HOUSTON (AP) — Spectra Energy, a spin-off of power producer Duke Energy, made a successful debut Wednesday on the New York Stock Exchange as one of the three largest natural gas transmission companies in North America.
Spectra Energy Corp. shares rose 87 cents, or 3.14 percent, to close at $28.62 on the NYSE. The spin-off of Spectra, a natural gas company, was completed Tuesday, when markets were closed to observe the memorial service for former President Gerald R. Ford.
Duke Energy Corp. spun off Spectra through a stock distribution that provided Duke shareholders one share of Spectra for every two Duke shares. Houston-based Spectra will operate primarily in gathering and processing, transmitting and storing, and distributing natural gas. It touts about $21 billion in assets and said it expects annual revenue between $4 billion and $4.5 billion.
Fred Fowler, Spectra's president and chief executive, described the company's key assets as transmission and storage capabilities in fast-growing markets such as the eastern United States and in Ontario, Canada, and western Canada. He noted the company's interest in expanding in regions such as the southeast United States and the Rockies.