Spectra Energy Partners LP on Feb. 15 posted fourth-quarter 2017 EBITDA of negative $322.0 million, compared with $474.0 million of EBITDA a year earlier. The S&P Global Market Intelligence consensus EBITDA estimate for the most recent quarter was $552.7 million.
The Enbridge Inc. partnership's distributable cash flow in the quarter was $332.0 million, up from $271.0 million in the prior-year period.
Spectra Energy Partners reported a net loss of $489.0 million, compared with net income of $327.0 million a year earlier.
"Driven primarily by contributions from our successful expansion program, Spectra Energy Partners achieved yet another year of strong performance," Spectra Energy Partners Chairman and President Bill Yardley said in the earnings release. "Our 2017 results reinforce the strength and stability of our fee-based business model and exceptional asset footprint which delivered strong operational performance and achieved top delivery days across our major U.S. pipelines over the recent winter period."
For the full year, the partnership posted EBITDA of $1.33 billion, a drop from $1.79 billion in the prior-year period. The S&P Global Market Intelligence consensus estimate for full-year EBITDA was $2.15 billion.
Distributable cash flow for the year was $1.39 billion, up from $1.19 billion in the previous year.
Net income came to $703.0 million, compared with net income of $1.24 billion in the previous year.