trending Market Intelligence /marketintelligence/en/news-insights/trending/F7hajlMW5SOiCxwJoKeJ8g2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Spectra's Q1 results dip even as expansion projects lift partnership's results

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Spectra's Q1 results dip even as expansion projects lift partnership's results

Spectra EnergyCorp on May 4 reported first-quarter 2016 ongoing net income fromcontrolling interests of $238 million, or 35 cents per share, compared to $274million, or 41 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe first quarter was 38 cents.

Net income from controlling interests for the first quarterwas posted at $234 million, or 35 cents per share, compared to $267 million, or40 cents per share, in the same period last year.

First-quarter ongoing EBITDA totaled $757 million, comparedto $788 million in the prior-year quarter, while distributable cash flow forthe first quarter totaled $523 million, compared to $578 million in theprior-year quarter.

"Our businesses generated strong earnings and cash flowdespite continued headwinds in the sector," said Greg Ebel, CEO of Spectra.

Operating revenues at Spectra fell to $1.38 billion for thequarter, compared to $1.62 billion in the 2015 first quarter.

In a separate earnings release, reportedfirst-quarter 2016 EBITDA of $447 million, compared to $436 million in the sameperiod last year. DCF for the first quarter amounted to $371 million, comparedto $354 million in the year-ago quarter.

Reported net income from controlling interests for the firstquarter was posted at $298 million, compared to $293 million in the prior-yearperiod.

Spectra attributed the year-over-year growth in EBITDA toexpansion projects and the partnership expects to add more fee-based earningsas its $6 billion of expansion projects begin service in 2016 through 2019.

"Spectra Energy Partners grew its earnings anddistributable cash flow in the first quarter, despite the continuing weakenergy sector fundamentals and a warm winter. Our results once again underlinethe reliability and strength of our business model," said Ebel, who alsoserves as the CEO of the partnership.

The partnership also increased its quarterly cashdistribution to 65.125 cents per unit, or $2.605 on an annualized basis,payable on May 27 to unit holders of record at the close of business on May 16.The distribution represents an increase of 5 cents over the year-ago quarter,and an increase of 1.25 cents over the previous quarter.