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Spectra Energy Reports Second Quarter 2013 Results; Details Previously Announced Asset Drop-down to MLP in excess of $11 billion
-- Reported net income from controlling interests of $199 million, $0.30 earnings per share (EPS), compared with $215 million, $0.33 EPS, in the prior year quarter.
-- Signed contracts on three major projects; totaling $3B in capital expenditures.
-- MLP drop-down strategy and continued execution of growth plans emphasize ongoing value creation upside.

HOUSTON, Aug. 6, 2013 /PRNewswire/ -- Spectra Energy Corp (NYSE: SE) reported 2013 second quarter net income from controlling interests of $199 million, or $0.30 diluted EPS, compared with $215 million, or $0.33 diluted EPS, in the prior year quarter.

(Logo: http://photos.prnewswire.com/prnh/20061030/CLM051LOGO )

"Spectra Energy's earnings for the quarter were in line with the company's expectations, but more importantly, we have secured $3 billion of new expansion projects so far this year," said Greg Ebel, president and chief executive officer, Spectra Energy Corp.  "Spectra Energy is in the midst of a major capital expansion program with $25 billion in growth opportunities through the end of the decade. That growth is the catalyst to advance our master limited partnership (MLP) strategy which will efficiently fund growth and enhance Spectra Energy's dividend growth."

"Our MLP drop-down strategy is already yielding positive results for investors. Since the end of the third quarter of 2012, the total market capitalization of Spectra Energy and Spectra Energy Partners has increased by $6 billion," Ebel added.  "We remain focused on continually finding opportunities to enhance our value proposition for investors while expanding our operations and asset footprint."   

BUSINESS UPDATES

Spectra Energy recently announced its intention to drop down the remainder of its U.S. Storage and Transmission assets into Spectra Energy Partners, its MLP.  Additionally, Spectra Energy will drop the other half of the Express-Platte pipeline assets, as well as all of the company's interest in the Sand Hills and Southern Hills pipelines. Yesterday, the drop-down was approved by both the Spectra Energy and Spectra Energy Partners boards and a contribution agreement has been executed.  The transaction is expected to close by year-end.

In consideration, Spectra Energy will receive 172 million LP units of Spectra Energy Partners, approximately 3.5 million GP units to retain its two percent general partner interest, and $2.2 billion in cash.

In addition, about $2.5 billion of debt associated with the assets to be dropped down will be assumed by Spectra Energy Partners.  The 2014 EBITDA multiple of this transaction is approximately 9.3 times based on the volume weighted average unit price ($36.12) for the ten day period ending on June 11, the date of the transaction announcement.

This transaction will allow for a significant dividend increase at Spectra Energy and sizeable increases in Spectra Energy Partners' distributions to unitholders.  The cash to Spectra Energy from its limited partnership distributions and general partnership distributions will support Spectra Energy's ability to raise its annual expected dividend from 8 cents per year to 12 cents per year.  Spectra Energy Partners will increase its quarterly distribution, to be paid in the first quarter of 2014, by three cents per unit and continue with a one cent per unit quarterly increase thereafter. This increase equates to an approximately nine percent compounded annual growth rate (CAGR) of distribution growth over the 2013 to 2015 timeframe.  

Upon closing of the transaction and consistent with other large integrated MLPs, Greg Ebel, president and chief executive officer of Spectra Energy, will assume additional responsibilities and serve as chairman of the board of directors, president and chief executive officer of Spectra Energy PartnersPat Reddy will continue in his role as chief financial officers of both entities. 

Morgan Stanley & Co. LLC is acting as financial advisor and Vinson & Elkins LLP and Bracewell & Giuliani LLP are acting as legal advisors to Spectra Energy on the transaction.

This transaction will transform Spectra Energy Partners into one of the largest fee-based MLPs in the country, creating the foundation by which Spectra Energy funds its significant capital expansion program in the U.S.  As part of its more than $25 billion in growth opportunities, Spectra Energy has recently signed contracts with customers on three projects, moving $3 billion in capital expansion opportunities into execution.

In late July, Florida Power & Light (FPL) announced its selection of Spectra Energy to construct Sabal Trail Transmission, a $3 billion project to be built in partnership with NextEra, FPL's parent company. This much needed one billion cubic feet per day pipeline into Florida will meet gas-fired electric generation demands beginning in mid 2017. 

