Spectra Energy issued guidance for 2010 on earnings, dividends and planned capital expenditures. Spectrum Energy is targeting diluted earnings per share of $1.42, and a minimum dividend payout of $1.00 per share in 2010.
The company plans on spending $900 million in capital expenditures on projects in 2010, and $5 billion from 2010-2014. This capital plan, if executed properly, will lead to an 8-10% compound annual growth rate in earnings from 2010 to 2012.
Spectra Energy is an energy infrastructure company specializing in natural gas. The company operates gathering and processing facilities, transmission and storage assets and distribution pipelines.
Spectra Energy owns the Union Gas Company, which has a network of 37,000 miles of distribution and service pipelines that serve more than one million customers in Ontario, Canada.
The company also owns Spectra Energy Transmission, which operates two major pipeline systems in the United States. The Algonquin Gas Transmission Pipeline is a 1,120-mile pipeline that serves New England, and the East Tennessee Natural Gas pipeline is a 1,510-mile Pipeline serving the southeast.
The combined capacity of the pipelines is 4.0 billion cubic feet per day. Spectra Energy Transmission also owns 285 billion cubic feet of storage capacity for natural gas.
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