HOUSTON, May 4, 2016 /PRNewswire/ --
First Quarter Highlights:
- Distributable cash flow of $371 million, up 5% over
prior year
- EBITDA growth being realized from existing base and 2015
expansions placed into service
- Credit facility upsized and term extended in April
- $6 billion of expansion projects
in execution advancing as planned
- 34th consecutive quarterly cash distribution increase
Spectra Energy Partners, LP (NYSE: SEP) today reported
first quarter 2016 distributable cash flow of $371 million,
compared with $354 million in the prior-year quarter.
Distributions per limited partner unit for first quarter 2016
were $0.65125, compared with $0.60125 per limited partner
unit in first quarter 2015.
CEO COMMENT
"Spectra Energy Partners grew its earnings and distributable
cash flow in the first quarter, despite the continuing weak energy
sector fundamentals and a warm winter. Our results once again
underline the reliability and strength of our business model," said
Greg Ebel, chief executive officer,
Spectra Energy Partners. "Our $6
billion of expansion projects continued to progress as
expected during the quarter and will add incremental fee-based
earnings and cash flow as they enter into service during the
2016-2019 period.
"Illustrating our confidence in the plans we shared with
investors at the start of the year, we announced our 34th
consecutive quarterly cash distribution increase today –
representing more than eight years of steady growth," continued
Ebel.
For the quarter, ongoing earnings before interest, taxes,
depreciation and amortization (EBITDA) were $447 million,
compared with $445 million in the prior-year quarter.
Reported net income from controlling interests was $298
million for first quarter 2016, compared with $293
million in first quarter 2015. Ongoing net income from
controlling interests was $298 million for the quarter,
compared with $302 million in the prior-year quarter.
SEGMENT RESULTS
U.S. Transmission
Ongoing EBITDA from U.S. Transmission was $411 million in first quarter 2016, compared with
$398 million in first quarter 2015.
The 2015 period excludes a non-cash special item expense of
$9 million. These results reflect
increased earnings from expansion projects, partially offset by
lower interruptible and short-term contract transportation revenue
due to warmer weather.
Liquids
Liquids reported first quarter 2016 EBITDA of $56 million, compared with $64 million in first quarter 2015. The decrease
is attributable to the absence of equity earnings from Sand Hills
and Southern Hills natural gas liquids (NGL) pipelines, which the
company owned until October 2015,
partially offset by lower operating costs.
Other
"Other" reported net expenses of $20
million in first quarter 2016, compared with $17 million in first quarter 2015.
Interest Expense
Interest expense was $56 million
in first quarter 2016, compared with $57
million in first quarter 2015, driven by higher capitalized
interest, offset by higher average long-term debt balances.
Liquidity and Capital Expenditures
Total debt outstanding at Spectra Energy Partners as
of March 31, 2016, was $7.0 billion, with available
liquidity of $1.4 billion. Including contributions from
noncontrolling interests, Spectra Energy Partners has $1.8
billion of capital expansion spending planned in 2016, which
will be funded through a combination of debt and equity.
Through its "At the Market" (ATM) equity issuance
program, Spectra Energy Partners has received net
proceeds of $103 million this year.
In April 2016, Spectra Energy
purchased 10.4 million newly issued common units and 0.2 million
general partner units of Spectra Energy Partners for total net
proceeds of $489 million.
Including contributions from noncontrolling interests of
$95 million, total capital spending
in first quarter 2016 was $400 million, composed of
$365 million of growth capital
expenditures and $35 million of maintenance capital
expenditures.
EXPANSION PROJECT UPDATES
Spectra Energy Partners has advanced numerous projects
across the system. Sabal Trail, a joint venture with NextEra
Energy and Duke Energy, received its Certificate of Public
Convenience and Necessity from the Federal Energy Regulatory
Commission (FERC) in February. This approval authorizes Sabal
Trail, subject to certain conditions, to proceed with construction
in order to meet a May 2017
in-service date. On April 1, 2016,
Sabal Trail ownership agreements were finalized with Spectra Energy
Partners, NextEra Energy and Duke Energy owning 50 percent, 42.5
percent and 7.5 percent respectively.
