Spectra Energy Reports Fourth Quarter and Year-End 2012 Results 2012 EPS of $1.43; Fourth Quarter EPS of $0.32 PR Newswire HOUSTON, Feb. 5, 2013 HOUSTON, Feb. 5, 2013 /PRNewswire/ -- 2012 Year-End Highlights oPurchased 1/3 interest in two NGL pipelines: Sand Hills and Southern Hills oAnnounced agreement to acquire Express-Platte Pipeline System oCompleted TEAM 2012 and Philadelphia Lateral expansion projects oIncreased annual dividend 9 percent to $1.22 per share Spectra Energy Corp (NYSE: SE) today reported 2012 net income from controlling interests of $940 million, or $1.43 diluted EPS, compared with $1.18 billion, or $1.81 diluted EPS in 2011. Ongoing 2012 net income was $938 million, or $1.43 diluted EPS, compared with $1.16 billion, or $1.77 diluted EPS, in the prior year. (Logo: http://photos.prnewswire.com/prnh/20061030/CLM051LOGO ) "Throughout 2012 Spectra Energy's fee-based businesses generated strong earnings and cash flows, helping to offset the effects of lower commodity prices," said Greg Ebel, president and chief executive officer, Spectra Energy Corp. "In both the near and longer term, Spectra Energy will continue to realize significant opportunities in the natural gas, natural gas liquids and crude oil infrastructure businesses. As a result, we are targeting investments of $25 billion in capital expansion projects through the end of the decade," said Ebel. "This investment will allow us to realize significant incremental earnings and cash generation, supporting long-term earnings growth and attractive dividend increases for our investors." BUSINESS EXPANSION UPDATES Spectra Energy has a strong core natural gas infrastructure business built over the course of a century, and continues to see steady growth within that core through projects like the New Jersey-New York Expansion, TEAM 2014, OPEN, Dawson II and AIM. The company also is expanding beyond the core and moving forward with projects longer-term like Renaissance, NEXUS and the BG Group LNG pipeline project in Western Canada. Additionally, Spectra Energy is continuing to expand in the complementary natural gas liquids (NGL) sector, and upon closing its acquisition of the Express-Platte Pipeline System, will enter the crude oil transportation business. DCP Midstream also will place more than $3 billion of projects into service over the next 12 months, benefitting its owners, Spectra Energy and Phillips 66. "We will be drawing upon all of our resources: core growth; greenfield and brownfield expansions into new and existing demand markets; new lines of adjacent businesses and acquisitions, when attractive; and, of course, the use of our MLP structures," stated Ebel. "We have a great portfolio mix and have been able to use the sum of our business lines to successfully navigate through market cycles." SEGMENT RESULTS U.S. Transmission U.S. Transmission reported fourth quarter 2012 earnings before interest and taxes (EBIT) of $249 million, compared with $226 million in fourth quarter 2011. EBIT results reflect increased earnings from expansions and lower operating costs, partially offset by lower processing revenues and, as anticipated, lower storage revenues. Year-end reported EBIT for U.S. Transmission was $995 million, compared with $983 million in 2011. Distribution Distribution reported fourth quarter 2012 EBIT of $93 million, compared with $120 million in fourth quarter 2011. The decrease is due primarily to an unexpected, retroactive decision from the Ontario Energy Board in November 2012 requiring certain revenues realized from the optimization of upstream transportation contracts be refunded to customers. Year-end reported EBIT for Distribution was $374 million, compared with $425 million in 2011. Western Canada Transmission & Processing Western Canada Transmission & Processing reported fourth quarter 2012 EBIT of $72 million, compared with $137 million in fourth quarter 2011. The