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Page 1 - Exhibit 99.1

SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 11/2/2017


 

Exhibit 99.1

 

 

 

Spectra Energy Partners Reports Third Quarter 2017 Results and

Announces 40th Consecutive Quarterly Cash Distribution Increase

 

HOUSTON, November 1, 2017 – Spectra Energy Partners, LP (NYSE: SEP) today reported net income of $471 million, including net income from controlling interests of $460 million, for the third quarter ended September 30, 2017, with diluted earnings per limited partner unit of $1.15. The third quarter results included non-recurring special items of $80 million, which increased diluted earnings per limited partner unit by $0.26.

 

HIGHLIGHTS:

·Growth in earnings and cash flow supported by expansion projects and solid base business performance
·More than $2 billion of projects to be placed into service in 2017; continued advancement of an incremental $2.5 billion of commercially secured projects
·NEXUS received FERC approval in late August and construction is now underway with a targeted in-service date of third quarter 2018
·Announced 40th consecutive quarterly distribution increase, representing a 7.4% increase over the distribution declared in November 2016

 

Third quarter 2017 ongoing distributable cash flow (DCF) was $398 million, compared with $313 million in the prior-year quarter. Full-year coverage is expected to be at the high end of the previously provided guidance range of 1.05x-1.15x.

 

For the quarter, ongoing earnings before interest, taxes, depreciation and amortization (EBITDA) were $554 million, compared with $469 million in the prior-year quarter. Ongoing net income from controlling interests was $379 million for the quarter, or $0.89 diluted earnings per limited partner unit, compared with $313 million, or $0.76 diluted earnings per limited partner unit in the prior-year quarter. Net income from controlling interests was $460 million for the quarter, or $1.15 diluted earnings per limited partner unit, compared with $275 million, or $0.64 diluted earnings per limited partner unit in the prior-year quarter.

 

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