HOUSTON, Nov. 4, 2015 /PRNewswire/ --
Third Quarter Highlights:
- Distributable cash flow of $270
million, up $23 million over
prior-year quarter
- Expansion projects continue to contribute to earnings growth –
up 16% over prior-year quarter
- 32nd consecutive quarterly cash distribution increase
Spectra Energy Partners, LP (NYSE: SEP) today reported
third quarter 2015 distributable cash flow (DCF) of $270
million, compared with $247 million in the prior-year
quarter. Distributions per limited partner unit for third quarter
2015 were $0.62625, compared with $0.57625 per limited
partner unit in third quarter 2014.
"With virtually no volume or commodity exposure, Spectra Energy
Partners is a low risk midstream MLP, which has allowed us to
provide quarterly distribution growth for our investors over the
last eight years," said Greg Ebel, chief executive
officer, Spectra Energy Partners. "The new projects we've
placed into service in 2015 will generate EBITDA of $105 million on an annual basis. Going forward,
our $5.7 billion portfolio of
fee-based projects in execution, coupled with our strong base
business, will continue to drive increased EBITDA and provide us
with a clear path for continued distribution growth."
For the quarter, earnings before interest, taxes, depreciation
and amortization (EBITDA) were $467 million, compared
with $401 million in the prior-year quarter.
Net income from controlling interests was $321
million for third quarter 2015, compared with $264
million in third quarter 2014.
SEGMENT RESULTS
U. S. Transmission
U.S. Transmission reported third quarter 2015 EBITDA of
$401 million, compared with
$352 million in third quarter 2014.
These results reflect increased earnings, virtually all due to
expansion projects placed into service in the prior year (TEAM 2014
and TEAM South), and those expansions placed into full or partial
service during third quarter 2015, Uniontown to Gas City and OPEN,
respectively.
Liquids
Liquids reported third quarter 2015 EBITDA of $79 million, compared with $60 million in third quarter 2014, reflecting
higher transportation revenues due to higher tariff rates and
volumes on the Express Pipeline.
Other
"Other" reported net expenses of $13
million in third quarter 2015, compared with $11 million in third quarter
2014.
Interest Expense
Interest expense was $59 million
in third quarter 2015, compared with $54
million in third quarter 2014, driven by higher average
long-term debt balances, partially offset by higher capitalized
interest.
Liquidity and Capital Expenditures
Total debt outstanding at Spectra Energy Partners as of
September 30, 2015, was $6.2 billion. At the end of the quarter there was
available liquidity of $2.3 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 $1.2
billion in expansion and maintenance capital projects in the
U.S. Transmission and Liquids segments for the nine months ended
September 30, 2015. Expenditures
included $1 billion of growth capital and $214 million of maintenance capital. The
company's estimated maintenance capital for the year is about
$300 million.
Through its "At the Market" (ATM) equity issuance program,
Spectra Energy Partners has received net proceeds of $450 million this year.
EXPANSION PROJECT UPDATES
The Uniontown to Gas
City project began delivering gas to the Midwest on
August 1 and was fully in service
September 1, two months ahead of
schedule. The brownfield portion of OPEN also achieved an
early startup, coming online about six weeks ahead of schedule. The
remaining portion of the OPEN project will be placed into service
in November, bringing incremental Marcellus and Utica supply to southern markets.
Construction is under way on the AIM project in New
England, which is on track to be in service in the second half of
2016. The Express Enhancement crude oil project also
began construction this quarter and is on track, with an estimated
2016 in-service date.
The FERC application for PennEast was filed in September,
and the applications for four other projects, Atlantic
Bridge, Access South, Adair Southwest, and the
Lebanon Extension, were filed in October. These projects are
all on schedule for their respective in-service dates.
The NEXUS project, in development with DTE and supported
by local distribution companies and Marcellus and Utica producers, will allow customers to move
gas through Ohio and Michigan markets to the 150 Bcf Dawn Hub. The
Dawn Hub is owned and operated by Spectra Energy's subsidiary,
Union Gas, and is the second largest physically traded gas hub in
North America. The company has
also recently signed a number of interconnect agreements with
industrial facilities and power generators, demonstrating
additional support for the route and the project. Major contractors
for the project have been selected and NEXUS will file a formal
FERC application this month.
The Gulf Markets, Loudon, and Sabal Trail projects
also continue to advance toward their respective in-service
dates.
