DENVER, Aug. 6, 2020 /PRNewswire/ -- EnerCom, Inc. is pleased to announce strong participation from the midstream sector as part of its 25^th annual The Oil & Gas Conference. Event registration is open at www.theoilandgasconference.com.

Midstream companies include:

• DCP Midstream
• Steel Reef Infrastructure Corp.
• Vaquero Midstream
• Taproot Energy Partners

DCP Midstream will be presenting at 7 a.m. MT on Wednesday, August 19^th.  DCP is a Fortune 500 company and one of the largest producers of NGLs and one of the largest natural gas processing companies in the U.S. with strong geographic diversity and leading positions in key basins, including the DJ Basin, the Permian Basin, and the STACK/SCOOP areas of the Midcontinent. The company will be sharing details of its groundbreaking methane management initiative across DCP's portfolio of natural gas assets with Kairos Aerospace Inc. to use sophisticated airborne methane monitoring techniques and advanced data analytics to digitally enable DCP's goals of operational excellence and sustainability.

On Tuesday, August 18^th at 11.25 am – 12.30 pm The Oil and Gas Conference will host a Midstream Panel discussion with panel companies Steel Reef Infrastructure Corp., Vaquero Midstream and Taproot Energy Partners.

The panel will review and discuss the evolving midstream environment in oil and gas, including such topics as challenges with contractual relationships and mitigating risk, the impact of well shut-ins and barriers to pipeline expansion and construction.

Steel Reef acquires, constructs and operates oil and gas infrastructure focused in the Western Canadian Sedimentary Basin and Bakken Resource Play.  Steel Reef's gathering, processing, transportation and storage facilities are strategically located to provide solutions for oil and gas exploration and production activities in the Western Canadian Sedimentary Basin and the Bakken formation of the Williston Basin.

Vaquero Midstream designs, builds and operates midstream infrastructure in emerging basins to provide midstream solution and takeaway options for producers.  Vaquero has successfully built and operated fully integrated midstream natural gas and crude oil systems across a wide range of domestic shale basins including the Barnett, Eagle Ford, Haynesville and the Permian. 

Taproot Energy Partners is a diversified and innovative midstream company focused on the design, construction and operation of world-class midstream assets. Taproot's core business is the gathering and transportation of crude oil, produced water, natural gas and fresh water, as well as natural gas processing, treating and liquids handling.

For a full list of presenters across the three full days of the digital event, visit www.theoilandgasconference.com

Health and Safety: EnerCom remains focused on the health and safety of our attendees, presenters, sponsors and staff. As such, this year's conference will be held primarily in a digital format which will ensure the safety of everyone involved in the event.

Conference Details: The Oil & Gas Conference® 25 offers investment professionals the opportunity to listen to senior management teams in the oil and gas industry present operational and financial strategies and to gain exposure to important energy topics affecting the global oil and gas industry.

Public and Private Company Presenters: The 2020 edition of EnerCom's The Oil & Gas Conference® will feature public and private oil and gas companies with operations around the world including the U.S. shale basins, the Gulf of Mexico and Canada.  A list of presenting companies will be provided on the conference website at a future date and updated periodically.

Additional Speakers: Global energy industry leaders, economists, market strategists, government officials and other energy experts will provide their insights on global commodities markets, ESG policy and reporting, exports of crude oil and natural gas, frac sand supply and logistics, and capital sources for energy development.   

Who Attends the Conference: More than 2,000 institutional, private equity and hedge fund investors, energy research analysts, retail brokers, trust officers, high net worth investors, investment bankers and energy industry professionals gather for the conference.

One-on-One Meetings:  EnerCom works in advance with presenting company management teams to arrange one-on-one meetings with the attending institutional investors and research analysts at the conference venue. Traditionally, EnerCom arranged and managed more than 2,000 one-on-one meeting requests. Registered buy- and sell-side attendees will be able to schedule meetings with presenting management teams in-person and online as appropriate.

How to Register:  Investment professionals and oil and gas companies can register for the event through the conference website. 

EnerCom History and Sponsors:  EnerCom (Energy Communications) has a rich history of working with clients to differentiate and deliver targeted messages to investors.  EnerCom, Inc. founded The Oil & Gas Conference® in 1996 with this goal in mind.

Global sponsors of EnerCom's conferences are Netherland, Sewell & Associates; and Moss Adams, LLP. Additional sponsors of The Oil & Gas Conference® 25 include Enverus; CAC Specialty; Haynes and Boone, LLP; PNC; and Bank of America.

About EnerCom, Inc.

Since 1994 EnerCom, Inc. has developed into a nationally recognized management consultancy advising oil and gas industry clients on corporate strategy, asset valuations, investor relations, media relations, external communications and visual communications design. 

EnerCom produces and publishes numerous data products and external communications tools for public energy companies and oil and gas investors including:

• ESG consulting and reporting
• peer group company valuations that are specific to the oil and gas industry;
• corporate annual reports, oil and gas company websites, custom stratigraphic and subsurface illustrations;
• company investor presentations; and
• Oil & Gas 360® - an online daily industry news portal.

Headquartered in Denver, with senior consultants in Texas, EnerCom uses the team approach for delivering its wide range of services to public and private companies, large and small, operating in the global exploration and production, OilService, capital markets, and associated advanced-technology industries. EnerCom's professionals have more than 170 years of industry and business experience and a proven track record of success.

