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spectra energy corp (SE) Snapshot

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04/17/14 - $39.45
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spectra energy corp (SE) Details

Spectra Energy Corp., through its subsidiaries, owns and operates a portfolio of natural gas-related energy assets in North America. The company’s Spectra Energy Partners segment is engaged in the transmission, storage, and gathering of natural gas, as well as transportation and storage of crude oil and natural gas liquids (NGLs) for customers in various regions of the midwestern, northeastern, and southeastern United States and Canada. Its natural gas pipeline systems consist of approximately 21,000 miles of transmission pipelines; and storage capacity comprises 305 billion cubic feet (Bcf). Its Distribution segment offers natural gas storage, transmission, and distribution services for residential, commercial, and industrial customers in Canada. This segment has approximately 39,000 miles of main and service pipelines; storage capacity of approximately 160 Bcf; and transmission system of approximately 3,000 miles of high-pressure pipeline and mainline compressor stations. The company’s Western Canada Transmission & Processing segment provides natural gas transmission, and gas gathering and processing services; and services to natural gas producers to remove impurities from the raw gas stream, including water, carbon dioxide, hydrogen sulfide, and other substances. It also extracts, fractionates, transports, stores, and markets NGLs for western Canadian producers and NGL customers. This segment serves local distribution companies, end-use industrial and commercial customers, marketers, and exploration and production companies. Its Field Services segment gathers, compresses, treats, processes, transports, stores, and sells natural gas; produces, fractionates, transports, stores, sells, markets, and trades in NGLs; and recovers and sells condensate. This segment owns or operates approximately 67,000 miles of gathering and transmission pipelines. The company is headquartered in Houston, Texas.

5,800 Employees
Last Reported Date: 02/28/14

spectra energy corp (SE) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $1.1M
Chief Financial Officer
Total Annual Compensation: $588.8K
Chief Administrative Officer
Total Annual Compensation: $448.2K
Chief Ethics & Compliance Officer and General...
Total Annual Compensation: $535.4K
Compensation as of Fiscal Year 2013.

spectra energy corp (SE) Key Developments

Spectra Energy Approves Amendment to By-Laws

Effective April 15, 2014, the Board of Directors of Spectra Energy Corp. approved the amendment and restatement of the Company's By-Laws. The amended and restated By-Laws include the following amendments: Section 2.03 was amended to clarify that the notice requirements contained in that section shall be deemed satisfied by a shareholder if the shareholder has notified the Company of his or her intention to present a proposal at an annual meeting in accordance with Rule 14a-8 of the Securities Exchange Act of 1934, as amended, subject to other conditions contained in Section 2.03 of the By-Laws. Section 3.01 was amended to fix the size of the Board at 10 members. Previously, the number of directors was fixed at 12. Also, Section 3.02 was amended to update the information and disclosure requirements for advance notice of director nominations by a shareholder, including, among other things, the requirement to disclose (i) ownership of capital stock of the Company (including derivative and synthetic forms of ownerships); (ii) any proxy, agreement, arrangement or understanding under which a proposing shareholder has a right to vote any capital stock of the Company; (iii) acting in concert relationships or affiliations; (iv) any agreement, arrangement or understanding with a proposed nominee or the nominee's affiliates regarding compensation; and (iv) other material relationships with a proposed nominee or the nominee's affiliates. Finally, the By-Laws were amended to add a new Section 8.05, which includes a forum selection provision. The provision generally provides that unless the Company consents in writing to the selection of an alternate forum, a state or federal court located within the State of Delaware shall be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Company; (ii) any action asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's shareholders; (iii) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law; or (iv) any action asserting a claim governed by the internal affairs doctrine.

Spectra Energy Corp Declares Quarterly Cash Dividend, Payable on June 10, 2014

Spectra Energy Corp. declared a quarterly cash dividend on its common stock of $0.335 per share, or $1.34 per share on an annualized basis. The dividend is payable on June 10, 2014 to shareholders of record at the close of business on May 9, 2014.

Spectra Energy Corp Announces Executive Changes

Spectra Energy Corp. announced that the board of directors has elected Gregory L. Ebel to serve as chair of the board of directors. Mr. Ebel, who has been president and chief executive officer since January 2009, replaces William T. Esrey who is retiring after serving as chair for the past five years. The company also announced that F. Anthony Comper has been elected as independent lead director. Mr. Comper, originally elected to the board in 2007, is the former chair and retired president and chief executive officer of BMO Financial Group and will serve as a member of Spectra Energy's corporate governance and audit committees. Both of these appointments will be effective immediately.


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