Nov. 4, 2014, 5:30 PM
- ACT, ANSS, ARIA, ATHM, AVA, AWR, AXAS, BBEP, BPI, BSFT, CBB, CCC, CEQP, CHK, CLH, CNP, COV, CSTE, CTSH, DAVE, DNR, DUK, EE, ENB, ENDP, FSS, GLDD, GTN, HFC, HL, HRC, INXN, KELYA, LAMR, LPX, LVLT, MDLZ, MEMP, MGA, MNTA, MVIS, NICE, NRG, NUS, OGE, PWE, PWR, RDC, RLGY, ROC, RRD, RTI, SBGI, SE, SEP, SMG, SSYS, STWD, SWC, THI, TMHC, TRGT, TW, TWX, VG, VOYA, WCG, WIX, YORW
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%.
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.
Aug. 13, 2014, 2:10 PM| 1 Comment
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.
Aug. 6, 2014, 6:32 AM
Aug. 5, 2014, 5:30 PM
- ANR, AOL, APO, ARIA, AVA, AVT, BRKR, CEQP, CHK, CLH, CMLS, CNP, CONE, CSTE, CTSH, DBD, DISH, DNR, DVN, DWSN, EE, ELOS, GEO, GOV, GWPH, HFC, HNT, INXN, IPXL, ITC, KELYA, LINC, LIOX, MDLZ, MEMP, MVIS, NAVB, NUS, PERI, PH, PKD, POWR, RDC, RL, ROC, SBGI, SE, SEP, SF, SJI, SKYW, STWD, TAP, THI, TRGT, TWX, VC, VIAB, VITC, VOYA, WD, WIX, WPX, ZINC
Jul. 16, 2014, 6:58 PM
- Kevin Birzer of the Tortoise MLP & Pipeline Fund has averaged 24% annual returns over the past three years, and his top current holding is Spectra Energy (NYSE:SE) thanks to its "great footprint of assets" and low risk via $20B in pipeline growth projects with solid commitments up front.
- SE can grow its distributions at a ~10% rate for many years to come, Birzer says; combined with a ~3% yield, he sees 14% annual returns over the long term.
- Birzer also likes Williams Cos. (NYSE:WMB), which has a footprint in all the big U.S. plays except the Bakken and says it can grow cash flow 15%/year through 2017; Oneok (NYSE:OKE), with total returns of ~13%/year; Plains GP Holdings (NYSE:PAGP) as a Permian Basin play; and Kinder Morgan (NYSE:KMI), whose management team Birzer believes is "running assets for the long term."
Jul. 15, 2014, 9:17 AM
May 7, 2014, 6:32 AM
May 6, 2014, 5:30 PM
- AGN, ALE, AOL, ARIA, ARQL, ATRO, AVA, AYR, BAM, BUD, CHK, CLH, COT, CTSH, DUK, DVN, DWSN, DX, EE, ENB, END, FWLT, GTIV, GWPH, HNT, HTZ, HUM, INXN, KELYA, KING, LAMR, LGND, LINC, LMIA, MDLZ, MEMP, MZOR, NAVB, NJR, NTLS, NVDQ, POM, PRGO, QRE, RIGL, ROC, SBGI, SE, SEP, SFUN, SNSS, SPAR, SPB, STRA, SUSP, SUSS, TAP, THI, TLM, TMHC, TPC, TRGT, USAC, VOYA, VSI, WBAI, WPX, WRES, XEC.
Apr. 23, 2014, 4:58 PM
- A subsidiary of China’s Cnooc (CEO) agrees to partner with a unit of BG Group (BRGYY, BRGXF) on the U.K. firm’s proposed Prince Rupert liquefied natural gas terminal on Canada’s west coast.
- BG last year filed plans with Canadian regulators for a proposed $16B LNG export terminal capable of processing up to 2.9B cf/day, or 21.6M metric tons/year, and has partnered with Spectra Energy (SE) on a pipeline to the coast.
- It is unclear what Cnooc’s agreement with BG means for a rival development proposed by Cnooc-owned Nexen Energy.
Apr. 15, 2014, 9:19 AM
Feb. 5, 2014, 8:15 AM
- Spectra Energy (SE) and Spectra Energy Partners (SEP) announce their business outlook and three-year financial plan.
- SE sees 2014 distributable cash flow of more than $1.2B; SEP sees 2014 distributable cash flow of $935M, with a CAGR of 13% through 2016.
- SE expects dividends to grow at least 9% annually; SEP expects at least 8%-9% annual growth of distributions through 2016.
- Investment of ~$1.3B in expansion capital in 2014 and an average annual growth capex of ~$2B through 2016; SEP's share of capex is ~70% in 2014, 60% in 2015, 45% in 2016.
- Plans to pursue additional $10B of natural gas and liquids opportunities over the previously announced $25B through the end of the decade.
Feb. 4, 2014, 11:44 AM
- 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.
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