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Page 2 - QUARTERLY DISTRIBUTION

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


 

 

QUARTERLY DISTRIBUTION

 

Spectra Energy Partners announced today that the board of directors of the general partner declared a quarterly cash distribution to unitholders of $0.72625 per unit, an increase of 1.25 cents over the previous level of $0.71375 per unit and a 7.4% increase compared to third quarter 2016. The cash distribution is payable on November 29, 2017 to unitholders of record at the close of business on November 13, 2017. This quarterly cash distribution equates to $2.905 per unit on an annual basis.

 

PRESIDENT COMMENT

 

“Spectra Energy Partners achieved another solid quarter primarily due to the contributions from our robust expansion program,” said Bill Yardley, Chairman and President of Spectra Energy Partners. “We are on track to place more than $2 billion of projects into service in 2017 which will support our continued stable cash flow generation for investors. Most notably, Sabal Trail was placed into service on-time and on-budget in July and we are bringing three additional projects into service in November – Access South, Adair Southwest and the initial phase of Atlantic Bridge. We are also pleased to have FERC approval for the NEXUS project, which is now under construction and scheduled to come into service in third quarter 2018.

 

“Our base business also continues to perform well. We realized a renewal rate of 98% of contracted revenues on our U.S. natural gas pipelines – a solid indication of the value our customers place on our services and existing strategic footprint.

 

“We are pleased to announce our quarterly cash distribution increase which marks the 10th consecutive year of quarterly distribution increases demonstrating SEP’s low-risk, stable distributable cash flow model,” Mr. Yardley concluded.

 

SEGMENT RESULTS

 

U.S. Transmission

 

Ongoing EBITDA from U.S. Transmission was $505 million in the third quarter 2017, compared with $430 million for the third quarter of 2016 and reflects increased earnings from expansion projects (AIM, Gulf Markets, NEXUS, Access South and Adair Southwest) and slightly lower operating costs. The 2017 and 2016 ongoing results exclude special items of $18 million and $38 million in expenses, respectively, both related to the 2016 Texas Eastern pipeline incident. The 2017 ongoing results also exclude a $106 million gain realized as a result of the deconsolidation and fair value re-measurement of our interest in Sabal Trail, partially offset by $4 million in expense, primarily from merger-related costs.

 

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