Spectra Energy
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Spectra Energy Corporation (NYSE: SE) is an S&P 500 processor and distributor of natural gas headquartered in Houston, Texas. It is also the new owner of Union Gas, of Chatham, Ontario. Spectra was formed in late 2006 from the spin-off with Union Gas from Duke Energy (NYSE: DUK). Spectra owns the Texas Eastern Pipeline (TETCo), a major natural gas pipeline which brings gas from the Gulf of Mexico coast in Texas to the New York City area. It is one of the largest pipeline systems in the United States.[1]
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[edit] History
In 2006, Duke Energy acquired Chatham, Ontario-based Union Gas, regulated under the 1998 Ontario Energy Board Act.
On December 29, 2006 Standard & Poor's added Spectra Energy Corp. to its S&P 500 Index, replacing Parametric Technology Corp. (NASDAQ: PMTC), a software company, which then moved to the S&P MidCap 400 list instead.[2] Spectra began trading on the New York Stock Exchange under the ticker symbol SE.
On January 3, 2007, Duke Energy completed the spin-off of its natural gas business, including the recently acquired Union Gas, to form Spectra Energy. Duke Energy shareholders received 1 share of Spectra Energy for every 2 shares of Duke Energy.
By early August 2007, the S&P 500 breached its first 10% correction in over four years, and the shares of Spectra Energy Corp. sunk to their lowest point since trading had begun in December 2006, after the company announced that second quarter earnings had dropped 39 percent.[3]
[edit] Environmental Record
Spectra Energy may be considered the single largest private-sector source of greenhouse gases in British Columbia.[4] Since it co-owned DCP Midstream Partner with ConocoPhillips, Spectra Energy was reported in 2005 to emit 19,746 tons of nitrogen oxides and 9,286 tons of volatile organic compounds per year. [5]
[edit] References
- ^ FERC pipeline codes
- ^ S&P changes makeup of indexes, Spectra set to become index component, By Ana Campoy, MarketWatch, Dec 20, 2006
- ^ Midday Leaders & Laggards: S&P 500, forbes.com, Associated Press, 08.06.07
- ^ From carbon steam to cash flow. Globe and Mail (2007-03-29). Retrieved on 2008-05-18.
- ^ Industry and Clean Air. The Oklahoman. Retrieved on 2008-05-18.
[edit] External links
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