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Spectra Energy Corp Reports Operating Results (10-K)

February 24, 2011 | About:
Todd Sullivan

10qk

18 followers
Spectra Energy Corp (SE) filed Annual Report for the period ended 2010-12-31.

Spectra Energy Corp has a market cap of $16.8 billion; its shares were traded at around $25.92 with a P/E ratio of 16.4 and P/S ratio of 3.4. The dividend yield of Spectra Energy Corp stocks is 4%.Hedge Fund Gurus that owns SE: Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns SE: James Barrow of Barrow, Hanley, Mewhinney & Strauss, Brian Rogers of T Rowe Price Equity Income Fund, John Buckingham of Al Frank Asset Management, Inc., Mario Gabelli of GAMCO Investors, Pioneer Investments, Richard Aster Jr of Meridian Fund, Chris Davis of Davis Selected Advisers.

Highlight of Business Operations:

Index to Financial Statements Transmission segment. Subsequent to the dropdown of Saltville and the P-25 pipeline assets into Spectra Energy Partners in 2008, the acquisition of NOARK Pipeline System, Limited Partnership (NOARK) in 2009 and an additional dropdown of ownership interests in Gulfstream in 2010, we currently retain a 69% equity interest in Spectra Energy Partners, which owns 100% of East Tennessee, 100% of Saltville, 100% of Ozark Gas Gathering and Ozark Gas Transmission, 50% of Market Hub and 49% of Gulfstream. Spectra Energy directly owns a 50% interest in Market Hub and a 1% interest in Gulfstream. Spectra Energy Partners is a separate, publicly traded entity which trades on the New York Stock Exchange under the symbol SEP.

We have an effective 35% investment in Gulfstream, a 745-mile interstate natural gas pipeline system operated jointly by us and The Williams Companies, Inc. Gulfstream transports natural gas from Mississippi, Alabama, Louisiana and Texas, crossing the Gulf of Mexico to markets in central and southern Florida. Gulfstream has three compressor stations. Gulfstream is directly owned 1% by Spectra Energy, 49% by Spectra Energy Partners and 50% by affiliates of The Williams Companies, Inc. Our investment in Gulfstream is accounted for under the equity method of accounting.

We have an effective 85% ownership interest in Market Hub, which owns and operates two natural gas storage facilities, Moss Bluff and Egan, with a total storage capacity of approximately 45 Bcf. The Moss Bluff facility consists of three salt dome storage caverns located in southeast Texas and has access to five pipeline systems including the Texas Eastern system. The Egan facility consists of four salt dome storage caverns located in south central Louisiana and has access to seven pipeline systems including the Texas Eastern system. Market Hub is a general partnership in which Spectra Energy and Spectra Energy Partners each have a 50% direct interest.

We have a 50% investment in Steckman Ridge, a 12 Bcf depleted reservoir storage facility located in south central Pennsylvania that interconnects with the Texas Eastern system. Steckman Ridge, which began operations in April 2009, is operated by us and owned 50% by us and 50% by NJR Steckman Ridge Storage Company. Our investment in Steckman Ridge is accounted for under the equity method of accounting.

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