The NEXUS project, a joint venture with DTE
Energy, will allow customers to move up to 1.5 billion cubic feet
per day (Bcf/d) to Ohio and Michigan markets with
access to the Dawn Hub, which is the second largest physically
traded gas hub in North America and is owned and operated
by Spectra Energy's subsidiary, Union Gas. NEXUS has a strong
customer base and is moving forward with support from executed
customer agreements with local distribution companies (LDCs), as
well as Marcellus and Utica
producers.
NEXUS has also signed 13 interconnect agreements with industrial
facilities and power generators that could connect incremental load
across Northern Ohio of up to 1.75
Bcf/d, which demonstrates strong long-term market support for our
route and the project. NEXUS has consistently met its milestones
and is on target for a November 2017 in-service date.
The AIM project is now in its second year of
construction and more than 60 percent complete. AIM is supported by
New England LDCs and is scheduled to meet its planned in-service
date in fourth quarter 2016.
Advancements continue in our other projects in execution.
Projects on track for in-service dates in 2016 include Loudon
Expansion, which received its FERC certificate and
commenced construction in March, Ozark, Salem Lateral
and the first phase of Gulf Markets. Projects scheduled to
go into service in 2017 include Atlantic
Bridge, Access South, Adair Southwest,
Lebanon Extension, TEAL and the second phase of
Gulf Markets.
The PennEast project continues to move forward, and
received its notice of schedule from FERC in March. The project has
an expected in-service date in the second half of 2018.
Access Northeast, a project under development with
Eversource Energy and National Grid, is focused on the New
England electric power market and saving consumers money while
improving the reliability of the region's energy system. In normal
weather conditions, the project could save electric consumers an
average of $1 billion a year. Savings
during the extreme 2013-2014 winter could have been $2.5 billion with Access Northeast in
service.
This solution is designed to meet the needs of New England by
maximizing use of existing utility corridors and the Algonquin and
Maritimes & Northeast pipelines, which directly connect to more
than 60 percent of the existing ISO-New England gas-fired electric
generation capacity and more than 80 percent of the new capacity
that has recently cleared the ISO-New England forward capacity
market. Access Northeast will cost-effectively deliver affordable
natural gas when power generators need it, with new tariff services
to handle peak hours, seasonal needs and quick starts to support
intermittent wind and solar energy.
Access Northeast has executed contracts with electric
distribution companies in New Hampshire and
Massachusetts totaling more than 50 percent of the 0.9 Bcf/d
project design capacity, and processes are under way at state
public utility commissions, which are required to approve those
contracts. The project anticipates additional contracts as
regulatory processes progress in Connecticut, Rhode
Island and Maine.
In April, FERC issued the Notice of Intent to prepare an
Environmental Impact Statement for the Access Northeast project,
which initiates the formal scoping process FERC utilizes to gather
input from the public and interested agencies on the project. The
project continues to advance toward a late 2018 initial in-service
date, and Spectra Energy Partners expects to move Access Northeast
into execution later this year.
In the liquids business, the Express
Enhancement project is supported by long-term contracts
and is on schedule for completion by the end of 2016.
Additional Information
Additional information about first quarter 2016 earnings can be
obtained via the Spectra Energy website: www.spectraenergy.com.
The analyst call, held jointly with Spectra Energy, is scheduled
for today, Wednesday, May 4, 2016, at
8 a.m. CT. The webcast will be
available via the Spectra Energy and Spectra Energy
Partners Investors pages. 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 70917861 or "Spectra
Energy / Spectra Energy Partners Earnings Call."
A replay of the call will be available until 5 p.m.
CT on Friday, June 3, 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 Spectra Energy and Spectra Energy
Partners Investors pages.
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 net income from controlling interests.
