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Spectra Energy Reports Second Quarter Net Income Increase of More Than 20 Percent

HOUSTON, Aug. 4 /PRNewswire-FirstCall/ --

Reported net income (controlling interests) of $174 million, $0.27 earnings per share (EPS), versus prior year quarter's $140 million, $0.22 EPS.

Quarter benefited from expansion project earnings and improved commodity prices.

Spectra Energy Corp (NY SE: SE) reported 2010 second quarter net income from controlling interests of $174 million, or $0.27 diluted EPS, compared with $140 million, or $0.22 diluted EPS, in the prior year quarter.

The higher 2010 quarter results reflect sound performance from the company's fee-based businesses, the positive effect of higher commodity prices at its Field Services business, and a stronger Canadian dollar.

"We had another good quarter, delivering earnings solidly in line with our expectations and exceeding last year's net income by more than 20 percent. Our core, fee-based businesses continue to perform well, benefiting from earnings from expansion projects previously placed into service," said Greg Ebel, president and chief executive officer, Spectra Energy Corp. "This has been a strong first half of the year and we are well positioned to deliver on our financial, strategic, safety and operational goals."

"In addition to meeting our earnings targets and successfully executing on our capital expansion plans, we also are focused on future growth, as evidenced by our recent announcement regarding the planned acquisition of Bobcat Gas Storage, which will provide continued earnings growth. This acquisition and the resulting build-out support our stated plans to deploy at least $1 billion per year in growth capital," said Ebel.

More: http://www.prnewswire.com/news-releases/spectra-energy-reports-second-quarter-net-income-increase-of-more-than-20-percent-99926199.html