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Inter Pipeline Ltd - Q2-2020 Earnings - Price Target Update

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Inter Pipeline Ltd. (IPL) owns and operates $13.7B of assets as at Jun-30-2020 comprised of 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-Oil Sands Pipelines, Conventional Pipelines, NGL Processing and Bulk Liquids Storage, 90% of income is from Canada. The Oil Sands Pipelines segment generates about 57% of funds from operations, NGL Extraction - 16%, Conventional Pipelines – 14% and the Bulk Liquids Storage - 13%. 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 approximately $6B of capital projects planned to come into service between 2020 and 2022, the largest being the Heartland polypropylene fractionator acquired with the Williams Co. acquisition with a budgeted completion cost of $4B.

CAPITAL DEVELOPMENT

The major capital project is the construction of the $4B 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, if fully contracted it will provide $450 to $500M per year in long-term average annual EBITDA. The total project is forecast to cost $4B of which $2.7B has been spent to Jun-30-2020. A total of $238B was spent in Q2-2020. The process to secure a partner to purchase a material interest in the Heartland Petrochemical Complex remains active.

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