Last $53.69 USD
Change Today -0.45 / -0.83%
Volume 195.5K
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As of 8:04 PM 01/26/15 All times are local (Market data is delayed by at least 15 minutes).

spectra energy partners lp (SEP) Snapshot

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12/30/14 - $60.07
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spectra energy partners lp (SEP) Details

Spectra Energy Partners, LP operates as an investment arm of Spectra Energy Corp. Spectra Energy Partners, LP, through its subsidiaries, engages in the transportation of natural gas through interstate pipeline systems, and the storage of natural gas in underground facilities in the United States. As of December 31, 2007, it owned and operated 100% of the approximately 1,400-mile East Tennessee interstate natural gas transportation system that extends from central Tennessee eastward into southwest Virginia and northern North Carolina, and southward into northern Georgia; and a liquefied natural gas storage facility in Kingsport, Tennessee with working gas storage capacity of approximately 1.1 billion cubic feet (Bcf) and re-gasification capability of 150 million cubic feet per day. The company also owned a 24.5% interest in the approximate 700-mile Gulfstream interstate natural gas transportation system, which extends from Pascagoula, Mississippi, and Mobile, Alabama across the Gulf of Mexico and into Florida; a 50% interest in Market Hub, which owns and operates 2 salt cavern natural gas storage facilities, the Egan storage facility with gas capacity of approximately 20 Bcf, and the Moss Bluff storage facility with working gas capacity of 15 Bcf. The company transports and stores natural gas for local gas distribution companies, municipal utilities, interstate and intrastate pipelines, direct industrial users, electric power generators, marketers, and producers. Spectra Energy Partners (DE) GP, LP, operates as the general partner to Spectra Energy Partners, LP. The company is based in Houston, Texas.

spectra energy partners lp (SEP) Top Compensated Officers

Chairman of the Board of Spectra Energy Partn...
Total Annual Compensation: $1.1M
Chief Financial Officer of Spectra Energy Par...
Total Annual Compensation: $588.8K
Compensation as of Fiscal Year 2013.

spectra energy partners lp (SEP) Key Developments

Spectra Energy Partners, LP Enters into Amendment No. 1 to its $2 Billion Revolving Amended and Restated Credit Agreement Dated November 1, 2013

On December 11, 2014, Spectra Energy Partners, LP entered into Amendment No. 1 to its $2 billion revolving amended and restated credit agreement dated November 1, 2013 with the initial lenders and issuing banks named in the Credit Agreement and Citibank, N.A. as the administrative agent. J.P. Morgan Securities, LLC, Citigroup Global Markets Inc. and RBS Securities Inc. acted as Joint Lead Arrangers and Joint Bookrunners for the amendment. The amendment extends the termination date of the revolving credit facility to December 11, 2019, which may be extended for up to two additional one-year periods at the request of the Partnership (subject to the agreement of the lenders having commitments representing more than 50% of the aggregate commitments of all lenders and of each lender extending its commitment). Interest rates on borrowings under the Amended Credit Agreement will be based on prevailing interest rates and the credit ratings of the Partnership. Certain of the lenders under the Amended Credit Agreement and their respective affiliates perform various financial advisory, investment banking and commercial banking services from time to time for the Partnership and its affiliates, for which they received or will receive customary fees and expense reimbursement.

Spectra Energy Partners Mulls Acquisitions

Spectra Energy Partners, LP (NYSE:SEP) is seeking acquisitions. Greg Ebel, President and Chief Executive Officer of Spectra Energy Partners said, "And while we don't really look at opportunities in Mexico, opportunities into Mexico are very attractive for us in the acquisition. So I don't think it's just the Northeast." Greg added, "We'll see a lot of private equity or private capital has moved into this sector. Someone with some small assets with huge ramp-up expectations, they'll be looking for an opportunity to sell down some of those positions, some folks who don't have strong pads, the MLPs that don't have strong pads may be looking for opportunities to sponsor for a sponsor or partner on [specs]. So we look for those opportunities as well."

Spectra Energy, Spectra Energy Partners, LP, Northeast Utilities and Iroquois Gas Transmission System Collaborate to Deliver More Natural Gas to New England

Spectra Energy, Spectra Energy Partners and Northeast Utilities announced that they formed an alliance with Iroquois Gas Transmission System to provide New England with additional access to natural gas supplies. The companies said their collaboration would move natural gas from the Appalachian basin into New England by maximizing the use of existing infrastructure and already approved pipelines.


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