For more information about EnerCom and its services, please visit http://www.enercominc.com/ or call +1 303-296-8834.

About Netherland, Sewell & Associates, Inc.

Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. For a complete list of services or to learn more about Netherland, Sewell & Associates, Inc. please visit www.netherlandsewell.com

For more information about NSAI, call C.H. (Scott) Rees, Chief Executive Officer, at 214-969-5401 or send an email to info@nsai-petro.com.

About Moss Adams LLP

Moss Adams is a fully integrated professional services firm dedicated to assisting clients with growing, managing, and protecting prosperity.

With more than 3,200 professionals and staff across more than 25 locations in the West and beyond, we work with many of the world's most innovative companies and leaders. Our strength in the middle market enables us to advise clients at all intervals of development—from start-up, to rapid growth and expansion, to transition.

For more information, please contact Joe Blice, Partner, National Practice Leader, Oil & Gas, CPA.

joe.blice@mossadams.com, 972.687.7818.

Moss Adams LLP provides details at mossadams.com/industries/oil-and-gas

About Enverus

In 1999, Enverus was founded as Drillinginfo, a groundbreaking provider of reliable oil & gas data, when the industry was on the brink of a digital revolution—a revolution that we would eventually fuel. Over the years, we grew exponentially through product innovation, market expansion, and acquisitions. Today, we are the energy industry's leading data, insights, and software company, helping customers outpace their competition and influence their respective industries.

For more information, visit https://www.enverus.com 

About CAC Specialty

CAC Specialty is an employee owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first.  With a knowledge-driven approach informed by industry data and decades of honed instinct, CAC brings an innovative vision to insurance broking and merchant banking by providing solutions to solve your risk challenges – from the simple to the previously unsolvable. Backed by a $40B AUM asset manager and not constrained by traditional risk transfer thinking, CAC can expand the range of risk transfer through access to private debt and alternative pools of risk capital. 

Read CAC's most recent insights here, and for more information contact Brad Elliott, Senior Vice President and Team Lead.

About Haynes and Boone

Haynes and Boone, LLP is an energy focused corporate law firm that provides a full spectrum of legal services and solutions to clients across the oil and gas industry, including the upstream, midstream, and downstream sectors. Our team of more than 100 energy lawyers and landmen has been helping operators, lenders and private equity firms complete some of the largest financings and M&A transactions in recent years. With more than 575 lawyers in offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, Haynes and Boone is ranked among the nation's most recommended law firms by general counsel for client service according to BTI Consulting Group's "Most Recommended Law Firms 2019" report.

For more information, please visit www.haynesboone.com.

About PNC

For more than 160 years, we have been committed to providing our clients with great service and powerful financial expertise to help them meet their financial goals. We are proud of our longstanding history of supporting not only our customers but also our communities, employees and shareholders.

For more information, please visit www.pnc.com.

Bank of America

Whether expanding a local business in the US, raising capital in Singapore or hedging currencies in Frankfurt, Bank of America Merrill Lynch understands the challenges our clients face in the US and around the world. We use the full resources of our company to help them achieve their goals. Our solutions span the complete range of advisory, capital raising, banking, treasury, as well as liquidity, sales and trading, and research capabilities.

Our Global Banking & Markets division serves mid- to large-sized companies, corporations and institutions. It comprises Business Banking, Global Commercial Banking, Global Corporate & Investment Banking and Global Markets. Aligned with these client-facing groups are Global Capital Markets, Global Research, Global Transaction Services and Wholesale Credit.

For more information, please visit www.bankofamerica.com.

Preng & Associates

Preng & Associates is the world's leading executive search firm totally dedicated to the energy industry. Over our 40 years, we have assisted more than 750 management teams and boards in 75 countries and conducted over 3,700 engagements. Our mission continues to be helping companies and boards identify and attract talent around the world that will impact shareholder value.

Rystad Energy

Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. We are headquartered in Oslo, Norway with offices across the globe.

For more information, please visit www.rystadenergy.com.

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SOURCE EnerCom, Inc.

DALLAS, Aug. 9, 2019 /PRNewswire/ -- Alerian reported, as of June 28, 2019, total products directly tied to and tracking the Alerian indices was $13.7 billion.

Exchange traded funds, exchange traded notes, return of capital notes, and variable insurance portfolios represent $12.7 billion of the total $13.7 billion. Below is a list of energy master limited partnership (MLP) positions, as of June 28, 2019, in the $12.7 billion of such assets tracking Alerian's indices.

About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 28, 2019, nearly $14 billion of products, including exchange traded funds and notes, are directly tied to and tracking the Alerian Index Series. Visit alerian.com to learn more.

View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2019-index-linked-product-positions-300899499.html

SOURCE Alerian

DALLAS, Aug. 1, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $15.0 billion as of June 30, 2018. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.

Below is a full list of energy master limited partnership (MLP) positions, as of June 30, 2018, in products linked to the Alerian Index Series.

About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2018, over $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.

View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2018-index-linked-product-positions-300690263.html

SOURCE Alerian

DALLAS, Feb. 21, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $16.3 billion as of December 31, 2017. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.

Below is a full list of energy master limited partnership (MLP) positions, as of December 31, 2017, in products linked to the Alerian Index Series.

About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion was directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.

