Content
International
International includes earnings from the Company's 25% interest in Compañia Logística de Hidrocarburos CLH, S.A. (CLH), Spain's largest refined products transportation and storage business, and its investment in, and management of, Oleoducto Central S.A. (OCENSA), a crude oil pipeline in Colombia. Other includes administration and business development.
|
Earnings (millions of dollars) |
2007 |
2006 |
2005 |
|---|---|---|---|
CLH |
65.6 |
54.5 |
61.6 |
OCENSA/CITCol |
32.9 |
33.9 |
32.8 |
Other |
(3.4) |
(5.2) |
(7.0) |
|
95.1 |
83.2 |
87.4 |
Earnings for the year ended December 31, 2007 were $95.1 million compared to $83.2 million for the year ended December 31, 2006. Earnings in 2007 included a $5.2 million gain on the sale of land within CLH. The increase in earnings was also due to stronger operating earnings in CLH as a result of higher transported volumes, an increase in operating revenues from complimentary businesses, lower income taxes as a result of a tax rate reduction in Spain and lower business development costs in Other.
Earnings for the year ended December 31, 2006 were $83.2 million compared with $87.4 million for the year ended December 31, 2005. Earnings from CLH for 2005 included a $7.6 million gain on the sale of land, recorded in the fourth quarter.