Spectra Energy Partners Executes Well Through First Quarter Following Spectra-Enbridge Merger
Spectra Energy Partners reported first-quarter results slightly ahead of consensus after adjustments for special items. The Partnership generated $545 million of ongoing EBITDA compared with consensus expectations of $508 million. The primary driver of the beat was favorable contribution from expansion projects (including Sabal Trail, AIM, and NEXUS). We have noted an accelerating incremental earnings contribution from these projects, with total U.S. Transmission segment revenue growing over 20%...Spectra Energy Partners is a partnership holding company. Through its subsidiaries and equity affiliates, the company is engaged in the transmission, storage and gathering of natural gas, and the transportation and storage of crude oil, through interstate pipeline systems in the U.S. and Canada. The company's operations and activities are managed by its general partner, Spectra Energy Partners (DE) GP, LP. The company manages its business in two reportable segments: U.S. Transmission, which provides transmission, storage, and gathering of natural gas in northeastern and southeastern U.S.; and Liquids, which provides transportation and storage of crude oil in central U.S. and Canada.
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