View original content:http://www.prnewswire.com/news-releases/alerian-reports-december-31-2017-index-linked-product-positions-300602316.html

SOURCE Alerian

Highlights

- All conditions in merger agreement have been met; Transaction expected to close on February 27

- The combined company will be a global energy infrastructure leader and the largest energy infrastructure company in North America with roughly C$166 billion (US$126 billion) enterprise value

- Leading strategic business platforms including liquids and natural gas pipelines, natural gas distribution utilities and renewable power generation

- Industry leading C$27 billion (US$21 billion) of secured growth projects and approximately C$48 billion (US$37 billion) of probability weighted projects under development drives transparent long-term cash flow growth

- 10 to 12 percent average annual dividend increases expected from 2018 through 2024

- Strong, investment grade balance sheet

- Expected run-rate synergies of pre-tax C$540 million (US$415 million) by 2019, and estimated tax savings of C$260 million (US$200 million) beginning in 2019

CALGARY, Alberta and HOUSTON, Feb. 23, 2017 /PRNewswire/ -- Enbridge Inc. (TSX, NYSE:ENB) (Enbridge) and Spectra Energy Corp (NYSE:SE) (Spectra Energy) today announced that the previously announced merger of the two companies (the Transaction) has received all required regulatory clearances under the merger agreement, including from the Canadian Competition Bureau, and is expected to close on February 27, 2017.

"We are very pleased to have now received all required regulatory clearances and we look forward to realizing the significant customer and shareholder benefits of combining these two strong companies," said Al Monaco, President and Chief Executive Officer of Enbridge. "With the completion of the Transaction, Enbridge will become a leading global energy infrastructure company and the largest in North America with roughly C$166 billion (US$126 billion) in enterprise value and the strongest liquids and natural gas infrastructure franchises on the continent. We will have a diverse set of low-risk businesses comprised of a best in class network of crude oil, liquids and natural gas pipelines, a large portfolio of strong, regulated gas distribution utilities and a growing renewable power generation platform. The combined company will be positioned to provide integrated services and first and last mile connectivity to virtually all key liquids and gas supply basins and demand markets in North America."

Mr. Monaco added: "A significant amount of collaboration has allowed us to get to this point. The two companies have completed extensive planning in advance of closing and will be focused on a successful integration. Our teams are well prepared to ensure a smooth transition for our customers, employees and other stakeholders, while maintaining a sharp focus on our number one priority – the safety and reliability of our networks. We look forward to realizing the benefits of this strategic combination while delivering the energy people want and need."

Spectra Energy Chief Executive Officer Greg Ebel, who will become chairman of Enbridge once the Transaction closes, said: "By combining the strength of Enbridge with the strength of Spectra Energy, we are creating an unrivaled company that will provide superior value – now and into the future – for our customers, employees, investors and communities. The Transaction will significantly enhance and extend the dividend growth outlook for Spectra Energy shareholders. No other company in our industry will have this kind of high-return, low-risk model that investors value so highly."

Financial Matters

Enbridge expects the Transaction will support its 12 to 14 percent secured ACFFO per share CAGR guidance over the 2015-2019 planning horizon, and will be strongly additive to the Company's growth outlook beyond that timeframe.

As previously announced, following the closing of the Transaction, Enbridge will have a substantial capital project portfolio, including C$27 billion (US$21 billion) of commercially secured growth projects coming into service between 2017 and 2019, and C$48 billion probability-weighted development project portfolio. The growth program is expected to enable the Company to deliver highly visible ongoing dividend growth of 10 to 12 percent per year, on average, through 2024, while maintaining a conservative payout of 50 to 60 percent of ACFFO.

Enbridge is committed to maintaining its financial strength. In order to further reinforce its financial position and help support continued strong investment grade credit ratings, the Transaction was structured as a share for share exchange. No incremental debt will be incurred on closing of the Transaction. In addition, at the time the Transaction was announced last September, Enbridge set a target of monetizing C$2 billion of non-core assets to provide additional financial strength and flexibility. Approximately C$1.7 billion of that C$2 billion target has been achieved through the sale of its South Prairie Region assets and agreements to sell additional non-core assets. Enbridge management has identified other potential divestments that should enable the Company to meet or exceed this target. No follow-on equity offerings by Enbridge are required to complete funding of the combined secured C$27 billion (US$21 billion) secured growth program through 2019.

The combination is expected to achieve annual run-rate synergies of pre-tax C$540 million (US$415 million) by 2019. Detailed plans have been developed to capture a good portion of these synergies in the current year. In addition, the Company expects that approximately C$260 million (US$200 million) of tax savings can be achieved through utilization of tax losses commencing in 2019.

Guidance for the combined company for 2017 will be provided in conjunction with the first quarter financial results. Enbridge expects to provide a business and integration update for investors in June 2017 and is planning an investor conference in December, at which time additional detail on the Company's strategic priorities and long-range financial outlook will be provided.

Governance and Employee Matters

Enbridge announced today a new Board of Directors that will take effect as of the closing of the Transaction. Under the terms of the Transaction, the Board of Directors of Enbridge will consist of eight members designated by Enbridge, including Mr. Monaco (President and CEO), and five members designated by Spectra Energy, including Mr. Ebel as chairman of the board. Besides Mr. Monaco, the directors designated by Enbridge, all of whom currently serve as directors of Enbridge, are Marcel R. Coutu, J. Herb England, Charles W. Fischer, V. Maureen Kempston Darkes, Rebecca B. Roberts, Dan C. Tutcher and Catherine L. Williams. In addition to Mr. Ebel (Chair), the directors designated by Spectra Energy are Pamela L. Carter, Clarence P. Cazalot, Jr., Michael McShane and Michael E.J. Phelps, all of whom currently serve as directors of Spectra Energy.

