Page 3 - Liquids
SPECTRA ENERGY PARTNERS, LP filed this Form 8-K on 2/15/2018
EBITDA from Liquids was $60 million in fourth quarter 2017, compared with $63 million in fourth quarter 2016.
The decrease is mainly due to higher integrity and maintenance expenses.
year 2017, ongoing EBITDA for Liquids was $260 million, compared with $237 million in 2016. The increase is primarily
a result of increased revenues due to the Express Enhancement project placed into service in October 2016.
net expenses were $35 million in fourth quarter 2017, compared with $19 million in fourth quarter 2016.
year 2017, ongoing net expenses were $89 million, compared with net expenses of $82 million in 2016. The 2017 ongoing
net expense excludes special items of $38 million, primarily from merger-related costs.
expense was $74 million in fourth quarter 2017, compared with $59 million in fourth quarter 2016, reflecting
lower capitalized interest and higher average debt balances in 2017.
the year 2017, interest expense was $265 million, compared with $224 million in 2016, reflecting higher average
debt balances in 2017 and lower capitalized interest.
Liquidity and Capital Expenditures
outstanding at Spectra Energy Partners as of December 31, 2017, was $8.5 billion. Available liquidity at the
end of the quarter was $353 million.
contributions from noncontrolling interests of $418 million, total capital and investment spending for the year was approximately $1.8
billion, and consisted of about $1.6 billion of growth capital expenditures and about $243 million of maintenance
capital expenditures. Maintenance capital expenditures include a $44 million special item related to the 2016 Texas
Eastern pipeline incident.
Spectra Energy Partners received net proceeds of $171 million through its "At the Market" (ATM) equity
issuance program, with $58 million raised in the fourth quarter.
from noncontrolling interests, Spectra Energy Partners has $1.6 billion of capital expansion planned in 2018, 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
In early January,
Texas Eastern issued $800 million of long-term debt split evenly between 10 and 30-year tranches at attractive coupons of 3.50%
and 4.15%. The net proceeds from the offering were used to repay an affiliate loan of $400 million from SEP and remaining proceeds
were distributed to SEP, which the Partnership used to pay down commercial paper and revolver borrowings.