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Inter Pipeline Ltd - Q3-2019 Earnings - Price Target Update

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Inter Pipeline Ltd. (IPL) owns and operates $12.4B of assets that include pipelines and natural gas processing facilities located in Western Canada and bulk liquids storage facilities in the United Kingdom, Germany, Ireland and Denmark. They operate in four segments that include Oil Sands Pipelines, Conventional Pipelines, NGL Processing and Bulk Liquids Storage, 90% of income is from Canada. The Oil Sands Pipelines segment generates about 55% of funds from operations, NGL Extraction - 20%, Conventional Pipelines – 15% 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. They have $3.7B of capital projects planned to come into service between 2019 and 2021, the largest being the Heartland polypropylene fractionator acquired with the Williams Co. acquisition. There is another $3.8B of potential capital projects.

CAPITAL DEVELOPMENT

The signature capital project is the development and construction of the $3.5B Heartland Petrochemical Complex (HPC), which is located in Strathcona County, Alberta near their existing Redwater Olefinic Fractionator. Upon completion, HPC will be the first integrated propane dehydrogenation (PDH) and polypropylene (PP) facility of its kind in Canada and will convert low-cost, locally sourced propane into higher value polypropylene. The completion is planned for late 2021. Once the Heartland Complex begins producing polypropylene in late 2021, it will provide $450 to $500M per year in long-term average annual EBITDA. Inter Pipeline expects to spend $1.2B on this project in 2019 and has invested $1.9B in this project since inception.

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