Increases Annual Dividend to $1.76 from $1.62
HOUSTON, Jan. 5, 2017 /PRNewswire/ -- Spectra Energy
Corp (NYSE: SE) has announced a 14-cent increase in its annual dividend on its
common stock to $1.76 per share, or
$0.44 on a quarterly basis. The
quarterly cash dividend declared by Spectra Energy on its common
stock for the first quarter of 2017 is payable on March 1, 2017, to shareholders of record at the
close of business on February 15,
2017.
"Delivering on the commitment we made to our investors, which is
underlined by our reliable cash flows, we are again increasing our
annual dividend by 14 cents, to
$1.76 per share," said Greg Ebel, chief executive officer, Spectra
Energy. "Looking forward, our dividend growth projections are
further enhanced upon completion of our proposed merger with
Enbridge Inc. Including today's announced dividend increase, we
anticipate investors of the combined company to benefit from an
annualized 15 percent dividend increase in 2017, and then 10 to 12
percent annual increases through at least 2024."
Spectra Energy's proposed merger with Enbridge is expected to
close in the first quarter this year.
Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of
North America's leading pipeline
and midstream companies. Based in Houston, Texas, the company's operations in
the United States and Canada include approximately 21,000 miles of
natural gas and crude oil pipelines; approximately 300 billion
cubic feet of natural gas storage; 4.8 million barrels of crude oil
storage; as well as natural gas gathering, processing, and local
distribution operations. Spectra Energy is the general partner of
Spectra Energy Partners (NYSE: SEP), one of the largest pipeline
master limited partnerships in the United
States and owner of the natural gas and crude oil assets in
Spectra Energy's U.S. portfolio. Spectra Energy also has a 50
percent ownership in DCP Midstream, LLC, which is the general
partner of DCP Midstream Partners, LP (NYSE: DPM), the largest
natural gas liquids producer and the largest natural gas processor
in the United States, and the
largest gathering and processing master limited partnership in
the United States. Spectra Energy
has served North American customers and communities for more than a
century. For more information, visit www.spectraenergy.com.
FORWARD-LOOKING STATEMENTS
This communication includes certain forward looking statements
and information ("FLI") to provide Enbridge and Spectra
Energy's shareholders and potential investors with information
about Enbridge, Spectra Energy and their respective
subsidiaries and affiliates, including each company's management's
respective assessment of Enbridge, Spectra Energy and their
respective subsidiaries' future plans and operations, which FLI may
not be appropriate for other purposes. FLI is typically identified
by words such as "anticipate", "expect", "project", "estimate",
"forecast", "plan", "intend", "target", "believe", "likely" and
similar words suggesting future outcomes or statements regarding an
outlook. All statements other than statements of historical fact
may be FLI. In particular, this document contains FLI pertaining
to, but not limited to, information with respect to the proposed
transaction jointly announced by Enbridge and Spectra
Energy on September 6, 2016.
Although we believe that the FLI is reasonable based on the
information available today and processes used to prepare it, such
statements are not guarantees of future performance and you are
cautioned against placing undue reliance on FLI. By its nature, FLI
involves a variety of assumptions, which are based upon factors
that may be difficult to predict and that may involve known and
unknown risks and uncertainties and other factors which may cause
actual results, levels of activity and achievements to differ
materially from those expressed or implied by these FLI, including,
but not limited to, the following: the timing and completion of the
transaction, including receipt of regulatory approvals and the
satisfaction of other conditions precedent; interloper risk; the
realization of anticipated benefits and synergies of the
transaction and the timing thereof; the success of integration
plans; the focus of management time and attention on the
transaction and other disruptions arising from the transaction;
estimated future dividends; financial strength and flexibility;
debt and equity market conditions, including the ability to access
capital markets on favorable terms or at all; cost of debt and
equity capital; potential changes in the Enbridge share
price which may negatively impact the value of consideration
offered to Spectra Energy shareholders; expected supply and demand
for crude oil, natural gas, natural gas liquids and renewable
energy; prices of crude oil, natural gas, natural gas liquids and
renewable energy; economic and competitive conditions; expected
exchange rates; inflation; interest rates; tax rates and changes;
completion of growth projects; anticipated in-service dates;
capital project funding; success of hedging activities; the ability
of management of Enbridge, its subsidiaries and affiliates to
execute key priorities, including those in connection with the
transaction; availability and price of labor and construction
materials; operational performance and reliability; customer,
regulatory and other stakeholder approvals and support; regulatory
and legislative decisions and actions; public opinion; and weather.
We caution that the foregoing list of factors is not exhaustive.
Additional information about these and other assumptions, risks and
uncertainties can be found in applicable filings with Canadian and
U.S. securities regulators, including any proxy statement,
prospectus or registration statement filed in connection with the
transaction. Due to the interdependencies and correlation of these
factors, as well as other factors, the impact of any one
assumption, risk or uncertainty on FLI cannot be determined with
certainty.
Except to the extent required by law, we assume no obligation to
publicly update or revise any FLI, whether as a result of new
information, future events or otherwise. All FLI in this document
is expressly qualified in its entirety by these cautionary
statements.
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SOURCE Spectra Energy Corp