We use earnings from continuing operations before interest,
income taxes, and depreciation and amortization (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.
The primary performance measure used by us to evaluate segment
performance is segment 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 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 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. We also use DCF coverage, which is a non-GAAP financial
measure, as it represents DCF divided by distributions declared on
partnership units. The most directly comparable GAAP measure for
DCF coverage is Earnings-Per-Unit (EPU).
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,
interest rates and foreign currency exchange 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; declines in the market prices of equity and debt
securities and resulting funding requirements for defined benefit
pension plans; 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; 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
|
March
2016
|
(Unaudited)
|
(In millions, except
per-unit amounts)
|
Reported - These
results include the impact of special items
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2016
|
|
2015
|
INCOME
|
|
|
|
|
Operating
Revenues
|
|
$
|
624
|
|
|
$
|
606
|
|
Total Reportable
Segment EBITDA
|
|
467
|
|
|
453
|
|
Net Income -
Controlling Interests
|
|
298
|
|
|
293
|
|
|
|
|
|
|
EBITDA BY BUSINESS
SEGMENT
|
|
|
|
|
U.S.
Transmission
|
|
$
|
411
|
|
|
$
|
389
|
|
Liquids
|
|
56
|
|
|
64
|
|
Total Reportable Segment
EBITDA
|
|
467
|
|
|
453
|
|
Other
EBITDA
|
|
(20)
|
|
|
(17)
|
|
Total Reportable Segment and Other
EBITDA
|
|
$
|
447
|
|
|
$
|
436
|
|
|
|
|
|
|
PARTNERS'
CAPITAL
|
|
|
|
|
Declared Cash
Distribution per Limited Partner Unit
|
|
$
|
0.65125
|
|
|
$
|
0.60125
|
|
Weighted Average
Units Outstanding
|
|
|
|
|
Limited Partner Units
|
|
285
|
|
|
295
|
|
General Partner Units
|
|
6
|
|
|
6
|
|
|
|
|
|
|
DISTRIBUTABLE CASH
FLOW
|
|
|
|
|
Distributable Cash
Flow
|
|
$
|
371
|
|
|
$
|
354
|
|
|
|
|
|
|
CAPITAL AND
INVESTMENT EXPENDITURES (a)
|
|
|
|
|
Capital expenditures
- U.S. Transmission
|
|
$
|
452
|
|
|
$
|
233
|
|
Capital expenditures
- Liquids
|
|
16
|
|
|
7
|
|
Investment
expenditures - Sand Hills/Southern Hills/SESH/Penn
East/Nexus
|
|
27
|
|
|
15
|
|
Total
|
|
$
|
495
|
|
|
$
|
255
|
|
|
|
|
|
|
U.S.
TRANSMISSION
|
|
|
|
|
Operating
Revenues
|
|
$
|
538
|
|
|
$
|
522
|
|
Operating
Expenses
|
|
|
|
|
Operating, Maintenance and
Other
|
|
172
|
|
|
171
|
|
Other Income and
Expenses
|
|
45
|
|
|
38
|
|
EBITDA
|
|
$
|
411
|
|
|
$
|
389
|
|
|
|
|
|
|
LIQUIDS
|
|
|
|
|
Operating
Revenues
|
|
$
|
86
|
|
|
$
|
84
|
|
Operating
Expenses
|
|
|
|
|
Operating, Maintenance and
Other
|
|
31
|
|
|
34
|
|
Other Income and
Expenses
|
|
1
|
|
|
14
|
|
EBITDA
|
|
$
|
56
|
|
|
$
|
64
|
|
|
|
|
|
|
Express Pipeline
Revenue Receipts, MBbl/d (b)
|
|
233
|
|
|
246
|
|
Platte PADD II
Deliveries, MBbl/d
|
|
124
|
|
|
169
|
|
Canadian Dollar
Exchange Rate, Average
|
|
1.37
|
|
|
1.24
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
Debt
|
|
$
|
6,951
|
|
|
$
|
6,604
|
|
|
|
|
|
|
Actual Units
Outstanding (c)
|
|
293
|
|
|
291
|
|
|
|
|
|
|
(a) Excludes
contributions received from noncontrolling interests of $95 million
in 2016 and $58 million in 2015.
