Spectra Energy Corp
 (SE)

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  • Aug. 17, 2015, 8:11 AM
    • Spectra Energy (NYSE:SE) is bidding for the whole of Williams Cos. (NYSE:WMB), despite its market cap being about half of the latter, Reuters reports.
    • Kinder Morgan (NYSE:KMI) is also interested in the company, but would face potential antitrust issues if it proceeded with a bid.
    • Williams put itself up for sale in June after rejecting a $53.1B all-stock takeover bid (including debt) from Energy Transfer Equity (NYSE:ETE).
    • WMB +1.5% premarket
    | Aug. 17, 2015, 8:11 AM | 26 Comments
  • Aug. 11, 2015, 10:25 AM
    • Credit Suisse upgrades the MLP sector to Overweight following the recent sharp selloff, saying reversion to mean yield ranges suggest a total return outlook of more than 40%.
    • The firm notes that the overwhelming majority of distributions have been made, and MLPs are tracking to 7.8% Y/Y growth (excluding upstream and coal), above last year and at the high end of its 5%-8% forecast range for this year.
    • Credit Suisse says its top picks in the group are Genesis Energy (NYSE:GEL), Tallgrass Energy Partners (NYSE:TEP) and Energy Transfer Equity (NYSE:ETE).
    • The firm also says defensive names with low commodity exposure make the most sense going forward and have held up best in the current bear market, including pipeline-oriented MLPs such as Spectra Energy (NYSE:SE) and Kinder Morgan (NYSE:KMI), and the just-upgraded ONEOK Partners (NYSE:OKS) and Magellan Midstream (NYSE:MMP).
    • Small cap Midcoast Energy Partners (NYSE:MEP) is vastly oversold, the firm says, noting it has garnered parental support for 2.5 years.
    • Also viewed favorably: WES, CNNX, ENLK, EQM, PBFX, PSXP, WNRL, VLP
    • ETFs: AMLP, AMJ, KYN, MLPL, YMLP, TYG, SRV, KYE, CEM, MLPI, NML, FEN, NTG, MLPA, KMF, EMLP, FMO, MLPN, SRF, FEI, JMF, CBA, MLPG, MLPX, GMZ, EMO, MLPS, MLPY, TTP, CTR
    | Aug. 11, 2015, 10:25 AM | 32 Comments
  • Aug. 5, 2015, 2:45 PM
    • Energy Transfer Equity (ETE -2.9%) has progressed to the second round of bidding for Williams Cos. (WMB -1.7%), a key milestone in its efforts to clinch a friendly takeover, Reuters reports.
    • WMB decided to put itself on the auction block after it rejected an acquisition proposal from ETE in June worth ~$53B at the time including the assumption of debt, aimed at disrupting WMB's plans to acquire its pipeline subsidiary Williams Partners (WPZ -3.6%).
    • WMB reportedly has attracted other bidders, although it is not yet clear which other companies made it through to the second round; Kinder Morgan (KMI -3.5%) and Spectra Energy (SE +0.4%) reportedly have expressed interest in WMB, but KMI could face significant antitrust hurdles because of its size.
    | Aug. 5, 2015, 2:45 PM | 32 Comments
  • Aug. 5, 2015, 6:38 AM
    • Spectra Energy (NYSE:SE): Q2 EPS of $0.23 beats by $0.05.
    • Revenue of $1.19B (-4.8% Y/Y) misses by $140M.
    | Aug. 5, 2015, 6:38 AM
  • Aug. 5, 2015, 6:35 AM
    • Spectra Energy (NYSE:SE): Q2 EPS of $0.23 beats by $0.05.
    • Revenue of $1.19B (-4.8% Y/Y) misses by $140M.
    | Aug. 5, 2015, 6:35 AM
  • Aug. 4, 2015, 5:30 PM
  • Jul. 22, 2015, 11:59 AM
    • Cheap natural gas trapped in the northeast U.S. will be heading south by the end of the year, narrowing the premium for gas in the southeast to as little as $0.30/mmBtu from more than $1 vs. the northeast, analysts say.
    • Pipeline expansions by Williams Cos. (WMB, WPZ), Kinder Morgan (NYSE:KMI) and Spectra Energy (SE, SEP) will carry shale gas from the Marcellus reservoir to southern states as early as Q4, closing the divide between the winners and losers of the U.S. shale revolution.
    • Projects capable of carrying as much as 2.1B cf/day, or ~17% of southeast demand, are scheduled to begin service by the end of the year, and some of the shale gas will flow to Florida, where power plant demand for the fuel hit a record for April, up 13% Y/Y.
    • ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DBE, DCNG, RJN, JJE, ONG, UBN
    | Jul. 22, 2015, 11:59 AM | 46 Comments
  • Jul. 15, 2015, 7:55 AM
    • Canada's National Energy Board orders Spectra Energy (NYSE:SE) to correct a series of "management system failures" following more than two dozen safety and security incidents at its Canadian plants and facilities since 2014.