Concurrent with the closing of the Transaction, David A. Arledge (Chair), James J. Blanchard and George K. Petty will be retiring from the Enbridge board while F. Anthony Comper, Austin A. Adams, Joseph Alvarado, Peter B. Hamilton, Miranda C. Hubbs and Michael G. Morris will be retiring from the Spectra Energy board. Both Mr. Monaco and Mr. Ebel thank those retiring board members for their contributions to the success of their respective companies. "We're grateful to those retiring board members from the two companies for their leadership, dedication, and guidance. They have provided great stewardship to help build the two very strong organizations that we are combining."

Mr. Monaco added that he looks forward to welcoming Spectra Energy employees to Enbridge. "We're bringing together two exceptional teams with strong values and a shared approach to safety, our stakeholders and our communities. We will move forward together, building from our proven strengths to position Enbridge to deliver infrastructure growth opportunities for our customers and continue to create value for our shareholders."

As previously announced, the headquarters of the combined company will be in Calgary, Alberta. Houston, Texas, will be the combined company's gas pipelines business unit center; Edmonton, Alberta, will remain the business unit center for liquids pipelines, with the business unit centers for gas distribution continuing to be based in Ontario. The combined company at close will have approximately 17,000 employees.

Dividends and Stock Listings

Spectra Energy will make its final common share dividend payment on March 1, 2017, to Spectra shareholders of record on February 15, 2017. In January, Enbridge announced a 10 percent increase in its quarterly common share dividend payable on March 1, 2017, to shareholders of record on February 15, 2017. It is expected that the first quarterly common share dividend post-combination will be payable on June 1, 2017, subject to board approval, and is expected to include a further increase to bring the aggregate increase in Enbridge's quarterly dividend to approximately 15 percent above the prevailing quarterly rate in 2016.

Trading in shares of Spectra Energy on the New York Stock Exchange (NYSE) will be suspended effective as of the opening of trading on February 27, 2017. In connection with the completion of the Transaction, the shares of common stock of Spectra Energy will be delisted from the NYSE and will be de-registered under the U.S. Securities Exchange Act of 1934. Common shares of Enbridge will continue to trade on both the NYSE and the Toronto Stock Exchange under the symbol "ENB".

Enbridge Energy Partners, L.P. (NYSE: EEP) and Spectra Energy Partners, LP (NYSE: SEP) will continue to be publicly traded partnerships headquartered in Houston, Texas. Enbridge Income Fund Holdings Inc. (TSX: ENF) will remain a publicly traded corporation headquartered in Calgary, Alberta. At Transaction closing, Midcoast Energy Partners, L.P. (NYSE: MEP)(Midcoast) will be a publicly traded partnership headquartered in Houston; however as announced on January 27, 2017, all of the outstanding publicly held common units of Midcoast are expected to be acquired by an Enbridge affiliate during the second quarter of 2017 and Midcoast would cease to be a publicly listed entity at that time.

About Enbridge Inc.

Enbridge, a Canadian company, exists to fuel people's quality of life, and has done so for more than 65 years. A North American leader in delivering energy, Enbridge has been ranked on the Global 100 Most Sustainable Corporations index for the past eight years. Enbridge operates the world's longest crude oil and liquids transportation system across Canada and the United States and has a significant and growing involvement in natural gas gathering, transmission and midstream business, as well as an increasing involvement in power transmission. Enbridge owns and operates Canada's largest natural gas distribution company, serving residential, commercial and industrial customers in Ontario, Quebec, New Brunswick and New York State. Enbridge has interests in approximately 2,500 MW of net renewable and alternative generating capacity, and continues to expand into wind, solar and geothermal power. Enbridge employs approximately 9,200 people, primarily in Canada and the United States and has been ranked 15 times on the annual Canada's Top 100 Employers list, including the 2017 index. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

ABOUT SPECTRA ENERGY CORP

Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's leading pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include approximately 21,000 miles of natural gas and crude oil pipelines; approximately 300 billion cubic feet of natural gas storage; 5.6 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy is the general partner of Spectra Energy Partners, LP (NYSE: SEP), one of the largest pipeline master limited partnerships in the United States and owner of the natural gas and crude oil assets in Spectra Energy's U.S. portfolio. Spectra Energy also has a 50 percent ownership in DCP Midstream, LLC, which is the general partner of DCP Midstream, LP (NYSE: DCP), the largest natural gas liquids producer and the largest natural gas processor in the United States, and the largest gathering and processing master limited partnership in the United States. Spectra Energy has served North American customers and communities for more than a century. For more information, visit www.spectraenergy.com.

