Spectra Energy releases Q1 2014 results

Spectra Energy Corp has reported a Q1 2014 net income from controlling interests and ongoing net income of US$ 419 million, or US$ 0.62 diluted EPS, compared with US$ 340 million, or US$ 0.51 diluted EPS, in Q1 2013.

In Q1 2014, reported and ongoing earnings before interest, taxes, depreciation and amortization (EBITDA) stood at US$ 1.01 billion, compared with US$ 831 million in the same quarter a year earlier. Distributable cash flow for Q1 2014 was US$ 631 million, compared with US$ 503 million in Q1 2013.

“Our results both financially and operationally exceeded our expectations in the first quarter of 2014. New assets in our portfolio, increased winter demand on our system and higher commodity prices all helped to deliver an excellent quarter, and importantly, a strong start to the full year,” said Greg Ebel, Chief Executive Officer at Spectra Energy.

“This past winter was a real test for our system, and we reliably met our customer demands throughout the season. The high utilisation rates of our pipeline and storage facilities further demonstrate the value of our assets and underscore the need for continued growth of our footprint – all of which directly translates into significant value for our customers and investors,” Ebel added.

Read Spectra Energy’s first quarter results in full here.

Adapted from press release by Rosalie Starling

Read the article online at: https://www.worldpipelines.com/business-news/12052014/spectra_energy_releases_q1_2014_results_322/