HOUSTON, Aug. 5, 2015 /PRNewswire/ --
Second Quarter Highlights
- Distributable cash flow of $321
million, up 34% over prior year quarter
- Continued earnings growth from existing assets and new
expansions
- 31st consecutive quarterly cash distribution
increase
- Project execution backlog of $6
billion on track – backed by secured, long-term
contracts
Spectra Energy Partners, LP (NYSE: SEP) today reported
second quarter 2015 distributable cash flow (DCF) of $321
million, compared with $239 million in the prior-year
quarter. Distributions per limited partner unit for second quarter
2015 were $0.61375, compared with $0.56625 per limited
partner unit in second quarter 2014.
"Spectra Energy Partners continues to perform ahead of
expectations for the year, with DCF up 34% over the prior year
quarter. Our business model, with virtually no volume or commodity
exposure, continues to differentiate us among energy MLPs and gives
us strength and resilience in varied market conditions,"
said Greg Ebel, chief executive officer, Spectra Energy
Partners. "In addition, as a result of the continued demand for
pipeline infrastructure, we have $6
billion in our project execution backlog – real projects
secured by long-term customer agreements. Our significant backlog
of projects in execution, combined with the ongoing development of
additional opportunities, provides us a clear path for EBITDA and
distribution growth through 2020."
For the quarter, earnings before interest, taxes, depreciation
and amortization (EBITDA) were $456 million, compared
with $353 million in the prior-year quarter.
Net income from controlling interests was $307
million for second quarter 2015, compared with $215
million in second quarter 2014.
SEGMENT RESULTS
U. S. Transmission
U.S. Transmission reported second
quarter 2015 EBITDA of $396 million,
compared with $320 million in second
quarter 2014.
Quarterly EBITDA results reflect increased earnings mainly from
expansions placed into service: TEAM 2014, TEAM South, and
Kingsport.
Liquids
Liquids reported second quarter 2015 EBITDA
of $78 million, compared with
$51 million in second quarter 2014.
The increase is attributable mainly to higher transportation
revenues due to higher volumes and tariff rates at the Express
pipeline, as well as higher earnings from increased volumes on the
Sand Hills natural gas liquids (NGL) pipeline.
Other
"Other" reported net expense of $18 million in second quarters 2015 and
2014.
Interest Expense
Interest expense was $63 million in second quarter 2015, compared with
$62 million in second quarter 2014,
reflecting higher long-term debt balances, mostly offset by higher
capitalized interest.
Liquidity and Capital Expenditures
Total debt outstanding at Spectra Energy
Partners at June 30, 2015, was $6.2 billion. At
the end of the quarter there was available liquidity
of $2.1 billion. Spectra Energy Partners has $2.2 billion of expansion capital spending
planned in 2015.
Excluding reimbursements from noncontrolling interests, Spectra
Energy Partners invested approximately $640 million in expansion and maintenance
capital projects in the U.S. Transmission and Liquids segments for
the six months ended June 30,
2015. Expenditures included approximately $550
million of growth capital and about $90 million of maintenance capital. The
company's estimated maintenance capital for the year is $300
million.
Through its "At the Market" (ATM) equity issuance
program, Spectra Energy Partners has received net
proceeds of almost $350
million this year.
EXPANSION PROJECT UPDATES
At U.S. Transmission, the Uniontown to Gas City project
was placed into service and began delivering gas to the Midwest on
August 1, earlier than the planned
start date of November 1.
U.S. Transmission remains on track with all the projects it has
in execution. The OPEN project will bring incremental
Marcellus and Utica supply to southern markets on or before the
planned November 2015 in-service
date. The AIM project in New England began construction this
quarter and is scheduled to be in service in the second half of
2016. The company is also on track with the NEXUS project,
which has a scheduled fourth quarter 2017 in-service date. FERC
resource reports for NEXUS were completed in June, and the company
anticipates filing a formal FERC application later this year. The
Lebanon Extension project, which will deliver new natural
gas supplies to Midwest markets, moved into execution during the
quarter, with secured commercial commitments and an anticipated
2017 in-service date. The Gulf Markets, Loudon,
Atlantic Bridge, and Sabal Trail projects are also
proceeding well towards their respective in-service dates.
The $3 billion Access
Northeast project, under development with Eversource and
National Grid, continues to advance. Unlike other projects in the
region, which are proposing to serve gas LDC's in New England,
Access Northeast is focused on the New England electric power
market. Project customers – including Eversource, National Grid,
and Central Maine Power – serve more than 80 percent of the 6.5
million electric customers in the region.
