HOUSTON, Feb. 27, 2017 /CNW/ -- Spectra Energy
Partners, LP (NYSE: SEP) (SEP) announced that, effective today, its
general partner became an indirect, wholly-owned subsidiary of
Enbridge Inc. (TSX, NYSE: ENB) (Enbridge), as a result of the
completion of the combination of Enbridge and Spectra Energy
Corp.
In conjunction with this change, effective today, Bill Yardley will assume the role of Chairman
and President of the general partner of SEP. Greg Ebel, Pat
Reddy, and Reggie Hedgebeth
are resigning, effective today, from their roles as Chairman,
President and CEO; Chief Financial Officer; and General Counsel,
respectively, of the general partner of SEP.
"I want to thank our outgoing management team and directors for
their dedication and service, and for establishing Spectra Energy
Partners as a best-in-class MLP investment. We look forward to
continuing that record of accomplishment," Mr. Yardley said. "The
stable underpinnings of our business and our strategic and
competitive asset footprint – with virtually no direct commodity or
volume risk, high-quality demand-pull customers, excellent
liquidity, and access to favorable capital markets – will continue
to generate the steady cash flows that have benefited our
unitholders for the past decade."
Mr. Yardley, John Whelen,
Enbridge Executive Vice President and Chief Financial Officer;
Vern Yu, Enbridge Executive Vice
President and Chief Development Officer; and Laura Sayavedra, Enbridge Vice President of
Sponsored Vehicles, will serve as management directors of the board
of directors. J.D. Woodward, III,
and Nora Brownell will continue to
serve as non-management directors, along with new non-management
director Michael G. Morris.
In addition to Mr. Ebel, Dorothy
Ables, Julie Dill, and
Fred Fowler have resigned, effective
today, from the board of directors of the general partner of
SEP.
Spectra Energy Partners, LP (NYSE: SEP), an indirect,
wholly-owned subsidiary of Enbridge Inc. (TSX, NYSE: ENB), is a
Houston-based master limited
partnership. SEP is one of the largest pipeline MLPs in
the United States and connects
growing supply areas to high-demand markets for natural gas and
crude oil. These assets include more than 15,000 miles of
transmission pipelines, approximately 170 billion cubic feet of
natural gas storage, and approximately 5.6 million barrels of crude
oil storage. For more information, visit
www.spectraenergypartners.com.
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SOURCE Spectra Energy Partners, LP