- Spectra Energy (SE +2.2%) is higher after reporting its Q4 earnings rose 11% Y/Y as it completed the sale of its U.S. operations to Spectra Energy Partners (SEP +0.7%) and boosted revenue in its remaining segments.
- Overall operating revenue jumped 16% to $1.57B, while overall operating expenses increased 11% to $1.09B.
- Operating revenue in its western Canada transmission and processing segment rose 22% to $533M as its Empress NGL business posted stronger earnings due to higher propane sales prices, lower costs and improved contracting structures.
- Distribution revenue rose 12% on higher approved rates and colder weather but was weighed by a lower Canadian dollar and higher operating and fuel costs.
- SEP's Texas Eastern subsidiary files with the FERC to build a ~$468M pipeline extension that would allow it to move natural gas from Ohio to the Gulf Coast.
Spectra +2.2% as profit jumps 11%, seeks OK for pipeline extension
Feb 4 2014, 11:44 ET