The company continues to advance the Access Northeast
project, which is focused on the New England electric power market
and saving consumers money while improving the reliability of New
England's energy system. Electric reliability is becoming a more
critical concern as additional coal, oil, and nuclear generation
facilities announce retirements. Access Northeast is an expansion
of the Algonquin pipeline and the addition of storage capabilities
to provide gas at times of highest demand. The project will utilize
the existing footprints of both the Algonquin and the Maritimes
& Northeast systems, which already directly connect to 60
percent of the gas-fired generation in the region, enabling gas to
flow directly to natural gas generators when it's needed, a
necessary step for both consumer savings and reliability.
Central to this solution for New England is the idea that
electric distribution companies (EDCs) would secure capacity on the
pipeline. Support for this concept is building across the region's
six states. In October, the Massachusetts Department of Public
Utilities confirmed the EDCs' legal authority to enter into such
contracts. Progress is being made in other states toward similar
solutions. Access Northeast will continue to work with the New
England EDCs to provide a solution to a very real supply concern
for New England power generators.
The company anticipates moving Access Northeast into execution
in the first half of 2016.
Additional Information
Additional information about third quarter 2015 earnings can be
obtained via the Spectra Energy Partners website:
www.spectraenergypartners.com.
The analyst call, held jointly with Spectra Energy, is scheduled
for today, Wednesday, November 4,
2015, at 8 a.m. CT. The
webcast will be available via the Investors sections of the Spectra
Energy and Spectra Energy Partners websites. The conference call
can be accessed by dialing (888) 252-3715 in the U.S. or
Canada, or (706) 634-8942
internationally. The conference ID is 46357231 or "Spectra Energy /
Spectra Energy Partners Earnings Call."
A replay of the call will be available until 5 p.m. CT on Tuesday,
February 2, 2016, by dialing (800) 585-8367 in the U.S. or
Canada, or (404) 537-3406
internationally, and using the above conference ID. A replay and
transcript also will be available via the Investors sections of 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 partnership. This measure is
a non-GAAP financial measure as it represents net income from
controlling interests, excluding 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 from controlling interests provides useful
information to investors, as it allows investors to more accurately
compare our ongoing performance across periods. The most directly
comparable GAAP measure for ongoing net income from controlling
interests is reported 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 use EBITDA and ongoing EBITDA, non-GAAP financial measures,
as performance measures for Spectra Energy Partners, LP. Ongoing
EBITDA represents EBITDA excluding special items. We believe that
the presentation of EBITDA and ongoing EBITDA provides useful
information to investors, as it allows investors to more accurately
compare Spectra Energy Partners, LP's performance across periods.
The most directly comparable GAAP measure for EBITDA and ongoing
EBITDA for Spectra Energy Partners, LP is net income.
We also use ongoing segment EBITDA as a measure of performance.
Ongoing segment EBITDA is a non-GAAP financial measure, as it
represents reported segment EBITDA excluding special items. We
believe that the presentation of ongoing segment EBITDA provides
useful information to investors, as it allows investors to more
accurately compare a segment's ongoing performance across periods.
The most directly comparable GAAP measure for ongoing segment
EBITDA is reported segment EBITDA.
We have also presented Distributable Cash Flow (DCF), which is a
non-GAAP financial measure. We believe that the presentation of DCF
provides useful information to investors, as it represents the cash
generation capabilities of the partnership to support distribution
growth. The most directly comparable GAAP measure for DCF 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 partnerships because other partnerships
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 and
crude oil. These assets include more than 15,000 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
|
|
September
2015
|
|
(Unaudited)
|
|
(In millions, except
per-unit amounts)
|
|
These results
include the impact of special items
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
INCOME
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
612
|
|
|
$
|
558
|
|
|
$
|
1,821
|
|
|
$
|
1,670
|
|
Total Reportable
Segment EBITDA
|
480
|
|
|
412
|
|
|
1,407
|
|
|
1,215
|
|
Net Income -
Controlling Interests
|
321
|
|
|
264
|
|
|
921
|
|
|
721
|
|
|
|
|
|
|
|
|
|
EBITDA BY BUSINESS
SEGMENT
|
|
|
|
|
|
|
|
U.S.
