Spectra Energy Partners, LP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2018 10-Q, filed Nov 2, 2018. Its latest SEC filing is a S-3ASR from Aug 1, 2025.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Transports and stores natural gas and crude oil through pipeline systems for utilities, power generators and energy companies.

How Did They Make Money?

Customers pay for natural-gas transmission, storage and gathering, and crude-oil transportation services; bills for services provided during a month are generally collected the following month.

FY2017 revenue

Who Were Their Customers?

Local gas utilities, power generators and energy companies reserve pipeline or storage capacity under firm service agreements; industrial and commercial customers and energy marketers also use these services.

Customers above 10% of revenue, FY2017

of revenue from one customer

FY2015: no customer at 10% or more of revenue

Did Revenues Turn Into Profits?

Yes. It kept 31 cents of every revenue dollar as net income in FY2017, but spent more cash than it brought in: free cash flow was −$278M.

Operating income, FY2017

29% of revenue

▼ −54% vs FY2016 ($1.2B, 48%)

Net income, FY2017

31% of revenue

▼ −48% vs FY2016 ($1.2B, 46%)

Free cash flow, FY2017

−14% of revenue

▼ −68% (Loss) vs FY2016 (−$872M, −34%)

How Were They Changing?

Since the FY2017 annual report

Latest quarter: Q3 FY2018, the three months to Sep 30, 2018

Revenue: ▲ +6%; vs $693M in Q3 FY2017
Net income: ▼ −20%; vs $460M in Q3 FY2017

Dec 17, 2018 Enbridge acquired Spectra Energy Partners and the units were delisted Public unit holders received 1.111 Enbridge shares per unit, and the units stopped trading on the NYSE.
Aug 24, 2018 Enbridge agreed to acquire all publicly held partnership units The agreement provided for 1.111 Enbridge shares for each common unit.

Held flat. Revenue was $2B in FY2017, about the same as the $2B of FY2013.

Exited natural gas liquids transportation The older report included natural gas liquids transportation through investments in Sand Hills and Southern Hills; the later report says Spectra Energy acquired those interests.

Added Sabal Trail to the transmission portfolio The older report lists its U.S. transmission systems, while the later report also names Sabal Trail, which transports gas for power generation markets in Florida.

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