segment experienced lower earnings at the Empress natural gas liquids (NGL) business, attributable primarily to lower propane prices. An increase in gathering and processing revenue from expansions in the Horn River and Montney areas of British Columbia was more than offset by an anticipated revenue decrease from the segment's conventional areas. Year-end reported EBIT for Western Canada Transmission & Processing was $387 million, compared with $510 million in 2011. Field Services Field Services reported fourth quarter 2012 EBIT of $58 million, compared with $96 million in fourth quarter 2011. This decrease in EBIT was mainly driven by lower natural gas liquids prices, partially offset by a reduction in depreciation expense, as previously reported. During the fourth quarters of 2012 and 2011, respectively, NGL prices averaged $0.77 per gallon versus $1.20 per gallon, NYMEX natural gas averaged $3.40 per million British thermal units (MMBtu) versus $3.55 per MMBtu, and crude oil averaged approximately $88 per barrel versus approximately $94 per barrel. DCP Midstream paid distributions of $203 million to Spectra Energy for the year ended December 31, 2012. Year-end reported EBIT for Field Services was $279 million, compared with $449 million in 2011. Other "Other" reported net costs of $29 million and $28 million in the fourth quarter 2012 and 2011, respectively. Other is comprised primarily of corporate costs, including benefits and captive insurance. Year-end reported net costs for "Other" were $112 million, compared with $104 million in 2011. Interest Expense Interest expense was $154 million for fourth quarter 2012 and 2011. Income Taxes Fourth quarter 2012 income tax expense from continuing operations was $81 million, compared with $115 million reported in the fourth quarter of 2011. The lower tax expense was driven by lower earnings and a lower Canadian effective tax rate, partially offset by favorable tax adjustments in 2011. Reconciliation of Reported to Ongoing Net Income – Controlling Interests ( in millions) Quarters Ended Years Ended December 31, December 31, 2012 2011 2012 2011 Net Income – Controlling Interests as $ 213 $ 289 $ 940 $ 1,184 Reported Adjustments to Reported Net Income – Controlling Interests: Discontinued Operations – (2) (2) (25) Ongoing Net Income – Controlling Interests $ 213 $ 287 $ 938 $ 1,159 Reconciliation of Reported to Ongoing Diluted EPS Quarters Ended Years Ended December 31, December 31, 2012 2011 2012 2011 Diluted EPS as Reported $ 0.32 $ 0.44 $ $ 1.81 1.43 Discontinued Operations – – – (0.04) Diluted EPS, Ongoing $ 0.32 $ 0.44 $ $ 1.77 1.43 Additional Information Additional information about fourth quarter and year-end 2012 earnings can be obtained via the Spectra Energy Web site: www.spectraenergy.com. The analyst call is scheduled for today, Tuesday, February 5, 2013, at 8:00 a.m. CT. The webcast can be accessed via the Investors Section of Spectra Energy's Web site or the conference call can be accessed by dialing (888) 252-3715 in the United States or Canada, or (706) 634-8942 for International. The conference code is "86182126" or "Spectra Energy Quarterly Earnings Call." Please call five to ten minutes prior to the scheduled start time. A replay of the call will be available until 5:00 p.m. CT, May 3, 2013, by dialing (855) 859-2056. The international replay number is(404) 537-3406, with above conference ID. A replay and transcript also will be available by accessing theInvestors Section of the company's Web site. Non-GAAP Financial Measures We use ongoing net income from controlling interests and ongoing diluted EPS as measures to evaluate operations of the company. These measures are non-GAAP financial measures as they represent net income from controlling interests and diluted EPS, adjusted for special items and discontinued operations. Special items represent certain charges and credits which we believe will not