The OPEN Project will expand the Texas Eastern system by 550 MMcf/day and is designed to connect Utica gas supplies to both the northeast and southeast markets. There are two anchor shippers on the project, including Chesapeake Energy Marketing. The company is targeting a November 1, 2015 in-service date for this $500 million project. 

And third, the Algonquin Incremental Market (AIM) project is an $850 million expansion of the Algonquin system to provide local distribution customers in the northeast with much needed additional supplies of natural gas.  This more than 300 MMcf/d project is expected to be completed by November 2016.  To date, the company has signed agreements with Northeast Utilities, National Grid and UIL Holdings

Excellent progress also is being made on existing projects in execution.  The New Jersey-New York Expansion, which is 90 percent complete, has successfully executed all nine directional drills and is expected to come online November 1, 2013.  The FERC filing for the TEAM 2014 project was completed in February with a FERC certificate anticipated by year-end.  This $500 million project, which is supported by contracts with Chevron and EQT, will be placed into service in the second half of 2014.

Spectra Energy is pursuing a number of opportunities associated with its crude oil assets as well.  Since its acquisition in March 2013, the Express-Platte System has seen significantly better results than anticipated.   Due to heightened demand, the company has initiated a binding open season for additional committed capacity on the Express pipeline, which will close on August 9.

SEGMENT RESULTS

U.S. Transmission           
U.S. Transmission reported second quarter 2013 earnings before interest and taxes (EBIT) of $248 million, compared with $237 million in second quarter 2012.  Quarterly EBIT results reflect increased earnings from expansions on Texas Eastern, partially offset by expected lower storage revenues. 

Distribution
Distribution reported second quarter 2013 EBIT of $65 million, compared with $75 million in second quarter 2012. The decrease is due to lower storage and transportation revenues, as expected, partially offset by higher customer usage due to colder weather.

Western Canada Transmission and Processing
Western Canada Transmission & Processing reported second quarter 2013 EBIT of $74 million, compared with $94 million in second quarter 2012.  The decrease is due to increased operating and maintenance (O&M), primarily associated with scheduled major plant turnarounds, and additional depreciation related to plants placed in service last year. 

Contracted volumes in the conventional gathering and processing business were also down, as expected.  These results were partially offset by positive earnings at Empress, attributable primarily to lower extraction premiums and higher sales volumes compared to second quarter 2012. 

Field Services
Field Services reported second quarter 2013 EBIT of $46 million, compared with $66 million in second quarter 2012. The change in EBIT is attributable primarily to the negative income effects of asset drop-downs to DCP Midstream Partners, inclusive of drop-down hedges, and the effects of lower NGL prices, partially offset by lower operating costs and improved natural gas prices. 

During the second quarters of 2013 and 2012, respectively, NYMEX natural gas averaged $4.09 per million British thermal units (MMBtu) versus $2.22 per MMBtu, DCP's realized NGL prices averaged $0.71 per gallon versus $0.77 per gallon, and crude oil averaged remained relatively flat at $94 per barrel.

DCP Midstream has paid distributions of $93 million to Spectra Energy year to date.

Liquids
Liquids consists of the Express-Platte Pipeline System acquired in March 2013, along with our equity investments in Sand Hills Pipeline and Southern Hills Pipeline, which were put into service during the quarter.  Liquids reported second quarter 2013 EBIT of $32 million, consisting primarily of Express-Platte operating results.

Other
"Other" reported net costs of $45 million and $25 million in the second quarters of 2013 and 2012, respectively.  This increase is due primarily to the accrual of higher employee benefit costs. 

Interest Expense
Interest expense was $160 million for second quarter 2013, in line with last year. 

Income Taxes
Second quarter 2013 income tax expense from continuing operations was $62 million, compared with $80 million reported in the second quarter of 2012.  The lower planned tax expense was driven by favorable enacted Canadian federal income tax legislation and by lower earnings.  The effective tax rate was 22 percent in the second quarter of 2013, compared with 25 percent in the second quarter of 2012.

Additional Information

Additional information about second quarter 2013 earnings can be obtained via the Spectra Energy Web site: www.spectraenergy.com.

The analyst call, held jointly with Spectra Energy Partners, is scheduled for today, Tuesday, August 6, 2013, at 8:00 a.m. CT. The webcast can be accessed via the Investors Section of Spectra Energy's Web site or the conference call can be accessed by dialing (888) 252-3715 in the United States or Canada, or (706) 634-8942 for International. The conference code is "11781017" or "SE and SEP Quarterly Earnings Call."

