Spectra Energy Increases Earnings, Net Income and Quarterly Distribution
Spectra Energy Partners is registering what it calls "continued earnings and cash flow growth" because of capital expansions and "solid base business performance" in the second quarter.
Earnings were $548 million with net income from controlling interests of $328 million for the quarter, compared with $448 million in net income and $287 million for second quarter 2016.
Indeed, Houston-based Spectra points to the July 3rd on-time, on-budget service startup of the Sabal Trail Phase One natural gas transmission pipeline, more than 500 miles of pipe to South Florida, in cooperation with Duke Energy and NextEra Energy Inc.
The second quarter, the company added, included $29 million in "non-recurring special items" which decreased diluted earnings.
The company also announced the 39th consecutive quarterly distribution increase that's more than 7% higher than the distribution announced at this time last year.
Chairman and president of Spectra Bill Yardley said in a statement that "Spectra Energy Partners achieved another solid quarter thanks to the reliability and strength of our fee-based business model with no direct commodity exposure and virtually no volume exposure, and further enhanced by the successful execution of our expansion program.
By Mike Shiloh
Copyright August 07, 2017, Mike Shiloh, Texas Energy Report LLC, www.texasenergyreport.com, All rights are reserved