FORWARD-LOOKING INFORMATION

This news release includes certain forward looking statements and information (FLI) to provide Enbridge and Spectra Energy shareholders and potential investors with information about Enbridge, Spectra Energy and their respective subsidiaries and affiliates, including each company's management's respective assessment of Enbridge, Spectra Energy and their respective subsidiaries' future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to the following: the Transaction; the combined company's scale, financial flexibility and growth program; future business prospects and performance; annual cost, revenue and financing benefits; the expected ACFFO per share growth; future shareholder returns; annual dividend growth and anticipated dividend increases and payment dates; payout of distributable cash flow; financial strength and ability to fund capital program and compete for growth projects; credit ratings; run-rate and tax synergies; potential asset dispositions; leadership and governance structure;  head office and business center locations; delisting and de-registration of the common stock of Spectra Energy; the proposed merger of Midcoast with an indirect wholly-owned subsidiary of Enbridge; and investor communications plans.

Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following:  the realization of anticipated benefits and synergies of the Transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the Transaction and other disruptions arising from the Transaction; expected future ACFFO; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; expected supply and demand for crude oil, natural gas, natural gas liquids and renewable energy; prices of crude oil, natural gas, natural gas liquids and renewable energy; economic and competitive conditions; expected exchange rates; inflation; interest rates; changes in tax laws and tax rates; credit ratings; completion of growth projects; anticipated in-service dates; capital project funding; success of hedging activities; the ability of management of Enbridge, its subsidiaries and affiliates to execute key priorities, including those in connection with the Transaction and the proposed merger of Midcoast with an indirect wholly-owned subsidiary of Enbridge; availability and price of labour and construction materials; operational performance and reliability; customer, shareholder,  regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; public opinion; and weather.  We caution that the foregoing list of factors is not exhaustive.  Additional information about these and other assumptions, risks and uncertainties can be found in applicable filings with Canadian and U.S. securities regulators, including any proxy statement, prospectus or registration statement filed in connection with the Transaction. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.

NON-GAAP MEASURES

This news release makes reference to non-GAAP measures, including ACFFO and ACFFO per share.  ACFFO is defined as cash flow provided by operating activities before changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to non-controlling interests and redeemable non-controlling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, non-recurring or non-operating factors. Management of Enbridge believes the presentation of these measures gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of Enbridge.  Management of Enbridge uses ACFFO to assess performance and to set its dividend payout target.  These measures are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and may not be comparable with similar measures presented by other issuers. Additional information on Enbridge's use of non-GAAP measures can be found in Enbridge's Management's Discussion and Analysis (MD&A) available on Enbridge's website and www.sedar.com.

SOURCE Spectra Energy Corp; Enbridge Inc.

HOUSTON, Feb. 17, 2017 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) today reported net income of $208 million, including net income from controlling interests of $115 million, for the fourth quarter ended December 31, 2016, with diluted earnings per share of $0.16. For the year, net income was $1.02 billion, including net income from controlling interests of $693 million, with diluted earnings per share of $1.00. The fourth quarter and full-year results included non-recurring special items of $127 million and $243 million, which had income tax effects of $32 million and $88 million, respectively, and decreased diluted earnings per share by $0.13 for the quarter and $0.19 for the year.

Highlights:

• Delivered 2016 ongoing distributable cash flow (DCF) of nearly $1.4 billion, with a dividend coverage ratio of 1.2 times
• Brought eight projects into service, totalling $2 billion of investment
• Added $2.3 billion to execution backlog during the year
• Announced annual dividend increase of 14 cents per share for 2017
• Announced merger agreement with Enbridge Inc., greatly enhancing shareholder value

For the quarter, ongoing earnings before interest, taxes, depreciation and amortization (EBITDA) were $742 million, compared with $672 million in the prior-year quarter. For the year, ongoing EBITDA was $2.85 billion, compared with $2.75 billion in 2015.

Ongoing DCF for the quarter was $309 million, compared with $201 million in the same quarter last year, and was $1.38 billion for the year, up from $1.29 billion in 2015.

For the quarter, ongoing net income from controlling interests was $202 million, or $0.29 diluted earnings per share, compared with $189 million, or $0.28 diluted earnings per share, in fourth quarter 2015. Net income from controlling interests was $115 million, or $0.16 diluted earnings per share, compared with $(263) million, or $(0.39) diluted earnings per share, in fourth quarter 2015.

For the year, ongoing net income from controlling interests was $829 million, or $1.19 diluted earnings per share, compared with $775 million, or $1.15 diluted earnings per share, in 2015. Net income from controlling interests was $693 million, or $1.00 diluted earnings per share, compared with $196 million, or $0.29 diluted earnings per share, in 2015.

CEO COMMENT

"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."

SEGMENT RESULTS

Spectra Energy Partners

Ongoing EBITDA from Spectra Energy Partners was $537 million in fourth quarter 2016, compared with $484 million in fourth quarter 2015. Fourth quarter 2016 ongoing results reflect increased earnings from expansion projects placed into service in the second half of 2016 in both the natural gas transmission and liquids businesses, as well as higher Allowance for Funds Used During Construction (AFUDC), primarily from the Sabal Trail project. These increases were offset by the absence of equity earnings from Sand Hills and Southern Hills natural gas liquids (NGL) pipelines, which Spectra Energy Partners owned through October 2015. Earnings from these NGL pipeline interests have been reflected in the Field Services segment. Fourth quarter 2016 results exclude a special item of $36 million for inspection and repair efforts associated with the Texas Eastern pipeline incident.

For the year 2016, ongoing EBITDA for Spectra Energy Partners was $2 billion, compared with $1.9 billion in 2015. The 2016 period excludes a special item of $80 million for inspection and repair efforts associated with the Texas Eastern pipeline incident. The 2015 period excludes a special item of $9 million related to a non-cash impairment of the Ozark Gas Gathering asset.

