By Ezequiel Minaya
Spectra Energy Corp., as it prepares to merge with Canadian pipeline operator Enbridge Inc., posted an increase in income during the latest quarter, helped in part by its field-services segment, which swung to a profit.
For the period, the field service segment posted earnings before interest, taxes, depreciation and amortization of $12 million, up from a loss of $3 million a year earlier.
Like many in the energy industry, the pipeline and natural-gas storage company has been hurt by the drop in energy prices.
For the quarter, the Houston-based company reported a profit of $281 million, or 28 cents a share, compared with $243 million, or 26 cents, a year prior.Revenue dropped 2.5% to $1.08 billion.
Analysts forecast adjusted earnings of 26 cents a share on revenue of $1.14 billion, according to Thomson Reuters.
In September, Enbridge agreed to buy Spectra in an all-stock deal valued about $28 billion, creating a North American energy-infrastructure giant. The deal was a shift away from reliance on crude oil and is a bullish bet on natural gas by crude-hauling heavyweight Enbridge.
Houston-based Spectra's natural gas-focused network taps the Marcellus basin in the eastern U.S. to serve the Gulf and East Coasts, and includes one of the biggest natural gas pipelines feeding New York City.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
November 02, 2016 10:34 ET (14:34 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.