Please call five to ten minutes prior to the scheduled start time. A replay of the call will be available until 5:00 p.m. CT, October 30, 2013, by dialing (800) 585-8367 with conference ID 11781017. The international replay number is (404) 537-3406, with the above conference ID.  A replay and transcript also will be available by accessing the Investors Section of the company's Web site.

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, adjusted for special items and discontinued operations. Special items represent certain charges and credits which we believe will not be recurring on a regular basis, and discontinued operations do not represent our ongoing core business. We believe that the presentation of ongoing net income and ongoing diluted EPS provide useful information to investors, as it allows them 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, including any special items.

The primary performance measure used by us to evaluate segment performance is segment EBIT from continuing operations, which at the segment level represents earnings from continuing operations (both operating and non-operating) before interest and taxes, net of noncontrolling interests related to those earnings. We consider segment EBIT, which is the GAAP measure used to report segment results, to be a good indicator of each segment's operating performance from its continuing operations as it represents the results of our ownership interest in operations without regard to financing methods or capital structures.

We also use ongoing segment EBIT and Other EBIT (net costs) as measures of performance. Ongoing segment and Other EBIT are non-GAAP financial measures as they represent reported segment and Other EBIT adjusted for special items. We believe that the presentation of ongoing segment and Other EBIT provide useful information to investors, as they allow investors to more accurately compare a segment's or Other's ongoing performance across periods. The most directly comparable GAAP measures for ongoing segment or Other EBIT are reported segment or Other EBIT, which represent EBIT from continuing operations, including any special items.

Earnings before interest, taxes and depreciation and amortization (EBITDA) is a non-GAAP financial measure. The most directly comparable GAAP measure for EBITDA, as used in the discussion of the dropdown of Spectra Energy's remaining U.S. transmission, storage and liquids assets to Spectra Energy Partners, is net income plus net interest expense and depreciation and amortization.

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: the timing and success of the completion of the expected drop-down; 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 2012 Form 10-K, filed on February 22, 2013, and in our other filings made with the Securities and Exchange Commission (SEC), which are available via the SEC's Web site 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 premier pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include more than 22,000 miles of natural gas, natural gas liquids, and crude oil pipelines, approximately 305 billion cubic feet (Bcf) of natural gas storage, as well as natural gas gathering and processing, and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, the largest producer of natural gas liquids and one of the largest natural gas gatherers and processors in the United States. Spectra Energy has served North American customers and communities for more than a century.  The company's longstanding values are recognized through its inclusion in the Dow Jones Sustainability World and North America Indexes and the Carbon Disclosure Project's Global 500 and S&P 500 Carbon Disclosure Leadership Indexes. For more information, visit www.spectraenergy.com.

 

Spectra Energy Corp

Quarterly Highlights

June 2013

(Unaudited)

(In millions, except per-share amounts and where noted)















Three Months


Six Months





Ended June 30,


Ended June 30,





2013


2012


2013


2012


COMMON STOCK DATA 











Earnings Per Share From Continuing Operations, Diluted



$           0.30


$            0.33


$           0.80


$       0.83


Earnings Per Share, Diluted



$           0.30


$            0.33


$           0.80


$       0.84


Dividends Per Share



$         0.305


$            0.28


$           0.61


$       0.56


Weighted-Average Shares Outstanding, Diluted



671


655


671


655













INCOME











Operating Revenues



$         1,220


$          1,112


$         2,809


$     2,656


Total Reportable Segment EBIT



465


472


1,104


1,125


Income from Discontinued Operations, Net of Tax



-


-


-


2


Net Income - Controlling Interests



199


215


539


548













EBIT BY BUSINESS SEGMENT











U.S. Transmission 



$            248


$             237


$            514


$        508


Distribution



65


75


233


226


Western Canada Transmission & Processing



74


94


185


232


Field Services



46


66


134


159


Liquids



32


-


38


-


Total Reportable Segment EBIT



465


472


1,104


1,125


Other EBIT



(45)


(25)


(71)


(54)


   Total Reportable Segment and Other EBIT


$            420


$             447


$         1,033


$     1,071













CAPITAL AND INVESTMENT EXPENDITURES 











U.S. Transmission







$            510


$        335


Distribution







113


96


Western Canada Transmission & Processing







317


327


Liquids







165


-


Other







22


31


Total Capital and Investment Expenditures, Excluding Acquisitions







$         1,127


$        789













Acquisitions (a)







$         1,254


$          30































June 30, 


December 31,









2013


2012


CAPITALIZATION











Common Equity - Controlling Interests







36%


39%


Noncontrolling Interests and Preferred Stock







5%


5%


Total Debt 







59%


56%













Total Debt 







$       14,480


$   12,833


Book Value Per Share (b)







$         13.07


$     13.43


Actual Shares Outstanding 







669


668
























(a) Represents 2013 acquisition of Express-Platte pipeline system and 2012 payment of a portion of the purchase price previously withheld in

connection with the acquisition of Bobcat.  


