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Page 2 - FINANCIAL RESULTS SUMMARY

SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 2/15/2018


 

 

FINANCIAL RESULTS SUMMARY

 

Spectra Energy Partners reported a net loss of $489 million, including a net loss from controlling interests of $496 million, for the fourth quarter ended December 31, 2017, with diluted earnings per limited partner unit of $(1.86). For the year, net income was $703 million, which included net income from controlling interests of $609 million, with diluted earnings per limited partner unit of $0.77. The fourth quarter and yearly results included special items of $854 million and $848 million, respectively, primarily attributable to the TCJA enacted in December 2017, which decreased diluted earnings per limited partner unit by $2.68 for the quarter and $2.68 for the year.

 

Fourth quarter 2017 ongoing distributable cash flow (DCF) was $358 million, compared with $330 million in the prior-year quarter. For the year, ongoing DCF was $1.53 billion, a $235 million increase from $1.30 billion in 2016. Distributions per limited partner unit paid in 2017 were $2.83, compared with $2.63 per limited partner unit in 2016. The full year distribution coverage ratio was 1.2x.

 

For the quarter, ongoing earnings before interest, taxes, depreciation and amortization (EBITDA) were $532 million, compared with $510 million in the prior-year quarter. For the year, ongoing EBITDA was $2.18 billion, compared to $1.87 billion in 2016.

 

Ongoing net income from controlling interests was $358 million for the quarter, or $0.82 diluted earnings per limited partner unit, compared with $337 million, or $0.81 diluted earnings per limited partner unit in the prior-year quarter. The net loss from controlling interests was $496 million for the quarter, or $(1.86) diluted earnings per limited partner unit, compared with $301 million, or $0.70 diluted earnings per limited partner unit in the prior-year quarter.

 

For the year, ongoing net income from controlling interests was $1.46 billion, or $3.45 diluted earnings per limited partner unit, compared with $1.24 billion, or $3.10 diluted earnings per limited partner unit in 2016. Net income from controlling interests was $609 million in 2017, or $0.77 diluted earnings per limited partner unit, compared with $1.16 billion, or $2.84 diluted earnings per limited partner unit in 2016.

 

SEGMENT RESULTS

 

U.S. Transmission

 

Ongoing EBITDA from U.S. Transmission was $507 million in fourth quarter 2017, compared with $466 million in fourth quarter 2016. Fourth quarter 2017 results reflect increased earnings from expansion projects and slightly higher operating costs. As previously referenced, the 2017 ongoing quarterly results exclude $860 million attributable to the change in the federal income tax rate.

 

For the year 2017, ongoing EBITDA for U.S. Transmission was $2.01 billion, compared with $1.72 billion in 2016. The 2017 and 2016 ongoing EBITDA exclude special items of $21 million and $80 million in expenses, respectively, both related to the 2016 Texas Eastern pipeline incident. The 2017 ongoing results also exclude a special item of $860 million previously referenced and $34 million in expense, mainly from merger-related costs; primarily offset by a $106 million gain realized as a result of the deconsolidation and fair value re-measurement of our interest in Sabal Trail.