HOUSTON, May 6, 2015 /PRNewswire/ --
First Quarter Highlights
- Distributable cash flow of $354 million,
up 9% over prior year
- Record winter deliveries on Texas Eastern and Algonquin
pipeline systems
- Ongoing EBITDA growth being realized from both existing assets
and new expansion projects put into service
- 30th consecutive quarterly cash distribution
increase
Spectra Energy Partners, LP (NYSE: SEP) today reported
first quarter 2015 distributable cash flow of $354 million,
compared with $324 million in the prior-year quarter.
Distributions per limited partner unit for first quarter 2015
were $0.60125, compared with $0.55625 per limited partner
unit in 2014.
"Spectra Energy Partners' results underline the fee-based nature
of our entire portfolio of infrastructure assets and their ability
to generate growing earnings and cash for investors. With virtually
no volume or commodity exposure, Spectra Energy Partners' results
continue to benefit not only from new expansion projects coming
into service, but also the continued high demand for our existing
pipeline systems," said Greg Ebel, chief executive
officer, Spectra Energy Partners. "Equally important, we
continue to see new opportunities to grow both our U.S.
Transmission and Liquids businesses, which provide us with ongoing
confidence in distribution growth for our unitholders."
For the quarter, reported earnings before interest, taxes,
depreciation and amortization (EBITDA) were $436 million,
compared with $413 million in the prior-year
quarter. Ongoing EBITDA was $445
million, compared with $413 million in the
prior-year quarter.
Reported net income from controlling interests was $293
million for first quarter 2015, compared with $242
million in first quarter 2014. Ongoing net income from
controlling interests was $302
million for the quarter compared with $265 million in the prior-year quarter.
SEGMENT RESULTS
U. S. Transmission
U. S. Transmission reported first
quarter 2015 ongoing EBITDA of $398
million, compared with $374
million in first quarter 2014. The 2015 period excludes a
special item of $9 million related to
the impairment of Ozark Gas Gathering assets.
Quarterly EBITDA results reflect increased earnings primarily
from expansions – TEAM 2014, TEAM South, and Kingsport.
Liquids
Liquids reported first quarter 2015
EBITDA of $64 million, compared with $58 million in
first quarter 2014, reflecting higher equity earnings from the Sand
Hills natural gas liquids (NGL) pipeline as a result of increased
volumes on the system.
Other
"Other" reported net costs of $17 million in first quarter 2015, compared with
$19 million in first quarter
2014.
Interest Expense
Interest expense was $57 million for first quarter 2015, compared with
$67 million for first quarter 2014.
The decrease was mainly due to lower average long-term debt
balances and lower average interest rates.
Liquidity and Capital Expenditures
Total debt
outstanding at Spectra Energy Partners at March 31,
2015, was $6.3 billion. At the end of the
quarter there was available liquidity of $2.1 billion.
Spectra Energy Partners has $2.2
billion of expansion capital spending planned in 2015, 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 $47 million from January
1, 2015, through May 6, 2015.
In March 2015, Spectra Energy
Partners issued $1 billion in
incremental long-term debt. Proceeds were used to pay down
outstanding commercial paper balances, to fund capital expansion
and for general corporate purposes.
Spectra Energy Partners invested $255 million in
expansion and maintenance capital projects in the U.S. Transmission
and Liquids segments during the quarter, excluding reimbursements
from noncontrolling interests. Expenditures included
approximately $231 million of growth capital and $24
million of maintenance capital. Through the first quarter,
maintenance spending is on track and will ramp up over the summer
months. The company's estimated maintenance capital for the
year is $300 million.
EXPANSION PROJECT UPDATES
The company is making excellent progress on growth projects
designed to meet continued demand for natural gas and natural gas
liquids.
At U.S. Transmission, the OPEN and Uniontown to Gas City
projects remain on track to go into service in the fourth quarter
of 2015, bringing incremental Marcellus and Utica supply to
southern markets and the Midwest, respectively. Together, these two
projects, along with TEAM 2014 and TEAM South – which were brought
into service last year – represent about two-thirds of the 2.4
billion cubic feet (Bcf) per day in projects that will fully
transform Texas Eastern to a bi-directional system by 2017.
NEXUS completed a subsequent open season, which would expand
Texas Eastern by up to 950 million cubic feet per day and create a
direct path for Marcellus and Utica supply to reach NEXUS markets.
The project plans to file its FERC application later this year.
In New England, the AIM project received its FERC certificate
and expects to begin construction in May
2015. The project is 100 percent subscribed by New England's
major local distribution companies and is on track for an
in-service date in the second half of 2016.