be recurring on a regular basis, and discontinued operations do not represent our ongoing core business. We believe that the presentation of ongoing net income and ongoing diluted EPS provide useful information to investors, as it allows them to more accurately compare our ongoing performance across periods. The most directly comparable GAAP measures for ongoing net income from controlling interests and ongoing diluted EPS are net income from controlling interests and diluted EPS, including any special items. The primary performance measure used by us to evaluate segment performance is segment EBIT from continuing operations, which at the segment level represents earnings from continuing operations (both operating and non-operating) before interest and taxes, net of noncontrolling interests related to those earnings. We consider segment EBIT, which is the GAAP measure used to report segment results, to be a good indicator of each segment's operating performance from its continuing operations as it represents the results of our ownership interest in operations without regard to financing methods or capital structures. We also use ongoing segment EBIT and Other EBIT (net costs) as measures of performance. Ongoing segment and Other EBIT are non-GAAP financial measures as they represent reported segment and Other EBIT adjusted for special items. We believe that the presentation of ongoing segment and Other EBIT provide useful information to investors, as they allow investors to more accurately compare a segment's or Other's ongoing performance across periods. The most directly comparable GAAP measures for ongoing segment or Other EBIT are reported segment or Other EBIT, which represent EBIT from continuing operations, including any special items. Forward-Looking Statements This release includes "forward-looking statements" within the meaning of Section27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. Forward-looking statements are based on our beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an effect on rate structure, and affect the speed at and degree to which competition enters the natural gas and oil industries; outcomes of litigation and regulatory investigations, proceedings or inquiries; weather and other natural phenomena, including the economic, operational and other effects of hurricanes and storms; the timing and extent of changes in commodity prices, interest rates and foreign currency exchange rates; general economic conditions, including the risk of a prolonged economic slowdown or decline, or the risk of delay in a recovery, which can affect the long-term demand for natural gas and oil and related services; potential effects arising from terrorist attacks and any consequential or other hostilities; changes in environmental, safety and other laws and regulations; the development of alternative energy resources; results and costs of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general market and economic conditions; increases in the cost of goods and services required to complete capital projects; declines in the market prices of equity and debt securities and resulting funding requirements for defined benefit pension plans; growth in opportunities, including the timing and success of efforts to develop U.S. and Canadian pipeline, storage, gathering, processing and other infrastructure projects and the effects of competition; the performance of natural gas and oil transmission and storage, distribution, and gathering and processing facilities; the extent of success in connecting natural gas and oil supplies to gathering, processing and transmission systems and in connecting to expanding gas and oil markets; the effects of accounting pronouncements issued periodically by accounting standard-setting bodies; conditions of the capital markets during the periods covered by the forward-looking statements; and the ability to successfully