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Spectra Energy Corp (SE)

  • Tue, Mar. 17, 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
  • Tue, Feb. 24, 3:43 PM
    • Morgan Stanley’s (NYSE:MS) infrastructure arm has begun seeking bids for natural gas pipeline operator Southern Star Central, Bloomberg reports.
    • MS reportedly has sent offering documents to potential bidders including Tallgrass Energy Partners (NYSE:TEP) and TransCanada (NYSE:TRP), and is said to be soliciting bids from operators of gas pipelines including Williams Cos. (WMB, WPZ), Spectra Energy (NYSE:SE) and Boardwalk Pipeline Partners (NYSE:BWP), as well as other infrastructure investors such as Macquarie (NYSE:MIC).
    • Southern Star operates 6K miles of natural gas pipelines in the midwestern U.S., and is valued at as much as $1.5B.
  • Thu, Feb. 5, 6:10 PM
    • Spectra Energy (NYSE:SE) climbed 4.4% today after raising its projection for 2015 net income growth by a full percentage point over its prior forecast to a new range of 9%-10% above 2014 levels.
    • SE also said it continues to expect to distribute ~$1.2B to unitholders this year despite the slide in energy prices, increasing the annual dividend by $0.14/share.
    • Spectra Energy Partners (NYSE:SEP) sees distributable cash flow in 2015 of $1.1B, distribution increases of 8%/year through 2017, and a compound annual growth rate of 12.7% through 2017.
  • Wed, Feb. 4, 10:49 AM
    • Spectra Energy (SE -0.9%) is lower after reporting better than expected Q4 earnings, with growth in its western Canada transmission business helping offset plant turnarounds, the weaker Canadian dollar and falling gas prices.
    • SE says its distributable cash flow was flat at $316M at year-end 2014 compared to $315M in the prior year.
    • SE enjoyed a boost from its Canadian business, where earnings rose to $250M vs. $215M a year ago, as the business gained from its hedges as well as gathering and processing revenues.
    • Reported an $18M Q4 loss in its field services division compared to the previous years’ $72M gain, with the loss primarily due to lower commodity prices and asset transfers to DCP Midstream, of which SE splits 50-50 ownership with Phillips 66.
    • Meanwhile, Spectra Energy Partners (SEP -1.5%) reported EBITDA of $444M, up from $368M a year earlier, with distributable cash flow of $245M, vs. $120M in the prior-year quarter.
  • Wed, Feb. 4, 6:33 AM
    • Spectra Energy (NYSE:SE): Q4 EPS of $0.47 beats by $0.14.
    • Revenue of $1.6B (+2.6% Y/Y) beats by $10M.
    • Press Release
  • Tue, Feb. 3, 5:30 PM
  • Thu, Jan. 22, 4:55 PM
    • Spectra Energy (NYSE:SE) and Spectra Energy (NYSE:SEP) Partners agree to acquire from ConocoPhillips (NYSE:COP) all equity interest in the Brazoria Interconnector Gas Pipeline.
    • The BIG Pipeline will be a component of the Stratton Ridge Project, an expansion project of the Texas Eastern Transmission pipeline system to deliver up to 400K dka/day of natural gas.
    • The project has an expected cap of $200M and is anticipated to be in service by Q1 2019.
  • Tue, Jan. 6, 6:55 AM
    • Spectra Energy (NYSE:SE) declares $0.37/share quarterly dividend, 10.4% increase from prior dividend of $0.34.
    • Forward yield 4.24%
    • Payable March 10; for shareholders of record Feb. 13; ex-div Feb. 11.
  • Dec. 11, 2014, 6:25 PM
    • Spectra Energy (NYSE:SE) CEO Greg Ebel tells Fox Business Network the company has $9B worth of projects currently under execution, and SE expects to continue to raise its dividend in the 9%-10% range next year (video).
    • Ebel calls attention to "great contracts being underwritten by utilities needed regardless of the price of the product," including new pipeline projects into Manhattan, Boston and Florida.
    • After recently raising the dividend by 10.5%, Ebel says the quality and long-term nature of its contracts ensure that SE should be able to continue to hike dividends by 9%-10%.
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  • Nov. 5, 2014, 6:41 AM
    • Spectra Energy (NYSE:SE): Q3 EPS of $0.31 beats by $0.04.
    • Revenue of $1.21B (+6.1% Y/Y) misses by $50M.
    • Press Release
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  • Nov. 4, 2014, 5:30 PM
  • Oct. 29, 2014, 4:58 PM
    • Spectra Energy Partners (SEP, SE) says it is joining the development of the PennEast Pipeline, which is expected to transport natural gas from the Marcellus Shale to Pennsylvania and New Jersey.
    • Spectra joins AGL Resources (NYSE:GAS), NJ Resources (NYSE:NJR), Public Service's (NYSE:PEG) PSEG Power, South Jersey Industries (NYSE:SJI), and UGI; Spectra and PSEG Power will own 10% stakes in PennEast, while the others will own 20%.
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  • Oct. 21, 2014, 10:18 AM
    • TransCanada (TRP +1.3%) has delayed seeking regulatory approval of the C$12B Energy East pipeline project as it negotiates with Quebec’s Gaz Metro and Ontario units of Spectra Energy (SE +1.7%) and Enbridge (ENB +0.6%), Bloomberg reports.
    • The feud centers on TRP’s plan to convert a 3K km stretch of its mainline gas conduit to carry oil; gas distributors claim that converting the mainline in eastern Ontario would lead to fuel shortages and higher prices, and they want TRP to build a standalone oil conduit or a gas line the same size as the existing one - which TRP would cost $1B more than planned and jeopardize the project.
    • Energy East shippers probably would incur costs of $7.40-$10.20/bbl to move oil across Canada on the pipeline and then by tanker to the U.S. Gulf coast, the most likely market, Morningstar's David McColl says; currently, the costs are less than rail alternatives.
  • Sep. 16, 2014, 8:56 AM
    • Spectra Energy (NYSE:SE) and Northeast Utilities (NYSE:NU) announce plans for a $3B pipeline expansion to meet rising demand for natural gas for power and heating in New England.
    • The proposed $3B Access Northeast project would boost capacity on the Algonquin and Maritimes pipeline systems by as much as 1B cf/day.
    • The project includes the expansion of existing pipelines, partnerships with regional storage facilities to supply natural gas for power plants and home heating, and additional Algonquin and Maritimes delivery points for local distribution companies; the companies hope to complete the project by late 2018.
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  • Aug. 13, 2014, 2:10 PM
    • Spectra Energy (SE +0.9%) says it is suspending development of a proposed interstate natural gas pipeline that would have run from Pennsylvania to North Carolina and would have crossed Maryland, West Virginia and Virginia.
    • SE says it will continue to evaluate opportunities in the region.
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  • Aug. 6, 2014, 8:40 AM
    • Spectra Energy (NYSE:SE) -0.5% premarket after Q2 earnings came in below analyst expectations as plant turnarounds slowed revenue growth and increased costs.
    • Q2 EBITDA totaled $627M, -3% from $647M in the prior-year quarter; EBITDA at SE's Western Canada transmission and processing business was $111M, down 29% Y/Y, as two planned major facility turnarounds led to the decrease and drove higher operating and maintenance costs as well as reduced revenue from the plants.
    • Distributable cash flow was $277M, up 12% Y/Y.
    • CEO Greg Ebel says the company is still on track to exceed its expectations for the full year.
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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.