Page 3 - Liquids
SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 11/2/2017
Ongoing EBITDA from Liquids was $67 million in the third quarter
2017, compared with $60 million in the third quarter 2016. The increase is primarily a result of increased revenues due to the
Express Enhancement project placed into service in October 2016.
Ongoing net expenses from "Other" were $18 million
and $21 million in the third quarters 2017 and 2016, respectively. The 2017 period excludes special items of $3 million, primarily
from merger-related costs.
Interest expense was $75 million in the third quarter 2017,
compared with $53 million in the third quarter 2016, reflecting lower capitalized interest due to Sabal Trail being placed into
service in July 2017, and higher average debt balances in 2017.
Liquidity and Capital Expenditures
Total debt outstanding as of September 30, 2017, was $8.3 billion,
with available liquidity of approximately $600 million.
This year, Spectra Energy Partners has received net proceeds
of $141 million through its "At the Market" (ATM) equity issuance program, inclusive of the General Partner’s investment
to maintain its 2% ownership.
Including contributions from non-controlling interests, Spectra
Energy Partners has $1.5 billion of capital expansion spending planned in 2017, which is expected to be funded through a combination
of debt, equity, including the use of its ATM program, and return of capital from joint venture asset-level financings. Total capital
spending for the three months ended September 30, 2017, was $291 million, consisting of $222 million of growth capital expenditures
and $69 million of maintenance capital expenditures.