Spectra Energy Corp Acquires One-Third Interest in Sand Hills and Southern Hills Pipelines
Spectra Energy Corp (NYSE: SE) today announced it has closed its previously announced acquisition of a one-third interest in the Sand Hills and Southern Hills pipelines, both of which currently are under construction by DCP Midstream, LLC (DCP Midstream), a 50/50 joint venture between Spectra Energy and Phillips 66.
Spectra Energy, Phillips 66, and DCP Midstream each own a one-third interest in the two pipelines – and will equally fund the remaining capital expenditures through completion. The aggregate investment by Spectra Energy in the two pipeline projects is expected to be approximately $700-800 million.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.