    • The regulator outlines several concerns and asks SE to fix problems at its Westcoast Energy processing plants in western Canada, and says more sanctions could follow if the company is unable to abide by the order.
    • The order says SE violated regulations, related to issues such as inadequate inspection and testing of material handling equipment, 27 times since April 2014.
    | Jul. 15, 2015, 7:55 AM
  • Jul. 8, 2015, 12:50 PM
    • Spectra Energy (NYSE:SE) declares $0.37/share quarterly dividend, in line with previous.
    • Forward yield 4.66%
    • Payable Sept. 9; for shareholders of record Aug. 12; ex-div Aug. 10.
    | Jul. 8, 2015, 12:50 PM
  • May 6, 2015, 2:48 PM
    • Spectra Energy (SE -1.4%) drifts lower after Q1 earnings and revenues both miss analyst estimates, hurt by the downturn in energy prices and the weaker Canadian dollar, even as the company said it exceeded its expectations for adjusted profit and cash generation.
    • Spectra Energy Partners, the company's largest business, reported a 6% rise in EBITDA to $455M, driven by increased earnings from expansion projects and higher volumes at its Sand Hills natural gas pipeline.
    • Q1 revenues at SE's Western Canada Transmission business, which accounted for nearly 25% of the company's overall profit last year, plunged 35% largely due to currency fluctuations and lower oil; EBITDA in the segment fell 32% to $161M.
    • Q1 EBITDA in the distribution business fell 15% Y/Y to $192M, also mostly because of the weaker Canadian currency.
    • SE's field services segment swung to a $14M loss from a year-earlier profit of $130M, attributed to lower commodity prices and a decrease in gains associated with the issuance of partnership units by DCP Midstream Partners.
    | May 6, 2015, 2:48 PM
  • May 6, 2015, 11:53 AM
    • Duke Energy (NYSE:DUK) acquires a 7.5% ownership stake in the proposed $3B Sabal Trail natural gas pipeline that will traverse Georgia, Alabama and Florida.
    • DUK plans to invest ~$225M in the 500-mile underground pipeline that will have the capacity to deliver 1.1B cf/day of natural gas per day to the southeast U.S. market.
    • DUK gained its ownership share from Spectra Energy (NYSE:SE), which will own 59.5% of the project, the other partner, NextEra Energy (NYSE:NEE), owns 33%.
    • The pipeline, scheduled to begin service in 2017, requires federal and other regulatory approvals.
    | May 6, 2015, 11:53 AM
  • May 6, 2015, 6:31 AM
    • Spectra Energy (NYSE:SE): Q1 EPS of $0.41 misses by $0.01.
    • Revenue of $1.62B (-12.0% Y/Y) misses by $170M.
    | May 6, 2015, 6:31 AM
  • May 5, 2015, 5:30 PM
  • Apr. 28, 2015, 7:37 AM
    • Spectra Energy (NYSE:SE) declares $0.37/share quarterly dividend, in line with previous.
    • Forward yield 3.93%
    • Payable June 9; for shareholders of record May 13; ex-div May 11.
    | Apr. 28, 2015, 7:37 AM
  • Mar. 27, 2015, 2:31 PM
    • The FERC directs the partnership behind the Nexus natural gas pipeline proposed for northeast Ohio to investigate an alternative route that would relocate the $2B project to less populated areas.
    • The agency's move comes a day after the city of Green proposed moving 103 miles of the pipeline through the Akron-Canton area to locations that would conflict less with residential areas.
    • Nexus, a partnership of Spectra Energy (SE, SEP) and DTE Energy (NYSE:DTE), would transport as much as 2B cf/day of gas from the Utica Shale formations in eastern Ohio.
    | Mar. 27, 2015, 2:31 PM | 3 Comments
  • Mar. 17, 2015, 10:58 AM
    • The Keystone pipeline disappointment is hardly a death knell for TransCanada (NYSE:TRP), as the company remains one of the top holdings in Skip Aylesworth’s Hennessy Gas Utility fund, which climbed 21% last year as distribution gains trumped price drops.
    • TRP is "a fine, healthy company and, yes, this is a hiccup, and they would love to see Keystone happen, but it is just a part of their business," Aylesworth tells Barron's.
    • Of one Aylesworth's favorite energy investments actually is Berkshire Hathaway (BRK.A, BRK.B), which is heavily involved in the distribution of natural gas and owner of Burlington Northern, which is exploring using natural gas to fuel long-distance freight trains.
    • Other favorites: ENB, WMB, LNG, NJR, KMI, SE
    | Mar. 17, 2015, 10:58 AM | 28 Comments
Company Description
Spectra Energy Corp. through its subsidiaries and equity affiliates owns and operates a portfolio of complementary natural gas-related energy assets. It also own and operate a crude oil pipeline system.