|
(b) Thousand barrels
per day.
|
(c) Increase in 2016
resulted primarily from the "At the Market" equity issuance
program
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In
millions)
|
Reported - These
results include the impact of special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended
March 31,
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
|
|
|
|
$
|
624
|
|
|
$
|
606
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
|
300
|
|
|
295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
324
|
|
|
311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income and
Expenses
|
|
|
|
|
|
47
|
|
|
49
|
|
|
Interest
Expense
|
|
|
|
|
|
56
|
|
|
57
|
|
|
|
|
|
|
|
|
|
|
Earnings Before
Income Taxes
|
|
|
|
|
|
315
|
|
|
303
|
|
|
Income Tax
Expense
|
|
|
|
|
|
4
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
311
|
|
|
301
|
|
|
Net Income -
Noncontrolling Interests
|
|
|
|
|
|
13
|
|
|
8
|
|
|
Net Income -
Controlling Interests
|
|
|
|
|
|
$
|
298
|
|
|
$
|
293
|
|
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
$
|
585
|
|
|
$
|
544
|
|
Investments and Other
Assets
|
|
4,231
|
|
|
4,180
|
|
Net Property, Plant
and Equipment
|
|
14,257
|
|
|
13,837
|
|
Regulatory Assets and
Deferred Debits
|
|
309
|
|
|
290
|
|
Total
Assets
|
|
|
$
|
19,382
|
|
|
$
|
18,851
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
$
|
1,719
|
|
|
$
|
1,471
|
|
Long-term
Debt
|
|
|
5,862
|
|
|
5,845
|
|
Deferred Credits and
Other Liabilities
|
|
194
|
|
|
189
|
|
Equity
|
|
|
|
11,607
|
|
|
11,346
|
|
Total Liabilities
and Equity
|
|
$
|
19,382
|
|
|
$
|
18,851
|
|
Spectra Energy
Partners, LP
|
Distributable Cash
Flow
|
(Unaudited)
|
(Dollars in Millions,
except where noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
Net
Income
|
|
|
$
|
311
|
|
|
$
|
301
|
|
Add:
|
|
|
|
|
|
Interest
expense
|
|
|
56
|
|
|
57
|
|
Income tax
expense
|
|
|
4
|
|
|
2
|
|
Depreciation and
amortization
|
|
|
77
|
|
|
73
|
|
Foreign currency
(gain) loss
|
|
|
(1)
|
|
|
3
|
|
EBITDA
|
|
|
447
|
|
|
436
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
Earnings from equity
investments
|
|
|
(27)
|
|
|
(40)
|
|
Distributions from
equity investments (a)
|
|
|
65
|
|
|
54
|
|
Non-cash impairment
at Ozark Gas Gathering
|
|
|
—
|
|
|
9
|
|
Other
|
|
|
2
|
|
|
3
|
|
Less:
|
|
|
|
|
|
Interest
expense
|
|
|
56
|
|
|
57
|
|
Equity
AFUDC
|
|
|
17
|
|
|
11
|
|
Net cash paid
for income taxes
|
|
|
1
|
|
|
5
|
|
Distributions to
non-controlling interests
|
|
|
7
|
|
|
7
|
|
Maintenance capital
expenditures
|
|
|
35
|
|
|
28
|
|
Total
Distributable Cash Flow
|
|
|
$
|
371
|
|
|
$
|
354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes $2
million of distributions from equity investments for the three
month period ended March 31, 2015.
