Spectra Energy Corp. (SE: Quote) Wednesday said it has set its full-year earnings target at $1.64 per share, up 6 percent from last year. Analysts, based on consensus, currently expect earnings of $1.48 per share for 2013.
“Our business momentum is driven by $25 billion in growth projects through the end of the decade and advancing our MLP drop-down strategy by leveraging recent asset additions,” said Greg Ebel, President and CEO.
The company is also planning to deliver solid shareholder value with a dividend growth of at least 8 cents per year.
Spectra’s financial plans also include Express-Platte acquisition, which is expected to expand its crude oil transportation and storage space. The acquisition is expected to close in the first half of 2013.
The current outlook is based on an average natural gas price of 80 cents per gallon and natural gas price of $3.75 per thousand cubic feet, with crude averaging $90 per barrel.
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by RTT Staff Writer
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