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Spectra Energy Secures Long-Term Contracts For Gulf Market Expansion Project

Stocks in this article: SESEP

HOUSTON, Nov. 11, 2013 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) and Spectra Energy Partners (NYSE: SEP) today announced they have executed new long-term contracts for 650,000 dekatherms per day (Dth/d) of natural gas shipments on the Texas Eastern pipeline system to support the growing manufacturing sector and liquefied natural gas (LNG) export industry along the Texas and Louisiana coast.

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"Spectra Energy's Texas Eastern system is strategically located to provide natural gas from the burgeoning Marcellus, Utica and Eagle Ford production areas to meet demand growth in the industrial and LNG export sectors," said Bill Yardley, president, U.S. Transmission and Storage, Spectra Energy. "We're proud to be the provider of choice for gas producers seeking new industrial markets and for the developing LNG export market in the Gulf Coast region."

Customers signing contracts for long-term service include:

  • EQT Corporation: 100,000 Dth/d, in-service 2016
  • GDF Suez S.A.: 200,000 Dth/d, in-service 2017
  • Mitsubishi Corporation: 100,000 Dth/d, in-service 2017
  • MMGS, Inc., a subsidiary of Mitsui & Co., Ltd: 100,000 Dth/d, in-service 2017
  • Range Resources, Appalachia LLC: 150,000 Dth/d, in-service 2016

Phase one of the project will transport 250,000 Dth/d as early as November 2016. Phase two will bring an additional 400,000 Dth/d to these markets beginning in September 2017 and ramping up through December 2018. The Gulf Markets Expansion Project is a continuation of Spectra Energy's development efforts, including the Team 2014 and OPEN projects, to transform its Texas Eastern Transmission mainline into a bi-directional system providing diverse supply access to Northeast, Southeast and Gulf Coast markets.

Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include more than 22,000 miles of natural gas, natural gas liquids, and crude oil pipelines, approximately 305 billion cubic feet (Bcf) of natural gas storage, as well as natural gas gathering and processing, and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, the largest producer of natural gas liquids and the largest natural gas processor in the United States. Spectra Energy has served North American customers and communities for more than a century. The company's longstanding values are recognized through its inclusion in the Dow Jones Sustainability World and North America Indexes and the CDP Global 500 and S&P 500 Climate Disclosure and Performance Leadership Indexes. For more information, visit www.spectraenergy.com.

Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based, master limited partnership, formed by Spectra Energy Corp (NYSE: SE). SEP is one of the largest fee-based MLPs in North America and owns interests in pipelines and storage facilities that connect growing supply areas to high-demand markets for natural gas, natural gas liquids, and crude oil. These assets include more than 17,000 miles of transmission and gathering pipelines, approximately 150 billion cubic feet of natural gas storage, and approximately 4.8 million barrels of crude oil storage. For more information, visit www.spectraenergypartners.com.

SOURCE Spectra Energy Corp; Spectra Energy Partners

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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