complete merger, acquisition or divestiture plans; regulatory or other limitations imposed as a result of a merger, acquisition or divestiture; and the success of the business following a merger, acquisition or divestiture. These factors, as well as additional factors that could affect our forward-looking statements, are described under the headings "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in our 2011 Form 10-K, filed on February 27, 2012, and in our other filings made with the Securities and Exchange Commission (SEC), which are available via the SEC's Web site at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. All forward-looking statements in this release are made as of the date hereof and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 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 www.spectraenergy.com. Spectra Energy Corp Quarterly Highlights December 2012 (Unaudited) (In millions, except per-share amounts and where noted) Quarters Ended Years Ended December 31, December 31, 2012 2011 2012 2011 COMMON STOCK DATA Earnings Per Share From $ $ $ $ Continuing Operations, 0.32 0.44 1.43 Diluted 1.77 Earnings Per Share, $ $ $ $ Diluted 0.32 0.44 1.43 1.81 $ $ $ $ Dividends Per Share 0.305 0.28 1.145 1.06 Weighted-Average Shares 658 653 656 653 Outstanding, Diluted INCOME Operating Revenues $ $ $ $ 1,347 1,428 5,075 5,351 Total Reportable Segment 472 579 2,035 2,367 EBIT Income from Discontinued - 2 2 25 Operations, Net of Tax Net Income - Controlling 213 289 940 1,184 Interests EBIT BY BUSINESS SEGMENT $ $ $ $ U.S. Transmission 249 226 995 983 Distribution 93 120 374 425 Western Canada Transmission & 72 137 387 510 Processing Field Services 58 96 279 449 Total Reportable Segment 472 579 2,035 2,367 EBIT Other EBIT (29) (28) (112) (104) Total Reportable Segment $ $ $ $ and Other EBIT 443 551 1,923 2,263 CAPITAL AND INVESTMENT EXPENDITURES $ $ U.S. Transmission 933 773 Distribution 276 292 Western Canada Transmission & 757 776 Processing Other 66 78 Total Capital and $ $ Investment Expenditures 2,032 1,919 (a) $ $ Acquisitions (b) 30 390 Investment in Sand Hills $ $ and Southern Hills 513 - December 31, 2012 2011 CAPITALIZATION Common Equity - 39% 39% Controlling Interests Noncontrolling Interests 5% 5% and Preferred Stock Total Debt 56% 56% Total Debt $ $ 12,833 11,723 Book Value Per Share (c) $ $ 13.43 12.39 Actual Shares 668 651 Outstanding (a) Excludes acquisitions and investment in Sand Hills and Southern Hills (b) Represents 2012 payment of a portion of the purchase price previously withheld in connection with the acquisition of Bobcat, and 2011 acquisition of Big Sandy natural gas pipeline system. (c) Represents controlling interests. Spectra Energy Corp Quarterly Highlights December 2012 (Unaudited) (In millions, except where noted) Quarters Ended Years Ended December 31, December 31, 2012 2011 2012 2011 U.S. TRANSMISSION Operating Revenues $ $ $ $ 478 489 1,897 1,900 Operating Expenses Operating, Maintenance and Other 170 198 654 684 Depreciation and Amortization 71 69 282 272 Gains on Sales of Other Assets and - - 3 8 Other, net Other Income and Expenses 41 29 144 132 Noncontrolling Interests 29 25 113 101 EBIT $ $ $ $ 249 226 995 983 Proportional Throughput, TBtu (a) 684 685 2,709 2,770 DISTRIBUTION Operating Revenues $ $ $ $ 478 484 1,666 1,831 Operating Expenses Natural Gas Purchased 213 204 638 760 Operating, Maintenance and Other 117 115 440 441 Depreciation and Amortization 54 48 213 208 Loss on Sales of Other Assets and (1) - (1) - Other, net Other Income and Expenses - 3 - 3 EBIT $ $ $ $ 93 120 374 425 Number of Customers, Thousands 1,379 1,360 Heating Degree Days, Fahrenheit 2,392 2,174 6,385 7,122 Pipeline Throughput, TBtu 234 220 818 846 Canadian Dollar Exchange Rate, 0.99 1.02 1.00 0.99 Average WESTERN CANADA TRANSMISSION & PROCESSING Operating Revenues $ $ $ $ 403 470 1,546 1,672 Operating Expenses Natural