Spectra Energy (NYSE: SE) reported Q4 EPS of $0.16, $0.15 worse than the analyst estimate of $0.31.

"2016 was a transformational year for Spectra Energy. I'm proud of all we accomplished, but most importantly that we continued our track record of delivering on our commitments to all our stakeholders," said Greg Ebel, chief executive officer, Spectra Energy.

"We delivered strong DCF and dividend coverage. We successfully executed our 2016 growth plan by placing $2 billion of projects into service, and as an added benefit to our customers and investors, placed some of those projects into service ahead of schedule. We added $2.3 billion of projects to our execution backlog, including the $1.5 billion Valley Crossing Pipeline project. DCP Midstream surpassed its 35-cent NGL break-even target, paving the way for the restructuring and simplification it announced in January 2017. And through all this activity we also maintained a healthy balance sheet.

"Our achievements and accomplishments in 2016, coupled with those of the past decade, have positioned us well for 2017 and beyond, as we move closer to completing our combination with Enbridge, which we expect to occur in the first quarter of this year. While we announced our 14-cent per share annual dividend increase for 2017, the combination with Enbridge will greatly accelerate our dividend growth, from 8 percent annually to 15 percent in 2017 and an expected 10 to 12 percent annually through 2024.

"During these past 10 years, we've expanded our footprint, diversified our asset portfolio, reduced our risk profile and provided a dependable, attractive dividend, creating tremendous shareholder value in that process. We have proven to be a stable, disciplined and reliable investment. It has been an honor to serve as CEO for the past eight years, and I am proud of our company and the great people who have contributed to its success. As incoming chairman of the new Enbridge, I look forward to the company taking our next big step. I fully expect we will deliver even greater benefits to our investors, customers, communities and employees."

For earnings history and earnings-related data on Spectra Energy (SE) click here.