http://www.morningstar.com/earnings/34981790-spectra-energy-partners-lp-sep-q4-2011.aspx

Spectra Energy Partners LP SEP
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/03/2012

Operator: Good morning. My name is Daniel and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Year End Earnings Call for Spectra Energy Partners. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. Thank you.

Mr. Smith, you may begin your conference.

Derick Smith - Director IR: Thank you, Daniel. Good morning. I'm Derick Smith, Spectra Energy Partners' Director of Investor Relations, and I'm pleased that you could join us for a review of our fourth quarter and year end 2011 earnings.

This morning, Julie Dill, our Chief Executive Officer will present the 2011 highlights and accomplishments and Laura Laura Buss Sayavedra, our Chief Financial Officer, will cover the financial results for the quarter and follow with our 2012 financial outlook. Following Laura’s presentation, Julie will conclude with a look ahead at 2012 and beyond before opening the floor to any questions you may have.

Before we begin, let me take a moment to remind you that some of the statements we make today about future Company performance will include forward-looking statements within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements. You should refer to the additional information contained in our Form 10-K and other SEC filings concerning factors that could cause these results to be different than contemplated in today's discussion. In addition, today's discussion includes certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available on our Investor Relations website at spectraenergypartners.com.

With that, I will turn the call over to Julie.

Julie Dill - President and CEO: Thank you Derick and good morning everyone, really appreciate you all joining us today. I am so honored to have the opportunity to head up Spectra Energy Partners. I’ve had a chance to meet some of you over the past few weeks, but for those of you I do not know, let me just take a couple of moments to introduce myself. I’ve been in any energy business for over 30 years and with Spectra Energy or one its predecessor companies, for not quite half that time. For the past five years, I was president of Union Gas Limited, Spectra Energy’s Integrated, Storage Transmission and Distribution Company in Ontario, Canada.

Besides serving almost 1.4 million retails customers our operating there also included the 155 billion cubic foot Dawn Hub gas storage facility which is one of the largest storage facilities in North America. During that same five year period, I watched Spectra Energy Partners grow and produce attractive unit holder returns and they have consistently met or exceeded all our growth targets. That's been the results of continuing to execute on our partnerships’ growth strategy of optimizing our assets, growing organically and seeking acquisition opportunities that fit our profile.

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