The company expects to file a formal FERC application for the
Atlantic Bridge project later this year. This expansion, with
capacity of about 150 million cubic feet per day, will meet the
needs of New England LDC customers who require service in
2017.
Sabal Trail continues to make progress developing a new natural
gas transmission system for the Southeast U.S. On May 5, 2015, Duke Energy announced that it is
taking a 7.5 percent investment interest, joining Spectra Energy
Partners and NextEra Energy as project owners. Sabal Trail is on
track to secure regulatory approvals by early 2016 and meet a 2017
in-service date.
Development work on Access Northeast continues as well. This
project is focused on the New England electric power market and the
widely recognized need to lower consumer electricity prices and
improve energy reliability. The project will bring additional
domestic natural gas to the region by expanding existing pipelines
that already directly connect to about 70 percent of the region's
most efficient gas-fired generation. That expansion will be
combined with enhanced land-based LNG facilities, also fed by
domestic supplies, to ensure natural gas reaches key power plants
when it needs to, even at the highest demand times. Spectra Energy
Partners is developing the $3 billion
regional solution with Eversource Energy and National Grid,
companies that together serve 4.8 million of the 6.5 million
electric customers in New England. To minimize environmental
effects, the project will utilize the existing footprints of the
Algonquin and Maritimes & Northeast pipeline systems.
In addition to the Access Northeast open season, which closed on
May 1, 2015, Spectra Energy Partners
has already conducted several other open seasons this year for
projects that would further connect Marcellus and Utica supply to
demand markets:
- Texas Eastern's proposed Lebanon Extension Project will provide
shippers with the opportunity to obtain firm transportation service
to deliver new natural gas supplies to markets in the Midwest U.S.
The open season concluded in late March and the targeted in-service
date for the project is November
2017.
- The open season for the Marcellus to Market expansion of Texas
Eastern closed April 10, 2015, and
results indicate strong interest from shippers for firm
transportation service that will deliver new incremental production
to markets in the Northeast. The target in-service date for the
Marcellus to Market project is November
2017.
- The proposed Greater Philadelphia Expansion Project will also
grow the Texas Eastern system, providing shippers with new firm
transportation to delivery points along or near the existing
Philadelphia Lateral. The project open season closes this week and
the in-service date could be as early as the second half of
2018.
These three projects represent a combined growth CAPEX
opportunity of $750 million to $1.5
billion for Spectra Energy Partners beyond what is already
in execution.
The company's Liquids business moved the Express Enhancement
project into execution during the quarter, with a 2016 estimated
in-service date. This $135 million
project is underpinned by long-term, fee based contracts and will
maximize system throughput on the Express Pipeline through the
addition of on-system terminal and storage assets.
The Red Lake project, which will expand the reach of Sand Hills
to access growing Permian Basin production, is under construction
and scheduled to go into service during the second quarter
2015.
Additional Information
Additional information about
first quarter 2015 earnings can be obtained via the Spectra
Energy Partners' website: spectraenergypartners.com
The analyst call, held jointly with Spectra Energy, is scheduled
for today, Wednesday, May 6, 2015, at 8:00 a.m. CT. The
webcast will be available via the Investors Section of Spectra
Energy's website or Spectra Energy
Partners' website. The conference call can be accessed by
dialing (888) 252-3715 in the United States or
Canada or (706) 634-8942 internationally. The conference code
is 18703265 or "SE and SEP Quarterly Earnings Call."
Please call five to ten minutes prior to the scheduled start
time.
A replay of the call will be available until 5:00 p.m. CT on Tuesday,
August 4, 2015, by dialing (800) 585-8367 in the U.S. or
Canada, or (404) 537-3406
internationally. The conference ID is 18703265. A replay and
transcript also will be available via the Spectra Energy and
Spectra Energy Partners websites.
Non-GAAP Financial Measures
We use ongoing net income
from controlling interests as a measure to evaluate operations of
the company. This measure is a non-GAAP financial measure as it
represents net income from controlling interests adjusted for
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 provides useful
information to investors, as it allows them 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.
The primary performance measure used by us to evaluate segment
performance is segment earnings from continuing operations before
interest, income taxes, and depreciation and amortization (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 adjusted for 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 reported segment EBITDA.
We have also presented Distributable Cash Flow, which is a
non-GAAP financial measure. We believe that the presentation of
Distributable Cash Flow provides useful information to investors as
it represents the cash generation capabilities of the company to
support distribution growth. The most directly comparable GAAP
measure for Distributable Cash Flow is net income.
