Northern Border Partners LP showed a 43% increase in third quarter net income to $29.1 million or $0.65 per unit after several pipeline and processing acquisitions this year, including Midwestern Gas Transmission and gathering assets in the Powder River Basin. Cash flow increased 23% to $82.1 million.

“Northern Border Partners’ strong growth in net income and cash flow for the third quarter reflects three acquisitions totaling $525 million earlier this year,” said CEO Bill Cordes. “Stability is apparent in the consistent utilization of our pipelines and processing facilities in spite of recent macro economic pressures. Additionally, Northern Border Pipeline Co. continued its outstanding performance, completing its expansion into Indiana a month ahead of schedule and by more than 20% under budget.”

Delivered volumes on the Northern Border Pipeline and Midwestern increased to 226.1 Bcf from 219.6 Bcf for the second quarter of 2001. Average gathering volumes increased to 823 MMcf/d compared to 756 MMcf/d for the second quarter, led by increases in the Powder River Basin. Processing volumes, all related to plants acquired since March of this year, increased slightly to 122 MMcf/d for the quarter.

The partnership also reiterated its previous financial forecasts for 2001 and 2002. It expects cash flow of between $313 million and $329 million for the full year and $343 million to $359 million for 2002. It also expects earnings per unit of between $2.47 and $2.52 for the full year 2001 and $2.90 to $2.95 for 2002.

Northern Border Pipeline is a 1,249-mile system that transports natural gas from the Montana-Saskatchewan border to Chicago and into Indiana. Midwestern Gas Transmission is a 350-mile system that stretches from Portland, TN to Joliet, IL.

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