December 2012, Vol. 239 No. 12

Projects

Spectra Energy, Phillips 66 Acquire Pipeline Interests

Spectra Energy has reached an agreement in principle to acquire a one-third interest in the Sand Hills and Southern Hills pipelines, both of which are under construction by DCP Midstream, LLC, a 50/50 joint venture between Spectra Energy and Phillips 66. Upon closing, Spectra , Phillips 66, and DCP Midstream each will own a one-third interest in the two pipelines – and will equally fund the remaining capital expenditures through completion of the pipelines. The aggregate investment by Spectra in the two pipeline projects is expected to be$700-800 million. “Sand Hills and Southern Hills are outstanding natural gas liquids (NGL) pipeline projects that are a strategi

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