This project will expand the Algonquin and Maritimes &
Northeast systems, utilizing their existing footprints.
The company expects the project's electric power customers to
file agreements with their respective public utility commissions
soon and anticipates moving Access Northeast into execution later
this year or in early 2016, once state regulatory approvals have
been received.
Also under development, two Appalachian expansion projects would
further connect Marcellus and Utica supply to demand markets. The
Greater Philadelphia Expansion and Marcellus to
Market projects both received positive responses to open
seasons during the quarter and discussions with potential customers
are under way.
In the Liquids business, the Red Lake project to expand
the reach of Sand Hills to access growing Permian Basin production
will go fully into service once DCP's Zia II plant – which
is in the final stages of starting up – comes on line. On the crude
oil system, the $135 million
Express Enhancement project is currently in execution with
an estimated 2016 in-service date.
Longer term, customer interest remains strong in the larger
scale crude projects in development. The company continues to
expect a late-in-the-decade time frame to secure commitments to
advance these projects.
Additional Information
The Spectra Energy Partners Annual Report on Form 10-K for the
year ended December 31, 2014, has
been filed with the Securities and Exchange Commission and is
available for viewing and downloading through Spectra Energy
Partners' website, www.spectraenergypartners.com, under SEC Filings
on the Investors/News page. Investors may also request a hard copy
of the 10-K, which includes Spectra Energy Partners' complete
audited financial statements, free of charge, by calling (713)
627-4610 or by email to IR-SEP@spectraenergy.com.
Additional information about 2015 earnings can also be obtained
via the Spectra Energy Partners' website.
The analyst call, held jointly with Spectra Energy, is scheduled
for today, Wednesday, August 5, 2015, at 8:00 a.m. CT.
The webcast will be available via the Investors Section of Spectra
Energy's website or Spectra Energy
Partners' website. The conference call can be accessed by
dialing (888) 252-3715 in the United States or
Canada or (706) 634-8942 internationally. The conference code
is 80785677 or "SE and SEP Quarterly Earnings Call."
Please call five to ten minutes prior to the scheduled start
time.
A replay of the call will be available until 5:00 p.m. CT on Tuesday,
November 3, 2015, by dialing (800) 585-8367 in the U.S. or
Canada, or (404) 537-3406
internationally. The conference ID is 18703265. A replay and
transcript also will be available via the Spectra Energy and
Spectra Energy Partners websites.
Non-GAAP Financial Measures
We use ongoing net income from controlling interests as a
measure to evaluate operations of the company. This measure is a
non-GAAP financial measure as it represents net income from
controlling interests adjusted for special items. Special items
represent certain charges and credits which we believe will not be
recurring on a regular basis. We believe that the presentation of
ongoing net income provides useful information to investors, as it
allows them to more accurately compare our ongoing performance
across periods. The most directly comparable GAAP measure for
ongoing net income from controlling interests is net income from
controlling interests.
The primary performance measure used by us to evaluate segment
performance is segment earnings from continuing operations before
interest, income taxes, and depreciation and amortization (EBITDA).
We consider segment EBITDA, which is the GAAP measure used to
report segment results, to be a good indicator of each segment's
operating performance from its continuing operations as it
represents the results of our segments' operations before
depreciation and amortization without regard to financing methods
or capital structures. Our segment EBITDA may not be comparable to
similarly titled measures of other companies because other
companies may not calculate EBITDA in the same manner.
We also use ongoing EBITDA, ongoing segment EBITDA and ongoing
Other EBITDA (net expenses) as measures of performance. These
measures of performance are non-GAAP financial measures as they
represent reported EBITDA, reported segment EBITDA and reported
Other EBITDA, adjusted for special items. We believe that the
presentation of ongoing EBITDA, ongoing segment EBITDA and ongoing
Other EBITDA provide useful information to investors, as they allow
investors to more accurately compare a company's or a segment's or
Other's ongoing performance across periods. The most directly
comparable GAAP measure for ongoing EBITDA, ongoing segment EBITDA
and ongoing Other EBITDA are reported EBITDA, reported segment
EBITDA and reported Other EBITDA.
We have also presented Distributable Cash Flow, which is a
non-GAAP financial measure. We believe that the presentation of
Distributable Cash Flow provides useful information to investors as
it represents the cash generation capabilities of the company to
support distribution growth. The most directly comparable GAAP
measure for Distributable Cash Flow is net income.
The non-GAAP financial measures presented in this press release
should not be considered in isolation or as an alternative to
financial measures presented in accordance with GAAP. These
non-GAAP financial measures may not be comparable to similarly
titled measures of other companies because other companies may not
calculate these measures in the same manner.