Distribution

Distribution EBITDA was $122 million in fourth quarter 2016, compared with $113 million in fourth quarter 2015. This increase was mainly due to incremental earnings from the Dawn-Parkway expansion projects and colder weather.

For the years 2016 and 2015, EBITDA for Distribution was $473 million.

Western Canada Transmission & Processing

Ongoing EBITDA from Western Canada Transmission & Processing was $105 million in fourth quarter 2016, compared with $123 million in fourth quarter 2015. The segment's ongoing results largely reflect lower gathering and processing revenues. Fourth quarter 2016 results exclude special items of $31 million, primarily from a non-cash loss on the sale of assets, as well as from continued contract demand credits net of insurance recoveries at our Grizzly Valley operations in British Columbia associated with significant flooding in June. Fourth quarter 2015 results exclude special items of $14 million for employee and overhead reductions and a non-cash asset impairment.

For the year 2016, ongoing EBITDA for Western Canada Transmission & Processing was $443 million, compared with $516 million in 2015. The 2016 period excludes special items of $56 million for contract demand credits net of insurance recoveries associated with flooding in British Columbia, employee and overhead reductions, and a non-cash loss on the sale of assets. The 2015 period excludes special items of $25 million related to employee and overhead reduction costs and a non-cash asset impairment.

Field Services

Ongoing EBITDA from Field Services was $(5) million in fourth quarter 2016, compared with $(36) million in fourth quarter 2015. The segment's ongoing results reflect favorable contract realignment efforts, stronger commodity prices, and asset growth, offset by lower volumes in certain geographic regions. Fourth quarter 2016 results exclude special items of $36 million, primarily reflecting income tax expense associated with the transaction converting a C-Corp subsidiary of DCP Midstream to an LLC, as well as transaction costs related to combining DCP Midstream and DCP Partners. The 2015 period excludes special items of $172 million, primarily from non-cash asset impairments. As a reminder, Spectra Energy's EBITDA from Field Services represents the company's 50 percent share of DCP Midstream's net income plus gains from DPM unit issuances.

For the year 2016, ongoing EBITDA for Field Services was $14 million, compared with $(106) million in 2015. The 2016 period excludes special items of $54 million, mainly from converting a C-Corp subsidiary of DCP Midstream to an LLC, transaction costs related to combining DCP Midstream and DCP Partners, and non-cash asset impairments. The 2015 period excludes $355 million in charges, primarily due to non-cash goodwill and asset impairments.  

During the fourth quarters of 2016 and 2015, respectively, NGL prices averaged $0.55 per gallon versus $0.42 per gallon, NYMEX natural gas averaged $2.98 per million British thermal units (MMBtu) versus $2.27 per MMBtu, and crude oil averaged approximately $49 per barrel versus $42 per barrel.

On a full-year basis for 2016 and 2015, respectively, NGL prices averaged $0.46 per gallon versus $0.45 per gallon, NYMEX natural gas averaged $2.46 per MMBtu versus $2.66 per MMBtu and crude oil averaged approximately $43 per barrel versus $49 per barrel.

Other

Ongoing net expenses from "Other" were $17 million and $12 million in the fourth quarters of 2016 and 2015, respectively. Fourth quarter 2016 results exclude special items of $24 million for transaction costs related to the proposed merger with Enbridge and captive insurance claims related to the flooding in British Columbia. The 2015 period excludes a special item of $333 million related to non-cash goodwill impairments associated with the Westcoast Energy acquisition in 2002.

For the year 2016, ongoing net expenses from "Other" were $73 million, compared with $51 million in 2015. The 2016 period excludes special items of $53 million for transaction costs and self-insurance charges related to the Texas Eastern pipeline incident and flooding in British Columbia. The 2015 period excludes special items of $333 million related to non-cash goodwill impairments associated with the Westcoast Energy acquisition.

"Other" primarily consists of corporate expenses, including benefits and captive insurance.

Interest Expense

Interest expense was $157 million in fourth quarter 2016, compared with $156 million in fourth quarter 2015.

For the year 2016, interest expense was $594 million, compared with $636 million in 2015.

Income Tax Expense

Income tax expense was $56 million in fourth quarter 2016, compared with an income tax benefit of $3 million in fourth quarter 2015, with effective tax rates of 21 percent and 2 percent, respectively. Excluding the tax impacts of special items in both periods, income tax expense was $88 million in fourth quarter 2016, compared with $65 million in fourth quarter 2015, with effective tax rates of 23 percent and 20 percent, respectively. The higher income tax expense was primarily due to higher earnings.

For the year 2016, income tax expense was $216 million, compared with $161 million in 2015, with effective tax rates of 18 percent and 26 percent, respectively. Excluding the tax impacts of special items in both periods, income tax expense was $304 million in both 2016 and 2015, with effective tax rates of 21 percent and 23 percent, respectively.

Foreign Currency

Net income from controlling interests was lower by $2 million for the quarter and $10 million for the year due to the lower Canadian dollar.

Liquidity and Capital Expenditures

Total debt outstanding at Spectra Energy as of December 31, 2016, was $15.6 billion. Total Spectra Energy liquidity at the end of the quarter was $5.2 billion, including $2.1 billion of available liquidity at Spectra Energy Partners.

