Spectra Energy Corp (SE, Financial) filed Quarterly Report for the period ended 2010-03-31.
Spectra Energy Corp has a market cap of $13.98 billion; its shares were traded at around $21.59 with a P/E ratio of 18.3 and P/S ratio of 3.1. The dividend yield of Spectra Energy Corp stocks is 4.6%.SE is in the portfolios of Brian Rogers of T Rowe Price Equity Income Fund, John Buckingham of Al Frank Asset Management, Inc., Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, Dodge & Cox.
In the first quarter of 2010, we had $179 million of capital and investment expenditures. We continue to project approximately $1.6 billion of capital and investment expenditures for the full year, including expansion capital of approximately $1.0 billion. All expansion projects remain on track for scheduled in-service dates.
As of March 31, 2010, we have access to approximately $2.3 billion in credit facilities and expect to continue to utilize commercial paper and revolving lines of credit, as needed, to fund liquidity needs throughout 2010. Financing activities in 2010 will include the refinancing of debt maturities of approximately $700 million and the issuance of commercial paper under our revolving credit facilities. We may also access the capital markets for other long-term financing if conditions are favorable.
Income Tax Expense from Continuing Operations. The $42 million decrease includes benefits of $24 million related to favorable 2010 tax audit settlements. The effective tax rate was 21.1% in the first quarter of 2010 compared with 30.8% in the first quarter of 2009. The lower effective tax rate is primarily due to the favorable tax audit settlements and lower Canadian tax rates.
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Spectra Energy Corp has a market cap of $13.98 billion; its shares were traded at around $21.59 with a P/E ratio of 18.3 and P/S ratio of 3.1. The dividend yield of Spectra Energy Corp stocks is 4.6%.SE is in the portfolios of Brian Rogers of T Rowe Price Equity Income Fund, John Buckingham of Al Frank Asset Management, Inc., Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, Dodge & Cox.
Highlight of Business Operations:
For the three months ended March 31, 2010 and 2009, we reported net income from controlling interests of $358 million and $298 million, respectively. The increase reflects the positive impact of NGL prices on earnings from Field Services and Western Canada Transmission & Processing, a stronger Canadian dollar, expansion projects placed in service in 2009 at U.S. Transmission and lower income tax expense. NGL prices are correlated to higher crude oil prices, which averaged $79 per barrel for the three months ended March 31, 2010 versus $43 per barrel during the same period in 2009. The increase in earnings was partially offset by the recognition of a $135 million deferred gain ($85 million after-tax) in the first quarter of 2009 associated with partnership units previously issued by DCP Partners.In the first quarter of 2010, we had $179 million of capital and investment expenditures. We continue to project approximately $1.6 billion of capital and investment expenditures for the full year, including expansion capital of approximately $1.0 billion. All expansion projects remain on track for scheduled in-service dates.
As of March 31, 2010, we have access to approximately $2.3 billion in credit facilities and expect to continue to utilize commercial paper and revolving lines of credit, as needed, to fund liquidity needs throughout 2010. Financing activities in 2010 will include the refinancing of debt maturities of approximately $700 million and the issuance of commercial paper under our revolving credit facilities. We may also access the capital markets for other long-term financing if conditions are favorable.
Income Tax Expense from Continuing Operations. The $42 million decrease includes benefits of $24 million related to favorable 2010 tax audit settlements. The effective tax rate was 21.1% in the first quarter of 2010 compared with 30.8% in the first quarter of 2009. The lower effective tax rate is primarily due to the favorable tax audit settlements and lower Canadian tax rates.
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