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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)
11/18/201614:48:12Statement of Changes in Beneficial Ownership (4)
11/16/201617:08:21Statement of Changes in Beneficial Ownership (4)
11/07/201614:34:29Statement of Changes in Beneficial Ownership (4)
11/03/201610:21:35Quarterly Report (10-q)
11/02/201616:09:06Current Report Filing (8-k)
11/02/201606:35:00Spectra Energy Partners Reports Third Quarter 2016 Results
11/02/201606:30:00Spectra Energy Reports Third Quarter 2016 Results
11/02/201606:25:00Spectra Energy Partners Announces 36th Consecutive Quarterly...
10/19/201609:26:00Spectra Energy Announces Quarterly Dividend of $0.405 per Share
10/17/201616:17:29Current Report Filing (8-k)
10/07/201606:03:42Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
10/05/201615:53:06Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
10/05/201613:00:00Spectra Energy and Spectra Energy Partners Schedule Third Quarter...
10/05/201608:24:49Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
08/29/201616:02:53Statement of Changes in Beneficial Ownership (4)
08/29/201615:55:05Statement of Changes in Beneficial Ownership (4)
08/29/201612:15:51Statement of Changes in Beneficial Ownership (4)
08/09/201614:40:00Spectra Energy CFO Pat Reddy to Speak at Goldman Sachs Power...
08/04/201613:06:00Spectra Energy Completes Sale of Empress NGL Business to Plains...
08/04/201613:06:00Spectra Energy Completes Sale of Empress NGL Business to Plains...

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