TC PipeLines, LP Announces Second Quarter Distribution and Schedules Earnings Teleconference and Webcast
15 July 2005 - 7:00AM
Business Wire
TC PipeLines, LP (NASDAQ:TCLP) (the Partnership) today announced
the board of directors of TC PipeLines GP, Inc., its general
partner, has declared the Partnership's second quarter 2005
distribution in the amount of US$0.575 per unit. This distribution
is payable on August 12, 2005 to unitholders of record as of July
29, 2005. "We are very pleased to be able to deliver on our
strategy of providing stable cash flow to our unitholders," said
Ron Turner, president and chief executive officer of the general
partner. "We recognize there exists increased uncertainties around
recontracting at Northern Border Pipeline in light of changes in
market fundamentals; however, the Partnership's strong financial
position coupled with the Partnership's strong cash flow coverage
continues to support our current distribution." The Partnership
will release its second quarter 2005 financial results after
markets close on Tuesday, August 3, 2005. Analysts, members of the
public, the media and other interested parties are invited to
participate in a teleconference and audio webcast on August 4, 2005
at 12 p.m. (Eastern). Ron Turner, president and chief executive
officer of the general partner, will discuss the second quarter
2005 financial results and general developments and issues
concerning the Partnership. To participate, please call (866)
540-8136. A replay of the conference call will also be available
two hours after the conclusion of the call and until midnight,
August 11, 2005, by dialing (800) 408-3053, then entering pass code
3158912. A live webcast of the conference call will also be
available through the Partnership's website at
www.tcpipelineslp.com. An audio replay of the call will be
maintained on the website. TC PipeLines, LP is a publicly held
limited partnership. It owns a 30 per cent interest in Northern
Border Pipeline Company, a Texas general partnership, and a 49 per
cent interest in Tuscarora Gas Transmission Company, a Nevada
general partnership. Northern Border Pipeline, which is owned 70
per cent by Northern Border Partners, L.P., a publicly traded
master limited partnership controlled by affiliates of ONEOK, Inc.,
owns a 1,249-mile United States interstate pipeline system that
transports natural gas from the Montana-Saskatchewan border to
markets in the midwestern United States. Tuscarora owns a 240-mile
interstate pipeline system that transports natural gas to Nevada
from Oregon, where it interconnects to TransCanada's GTN System. TC
PipeLines, LP is managed by its general partner, TC PipeLines GP,
Inc., a wholly owned subsidiary of TransCanada PipeLines Limited.
TC PipeLines GP, Inc. also holds common units of the Partnership.
Common units of TC PipeLines, LP are quoted on the Nasdaq Stock
Market and trade under the symbol "TCLP". For more information
about TC PipeLines, LP, visit the Partnership's website at
www.tcpipelineslp.com. TC Pipelines, LP (NASDAQ:TCLP)
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