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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;

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