Gas and Petroleum Products 133 157 437 432 Purchased Operating, Maintenance and Other 156 137 562 565 Depreciation and Amortization 52 46 197 186 Other Income and Expenses 10 7 37 21 EBIT $ $ $ $ 72 137 387 510 Pipeline Throughput, TBtu 172 184 662 713 Volumes Processed, TBtu 164 191 665 728 Empress Inlet Volumes, TBtu 103 164 504 619 Canadian Dollar Exchange Rate, 0.99 1.02 1.00 0.99 Average FIELD SERVICES Equity in Earnings of DCP Midstream, $ $ $ $ LLC 58 96 279 449 EBIT $ $ $ $ 58 96 279 449 Cash Distributions $ $ $ $ 29 125 203 395 Natural Gas Gathered and 6.9 7.1 7.1 7.0 Processed/Transported, TBtu/day (b) Natural Gas Liquids Production, 405 406 402 383 MBbl/d (b,c) Average Natural Gas Price Per MMBtu $ $ $ $ (d) 3.40 3.55 2.79 4.04 Average Natural Gas Liquids Price $ $ $ $ Per Gallon (e) 0.77 1.20 0.82 1.21 Average Crude Oil Price Per Barrel $ $ $ $ (f) 88.11 94.04 94.16 95.12 (a) Trillion British thermal units (b) Includes 100% of DCP Midstream volumes (c) Thousand barrels per day (d) Million British thermal units. Average price based on NYMEX Henry Hub (e) Does not reflect results of commodity hedges (f) Average price based on NYMEX calendar month Spectra Energy Corp Condensed Consolidated Statements of Operations (Unaudited) (In millions) Quarters Ended Years Ended December 31, December 31, 2012 2011 2012 2011 Operating Revenues $ $ 1,428 $ $ 1,347 5,075 5,351 Operating Expenses 986 986 3,502 3,596 Gains on Sales of Other Assets and - 1 2 8 Other, net Operating Income 361 443 1,575 1,763 Other Income and Expenses 115 136 465 606 Interest Expense 154 154 625 625 Earnings From Continuing Operations 322 425 1,415 1,744 Before Income Taxes Income Tax Expense From Continuing 81 115 370 487 Operations Income From Continuing Operations 241 310 1,045 1,257 Income From Discontinued Operations, - 2 2 25 net of tax Net Income 241 312 1,047 1,282 Net Income - Noncontrolling Interests 28 23 107 98 - Net Income - Controlling Interests $ $ $ $ 213 289 940 1,184 Spectra Energy Corp Condensed Consolidated Balance Sheets (Unaudited) (In millions) December 31, December 31, 2012 2011 ASSETS Current Assets $ $ 1,804 1,764 Investments and Other Assets 7,636 7,014 Net Property, Plant and Equipment 19,905 18,258 Regulatory Assets and Deferred 1,242 1,102 Debits Total Assets $ $ 30,587 28,138 LIABILITIES AND EQUITY Current Liabilities $ $ 3,791 3,101 Long-term Debt 10,653 10,146 Deferred Credits and Other 6,042 5,737 Liabilities Preferred Stock of Subsidiaries 258 258 Equity 9,843 8,896 Total Liabilities and Equity $ $ 30,587 28,138 Spectra Energy Corp Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Years Ended December 31, 2012 2011 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 1,047 $ 1,282 Adjustments to reconcile net income to net cash provided by operating activities 891 904 Net cash provided by operating activities 1,938 2,186 CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (2,533) (2,098) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by (used in) financing 654 (35) activities Effect of exchange rate changes on cash 2 (9) Net increase in cash and cash equivalents 61 44 Cash and cash equivalents at beginning of period 174 130 Cash and cash equivalents at end of period $ 235 $ 174 Spectra Energy Corp Reported to Ongoing Earnings Reconciliation December 2012 Quarter-to-date (In millions, except per-share amounts) Reported Earnings/ Ongoing Earnings SEGMENT EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS U.S. Transmission $ 249 Distribution 93 Western Canada Transmission & Processing 72 Field Services 58 Total Reportable Segment EBIT 472 Other (29) Total Reportable Segment and Other EBIT $ 443 EARNINGS Total Reportable Segment EBIT and Other EBIT $ 443 Interest Expense (154) Interest Income and Other 33 Income Taxes from Continuing Operations (81) Total Net Income $ 241 Total Net Income - Noncontrolling Interests (28) Total Net Income - Controlling Interests $ 213 $ 0.32 EARNINGS PER SHARE, BASIC EARNINGS PER SHARE, DILUTED $ 0.32 Weighted Average Shares (reported and ongoing) - in millions Basic 656 Diluted 658 Spectra Energy Corp Reported to Ongoing Earnings Reconciliation December 2012 Year-to-date (In millions, except per-share amounts) Reported Discontinued Ongoing Earnings Operations Earnings SEGMENT EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS $ $ $ U.S. Transmission - 995 995 Distribution 374 - 374 Western Canada Transmission & 387 - 387 Processing Field Services 279 - 279 Total Reportable Segment 2,035 - 2,035 EBIT Other (112) - (112) Total Reportable Segment and $ $ $ Other EBIT 1,923 - 1,923 EARNINGS Total Reportable Segment EBIT $ $ $ and Other EBIT 1,923 - 1,923 Interest Expense (625) - (625) Interest Income and Other 117 - 117 Income Taxes from Continuing (370) - (370) Operations Discontinued Operations, net of 2 (2) A - Tax $ $ $ Total Net Income 1,047 (2) 1,045 Total Net Income - Noncontrolling (107) - (107) Interests Total Net Income - Controlling $ $ $ Interests (2) 940 938 $ $ $ EARNINGS PER SHARE, BASIC - 1.44 1.44 $ $ $ EARNINGS PER SHARE, DILUTED - 1.43 1.43 A - Primarily net revenues from Sonatrach settlement transactions. Weighted Average Shares (reported and ongoing) - in millions Basic 653 Diluted 656 Spectra Energy Corp Reported to Ongoing Earnings Reconciliation December 2011 Quarter-to-date (In millions, except per-share amounts) Reported Discontinued Ongoing Earnings Operations Earnings SEGMENT EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS $ $ $ U.S. Transmission - 226 226 Distribution 120 - 120 Western Canada Transmission & 137 - 137 Processing Field Services 96 - 96 Total Reportable Segment 579 - 579 EBIT Other (28) - (28) Total Reportable Segment and $ $ $ Other EBIT - 551 551 EARNINGS Total Reportable Segment EBIT $ $ $ and Other EBIT - 551 551 Interest Expense (154) - (154) Interest Income and Other 28 - 28 Income Taxes from Continuing (115) - (115) Operations Discontinued Operations, net of 2 (2) A - Tax $ $ $ Total Net Income (2) 312 310 Total Net Income - Noncontrolling (23) - (23) Interests Total Net Income - Controlling $ $ $ Interests (2) 289 287 $ $ $ EARNINGS PER SHARE, BASIC - 0.44 0.44 $ $ $ EARNINGS PER SHARE, DILUTED - 0.44 0.44 A - Primarily net revenues from Sonatrach settlement transactions. Weighted Average Shares (reported and ongoing) - in millions Basic 651 Diluted 653 Spectra Energy Corp Reported to Ongoing Earnings Reconciliation December 2011 Year-to-date (In millions, except per-share amounts) Reported Discontinued Ongoing Earnings Operations Earnings SEGMENT EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS $ $ $ U.S. Transmission - 983 983 Distribution 425 - 425 Western Canada Transmission & 510 - 510 Processing Field Services 449 - 449 Total Reportable Segment EBIT 2,367 - 2,367 Other (104) - (104) Total Reportable Segment and Other $ $ $ EBIT 2,263 - 2,263 EARNINGS Total Reportable Segment EBIT and $ $ $ Other EBIT 2,263 - 2,263 Interest Expense (625) - (625) Interest Income and Other 106 - 106 Income Taxes from Continuing (487) - (487) Operations Discontinued Operations, net of Tax 25 (25) - A Total Net Income $ $ $ 1,282 (25) 1,257 Total Net Income - Noncontrolling Interests (98) - (98) Total Net Income - Controlling $ $ $ Interests 1,184 (25) 1,159 $ $ $ EARNINGS PER SHARE, BASIC (0.04) 1.78 1.82 $ $ $ EARNINGS PER SHARE, DILUTED (0.04) 1.77 1.81 A - Primarily net revenues from Sonatrach settlement transactions. Weighted Average Shares (reported and ongoing) - in millions Basic 650 Diluted 653 SOURCE Spectra Energy Corp Website: http://www.spectraenergy.com Contact: Media: Caitlin Currie, +1-713-627-5353 or +1-713-627-4747 (24-hour media line) or Analysts: John Arensdorf, +1-713-627-4600
Spectra Energy Reports Fourth Quarter and Year-End 2012 Results
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