Including contributions from noncontrolling interests of $743 million, total capital and investment spending for the year was $3.1 billion, and consisted of about $2.5 billion of growth capital expenditures and $613 million of maintenance capital expenditures. Maintenance capital expenditures include special items of $28 million related to the Texas Eastern pipeline incident and $7 million related to flooding in British Columbia.

Spectra Energy expects to file its 2016 10-K with the SEC on or before March 1, 2017.

EFFECTS OF SPECIAL ITEMS

EXPANSION PROJECT UPDATES

For the period 2013-2016, the company has:

• Placed ~$12 billion of projects into service, which are delivering solid cash flows
• ~$9 billion of capital expansion currently in execution

Spectra Energy's 2016 capital expansion program concluded with eight projects placed into service, representing $2 billion of capital expansion, including:

• Ozark Conversion
• Loudon
• Gulf Markets Expansion – Phase I
• Express Enhancement
• Salem Lateral
• Burlington-Oakville
• 2016 Dawn-Parkway
• AIM

Projects Scheduled for 2017 In-Service

Construction on Sabal Trail continues to progress, and the project remains on track to be in-service during the first half of 2017.

The Access South, Adair Southwest, and Lebanon Extension projects commenced construction in January, and are scheduled to be placed in-service in the second half of this year.

The second phase of the Gulf Markets Expansion project continues to advance toward a second half of 2017 in-service date. The project has received all its regulatory permits and is under construction.

Atlantic Bridge received its FERC Certificate of Public Convenience and Necessity in January, and is targeting initial in-service in the fourth quarter of this year.

NEXUS and TEAL anticipate receiving their FERC certificates shortly after FERC again has a quorum. Subject to a prompt issuance of these certificates, the project team has a safe and environmentally responsible plan to place the facilities into service in the fourth quarter of 2017, within the prescribed construction windows, in order to meet shipper requirements. Infrastructure projects are a top priority for the new administration and we are confident it will take swift action to restore a FERC quorum. 

Projects in Western Canada continue to advance toward their respective in-service dates, specifically Jackfish Lake (first half of this year) as well as RAM and High Pine (second half of this year). All three projects have received their regulatory permits, and are under construction.

At Union Gas, both the 2017 Dawn-Parkway expansion and the Panhandle Reinforcement projects remain on schedule to be placed in-service in the second half of this year.

In January 2017, DCP Midstream announced a number of significant expansion projects, including compression and infrastructure expansions that will add approximately 40 million cubic feet per day (MMcf/d) of incremental capacity by the summer of 2017 in the DJ Basin, and an 85,000 barrel-per-day expansion of the Sand Hills NGL pipeline expected to come online in the fourth quarter of 2017.

Projects Scheduled for 2018 In-Service

The Bayway Lateral project continues to progress toward an in-service date in the first half of 2018, as does Western Canada's Wyndwood project, while the STEP project continues to target in-service in the second half of 2018.

The Valley Crossing Pipeline is advancing through the regulatory process and continues to target an in-service date in the second half of 2018. Construction is expected to begin in the second quarter of 2017.

The PennEast project continues to advance as well. FERC is expected to issue its Final Environmental Impact Statement (FEIS) in April, and the project is still targeting a late-2018 in-service date.

New to the company's project portfolio this quarter is the Spruce Ridge project, a $500 million supply-push project in Western Canada that is expected to go into service in the second half of 2018. The project involves a 400 MMcf/d expansion of the T-North transmission system, as well as pipeline looping and additional compression, to facilitate T-North producers' access to downstream markets.

DCP Midstream also announced a 200 MMcf/d cryogenic natural gas processing plant in the DJ Basin that is projected to be in-service by the end of 2018.

Projects Scheduled for 2019 In-Service

The Stratton Ridge project filed its FERC application earlier this month and remains on schedule for in-service in the first half of 2019.

Projects in Development

The Access Northeast project would help alleviate New England's well-documented issues of energy reliability and cost volatility. The project's partners continue to pursue a viable commercial and operational model to provide clean-burning natural gas to gas-fired electric generators in New England in support of the region's emission goals.

While the project has been in discussions on other contracting strategies, including participation among gas distribution companies, the complexity of any regional solution requires clarity among the New England states regarding the support and legal authority for electric distribution companies to contract for project capacity. When the states achieve alignment – in the form of consistent legislative or other legal authority supporting natural gas infrastructure for electric reliability – the project's partners remain able and committed to bringing Access Northeast to New England consumers.

With increasing reliance on natural gas for electric generation, this project provides a critical opportunity to improve New England's future energy reliability, cost volatility and competitiveness. Access Northeast's partners will continue working with state and federal agencies, as well as other stakeholders, to help close gaps in legal authority that are currently prohibiting the region from achieving its significant environmental goals, as the current system configuration requires the continued operation of older, higher emitting generation units, such as coal and oil plants.

Spectra Energy Partners conducted solicitations of interest on the Express Pipeline and Platte Pipeline in late 2016, and is currently conducting subsequent solicitations, which will close by the end of February. 

Spectra Energy Partners has secured a commitment from an industrial market shipper in the STX Zone of its Texas Eastern system, and on February 15 launched a Texas-Louisiana Markets open season, which will close in early March, to solicit additional interest.

