Spectra Energy Corp Acquires One-Third Interest in Sand Hills and Southern
HOUSTON, Nov. 15, 2012
HOUSTON, Nov. 15, 2012 /PRNewswire/ --Spectra Energy Corp (NYSE: SE) today
announced it has closed its previously announced acquisition of a one-third
interest in the Sand Hills and Southern Hills pipelines, both of which
currently are under construction by DCP Midstream, LLC (DCP Midstream), a
50/50 joint venture between Spectra Energy and Phillips 66.
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Spectra Energy, Phillips 66, and DCP Midstream each own a one-third interest
in the two pipelines – and will equally fund the remaining capital
expenditures through completion. The aggregate investment by Spectra Energy in
the two pipeline projects is expected to be approximately $700-800 million.
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North
America's premier natural gas infrastructure companies serving three key links
in the natural gas value chain: gathering and processing, transmission and
storage, and distribution. For more than a century, Spectra Energy and its
predecessor companies have developed critically important pipelines and
related infrastructure connecting natural gas supply sources to premium
markets. Based in Houston, Texas, the company's operations in the United
States and Canada include more than 19,000 miles of transmission pipeline,
approximately 305 billion cubic feet of storage, as well as natural gas
gathering and processing, natural gas liquids and local distribution
operations. The company also has a 50 percent ownership in DCP Midstream, one
of the largest natural gas gatherers and processors in the United States.
Spectra Energy is a member of the Dow Jones Sustainability World and North
America Indexes and the Carbon Disclosure Project's Global 500 and S&P 500
Carbon Disclosure Leadership Indexes. For more information, visit
SOURCE Spectra Energy Corp
Contact: Media: Caitlin Currie, +1-713-627-5353; +1-713-627-4747 (24-hour
media line); Analysts: John Arensdorf, +1-713-627-4600
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