Transmission
|
$
|
401
|
|
|
$
|
352
|
|
|
$
|
1,186
|
|
|
$
|
1,046
|
|
Liquids
|
79
|
|
|
60
|
|
|
221
|
|
|
169
|
|
Total
Reportable Segment EBITDA
|
480
|
|
|
412
|
|
|
1,407
|
|
|
1,215
|
|
Other
EBITDA
|
(13)
|
|
|
(11)
|
|
|
(48)
|
|
|
(48)
|
|
Total
Reportable Segment and Other EBITDA
|
$
|
467
|
|
|
$
|
401
|
|
|
$
|
1,359
|
|
|
$
|
1,167
|
|
|
|
|
|
|
|
|
|
PARTNERS'
CAPITAL
|
|
|
|
|
|
|
|
Declared Cash
Distribution per Limited Partner Unit
|
$
|
0.62625
|
|
|
$
|
0.57625
|
|
|
$
|
1.84125
|
|
|
$
|
1.69875
|
|
Weighted Average
Units Outstanding
|
|
|
|
|
|
|
|
Limited
Partner Units
|
301
|
|
|
288
|
|
|
297
|
|
|
286
|
|
General
Partner Units
|
6
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
|
|
|
|
|
|
|
DISTRIBUTABLE CASH
FLOW
|
|
|
|
|
|
|
|
Distributable Cash
Flow
|
$
|
270
|
|
|
$
|
247
|
|
|
$
|
945
|
|
|
$
|
810
|
|
|
|
|
|
|
|
|
|
CAPITAL AND
INVESTMENT EXPENDITURES (a)
|
|
|
|
|
|
|
|
Capital expenditures
- U.S. Transmission
|
|
|
|
|
$
|
1,144
|
|
|
$
|
743
|
|
Capital expenditures
- Liquids
|
|
|
|
|
17
|
|
|
12
|
|
Investment
expenditures - Sand Hills/Southern Hills/SESH/Penn
East/Nexus
|
|
|
|
|
91
|
|
|
134
|
|
Total
|
|
|
|
|
$
|
1,252
|
|
|
$
|
889
|
|
|
|
|
|
|
|
|
|
U.S.
TRANSMISSION
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
515
|
|
|
$
|
477
|
|
|
$
|
1,546
|
|
|
$
|
1,431
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operating,
Maintenance and Other
|
169
|
|
|
159
|
|
|
496
|
|
|
470
|
|
Other Income and
Expenses
|
55
|
|
|
34
|
|
|
136
|
|
|
85
|
|
EBITDA
|
$
|
401
|
|
|
$
|
352
|
|
|
$
|
1,186
|
|
|
$
|
1,046
|
|
|
|
|
|
|
|
|
|
LIQUIDS
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
97
|
|
|
$
|
81
|
|
|
$
|
275
|
|
|
$
|
239
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
Operating,
Maintenance and Other
|
37
|
|
|
35
|
|
|
105
|
|
|
99
|
|
Other Income and
Expenses
|
19
|
|
|
14
|
|
|
51
|
|
|
29
|
|
EBITDA
|
$
|
79
|
|
|
$
|
60
|
|
|
$
|
221
|
|
|
$
|
169
|
|
|
|
|
|
|
|
|
|
Express Pipeline
Revenue Receipts, MBbl/d (b)
|
234
|
|
|
221
|
|
|
239
|
|
|
217
|
|
Platte PADD II
Deliveries, MBbl/d
|
167
|
|
|
169
|
|
|
169
|
|
|
170
|
|
Canadian Dollar
Exchange Rate, Average
|
1.31
|
|
|
1.09
|
|
|
1.26
|
|
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
$
|
6,178
|
|
|
$
|
6,092
|
|
|
|
|
|
|
|
|
|
Actual Units
Outstanding
|
|
|
|
|
308
|
|
|
301
|
|
|
|
|
|
|
|
|
|
(a) Excludes
contributions received from noncontrolling interests of $132
million in 2015 and $47 million in 2014. 2014 period includes an
investment in SESH of $94 million, used by SESH to retire
debt.
|
|
(b) Thousand barrels
per day.
