This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Spectra Energy And Spectra Energy Partners Secure Long-Term Contracts For Express Crude Oil Pipeline

HOUSTON, Sept. 10, 2013 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) and Spectra Energy Partners (NYSE: SEP) today announced new long-term agreements for shipments on the Express crude oil pipeline. As a result of a recent open season, firm contracted commitments on the pipeline have increased from 119 thousand barrels per day (mbpd) to 225 mbpd, with the average contract length going from 1.5 years to more than 11 years. Contracts stemming from this open season are effective as early as October 2013 and phase in over two years.

(Logo:   http://photos.prnewswire.com/prnh/20061030/CLM051LOGO)(Logo:   http://photos.prnewswire.com/prnh/20071107/CLW064)

"The success of this open season demonstrates the Express pipeline's strong positioning to meet growing oil transportation needs. We received shipping requests well in excess of the pipeline's capacity," said Duane Rae, president of Spectra Energy Liquids. "Our team has moved quickly to leverage the pipeline's growth potential, increasing the firm contract flow on Express by almost 90 percent and increasing the average contract length by about 10 years."

The company now expects 2014 EBITDA of $160 million for the Express-Platte pipeline system. 

The 785-mile Express pipeline, which has a design capacity of 280 mbpd, begins in Hardisty, Alberta, and terminates in Casper, Wyoming, where it connects to the Platte pipeline system.

Non-GAAP Financial Measures

This press release includes a discussion of projected EBITDA (earnings before interest, taxes and depreciation and amortization), which is a non-GAAP measure, for the Express-Platte system. The most directly comparable GAAP measure for projected 2014 EBITDA of $160 million is earnings before interest expense and income taxes of approximately $131 million plus depreciation and amortization expense of approximately $29 million.

Forward-Looking Statements

This press release contains forward-looking statements as defined under the federal securities laws, including projections, plans and objectives. Although Spectra Energy Corp and Spectra Energy Partners believe that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond the companies' control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may vary materially from what the companies anticipated, estimated, projected or expected. The key risk factors that may have a direct bearing on the forward-looking statements are described in the filings that each company makes with the Securities and Exchange Commission. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than as described. All forward-looking statements in this release are made as of the date hereof and the companies undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs