HOUSTON, Jan. 22, 2015 /PRNewswire/ -- Spectra Energy
Corp (NYSE: SE) and Spectra Energy Partners (NYSE: SEP) today
announced that, through their affiliate, Spectra Energy
Transmission II, LLC (SET), they have entered into a purchase and
sale agreement to acquire from ConocoPhillips Company (NYSE: COP)
100 percent of the equity interests in Brazoria Interconnector Gas
Pipeline, LLC (BIG), which owns the BIG Pipeline.
The BIG Pipeline is a 42-inch natural gas pipeline in
Brazoria County, Texas, with a
capacity of approximately 1.8 billion cubic feet per day. It
extends 30.5 miles between Stratton
Ridge on its south end to a point near Iowa Colony in
northern Brazoria County.
The newly acquired BIG Pipeline will be a component of the
Stratton Ridge Project, an expansion project of the Texas Eastern
Transmission pipeline system to deliver up to 400,000 dekatherms
per day of natural gas to Stratton
Ridge, Texas. The Stratton
Ridge Project, including the BIG Pipeline acquisition, has an
expected capital expenditure of approximately $200 million and is anticipated to be in service
the first quarter of 2019.
The acquisition is expected to close in the second quarter of
2016, subject to certain conditions precedent being met.
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of
North America's leading pipeline
and midstream companies. Based in Houston, Texas, the company's operations in
the United States and Canada include more than 22,000 miles of
natural gas, natural gas liquids, and crude oil pipelines;
approximately 305 billion cubic feet (Bcf) of natural gas storage;
4.8 million barrels of crude oil storage; as well as natural gas
gathering, processing, and local distribution operations. Spectra
Energy is the general partner of Spectra Energy Partners (NYSE:
SEP), one of the largest pipeline master limited partnerships in
the United States and owner of the
natural gas, natural gas liquids, and crude oil assets in Spectra
Energy's U.S. portfolio. Spectra Energy also has a 50 percent
ownership in DCP Midstream, the largest producer of natural gas
liquids and the largest natural gas processor in the United States. Spectra Energy has served
North American customers and communities for more than a century.
The company's longstanding values are recognized through its
inclusion in the Dow Jones Sustainability World and North America
Indexes and the CDP S&P 500 Climate Disclosure and Performance
Leadership Indexes. For more information, visit
www.spectraenergy.com and www.spectraenergypartners.com.
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SOURCE Spectra Energy Corp; Spectra Energy Partners