Copano Energy has reported that revenue for the third quarter of 2007 increased to $293.1 million, compared with $231.3 million for the third quarter of last year.
John Eckel, chairman and CEO, said: We are pleased that year-over-year growth in throughput volumes on our Mid-Continent and our wholly owned Texas Gulf Coast pipelines enabled us to achieve increased distributable cash flow, despite significantly higher non-cash expenses related to Copano’s hedging program.
Net income decreased by 12% to $19.7 million or $0.44 per unit, for the third quarter of 2007, compared to net income of $22.3 million, or $0.60 per unit, in Q3 2006.
The decline in net income is the result of a $3.8 million increase in non-cash amortization expense and mark-to-market charges related to the company’s hedging program in the third quarter of 2007 compared to the third quarter of 2006.
Total gross margin, which includes the results of Copano’s hedging program, slightly decreased to $55.9 million in the third quarter of 2007, from $56 million in the third quarter of 2006.