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 companies because other companies 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: the
success of the completed drop-down; 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 and interest 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; 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,
natural gas liquids, and crude oil. These assets include more than
17,000 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
2015
|
(Unaudited)
|
(In millions, except
per-unit amounts)
|
|
|
|
|
|
|
|
Quarters
Ended
|
|
|
March
31,
|
|
|
2015
|
|
2014
|
INCOME
|
|
|
|
|
Operating
Revenues
|
|
$
|
606
|
|
|
$
|
581
|
|
Total Reportable
Segment EBITDA
|
|
453
|
|
|
432
|
|
Net Income -
Controlling Interests
|
|
293
|
|
|
242
|
|
|
|
|
|
|
EBITDA BY BUSINESS
SEGMENT
|
|
|
|
|
U.S.
Transmission
|
|
$
|
389
|
|
|
$
|
374
|
|
Liquids
|
|
64
|
|
|
58
|
|
Total Reportable
Segment EBITDA
|
|
453
|
|
|
432
|
|
Other
EBITDA
|
|
(17)
|
|
|
(19)
|
|
Total Reportable
Segment and Other EBITDA
|
|
$
|
436
|
|
|
$
|
413
|
|
|
|
|
|
|
PARTNERS'
CAPITAL
|
|
|
|
|
Declared Cash
Distribution per Limited Partner Unit
|
|
$
|
0.60125
|
|
|
$
|
0.55625
|
|
Weighted Average
Units Outstanding
|
|
|
|
|
Limited Partner
Units
|
|
295
|
|
|
284
|
|
General Partner
Units
|
|
6
|
|
|
6
|
|
|
|
|
|
|
DISTRIBUTABLE CASH
FLOW
|
|
|
|
|
Distributable Cash
Flow
|
|
$
|
354
|
|
|
$
|
324
|
|
|
|
|
|
|
CAPITAL AND
INVESTMENT EXPENDITURES (a)
|
|
|
|
Capital expenditures
- U.S. Transmission
|
|
$
|
233
|
|
|
$
|
177
|
|
Capital expenditures
- Liquids
|
|
7
|
|
|
4
|
|
Investment
Expenditures
|
|
|
|
|
Investment in Sand
Hills / Southern Hills / SESH
|
|
15
|
|
|
18
|
|
Total
|
|
$
|
255
|
|
|
$
|
199
|
|
|
|
|
|
|
U.S.
TRANSMISSION
|
|
|
|
|
Operating
Revenues
|
|
$
|
522
|
|
|
$
|
500
|
|
Operating
Expenses
|
|
|
|
|
Operating, Maintenance
and Other
|
|
171
|
|
|
151
|
|
Other Income and
Expenses
|
|
38
|
|
|
25
|
|
EBITDA
|
|
$
|
389
|
|
|
$
|
374
|
|
|
|
|
|
|
LIQUIDS
|
|
|
|
|
Operating
Revenues
|
|
$
|
84
|
|
|
$
|
81
|
|
Operating
Expenses
|
|
|
|
|
Operating, Maintenance
and Other
|
|
34
|
|
|
30
|
|
Other Income and
Expenses
|
|
14
|
|
|
7
|
|
EBITDA
|
|
$
|
64
|
|
|
$
|
58
|
|
|
|
|
|
|
Express Pipeline
Revenue Receipts, MBbl/d (b)
|
|
246
|
|
|
225
|
|
Platte PADD II
Deliveries, MBbl/d
|
|
169
|
|
|
166
|
|
Canadian Dollar
Exchange Rate, Average
|
|
1.24
|
|
|
1.10
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Debt
|
|
$
|
6,304
|
|
|
$
|
6,092
|
|
|
|
|
|
|
Actual Units
Outstanding
|
|
301
|
|
|
301
|
|
|
|
|
|
|
(a) Excludes
contributions received from noncontrolling interests of $58 million
in 2015 and $6 million in 2014 at U.S. Transmission.
|
(b) Thousand barrels
per day.
