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Inter Pipeline Ltd - 2020 Earnings - Takeover Update

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Inter Pipeline Ltd. (IPL) owns and operates petroleum infrastructure totaling $13B of assets as at Dec-31-2020 comprised of oil sands and conventional pipelines and natural gas processing facilities located in Western Canada and bulk liquids storage facilities in Sweden and Denmark. The bulk liquids storage assets located in Germany and Ireland were sold in Q4-2020 for $717M. They operate in four segments-Oil Sands Pipelines, Conventional Pipelines, NGL Processing and Bulk Liquids Storage, 95% of income is from Canada. The Oil Sands Pipelines segment generates about 60% of funds from operations, NGL Extraction - 20%, Conventional Pipelines – 10% and the Bulk Liquids Storage - 5%. They gather 40% of production from the Canadian Oil Sands, transport 15% of conventional Canadian crude volumes, process 40% of the natural gas exported from Alberta. They have approximately $5B of capital projects planned to come into service between 2021 and 2022, the largest being the Heartland polypropylene fractionator acquired with the Williams Co. acquisition with a budgeted completion cost of $4B.

CAPITAL DEVELOPMENT

It is planned for completion in early 2022 taking 5 years to complete. HPC is forecast to contribute AFFO of up to $0.65 per share once in-service. Capital costs incurred in Q4-2020 on the project were $270M bringing the total capital investment since inception to $3.2B. The estimated cost of the HPC is $4B. It will be North America's first integrated propane dehydrogenation (PDH) and polypropylene(PP) complex and will convert low-cost, locally-sourced propane into higher value polypropylene.

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