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Type | Public |
---|---|
NYSE: SE | |
Industry | Oil & Gas Pipelines |
Founded | 2006 |
Defunct | February 27, 2017 |
Fate | Merged into Enbridge |
Headquarters | Houston, Texas, United States |
Key people | Gregory Ebel, President & CEO |
Number of employees | 5,700 (2011) [1] |
Parent | Enbridge |
Website | www |
Spectra Energy Corp, headquartered in Houston, Texas, operated in three key areas of the natural gas industry: transmission and storage, distribution, and gathering and processing. Spectra was formed in late 2006 from the spin-off from Duke Energy. Spectra owned the Texas Eastern Pipeline (TETCo), a major natural gas pipeline which brings gas from the Gulf of Mexico coast in Texas to the New York City area, which was one of the largest pipeline systems in the United States. [2] Spectra also operated three oil pipelines. [3] In February 2017, Spectra Energy merged into the Canadian company Enbridge. [4]
In 2002, Duke Energy acquired Westcoast Energy, a Canadian corporation, which owned Chatham, Ontario-based Union Gas, regulated under the 1998 Ontario Energy Board Act.
On December 29, 2006 Standard & Poor's added Spectra Energy Corp. to its S&P 500 Index, replacing Parametric Technology Corp. (Nasdaq : PMTC), a software company, which then moved to the S&P MidCap 400 list instead. [5] Spectra began trading on the New York Stock Exchange under the ticker symbol SE.
On January 3, 2007, Duke Energy completed the spin-off of its natural gas business, including Westcoast Energy and Union Gas, to form Spectra Energy. Duke Energy shareholders received 1 share of Spectra Energy for every 2 shares of Duke Energy.
By early August 2007, the S&P 500 breached its first 10% correction in over four years, and the shares of Spectra Energy Corp. sunk to their lowest point since trading had begun in December 2006, after the company announced that second quarter earnings had dropped 39 percent. [6]
In 2009, the company's financial performance had improved and had a total shareholder return of 38.3 percent.
In 2011, Spectra Energy achieved record net income and surpassed its earnings target by more than 7 percent. And, in 2011, the company increased its annual dividend to $1.12, representing a nearly 8 percent increase.[ citation needed ]
Canadian pipeline operator Enbridge Inc. on September 6, 2016, agreed to buy Spectra Energy in an all-stock deal valued at about $28 billion. [7]
For 2010, Spectra Energy was listed in the Newsweek green rankings, with a ranking of 280 out of the 500 largest publicly traded corporations in America. The listing was based on environmental impacts, green policies, and a reputation survey. [8]
Despite those high rankings, Spectra Energy's environmental record is not without incidents or government imposed penalties. [9] Since 2006, the Pipeline and Hazardous Materials Safety Administration reports twenty-five separate incidents at Spectra's Texas Eastern Transmission Pipeline ranging from equipment failure to incorrect operations to pipe corrosion. Combined, those incidents caused $12,036,495 in property damage, and the US federal government fined Spectra a total of $403,100 over that period. [10] The most recent incident for that pipeline occurred on May 31, 2015, when a piece of the pipeline in the Arkansas River near Little Rock, Arkansas ruptured. [11] Similarly the US federal government has imposed $154,700 in penalties since 2007 at Spectra's Algonquin Gas Transmission Pipeline for a single incident from 2010. [12] An incident in 2010 from Spectra's Southeast Supply Header Pipeline did $561,563 in property damage, which led to it being fined a total of $201,300 by the US federal government. [13]
Spectra Energy may be considered the single largest private-sector source of greenhouse gases in British Columbia. [14] Since it co-owned DCP Midstream Partners with ConocoPhillips, Spectra Energy was reported in 2005 to emit 19,746 tons of nitrogen oxides and 9,286 tons of volatile organic compounds per year. [15] As of August 2015, Canada's National Energy Board has fined Spectra's subsidiary Westcoast Energy a total of $122,300 for violations. [16]
Enbridge Inc. is a multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres of pipelines. Its 38,300 kilometre natural gas pipeline system connects multiple Canadian provinces, several US states, and the Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects. Between 2012 and 2021, Enbridge transported over 32 billion barrels of crude oil.
Union Gas was a major Canadian natural gas company based in Ontario. Its distribution arm serviced approximately 1.5 million customers in northern, southwestern and eastern Ontario. Union Gas has been a subsidiary of Enbridge since February 2017, when former parent Spectra Energy merged into Enbridge.
