Spectra Energy Partners, LP

CIK:0001394074|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating revenues
Total operating revenues	$ 737	$ 693	$ 2,242	$ 2,088
Operating expenses
Operating, maintenance and other	227	197	606	633
Depreciation, Amortization and Accretion, Net			278	255
Depreciation and amortization	89	86	268	258
Property and other taxes	54	36	173	148
Total operating expenses	370	319	1,047	1,039
Operating income	367	374	1,195	1,049
Other income and expenses
Earnings from equity investments	81	161	210	239
Other income and expenses, net	17	15	51	109
Total other income and expenses	98	176	261	348
Interest expense	85	75	255	191
Earnings before income taxes	380	475	1,201	1,206
Income tax expense	3	4	15	14
Net income	377	471	1,186	1,192
Net income attributable to controlling interests	366	460	1,154	1,105
Calculation of Limited Partners’ Interest in Net Income:
Net income attributable to controlling interests	366	460	1,154	1,105
Net income attributable to general partner	0	101	0	284
Net income attributable to limited partners	$ 366	$ 359	$ 1,154	$ 821
Weighted average limited partner units outstanding—basic and diluted	485	311	472	310
Net income per limited partner unit—basic and diluted	$ 0.75	$ 1.15	$ 2.44	$ 2.65
Distributions paid per limited partner unit	$ 0.76375	$ 0.71375	$ 2.25375	$ 2.10375
Net Income (Loss) Attributable to Noncontrolling Interest	$ 11	$ 11		$ 87
Noncontrolling Interests
Other income and expenses
Net income				87
Calculation of Limited Partners’ Interest in Net Income:
Net Income (Loss) Attributable to Noncontrolling Interest			$ 32
Transportation of natural gas
Operating revenues
Total operating revenues	581	541	1,770	1,617
Transportation of crude oil
Operating revenues
Total operating revenues	102	94	297	295
Storage of natural gas and other
Operating revenues
Total operating revenues	$ 54	$ 58	$ 175	$ 176

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
OPERATING ACTIVITIES
Net income	$ 1,186	$ 1,192
Depreciation, Amortization and Accretion, Net	278	255
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense	1	2
Earnings from equity investments	(210)	(239)
Distributions from equity investments	153	105
Increase (Decrease) in Regulatory Liabilities	(25)	0
Change in operating assets and liabilities	(126)	(174)
Net cash provided by operating activities	1,257	1,141
INVESTING ACTIVITIES
Capital expenditures	(680)	(1,592)
Investments in and loans to unconsolidated affiliates	(520)	(218)
Purchase of intangible, net	0	(40)
Distributions from equity investments	39	27
Other	3	1
Cash Divested from Deconsolidation	0	(67)
Net cash used in investing activities	(414)	(1,889)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt	794	400
Payments for the redemption of long-term debt	(500)	(816)
Proceeds from Related Party Debt	638	0
Net change in credit facility draws and commercial paper borrowings	(589)	1,459
Distributions to noncontrolling interests	(40)	(37)
Contributions from noncontrolling interests	1	416
Proceeds from the issuances of units	0	115
Distributions to partners	(1,092)	(907)
Other	(11)	(1)
Net cash provided by (used in) financing activities	(799)	629
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	44	(119)
Supplemental Information
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	114	233
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	158	114
Sabal Trail Transmission L L C [Member]
INVESTING ACTIVITIES
Distributions from equity investments	$ 744	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents		$ 107
Receivables (net of allowance for doubtful accounts of $16 and $10 at September 30, 2018 and December 31, 2017, respectively)	$ 322	372
Inventory	55	40
Fuel tracker	114	19
Other assets, net	48	23
Total current assets	695	561
Investments and Other Assets
Investments in and loans to unconsolidated affiliates	3,101	3,302
Goodwill	2,954	2,957
Property, Plant and Equipment
Property, plant and equipment, net	15,322	14,899
Regulatory and other assets	339	337
Total assets	22,411	22,056
Current Liabilities
Accounts payable	249	259
Taxes payable	101	84
Interest payable	45	68
Current portion of long-term debt	0	500
Natural Gas Imbalance Payable	49	80
Collateral liabilities	41	39
Other	72	75
Total current liabilities	557	1,105
EUS 364-day Credit Facility Principle	638	0
Long-term Debt	8,157	7,963
Deferred Credits and Other Liabilities
Deferred income taxes	47	46
Regulatory and other liabilities	1,010	1,041
Partners’ Capital
Common units (311.0 and 308.4 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively)	11,641	11,183
General partner units (6.3 units issued and outstanding at September 30, 2017 and December 31, 2016)	0	386
Accumulated other comprehensive loss	3	(33)
Total partners’ capital	11,644	11,536
Noncontrolling interests	358	365
Total equity	12,002	11,901
Total Liabilities and Equity	22,411	22,056
Liabilities	$ 10,409	$ 10,155