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Friday, 21 November, 2008, 15:50 GMT | more >>

ScissorTail boosts Copano numbers



By Upstream staff 

Houston gathering system and pipeline operator Copano Energy reported a 130% increase in third-quarter operating income reflecting the inclusion of its ScissorTail Energy acquisition in results.

Copan bought ScissorTail in August last year. The company said its pro forma operating profit in the quarter exceeded last year's results by 90%, reflecting strong growth in the company's Mid-Continent and Texas Gulf Coast operating areas, it said.

Revenue for the quarter rose about 7% to $231.3 million from $216.7 million in the third quarter of 2005. Net income hit $22.3 million, or $1.21 per unit on a diluted basis in the third quarter, compared with net income of $5.2 million, or 35 cents per unit, in the third quarter of 2005.

Revenue for the first nine months of 2005 was $654.9 million, up from $452.6 million in the first nine months of 2005. Income income rose to $48.6 million, or $2.64 per unit, in the third quarter from $16.1 million, or $1.34 per unit, in the year ago period.


Tuesday, 07 November, 2006, 22:57 GMT  | last updated: Tuesday, 07 November, 2006, 22:57 GMT

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