HOUSTON, May 8 /PRNewswire-FirstCall/ -- Spectra Energy reported on a full year of accomplishments and conveyed its near- and longer- term growth plans during the annual meeting of shareholders held today at the company's Houston headquarters.
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Chairman of the Board Paul M. Anderson summarized Spectra Energy's stand- out year, which included, among other things, launching an ambitious capital expansion initiative; managing and further building a premier portfolio of assets; maintaining a strong balance sheet and credit profile; and deploying a new master limited partnership.
"There is much to be proud of in Spectra Energy's first year, and even more to look forward to in the future," said Chairman Anderson. "I have no doubt this company will continue to define and distinguish itself in the months and years ahead. The fundamentals are all there: the right values; the right people; and the right assets serving the right markets."
Spectra Energy's president and chief executive officer, Fred J. Fowler, gave an overview of the company's impressive 2008 first quarter results, which were reported on May 6, 2008. He then addressed industry trends likely to impact the company, discussing the increasing demand for natural gas, driven by climate concerns and the rapid growth of gas-fired electric generation; and promising new supplies from mid-continent shales and the potential of liquefied natural gas (LNG) imports.
"Spectra Energy is well-situated to take advantage of the increasing demand for natural gas as we serve four of the fastest-growing markets in North America and maintain a favorable position between strong demand markets and growing supply regions," said Fowler.
"While Spectra Energy has just 16 months under our belt, we are demonstrating that we have an enduring operating model, built for sustainable growth," continued Fowler. "We have a clear and confident view of the future - and an important role to play in shaping North America's energy future."
During the meeting, shareholders re-elected Paul Anderson, Austin Adams and Tony Comper as Class II directors to serve for 3-year terms. Mike McShane, former chairman, president and chief executive officer, Grant Prideco Inc., was newly elected as a director, replacing Roger Agnelli, who retired from the board.
Shareholders also approved the 2007 Long-Term Incentive Plan and the Executive Short-Term Incentive Plan and ratified the selection of Deloitte & Touche as the company's independent public accountant for 2008.
Forward-Looking Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning future plans for capital expenditures, strategic corporate planning and the impact of industry trends and changes in commodity markets on our future results. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Factors that could affect our forward-looking statements, are described in our Form 10-K, filed with the Securities and Exchange Commission, and other filings that we make with the SEC, which are available at the SEC's website at http://www.sec.gov/. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Spectra Energy Corp is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing; transmission and storage; and distribution. For close to a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related energy infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 18,000 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50-percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Visit http://www.spectraenergy.com/ for more information.
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