El Paso Pipeline Partners has announced its financial and operational outlook for 2010.
"We are pleased with the performance of our partnership, which has been delivering growth both through organic projects and though acquisitions," said Jim Yardley, president and chief executive officer of El Paso Pipeline Partners. "Since the partnership's initial public offering in 2007 we have placed in-service seven organic growth projects and completed nearly $1 billion in acquisitions. In turn, we have delivered consistent growth in quarterly distributions for our unitholders. The committed backlog of organic projects and our confidence in making future successful acquisitions provide a solid platform for continued growth."
El Paso Pipeline Partners is targeting 2010 distributable cash flow of $240 million to $250 million. Total capital expenditures are expected to be $210 million to $240 million, including $175 million to $200 million of expansion capital. A significant amount of the construction and materials price risk of these projects has been mitigated. Maintenance capital is expected to be $35 million to $40 million.
The partnership expects to deliver its remaining construction backlog of expansion projects on time and on budget.
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