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Statements of Operations
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended
March 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Operating
Revenues
|
|
$
|
606
|
|
|
$
|
581
|
|
|
|
|
|
|
Operating
Expenses
|
|
295
|
|
|
273
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
311
|
|
|
308
|
|
|
|
|
|
|
|
|
Other Income and
Expenses
|
|
49
|
|
|
31
|
|
Interest
Expense
|
|
57
|
|
|
67
|
|
|
|
|
Earnings Before
Income Taxes
|
|
303
|
|
|
272
|
|
Income Tax
Expense
|
|
2
|
|
|
26
|
|
|
|
|
|
|
Net Income
|
|
301
|
|
|
246
|
|
Net Income -
Noncontrolling Interests
|
|
8
|
|
|
4
|
|
Net Income -
Controlling Interests
|
|
$
|
293
|
|
|
$
|
242
|
|
Spectra Energy
Partners, LP
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets
|
|
|
$
|
672
|
|
|
$
|
555
|
|
Investments and Other
Assets
|
|
4,838
|
|
|
4,841
|
|
Property, Plant and
Equipment, net
|
|
12,269
|
|
|
12,135
|
|
Regulatory Assets and
Deferred Debits
|
|
277
|
|
|
262
|
|
|
Total
Assets
|
|
|
$
|
18,056
|
|
|
$
|
17,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
$
|
593
|
|
|
$
|
1,482
|
|
Long-term
Debt
|
|
|
6,147
|
|
|
5,149
|
|
Deferred Credits and
Other Liabilities
|
|
152
|
|
|
156
|
|
Equity
|
|
|
|
11,164
|
|
|
11,006
|
|
|
Total Liabilities
and Equity
|
|
$
|
18,056
|
|
|
$
|
17,793
|
|
Spectra Energy
Partners, LP
|
Distributable Cash
Flow
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
Year-To-Date
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net
Income
|
|
$
|
301
|
|
|
$
|
246
|
|
Add:
|
|
|
|
|
Interest
expense
|
|
57
|
|
|
67
|
|
Income tax
expense
|
|
2
|
|
|
26
|
|
Depreciation and
amortization
|
|
73
|
|
|
73
|
|
Foreign currency
loss
|
|
3
|
|
|
1
|
|
EBITDA
|
|
436
|
|
|
413
|
|
|
|
|
|
|
Add:
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
|
(40)
|
|
|
(28)
|
|
Distributions from
equity investments (a)
|
|
54
|
|
|
37
|
|
Non-cash impairment
at Ozark Gas Gathering
|
|
9
|
|
|
—
|
|
Other
|
|
3
|
|
|
2
|
|
Less:
|
|
|
|
|
Interest
expense
|
|
57
|
|
|
67
|
|
Equity
AFUDC
|
|
11
|
|
|
4
|
|
Net cash paid for
income taxes
|
|
5
|
|
|
—
|
|
Distributions to
non-controlling interests
|
|
7
|
|
|
5
|
|
Maintenance capital
expenditures (b)
|
|
28
|
|
|
24
|
|
Total
Distributable Cash Flow
|
|
$
|
354
|
|
|
$
|
324
|
|
|
|
|
|
|
(a) Excludes $2
million and $12 million in distributions of investment in equity
method affiliates for the three month period ended March 31, 2015
and 2014, respectively.
|
(b) Excludes
reimbursable expenditures.
|
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
|
|
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 - Asset impairment
at Ozark Gas Gathering.
|
Spectra Energy
Partners, LP
|
Reported to
Ongoing Earnings Reconciliation
|
March 2014
Year-to-date
|
(Unaudited)
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
SEGMENT
EARNINGS BEFORE INTEREST, TAXES, AND DEPRECIATION AND
AMORTIZATION
|
|
Reported
Earnings
|
|
Special
Items
|
|
Ongoing
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Transmission
|
|
|
|
$
|
374
|
|
|
$
|
—
|
|
|
$
|
374
|
|
Liquids
|
|
|
|
58
|
|
|
—
|
|
|
58
|
|
Total Reportable Segment EBITDA
|
|
|
432
|
|
|
—
|
|
|
432
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(19)
|
|
|
—
|
|
|
(19)
|
|
Total Reportable Segment and other EBITDA
|
|
|
$
|
413
|
|
|
$
|
—
|
|
|
$
|
413
|
|
|
|
|
|
|
|
|
|
|
EARNINGS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reportable
Segment EBITDA and Other EBITDA
|
|
$
|
413
|
|
|
$
|
—
|
|
|
$
|
413
|
|
Depreciation and
Amortization
|
|
(73)
|
|
|
—
|
|
|
(73)
|
|
Interest
Expense
|
|
(67)
|
|
|
—
|
|
|
(67)
|
|
Other Income and
Expenses
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
Income Tax
Expense
|
|
(26)
|
|
|
23
|
|
A
|
(3)
|
|
Total Net
Income
|
|
246
|
|
|
23
|
|
|
269
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Noncontrolling Interests
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
Total Net
Income - Controlling Interests
|
|
$
|
242
|
|
|
$
|
23
|
|
|
$
|
265
|
|
|
|
|
|
|
|
|
|
|
A - Adjustment of
federal income tax liabilities related to the dropdown.
|
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-2015-results-300078422.html
SOURCE Spectra Energy Partners, LP