Non-GAAP Financial Measures

We use ongoing net income from controlling interests and ongoing diluted EPS as measures to evaluate operations of the company. These measures are non-GAAP financial measures as they represent net income from controlling interests and diluted EPS, excluding special items. Special items represent certain charges and credits which we believe will not be recurring on a regular basis. We believe that the presentation of ongoing net income from controlling interests and ongoing diluted EPS provides useful information to investors, as it allows investors to more accurately compare our ongoing performance across periods. The most directly comparable GAAP measures for ongoing net income from controlling interests and ongoing diluted EPS are net income from controlling interests and diluted EPS.

We use earnings from continuing operations before interest, income taxes, and depreciation and amortization (EBITDA) and ongoing EBITDA, non-GAAP financial measures, as performance measures for Spectra Energy Corp. Ongoing EBITDA represents EBITDA, excluding special items. We believe that the presentation of EBITDA and ongoing EBITDA provides useful information to investors, as it allows investors to more accurately compare Spectra Energy Corp's performance across periods. The most directly comparable GAAP measure for EBITDA and ongoing EBITDA for Spectra Energy Corp is net income.

The primary performance measures used by us to evaluate segment performance are segment EBITDA and Other EBITDA. We consider segment EBITDA and Other EBITDA, which are the GAAP measures used to report segment results, to be good indicators of each segment's operating performance from its continuing operations as they represent the results of our segments' operations before depreciation and amortization without regard to financing methods or capital structures. Our segment EBITDA and Other EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate EBITDA in the same manner.

We also use ongoing segment EBITDA and ongoing Other EBITDA (net expenses) as measures of performance. Ongoing segment EBITDA and ongoing Other EBITDA are non-GAAP financial measures, as they represent segment EBITDA and Other EBITDA, excluding special items. We believe that the presentation of ongoing segment EBITDA and ongoing Other EBITDA provides useful information to investors, as it allows investors to more accurately compare a segment's or Other's ongoing performance across periods. The most directly comparable GAAP measures for ongoing segment EBITDA and ongoing Other EBITDA are segment EBITDA and Other EBITDA.

We also present Distributable Cash Flow (DCF), which is a non-GAAP financial measure. We believe that the presentation of DCF provides useful information to investors, as it represents the cash generation capabilities of the company to support dividend growth. We also use ongoing DCF, which is a non-GAAP financial measure, as it represents DCF, excluding the cash effect of special items. The most directly comparable GAAP measure for DCF and ongoing DCF is net income. We also use DCF coverage, which is a non-GAAP financial measure, as it represents DCF divided by dividends declared on common stock. The most directly comparable GAAP measure for DCF coverage is EPS.

The non-GAAP financial measures presented in this press release should not be considered in isolation or as an alternative to financial measures presented in accordance with GAAP. These non-GAAP financial measures may not be comparable to similarly titled measures of other companies because other companies may not calculate these measures in the same manner.

Forward-Looking Statements

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 are based on our beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an effect on rate structure, and affect the speed at and degree to which competition enters the natural gas and oil industries; outcomes of litigation and regulatory investigations, proceedings or inquiries; weather and other natural phenomena, including the economic, operational and other effects of hurricanes and storms; the timing and extent of changes in commodity prices, interest rates and foreign currency exchange rates; general economic conditions, including the risk of a prolonged economic slowdown or decline, or the risk of delay in a recovery, which can affect the long-term demand for natural gas and oil and related services; potential effects arising from terrorist attacks and any consequential or other hostilities; changes in environmental, safety and other laws and regulations; the development of alternative energy resources; results and costs of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general market and economic conditions; increases in the cost of goods and services required to complete capital projects; declines in the market prices of equity and debt securities and resulting funding requirements for defined benefit pension plans; growth in opportunities, including the timing and success of efforts to develop U.S. and Canadian pipeline, storage, gathering, processing and other related infrastructure projects and the effects of competition; the performance of natural gas and oil transmission and storage, distribution, and gathering and processing facilities; the extent of success in connecting natural gas and oil supplies to gathering, processing and transmission systems and in connecting to expanding gas and oil markets; the effects of accounting pronouncements issued periodically by accounting standard-setting bodies; conditions of the capital markets during the periods covered by forward-looking statements; and the ability to successfully complete merger, acquisition or divestiture plans; regulatory or other limitations imposed as a result of a merger, acquisition or divestiture; and the success of the business following a merger, acquisition or divestiture. These factors, as well as additional factors that could affect our forward-looking statements, are described under the headings "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Information" in our 2015 Form 10-K, filed on February 25, 2016, and in our other filings made with the Securities and Exchange Commission (SEC), which are available via the SEC's website at 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. All forward-looking statements in this release are made as of the date hereof and 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 (NYSE: SE), a FORTUNE 500 company, is one of North America's leading pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include approximately 21,000 miles of natural gas and crude oil pipelines; approximately 300 billion cubic feet of natural gas storage; 5.6 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy is the general partner of Spectra Energy Partners, LP (NYSE: SEP), one of the largest pipeline master limited partnerships in the United States and owner of the natural gas and crude oil assets in Spectra Energy's U.S. portfolio. Spectra Energy also has a 50 percent ownership in DCP Midstream, LLC, which is the general partner of DCP Midstream, LP (NYSE: DCP), the largest natural gas liquids producer and the largest natural gas processor in the United States, and the largest gathering and processing master limited partnership in the United States. Spectra Energy has served North American customers and communities for more than a century. For more information, visit www.spectraenergy.com.