Company's estimated expansion capital expenditures in 2009 is $60 million
Spectra Energy Partners, engaged in the transportation of natural gas through interstate pipeline systems, has reported a net income of $25.4 million for the fourth quarter of 2008, compared to $21.7 million for the same quarter of 2007.
The company has reported a net income of $101.3 million for 2008, compared to $202.9 million for 2007. The company has reported operating revenues of $124.9 million for 2008, compared to $121.1 million for 2007.
For the fourth quarter of 2008, the company has reported operating revenues of $33.2 million, compared to $30.7 million for the same period of 2007.
According to the company, it recognized $7.1 million in equity earnings from its 24.5 percent interest in Gulfstream in the fourth quarter compared with $5.1 million in the fourth quarter of 2007. The increased earnings resulted primarily from new contracts associated with the Phase III and Phase IV expansion projects.
Spectra Energy Partners recognized $ 9.1 million in equity earnings from its 50 percent interest in Market Hub Partners (MHP) during the fourth quarter compared with $9.0 million during the fourth quarter 2007.
Greg Rizzo, president and CEO of Spectra Energy Partners, said: “Our asset base provides stable earnings and cash flow. We have a well-structured balance sheet and the liquidity to execute on our growth plan.”