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Spectra Energy Reports Fourth Quarter and Year-End 2012 Results



       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

  o Purchased 1/3 interest in two NGL pipelines: Sand Hills and Southern Hills
  o Announced agreement to acquire Express-Platte Pipeline System
  o Completed TEAM 2012 and Philadelphia Lateral expansion projects
  o Increased 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
the Investors 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
Section 27A of the Securities Act of 1933 and Section 21E 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
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