Spectra Energy (SE) CEO Notes $9 Billion Worth of Projects, Expects to Continue to Raise Dividend

Spectra Energy (NYSE: SE) CEO Greg Ebel spoke with FOX Business Network (FBN) about his company saying, “We have $9 billion worth of projects under execution right now." When asked about his dividend, Ebel said, "the fourth quarter we increased our dividend by ten and a half percent” and that "we will be in that nine to ten percent range for next year."

On expanding the pipeline network:

“We have $9 billion worth of projects under execution right now, so they got long term contracts are going through the FCRA approvals in the northeast - would be a big area. Obviously, we built a new project in Manhattan just a year ago the first time in 40 years. A new pipeline into Manhattan. That’s got 20 year contracts. We’re building new pipelines into the Boston area probably the most congested area for natural gas, and a $3.2 billion project into Florida for FPL next year, so great contracts being underwritten by utilities needed regardless of the price of the product.”

On the company dividend:

“We already put money into investments all the time and we have an MLP that helps fund the equity needs for that so Spectra Energy just saw last, the fourth quarter we increased our dividend by ten and a half percent. We will be in that nine to ten percent range for next year and because of that long term nature of the contracts you can continue to build that out two or three years at a time, so really our focus from business development perspective is now on 17, 18, 19 so a steady growth on dividend is a really important part of this business and I think that’s what investors are looking for.”

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Genco Shipping & Trading Limited (GNK) Sends Letter to Shareholders
• Sea Ltd. (SE) lifted to overweight at Morgan Stanley as path to profitability becoming clearer