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Spectra Energy Corp.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2016 10-K, filed Feb 24, 2017. Its latest SEC filing is a SC 13G/A from Feb 14, 2018.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Transports and stores natural gas and crude oil for utilities and producers, and distributes natural gas to business and residential customers.

How Did They Make Money?

Customers pay for transportation, storage, processing, distribution and natural gas sales when a service is provided or a product is delivered, with monthly bills collected the following month. Most contracted pipeline and storage services bring monthly fees for reserved capacity, plus a smaller charge based on volumes moved or stored.

FY2016 revenue

Who Were Their Customers?

Utilities and energy-sector customers use its natural gas pipelines and storage; refineries and oil producers use its crude-oil system; Union Gas serves households and businesses in Ontario.

Did Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2016, but spent more cash than it brought in: free cash flow was −$1.6B.

Operating income, FY2016
32% of revenue
▲ +9% vs FY2015 ($1.4B, 27%)
Net income, FY2016
14% of revenue
▲ +254% vs FY2015 ($196M, 4%)
Free cash flow, FY2016
−32% of revenue
▲ +166% (Loss) vs FY2015 (−$601M, −11%)

How Were They Changing?

Since the FY2016 annual report
  • Feb 27, 2017 Enbridge completed its acquisition of Spectra Energy Spectra Energy became a wholly owned Enbridge subsidiary, and its shares were delisted from the NYSE.

Held flat. Revenue was $4.9B in FY2016, about the same as the $5.1B of FY2012.

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