|
Spectra Energy
Partners, LP
|
|
Reported to
Ongoing Earnings Reconciliation
|
|
March 2016
Year-to-date
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND
DEPRECIATION AND AMORTIZATION
|
|
Reported/
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
411
|
|
|
Liquids
|
|
|
|
56
|
|
|
Total Reportable Segment EBITDA
|
|
|
467
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(20)
|
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
447
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
447
|
|
|
Depreciation and
Amortization
|
|
(77)
|
|
|
Interest
Expense
|
|
(56)
|
|
|
Other Income and
Expenses
|
|
1
|
|
|
Income Tax
Expense
|
|
(4)
|
|
|
Total Net
Income
|
|
311
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(13)
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spectra Energy
Partners, LP
|
|
Reported to
Ongoing Earnings Reconciliation
|
|
March 2015
Year-to-date
|
|
(Unaudited)
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND
DEPRECIATION AND AMORTIZATION
|
|
Reported
Earnings
|
|
Less: Special
Items
|
|
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
389
|
|
|
$
|
(9)
|
|
A
|
$
|
398
|
|
|
Liquids
|
|
|
|
64
|
|
|
—
|
|
|
64
|
|
|
Total Reportable Segment EBITDA
|
|
|
453
|
|
|
(9)
|
|
|
462
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(17)
|
|
|
—
|
|
|
(17)
|
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
436
|
|
|
$
|
(9)
|
|
|
$
|
445
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
436
|
|
|
$
|
(9)
|
|
|
$
|
445
|
|
|
Depreciation and
Amortization
|
|
(73)
|
|
|
—
|
|
|
(73)
|
|
|
Interest
Expense
|
|
(57)
|
|
|
—
|
|
|
(57)
|
|
|
Other Income and
Expenses
|
|
(3)
|
|
|
—
|
|
|
(3)
|
|
|
Income Tax
Expense
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
Total Net
Income
|
|
301
|
|
|
(9)
|
|
|
310
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(8)
|
|
|
—
|
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
293
|
|
|
$
|
(9)
|
|
|
$
|
302
|
|
|
|
|
|
|
|
|
|
|
|
|
A - Non-cash
impairment at Ozark Gas Gathering.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spectra Energy
Partners, LP
|
|
Reported to
Ongoing Distributable Cash Flow Reconciliation
|
|
Unaudited
|
|
(In
millions)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2016
|
|
March 31,
2015
|
|
|
|
Reported/
Ongoing
|
|
Reported
|
|
Less:
Special Items
|
|
Ongoing
|
Net
Income
|
|
$
311
|
|
$
301
|
|
$
(9)
|
|
$
310
|
Add:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
56
|
|
57
|
|
-
|
|
57
|
Income tax
expense
|
|
4
|
|
2
|
|
-
|
|
2
|
Depreciation and
amortization
|
|
77
|
|
73
|
|
-
|
|
73
|
Foreign currency
loss
|
|
(1)
|
|
3
|
|
-
|
|
3
|
EBITDA
|
|
447
|
|
436
|
|
(9)
|
|
445
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Earnings from equity
investments
|
|
(27)
|
|
(40)
|
|
-
|
|
(40)
|
Distributions from
equity investments
|
|
65
|
|
54
|
|
-
|
|
54
|
Non-cash impairment at
Ozark Gas Gathering
|
|
-
|
|
9
|
|
9
|
|
-
|
Other
|
|
2
|
|
3
|
|
-
|
|
3
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
56
|
|
57
|
|
-
|
|
57
|
Equity
AFUDC
|
|
17
|
|
11
|
|
-
|
|
11
|
Net cash paid for
income taxes
|
|
1
|
|
5
|
|
-
|
|
5
|
Distributions to
non-controlling interests
|
|
7
|
|
7
|
|
-
|
|
7
|
Maintenance capital
expenditures
|
|
35
|
|
28
|
|
-
|
|
28
|
Total
Distributable Cash Flow
|
|
$
371
|
|
$
354
|
|
$
-
|
|
$
354
|
|
|
|
|
|
|
|
|
|
|
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-first-quarter-2016-results-300262253.html
SOURCE Spectra Energy Partners, LP