Spectra Energy reports third quarter results of $179 million
Spectra Energy delivered ongoing third quarter results of $179 million.
“Earnings for the quarter are down year-on-year basically because of weak commodity prices affecting earnings at both DCP Midstream and at Empress. However, our other businesses continued to perform well. In fact, on a commodity neutral basis, our year-to-date earnings are very much in line with our expectations. Even with the current weakness in commodity prices, we remain optimistic about longer-term NGL fundamentals,” said Greg Ebel, President and Chief Executive Officer
“For example, we expect to see growth in propane exports starting later this year and significantly increase ethane demand by the petrochemical sector over the next several years along the Gulf Coast and elsewhere in North America.
“So our view tends to be strong fundamentals and expanding market opportunities longer term. In the near term, we expect some commodity choppiness. But that’s nothing we haven’t managed through in the past. And fortunately, thanks to the size and strength of the business, we’re able to maintain our focus on the longer term and take advantage of the significant growth opportunities before both Spectra Energy and our joint venture DCP,” Ebel said.
“As we mentioned last quarter, with the commodity price our environment that exists today, it’s not possible to meet our $1.90 earnings per share target for the year. And at this point, we anticipate that commodity prices will have a negative $0.50 to $0.55 impact on our 2012 earnings per share. Of course, there are number of other factors that can affect our earnings either positively or negatively,” Ebel said.
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