|
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In
millions)
|
These results
include the impact of special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
$
|
612
|
|
|
$
|
558
|
|
|
$
|
1,821
|
|
|
$
|
1,670
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
293
|
|
|
278
|
|
|
869
|
|
|
833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
319
|
|
|
280
|
|
|
952
|
|
|
837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income and
Expenses
|
|
72
|
|
|
46
|
|
|
183
|
|
|
112
|
|
|
Interest
Expense
|
|
59
|
|
|
54
|
|
|
179
|
|
|
183
|
|
|
|
|
|
|
|
|
|
|
Earnings Before
Income Taxes
|
|
332
|
|
|
272
|
|
|
956
|
|
|
766
|
|
|
Income Tax
Expense
|
|
1
|
|
|
1
|
|
|
8
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
331
|
|
|
271
|
|
|
948
|
|
|
737
|
|
|
Net Income -
Noncontrolling Interests
|
|
10
|
|
|
7
|
|
|
27
|
|
|
16
|
|
|
Net Income -
Controlling Interests
|
|
$
|
321
|
|
|
$
|
264
|
|
|
$
|
921
|
|
|
$
|
721
|
|
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
$
|
720
|
|
|
$
|
555
|
|
Investments and Other
Assets
|
|
4,898
|
|
|
4,841
|
|
Net Property, Plant
and Equipment
|
|
13,209
|
|
|
12,135
|
|
Regulatory Assets and
Deferred Debits
|
|
297
|
|
|
262
|
|
|
Total
Assets
|
|
|
$
|
19,124
|
|
|
$
|
17,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
$
|
1,314
|
|
|
$
|
1,482
|
|
Long-term
Debt
|
|
|
5,891
|
|
|
5,149
|
|
Deferred Credits and
Other Liabilities
|
|
165
|
|
|
156
|
|
Equity
|
|
|
|
11,754
|
|
|
11,006
|
|
|
Total Liabilities
and Equity
|
|
$
|
19,124
|
|
|
$
|
17,793
|
|
Spectra Energy
Partners, LP
|
Distributable Cash
Flow
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Net
Income
|
|
$
331
|
|
$
271
|
|
$
948
|
|
$
737
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
59
|
|
54
|
|
179
|
|
183
|
|
Income tax
expense
|
|
1
|
|
1
|
|
8
|
|
29
|
|
Depreciation and
amortization
|
|
74
|
|
73
|
|
220
|
|
216
|
|
Foreign currency
loss
|
|
2
|
|
2
|
|
5
|
|
2
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Third party interest
income
|
|
-
|
|
-
|
|
1
|
|
-
|
|
EBITDA
|
|
467
|
|
401
|
|
1,359
|
|
1,167
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Earnings from equity
investments
|
|
(49)
|
|
(36)
|
|
(134)
|
|
(93)
|
|
Distributions from
unconsolidated affiliates (a)
|
|
59
|
|
40
|
|
183
|
|
120
|
|
Non-cash impairment on
Ozark Gas Gathering
|
|
-
|
|
-
|
|
9
|
|
-
|
|
Other
|
|
2
|
|
4
|
|
8
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
59
|
|
54
|
|
179
|
|
183
|
|
Equity
AFUDC
|
|
23
|
|
11
|
|
50
|
|
20
|
|
Net cash paid for
income taxes
|
|
1
|
|
-
|
|
8
|
|
5
|
|
Distributions to
non-controlling interests
|
|
7
|
|
11
|
|
23
|
|
22
|
|
Maintenance capital
expenditures (b)
|
|
119
|
|
86
|
|
220
|
|
164
|
|
Total
Distributable Cash Flow
|
|
$
270
|
|
$
247
|
|
$
945
|
|
$
810
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes $403
million (Gulfstream $396 million and Southern Hills $7 million) and
$122 million of distributions from equity affiliates for the nine
month period ended September 30, 2015 and 2014,
respectively.
|
|
(b) Excludes
reimbursable expenditures.
|
|
|
|
|
|
|
|
|
|
Spectra Energy
Partners, LP
|
|
|
Reported to
Ongoing Earnings Reconciliation
|
|
|
September 2015
Quarter-to-date
|
|
|
(Unaudited)
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND
DEPRECIATION AND AMORTIZATION
|
|
Reported/
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
401
|
|
|
|
Liquids
|
|
|
|
79
|
|
|
|
Total Reportable Segment EBITDA
|
|
|
480
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(13)
|
|
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
467
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
467
|
|
|
|
Depreciation and
Amortization
|
|
(74)
|
|
|
|
Interest
Expense
|
|
(59)
|
|
|
|
Other Income and
Expenses
|
|
(2)
|
|
|
|
Income Tax
Expense
|
|
(1)
|
|
|
|
Total Net
Income
|
|
331
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spectra Energy
Partners, LP
|
|
Reported to
Ongoing Earnings Reconciliation
|
|
September 2014
Quarter-to-date
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND
DEPRECIATION AND AMORTIZATION
|
|
Reported/
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
352
|
|
|
|
Liquids
|
|
|
|
60
|
|
|
|
Total Reportable Segment EBITDA
|
|
|
412
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(11)
|
|
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
401
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
401
|
|
|
|
Depreciation and
Amortization
|
|
(73)
|
|
|
|
Interest
Expense
|
|
(54)
|
|
|
|
Other Income and
Expenses
|
|
(2)
|
|
|
|
Income Tax
Expense
|
|
(1)
|
|
|
|
Total Net
Income
|
|
271
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
264
|
|
|
|
|
|
|
|
|
|
|
|
|
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-third-quarter-2015-results-300171881.html
SOURCE Spectra Energy Partners, LP