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spectra energy _1Q07NonGaap
1. Spectra Energy Corp
Non-GAAP Reconciliation for SEC Regulation G
May 8, 2007
Ongoing Diluted Earnings-per-share (“EPS”) Growth Percentages
The materials for Spectra Energy’s 1Q 2007 Earnings Release call on May 8,
2007 include a discussion of the anticipated growth in ongoing diluted EPS
through at least 2009 for Spectra Energy. These growth percentages are based
on anticipated ongoing diluted EPS. Ongoing diluted EPS is a non-GAAP
financial measure, as it represents diluted EPS from continuing operations
adjusted for the per share impact of special items. Special items represent
certain charges and credits which management believes will not be recurring on
a regular basis. The most directly comparable GAAP measure for ongoing
diluted EPS is reported diluted EPS from continuing operations, which includes
the impact of special items. Due to the forward-looking nature of this non-GAAP
financial measure for future periods, information to reconcile this non-GAAP
financial measure to the most directly comparable GAAP financial measure is not
available at this time, as management is unable to forecast any special items for
future periods.
Reconciliation of Ongoing EBITDA
U.S. Transmission Segment
(Dollars in Millions)
Q1 07 Q1 06
$ 272 $ 286
Reported EBITDA (Includes 50% of Gulfstream's Net Income)
50% of Gulfstream DD&A 4 4
50% of Gulfstream Interest 6 6
$ 282 $ 296
Reported EBITDA
Special Item - (24)
Ongoing EBITDA $ 282 $ 272
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2. Reconciliation of Ongoing EBITDA
Field Services Segment
(Dollars in Millions)
Q1 07 Q1 06
$ 82 $ 146
Equity Earnings (50% of DCP Midstream's Net Income)
O&M Expense - (2)
$ 82 $ 144
Reported EBIT
50% of DCP Midstream DD&A 37 35
50% of DCP Midstream Interest 21 15
50% of DCP Midstream Income Taxes 1 1
$ 141 $ 195
Reported EBITDA
Special Items 3 (14)
Ongoing EBITDA $ 144 $ 181
Net Debt to Capital Ratio
As of March 31, 2007
(Dollars in Millions)
Total Debt $ 9,004
Cash (596)
Net Debt 8,408
Minority Interest 569
Equity 5,622
Total Net Capital $ 14,599
Net Debt to Capital Ratio 57.59%
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