Spectra Energy Partners, LP Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Capital Expenditure Guidance for the Fiscal 2016
May 04, 2016 at 05:27 pm EDT
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Spectra Energy Partners, LP announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported operating revenues were $624 million against $606 million a year ago. Operating income was $324 million against $311 million a year ago. Earnings before income taxes were $315 million against $303 million a year ago. Net income was $311 million against $301 million a year ago. Net income controlling interest was $298 million against $293 million a year ago. Diluted earnings per share were $0.10 against $0.02 a year ago. EBITDA was $447 million against $436 million a year ago. Including contributions from noncontrolling interests of $95 million, total capital spending in first quarter 2016 was $400 million, composed of $365 million of growth capital expenditures. Maintenance capital expenditures was $35 million against $28 million a year ago. Total distributable cash flow was $371 million against $354 million a year ago. Total debt outstanding at Spectra Energy Partners as of March 31, 2016, was $7.0 billion, with available liquidity of $1.4 billion.
Including contributions from noncontrolling interests, Spectra Energy Partners has $1.8 billion of capital expansion spending planned in 2016, which will be funded through a combination of debt and equity.
Spectra Energy Partners, LP is a United States-based company. The Company provides pipeline and storage facilities for master limited partnerships businesses in the United States with expanding natural gas, crude oil, and liquids markets. It offers pipeline services for growing supply areas to demanded markets for natural gas and crude oil.
Spectra Energy Partners, LP Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Capital Expenditure Guidance for the Fiscal 2016