(b) Represents controlling interests.











 

 

Spectra Energy Corp

Quarterly Highlights

June 2013

(Unaudited)

(In millions, except where noted)














Three Months


Six Months




Ended June 30,


Ended June 30,




2013


2012


2013


2012

U.S. TRANSMISSION










  Operating Revenues



$          456


$         464


$                  940


$            959

  Operating Expenses










Operating, Maintenance and Other


159


162


313


319

Depreciation and Amortization


71


71


143


141

  Gains on Sales of Other Assets and Other, net


-


2


-


3

  Other Income and Expenses



52


32


93


63

  Noncontrolling Interests



30


28


63


57

  EBIT



$          248


$         237


$                  514


$            508

  Proportional Throughput, TBtu (a)


656


612


1,494


1,375











DISTRIBUTION










  Operating Revenues



$          352


$         322


$               1,051


$            919

  Operating Expenses










Natural Gas Purchased



128


89


497


375

Operating, Maintenance and Other


108


106


219


213

Depreciation and Amortization


51


52


102


105

  EBIT



$            65


$           75


$                  233


$            226

  Number of Customers, Thousands






1,386


1,367

  Heating Degree Days, Fahrenheit


963


807


4,488


3,699

  Pipeline Throughput, TBtu 



195


159


509


426

  Canadian Dollar Exchange Rate, Average


1.02


1.01


1.02


1.01











WESTERN CANADA TRANSMISSION & PROCESSING








  Operating Revenues



$          357


$         329


$                  765


$            795

  Operating Expenses










Natural Gas and Petroleum Products Purchased


59


62


170


223

Operating, Maintenance and Other


166


133


309


264

Depreciation and Amortization


58


48


110


95

  Other Income and Expenses



-


8


9


19

  EBIT



$            74


$           94


$                  185


$            232

  Pipeline Throughput, TBtu



155


155


339


332

  Volumes Processed, TBtu



157


160


332


339

  Empress Inlet Volumes, TBtu 


104


109


225


280

  Canadian Dollar Exchange Rate, Average


1.02


1.01


1.02


1.01











FIELD SERVICES










  Equity in Earnings of DCP Midstream, LLC


$            46


$           66


$                  134


$            159

  EBIT



$            46


$           66


$                  134


$            159

  Cash Distributions



$            41


$           61


$                    93


$            150

  Natural Gas Gathered and Processed/Transported, TBtu/day (b)


7.1


7.0


7.0


7.1

  Natural Gas Liquids Production, MBbl/d (b,c)


412


392


404


402

  Average Natural Gas Price Per MMBtu (d)


$         4.09


$        2.22


$                 3.71


$           2.48

  Average Natural Gas Liquids Price Per Gallon (e)


$         0.71


$        0.77


$                 0.72


$           0.89

  Average Crude Oil Price Per Barrel (f)


$       94.22


$      93.46


$               94.44


$         98.15











LIQUIDS










  Operating Revenues



$            73


$            -


$                    86


$               -

  Operating Expenses










Operating, Maintenance and Other


34


-


39


-

Depreciation and Amortization


7


-


8


-

  Other Income and Expenses



-


-


(1)


-

  EBIT



$            32


$            -


$                    38


$               -

Express Pipeline Receipts, MBbl/d 


202


-


203


-

Platte Total Pipeline Deliveries, MBbl/d


242


-


237


-

Platte PADD II Deliveries, MBbl/d


165


-


165


-

Canadian Dollar Exchange Rate, Average


1.02


-


1.02


-











(a)  Trillion British thermal units









(b)  Includes 100% of DCP Midstream volumes









(c)  Thousand barrels per day










(d)  Million British thermal units.  Average price based on NYMEX Henry Hub







(e)  Does not reflect results of commodity hedges








(f)  Average price based on NYMEX calendar month








 

Spectra Energy Corp

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions)










































