Spectra Energy Partners Q4 Profit Surges - Quick Facts

(RTTNews) - Spectra Energy Partners LP (SEP) Tuesday said fourth-quarter net Income - controlling interests surged to $546 million from $146 million in the prior year.

Net income increased to $550 million from $150 million. Excluding two special items related to the dropdowns, a $354 million tax benefit for the quarter related to the elimination of deferred income tax liabilities and $1 million related to transaction costs, ongoing net income from controlling interests was $193 million for the fourth quarter 2013. Operating revenues increased to $520 million from $441 million in the prior year.

Distributable cash flow was $120 million, compared to $54 million in the prior-year quarter. Reported earnings before interest, taxes, depreciation and amortization or EBITDA was $355 million, up from $316 million in the prior year quarter.

Excluding a special item of $1 million for transaction costs related to the dropdowns, ongoing EBITDA was $356 million, compared to $316 million last year.

Greg Ebel, CEO, said, ''Spectra Energy Partners performed well in the fourth quarter, closing out a great year of transformative acquisitions, major asset dropdowns from its general partner, Spectra Energy, continued solid performance from its fee-based assets, and consistent distribution growth for its unitholders."