Spectra Energy Partners Q2 Profit Rises - Quick Facts

(RTTNews) - Spectra Energy Partners, LP's (SEP) net income for the second quarter 2013 was $49.3 million up from $46.9 million in the second quarter 2012. But net income per limited partner unit declined to $ 0.36, from $0.42 last year.

Cash available for distribution was $55.6 million, compared with $53.1 million in the prior-year quarter.

The increases in both net income and cash available for distribution were primarily the result of the October 31, 2012 acquisition of a 38.76 percent interest in Maritimes & Northeast Pipeline, L.L.C. (M&N US), partially offset by expected lower storage revenues at Market Hub Partners (MHP) and higher costs.

Operating income was $26.2 million for the second quarter 2013, compared with $31.1 million in the prior-year quarter. The decrease was mostly driven by higher costs at East Tennessee, acquisition costs related to the Express-Platte drop-down, and lower revenues at Ozark.

Operating revenues for the quarter declined to $56.9 million from $58.7 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share and revenues of $58.35 million for the quarter. Analysts' estimates typically exclude special items.