The Algonquin Gas Transmission Pipeline is a 1,100 miles (1,800 km) long pipeline system, which delivers natural gas to New England. It is connected to the Texas Eastern Pipeline and the Maritimes & Northeast Pipeline. The Algonquin Gas Transmission pipelines transport about 20 billion cubic meters (bcm) of natural gas per annum. It generally receives gas that originated in the Gulf of Mexico, although it also receives gas from an LNG terminal in Massachusetts. The Algonquin Gas Transmission is owned by Enbridge. The pipeline's compressor station in Weymouth, Massachusetts was the subject of numerous protests before it was permitted, including 211 days of sit-ins over three years in the Governor's office. It has had multiple unplanned gas releases since it opened in January 2021, and a state adjudicator recommended reevaluating its permit in 2022.
East Tennessee Natural Gas Pipeline is a natural gas pipeline that brings gas from eastern Tennessee to Virginia and North Carolina. It was formerly owned by Duke Energy but is now owned by Enbridge. Its FERC code is 2.
Gulfstream Natural Gas Pipeline is a natural gas pipeline that brings gas from Mississippi and Alabama, underwater across the Gulf of Mexico, to Florida. It was owned by Duke Energy, but is now owned by Enbridge. Its FERC code is 183.
Texas Eastern Pipeline (TETCo) is a major natural gas pipeline which brings gas from the Gulf of Mexico coast in Texas and Louisiana up through Mississippi, Arkansas, Tennessee, Missouri, Kentucky, Illinois, Indiana, Ohio, and Pennsylvania to deliver gas in the New York City area. It is one of the largest pipeline systems in the United States. It is owned by Enbridge. Its FERC code is 17.
Trunkline Pipeline is a natural gas pipeline system which brings gas from the Gulf coast of Texas and Louisiana through Mississippi, Arkansas, Tennessee, and Kentucky to deliver gas in Illinois and Indiana. It connects to the Henry Hub, Egan Hub, and Perryville Hub. The total length of the system is 3,059 miles (4,923 km) and its capacity is 1.5 billion cubic feet per day. It is operated by Trunkline Gas Company, a subsidiary of Energy Transfer Partners. Its FERC code is 30.
Vector Pipeline L.P. is a 348-mile-long natural gas pipeline which transports approximately 1 billion cubic feet (28,000,000 m3) per day of natural gas from Joliet, Illinois, in the Chicago area, to parts of Indiana and Michigan and into Ontario, Canada. The pipeline is important in the supply and transportation of natural gas from the United States and Western Canada to the Midwest, eastern Canada and the northeastern United States, supplying power generation plants, natural gas distribution companies, and natural gas storage facilities. The pipeline also has interconnections with several other natural gas pipelines along its route.
The Westcoast Pipeline, also known as the Westcoast Transmission System or the BC Pipeline, is a natural gas pipeline in British Columbia that brings natural gas from the Western Canadian Sedimentary Basin south to the province's heavily populated Lower Mainland. It connects to the Northwest Pipeline in the United States and east to TransCanada pipeline. Built in 1957 by Frank McMahon's Westcoast Transmission Co. Ltd., the 650-mile gas pipeline from Taylor in north-eastern British Columbia to the United States was Canada's first "big-inch" pipeline.
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. The company specializes in owning and controlling oil and gas pipelines and terminals.
The Maritimes and Northeast Pipeline is a natural gas transmission pipeline that runs from the Sable Offshore Energy Project (SOEP) gas plant in Goldboro, Nova Scotia, Canada to Dracut, Massachusetts, United States.
Francis Murray Patrick McMahon was a Canadian oilman best known as the founder of Pacific Petroleums and the Westcoast Transmission Company. Time magazine called him "The man who did the most to open up northwest Canada's wilderness—and convince oilmen of its treasures."
The Westcoast Transmission Company Limited was a Canadian pipeline company founded in 1949 by entrepreneur Frank McMahon who saw an enormous opportunity to supply natural gas to the huge industrial and residential markets in the United States.
Algonquin Power & Utilities Corp. is a Canadian renewable energy and regulated utility conglomerate with assets across North America. Algonquin actively invests in hydroelectric, wind and solar power facilities, and utility businesses, through its three operating subsidiaries: Bermuda Electric Light Company, Liberty Power and Liberty Utilities.