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Spectra Energy (SE) Q2 Earnings, Revenues Miss
Spectra Energy Corp. (SE - Free Report) , through its subsidiaries and equity affiliates, engages in the ownership and operation of a portfolio of complementary natural gas-related energy assets. The company operates in four segments: U.S. Transmission, Distribution, Western Canada Transmission & Processing, and Field Services. The company also has 50% ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the U.S.
Currently, Spectra Energy has a Zacks Rank #2 (Buy) but that could change following its second quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:
Earnings: Spectra Energy’s earnings missed the estimates. Earnings per share from continuing operations (excluding special items) came in at 24 cents missed the Zacks Consensus Estimate of 26 cents.
Revenue: Revenues of $1,159 million came below the Zacks Consensus Estimate of $1,300 million.
SPECTRA ENERGY Price and EPS Surprise
SPECTRA ENERGY Price and EPS Surprise | SPECTRA ENERGY Quote
Key Stats: The company produced NGLs of 416 thousand barrels per day (MBbl/d), up from the year-ago quarter level of 408 MBbl/d. Price of NGLs averaged 46 cents per gallon (down 4.2% year over year), while crude oil averaged approximately $45.64 per barrel (down 21.2% year over year). Natural gas was sold at $1.95 per million British thermal units (MMBtu) as against $2.64 per MMBtu in the second quarter of 2015.
Check back later for our full write up on this Spectra Energy earnings report later!
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