Forward-Looking Statements
This release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on our beliefs and
assumptions. These forward-looking statements are identified by
terms and phrases such as: anticipate, believe, intend, estimate,
expect, continue, should, could, may, plan, project, predict, will,
potential, forecast, and similar expressions. Forward-looking
statements involve risks and uncertainties that may cause actual
results to be materially different from the results predicted.
Factors that could cause actual results to differ materially from
those indicated in any forward-looking statement include, but are
not limited to: state, federal and foreign legislative and
regulatory initiatives that affect cost and investment recovery,
have an effect on rate structure, and affect the speed at and
degree to which competition enters the natural gas and oil
industries; outcomes of litigation and regulatory investigations,
proceedings or inquiries; weather and other natural phenomena,
including the economic, operational and other effects of hurricanes
and storms; the timing and extent of changes in commodity prices
and interest rates; general economic conditions, including the risk
of a prolonged economic slowdown or decline, or the risk of delay
in a recovery, which can affect the long-term demand for natural
gas and oil and related services; potential effects arising from
terrorist attacks and any consequential or other hostilities;
changes in environmental, safety and other laws and regulations;
the development of alternative energy resources; results and costs
of financing efforts, including the ability to obtain financing on
favorable terms, which can be affected by various factors,
including credit ratings and general market and economic
conditions; increases in the cost of goods and services required to
complete capital projects; growth in opportunities, including the
timing and success of efforts to develop U.S. and Canadian
pipeline, storage, gathering, processing and other related
infrastructure projects and the effects of competition, and timing
and success of efforts to secure contracts; the performance of
natural gas and oil transmission and storage, distribution, and
gathering and processing facilities; the extent of success in
connecting natural gas and oil supplies to gathering, processing
and transmission systems and in connecting to expanding gas and oil
markets; the effects of accounting pronouncements issued
periodically by accounting standard-setting bodies; conditions of
the capital markets during the periods covered by forward-looking
statements; and the ability to successfully complete merger,
acquisition or divestiture plans; regulatory or other limitations
imposed as a result of a merger, acquisition or divestiture; and
the success of the business following a merger, acquisition or
divestiture. These factors, as well as additional factors that
could affect our forward-looking statements, are described under
the headings "Risk Factors" and "Cautionary Statement Regarding
Forward-Looking Information" in our 2014 Form 10-K, filed
on February 27, 2015, and in our other filings made with
the Securities and Exchange Commission(SEC), which are
available via the SEC's website at www.sec.gov. In
light of these risks, uncertainties and assumptions, the events
described in the forward-looking statements might not occur or
might occur to a different extent or at a different time than we
have described. All forward-looking statements in this release are
made as of the date hereof, and we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Spectra Energy Partners, LP (NYSE: SEP) is
