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Spectra Energy Partners 1Q Net Up 25%, Helped By Acquisition

DOW JONES NEWSWIRES Spectra Energy Partners LP's (SEP) first-quarter profit jumped 25%, which the company primarily attributed to a November acquisition. The company, a master limited partnership that was formed by Spectra Energy Corp. (SE) out of some of Duke Energy Corp.'s (DUK) former holdings, has grown in recent years through acquisitions. Spectra Energy Partners' recent results have benefited from its acquisition of an additional 24.5% interest in gas transportation system owner Gulfstream Natural Gas System LLC from Spectra Energy Corp. The deal boosted the buyer's stake in the entity to 49%. Spectra Energy Partners posted a first-quarter profit of $48.9 million, or 50 cents a limited partner unit, up from $39.1 million, or 46 cents a unit. Revenue edged up 1.4% to $51.2 million. Analysts had expected a 46-cent profit on $50 million in revenue, according to a Thomson Reuters poll. Master limited partnerships typically own natural-gas and oil pipelines and storage facilities. They collect a steady stream of payments from users of their properties and many have benefited from soaring production from on-shore drilling targeting resources trapped in shale rock formations. Spectra Energy Partners units closed Tuesday at $33.91 and were inactive in recent premarket trading. Through the latest close, the units are up 6.9% the past year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for Spectra Energy Uts (SEP)
04/08/201511:45:00Spectra Energy and Spectra Energy Partners Schedule First Quarter...
03/25/201509:30:43Current Report Filing (8-k)
03/25/201509:28:28Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/24/201510:30:00PennEast Pipeline Could Save Consumers Nearly $1 Billion Annually...
03/12/201516:25:18Current Report Filing (8-k)
03/11/201506:04:33Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/09/201517:07:02Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
03/09/201508:51:38Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/27/201514:54:06Annual Report (10-k)
02/23/201509:55:00Spectra Energy CEO Greg Ebel to Speak at Credit Suisse 20th Annual...
02/18/201506:00:00National Grid Joins Eversource Energy and Spectra Energy on Access...
02/17/201515:56:34Annual Statement of Changes in Beneficial Ownership (5)
02/09/201509:30:00PennEast Pipeline Expected to Drive $1.6 Billion Economic Impact...
02/05/201505:00:00Spectra Energy Corp and Spectra Energy Partners Announce 2015...
02/04/201515:15:34Current Report Filing (8-k)
02/04/201506:35:00Spectra Energy Partners Reports Fourth Quarter and Year-End 2014...
02/04/201506:30:00Spectra Energy Reports Fourth Quarter and Year-End 2014 Results
02/04/201506:25:00Spectra Energy Partners Announces 29th Consecutive Quarterly...
02/03/201506:01:02Notice of Effectiveness (effect)
01/22/201516:05:00Spectra Energy to Acquire Brazoria Interconnector Gas Pipeline

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