Three Months


Six Months






Ended June 30,


Ended June 30,






2013


2012


2013


2012













Operating Revenues



$     1,220


$    1,112


$    2,809


$       2,656

Operating Expenses



866


746


1,949


1,772

Gains on Sales of Other Assets and Other, net



-


1


-


2

Operating Income



354


367


860


886

Other Income and Expenses



94


109


237


243

Interest Expense



160


155


309


312

Earnings From Continuing Operations Before Income Taxes


288


321


788


817

Income Tax Expense From Continuing Operations



62


80


192


217

Income From Continuing Operations 



226


241


596


600

Income From Discontinued Operations, net of tax



-


-


-


2

Net Income



226


241


596


602

Net Income - Noncontrolling Interests



27


26


57


54

Net Income - Controlling Interests



$        199


$       215


$       539


$          548

 

 

Spectra Energy Corp

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

















June 30,


December 31,







2013


2012

ASSETS

















Current Assets 





1,727


$                 1,663

Investments and Other Assets



8,374


7,777

Net Property, Plant and Equipment 



21,297


19,905

Regulatory Assets and Deferred Debits



1,262


1,242











Total Assets




$              32,660


$               30,587










LIABILITIES AND EQUITY















Current Liabilities




4,511


3,791

Long-term Debt





11,656


10,653

Deferred Credits and Other Liabilities 



6,506


6,042

Preferred Stock of Subsidiaries



258


258

Equity





9,729


9,843











Total Liabilities and Equity



$              32,660


$               30,587

 

Spectra Energy Corp

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In millions)

















Six Months







Ended June 30,








2013


2012












CASH FLOWS FROM OPERATING ACTIVITIES







Net income 


$       596


$       602



Adjustments to reconcile net income to net cash provided by








operating activities


604


557






Net cash provided by operating activities


1,200


1,159












CASH FLOWS FROM INVESTING ACTIVITIES










Net cash used in investing activities


(2,535)


(792)












CASH FLOWS FROM FINANCING ACTIVITIES










Net cash provided by (used in) financing activities


1,461


(414)
















Effect of exchange rate changes on cash


(3)


-













Net increase (decrease) in cash and cash equivalents


123


(47)



Cash and cash equivalents at beginning of period


94


174



Cash and cash equivalents at end of period


$       217


$       127




Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

June 2013 Quarter-to-date

(In millions, except per-share amounts)
























Reported Earnings/

Ongoing Earnings




SEGMENT EARNINGS BEFORE INTEREST AND TAXES

     FROM CONTINUING OPERATIONS












U.S. Transmission





$                248










Distribution






65










Western Canada Transmission & Processing


74










Field Services






46










Liquids






32










     Total Reportable Segment EBIT



465










Other






(45)










     Total Reportable Segment and Other EBIT

$                420










EARNINGS












Total Reportable Segment EBIT and Other EBIT


$                420


Interest Expense





(160)


Interest Income and Other





28


Income Taxes from Continuing Operations


(62)


Total Net Income



$                226










Total Net Income - Noncontrolling Interests

(27)










Total Net Income - Controlling Interests


$                199










EARNINGS PER SHARE, BASIC


$               0.30










EARNINGS PER SHARE, DILUTED


$               0.30










Weighted Average Shares (reported and ongoing) - in millions












Basic



669













Diluted



671




 

Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

June 2012 Quarter-to-date

(In millions, except per-share amounts)



























Reported Earnings/

Ongoing Earnings

SEGMENT EARNINGS BEFORE INTEREST AND TAXES 



  FROM CONTINUING OPERATIONS













U.S. Transmission






$                          237









Distribution







75









Western Canada Transmission & Processing




94









Field Services







66









    Total Reportable Segment EBIT




472









Other







(25)









    Total Reportable Segment and Other EBIT



$                          447









EARNINGS 
















Total Reportable Segment EBIT and Other EBIT




$                          447

Interest Expense






(155)

Interest Income and Other






29

Income Taxes from Continuing Operations




(80)

Total Net Income 



$                          241









Total Net Income - Noncontrolling Interests 



(26)









Total Net Income - Controlling Interests 



$                          215









EARNINGS PER SHARE, BASIC




$                         0.33









EARNINGS PER SHARE, DILUTED




$                         0.33

















Weighted Average Shares (reported and ongoing) - in millions












Basic




653












Diluted




655



 

SOURCE Spectra Energy Corp

Media: Caitlin Currie, (713) 627-5353, (713) 627-4747 (24-hour media line); Analysts: John Arensdorf, (713) 627-4600

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