Inter Pipeline hopes to find petrochemical partner in the first half of 2021

CALGARY — Inter Pipeline says it hopes to conclude its search in the first half of next year for a partner in its under-construction Heartland Petrochemical Complex near Edmonton.

The Calgary-based company says its third-quarter net income was $38.7 million, or nine cents per share, down from $79.9 million, or 19 cents per share, in the third quarter of 2019.

Revenue was  $632.9 million, up from $590.8 in the same period last year.

Analysts polled by Refinitiv expected net income of $75.6 million, or 18 cents per share, on revenue of $555.5 million.

The company says it invested $176 million during the quarter into construction on Heartland, which is set to open for service in early 2022.

Inter Pipeline also says it will pay out its November dividend of four cents per share on Dec. 15, and it has closed the deal to divest the majority of its European bulk liquid storage business.

This report by The Canadian Press was first published Nov. 13, 2020.

Companies in this story: (TSX:IPL)

The Canadian Press