a Houston-based master limited partnership, formed
by Spectra Energy Corp (NYSE: SE). SEP is one of the
largest pipeline MLPs in the United States and connects
growing supply areas to high-demand markets for natural gas,
natural gas liquids, and crude oil. These assets include more than
17,000 miles of transmission and gathering pipelines, approximately
170 billion cubic feet of natural gas storage, and approximately
4.8 million barrels of crude oil storage.
Spectra Energy
Partners, LP
|
Quarterly
Highlights
|
June
2015
|
(Unaudited)
|
(In millions, except
per-unit amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
INCOME
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
$
|
603
|
|
|
$
|
531
|
|
|
$
|
1,209
|
|
|
$
|
1,112
|
|
Total Reportable
Segment EBITDA
|
|
474
|
|
|
371
|
|
|
927
|
|
|
803
|
|
Net Income -
Controlling Interests
|
|
307
|
|
|
215
|
|
|
600
|
|
|
457
|
|
|
|
|
|
|
|
|
|
|
EBITDA BY BUSINESS
SEGMENT
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
$
|
396
|
|
|
$
|
320
|
|
|
$
|
785
|
|
|
$
|
694
|
|
Liquids
|
|
78
|
|
|
51
|
|
|
142
|
|
|
109
|
|
Total Reportable
Segment EBITDA
|
|
474
|
|
|
371
|
|
|
927
|
|
|
803
|
|
Other
EBITDA
|
|
(18)
|
|
|
(18)
|
|
|
(35)
|
|
|
(37)
|
|
Total Reportable
Segment and Other EBITDA
|
|
$
|
456
|
|
|
$
|
353
|
|
|
$
|
892
|
|
|
$
|
766
|
|
|
|
|
|
|
|
|
|
|
PARTNERS'
CAPITAL
|
|
|
|
|
|
|
|
|
Declared Cash
Distribution per Limited Partner Unit
|
|
$
|
0.61375
|
|
|
$
|
0.56625
|
|
|
$
|
1.2150
|
|
|
$
|
1.1225
|
|
Weighted Average
Units Outstanding
|
|
|
|
|
|
|
|
|
Limited Partner
Units
|
|
296
|
|
|
286
|
|
|
296
|
|
|
285
|
|
General Partner
Units
|
|
6
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTABLE CASH
FLOW
|
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
|
$
|
321
|
|
|
$
|
239
|
|
|
$
|
675
|
|
|
$
|
563
|
|
|
|
|
|
|
|
|
|
|
CAPITAL AND
INVESTMENT EXPENDITURES (a)
|
|
|
|
|
|
|
|
Capital expenditures
- U.S. Transmission
|
|
|
|
|
|
$
|
593
|
|
|
$
|
405
|
|
Capital expenditures
- Liquids
|
|
|
|
|
|
11
|
|
|
9
|
|
Investment
Expenditures
|
|
|
|
|
|
|
|
|
Investment in Sand
Hills / Southern Hills / SESH / Penn East
|
|
|
|
|
|
34
|
|
|
30
|
|
Total
|
|
|
|
|
|
$
|
638
|
|
|
$
|
444
|
|
|
|
|
|
|
|
|
|
|
U.S.
TRANSMISSION
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
$
|
509
|
|
|
$
|
454
|
|
|
$
|
1,031
|
|
|
$
|
954
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
Operating,
Maintenance and Other
|
|
156
|
|
|
160
|
|
|
327
|
|
|
311
|
|
Other Income and
Expenses
|
|
43
|
|
|
26
|
|
|
81
|
|
|
51
|
|
EBITDA
|
|
$
|
396
|
|
|
$
|
320
|
|
|
$
|
785
|
|
|
$
|
694
|
|
|
|
|
|
|
|
|
|
|
LIQUIDS
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
$
|
94
|
|
|
$
|
77
|
|
|
$
|
178
|
|
|
$
|
158
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
Operating,
Maintenance and Other
|
|
34
|
|
|
34
|
|
|
68
|
|
|
64
|
|
Other Income and
Expenses
|
|
18
|
|
|
8
|
|
|
32
|
|
|
15
|
|
EBITDA
|
|
$
|
78
|
|
|
$
|
51
|
|
|
$
|
142
|
|
|
$
|
109
|
|
|
|
|
|
|
|
|
|
|
Express Pipeline
Revenue Receipts, MBbl/d (b)
|
|
235
|
|
|
204
|
|
|
242
|
|
|
214
|
|
Platte PADD II
Deliveries, MBbl/d
|
|
172
|
|
|
176
|
|
|
170
|
|
|
171
|
|
Canadian Dollar
Exchange Rate, Average
|
|
1.23
|
|
|
1.09
|
|
|
1.23
|
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
$
|
6,202
|
|
|
$
|
6,092
|
|
|
|
|
|
|
|
|
|
|
Actual Units
Outstanding
|
|
|
|
|
|
304
|
|
|
301
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes
contributions received from noncontrolling interests of $58 million
in 2015 and $20 million in 2014 at U.S. Transmission.
|
(b) Thousand barrels
per day.
