil sands region. Assets acquired include two liquids extraction plants located near Fort McMurray, Alberta, a fractionator near Redwater, Alberta and a pipeline system that connects these facilities. The two extraction plants have the capacity to recover approximately 40,000 barrels per day of NGL and olefins from the upgrader off-gas. The liquids mix is then separated into marketable products at the Redwater fractionator and sold across North America.

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