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Spectra Energy 2011 Annual Report

2011 Annual Report

Condensed Consolidated Statements of Operations


    Years Ended December 31,       
(In millions, except per share amounts) 2011 2010 2009
Operating Revenues      
   Transportation, storage and processing of natural gas $3,139 $2,870 $2,565
   Distribution of natural gas 1,481 1,450 1,451
   Sales of natural gas liquids 564 459 389
   Other 167 166 147
      Total operating revenues 5,351 4,945 4,552
       
Operating Expenses      
   Natural gas and petroleum products purchased 1,142 1,056 1,098
   Operating, maintenance and other 1,745 1,575 1,406
   Depreciation and amortization 709 650 584
      Total operating expenses 3,596 3,281 3,088
       
Gains on Sales of Other Assets and Other, Net 8 10 11
       
Operating Income 1,763 1,674 1,475
       
Other Income and Expenses      
   Equity in earnings of unconsolidated affiliates 549 430 369
   Other income and expenses, net 57 32 37
      Total other income and expenses 606 462 406
       
Interest Expense 625 630 610
       
Earnings From Continuing Operations Before Income Taxes 1,744 1,506 1,271
Income Tax Expense From Continuing Operations 487 383 352
       
Income From Continuing Operations 1,257 1,123 919
Income From Discontinued Operations, Net of Tax 25 6 5
       
Net Income 1,282 1,129 924
Net Income Noncontrolling Interests 98 80 75
       
Net Income Controlling Interests $1,184 $1,049 $   849
       
Earnings per Common Share      
   Basic $1.82 $1.62 $1.32
   Diluted $1.81 $1.61 $1.32
Dividends per Common Share $1.06 $1.00 $1.00