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
$
|
603
|
|
|
$
|
531
|
|
|
$
|
1,209
|
|
|
$
|
1,112
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
281
|
|
|
282
|
|
|
576
|
|
|
555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
322
|
|
|
249
|
|
|
633
|
|
|
557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income and
Expenses
|
|
62
|
|
|
35
|
|
|
111
|
|
|
66
|
|
|
Interest
Expense
|
|
63
|
|
|
62
|
|
|
120
|
|
|
129
|
|
|
|
|
|
|
|
|
|
|
Earnings Before
Income Taxes
|
|
321
|
|
|
222
|
|
|
624
|
|
|
494
|
|
|
Income Tax
Expense
|
|
5
|
|
|
2
|
|
|
7
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
316
|
|
|
220
|
|
|
617
|
|
|
466
|
|
|
Net Income -
Noncontrolling Interests
|
|
9
|
|
|
5
|
|
|
17
|
|
|
9
|
|
|
Net Income -
Controlling Interests
|
|
$
|
307
|
|
|
$
|
215
|
|
|
$
|
600
|
|
|
$
|
457
|
|
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
$
|
564
|
|
|
$
|
555
|
|
Investments and Other
Assets
|
|
4,826
|
|
|
4,841
|
|
Property, Plant and
Equipment, net
|
|
12,635
|
|
|
12,135
|
|
Regulatory Assets and
Deferred Debits
|
|
285
|
|
|
262
|
|
|
Total
Assets
|
|
|
$
|
18,310
|
|
|
$
|
17,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
$
|
856
|
|
|
$
|
1,482
|
|
Long-term
Debt
|
|
|
5,877
|
|
|
5,149
|
|
Deferred Credits and
Other Liabilities
|
|
152
|
|
|
156
|
|
Equity
|
|
|
|
11,425
|
|
|
11,006
|
|
|
Total Liabilities
and Equity
|
|
$
|
18,310
|
|
|
$
|
17,793
|
|
Spectra Energy
Partners, LP
|
Distributable Cash
Flow
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
316
|
|
|
$
|
220
|
|
|
$
|
617
|
|
|
$
|
466
|
|
Add:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
63
|
|
|
62
|
|
|
120
|
|
|
129
|
|
Income tax
expense
|
|
5
|
|
|
2
|
|
|
7
|
|
|
28
|
|
Depreciation and
amortization
|
|
73
|
|
|
70
|
|
|
146
|
|
|
143
|
|
Foreign currency
(gain) loss
|
|
—
|
|
|
(1)
|
|
|
3
|
|
|
—
|
|
Less:
|
|
|
|
|
|
|
|
|
Third party interest
income
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
EBITDA
|
|
456
|
|
|
353
|
|
|
892
|
|
|
766
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Earnings from equity
investments
|
|
(45)
|
|
|
(29)
|
|
|
(85)
|
|
|
(57)
|
|
Distributions from
equity investments (a)
|
|
70
|
|
|
43
|
|
|
124
|
|
|
80
|
|
Non-cash impairment
at Ozark Gas Gathering
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
Other
|
|
3
|
|
|
4
|
|
|
6
|
|
|
6
|
|
Less:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
63
|
|
|
62
|
|
|
120
|
|
|
129
|
|
Equity
AFUDC
|
|
16
|
|
|
5
|
|
|
27
|
|
|
9
|
|
Net cash paid for
income taxes
|
|
2
|
|
|
5
|
|
|
7
|
|
|
5
|
|
Distributions to
non-controlling interests
|
|
9
|
|
|
6
|
|
|
16
|
|
|
11
|
|
Maintenance capital
expenditures (b)
|
|
73
|
|
|
54
|
|
|
101
|
|
|
78
|
|
Total
Distributable Cash Flow
|
|
$
|
321
|
|
|
$
|
239
|
|
|
$
|
675
|
|
|
$
|
563
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Excludes $4 million
and $117 million of distributions from equity affiliates (SESH $99
million, Sand Hills $14 million, and Southern Hills $4
million) for the six month period ended June, 2015 and 2014,
respectively.
|
(b)
|
Excludes
reimbursable expenditures.
|
Spectra Energy
Partners, LP
|
|
Reported to
Ongoing Earnings Reconciliation
|
|
June 2015
Quarter-to-date
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND DEPRECIATION AND
AMORTIZATION
|
|
Reported/
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
396
|
|
|
|
Liquids
|
|
|
|
78
|
|
|
|
Total Reportable Segment EBITDA
|
|
|
474
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(18)
|
|
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
456
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
456
|
|
|
|
Depreciation and
Amortization
|
|
(73)
|
|
|
|
Interest
Expense
|
|
(63)
|
|
|
|
Other Income and
Expenses
|
|
1
|
|
|
|
Income Tax
Expense
|
|
(5)
|
|
|
|
Total Net
Income
|
|
316
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(9)
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spectra Energy
Partners, LP
|
|
Reported to
Ongoing Earnings Reconciliation
|
|
June 2014
Quarter-to-date
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND DEPRECIATION AND
AMORTIZATION
|
|
Reported/
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
320
|
|
|
|
Liquids
|
|
|
|
51
|
|
|
|
Total Reportable Segment EBITDA
|
|
|
371
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(18)
|
|
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
353
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
353
|
|
|
|
Depreciation and
Amortization
|
|
(70)
|
|
|
|
Interest
Expense
|
|
(62)
|
|
|
|
Other Income and
Expenses
|
|
1
|
|
|
|
Income Tax
Expense
|
|
(2)
|
|
|
|
Total Net
Income
|
|
220
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
215
|
|
|
|
|
|
|
|
|
|
|
|
|
Logo - http://photos.prnewswire.com/prnh/20071107/CLW064
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/spectra-energy-partners-reports-second-quarter-2015-results-300123932.html
SOURCE Spectra Energy Partners, LP