Earnings before interest, taxes, depreciation and amortization (EBITDA), excluding gain on the sales of assets in the fourth quarter of 2006, increased 8% to $117.4 million for the fourth quarter of 2007, compared with $108.3 million for the fourth quarter of 2006.
Net income for the year ended December 31, 2007 increased 38% to a record $279.2 million, or $2.6 per unit, compared with $202.1 million, or $1.96 per unit, for 2006. EBITDA from continuing operations increased $125.3 million to a record $538 million for the year ended December 31, 2007, compared with $412.7 million for 2006.
Jerry Thompson, president and CEO of the general partner of Teppco Partners, said: Teppco’s businesses delivered a solid fourth quarter for 2007 as each segment reported increased EBITDA and higher volumes over the prior-year quarter. The growth trend on gas gathering volumes on the Jonah system continued, with a 22% increase over the fourth quarter of 2006.
Refined products demand remained strong with a 13% increase over the prior year and more than offset the negative impact of warmer than normal weather in the midwest and northeast regions during the quarter. Crude oil transportation volumes increased 9%, benefiting from completed construction projects during 2007.
