Financial Institutions

Spectra operates through two publicly traded financial bodies, Spectra Energy (SE) and Spectra Energy Partners (SEP). While these two corporations are valued at over $38 billion, they are also vulnerable. The entire energy market is unstable, and financial advisors are warning investors to move their money away from the gas industry. With this in mind, it’s not surprising that Spectra Energy’s stock recently hit it’s lowest level in three years.

An activist set up a 24 foot tall tripod in a Spectra office - with a clear message for investors.

An activist suspended from a 24 foot tall tripod in a Spectra office – with a clear message for investors.

We are calling on  financial institutions to stop directly lending money to Spectra and to sell off their shares of Spectra Energy and Spectra Energy Partners. If it’s wrong to wreck the climate and hurt communities, then it’s wrong to profit off of this destruction.

Withdrawing financial support from Spectra will make it difficult for them to complete new projects and function as a corporation. Unfortunately, major financial institutions won’t back away from Spectra because it’s the right thing to do. These institutions will have to be pressured with a variety of nonviolent tactics.


Main Financial Targets

Bank of America is the top direct lender to Spectra Energy and their 11th largest shareholder. In fact, in the first quarter of 2015 Bank of America doubled it’s stake in Spectra Energy by buying over 5 million shares.

Take Action – Residents from Weymouth, MA who are fighting a fracked-gas compressor station proposed by Spectra have begun a campaign targeting Bank of America. Join in the campaign by organizing an action at a Bank of America branch. One easy action is to set up outside of a Bank of America branch and encourage people to close their accounts over Bank of America’s support of Spectra Energy. Bank of America has over 5,000 branches, find a branch near you and take action!

State Street Corporation is an international investment group based in Boston. State Street is one of the top share holders in a number of fracked-gas related companies, including Spectra Energy. After facing protests at their headquarters in Boston and at their office in Atlanta, State Street sold 400k shares of Spectra. Then after a second series of actions in Boston and Atlanta, State Street sold off another 900k shares. But with over $900 million invested in Spectra – State Street as a long way to go.

Take Action – State Street Corporation is the type of company that doesn’t want attention. They want to keep making their billions in quiet. As mentioned above, exposing State Street’s holdings in the fracked-gas industry, including in Spectra, and putting pressure on them to divest, has already started to work. There are different ways to target an institution like State Street, including showing up at their offices. State Street Corporation has locations across the United States and around the world. Find a location here. 

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Top Lenders
Looking back at some of Spectra’s financial documents from the past few years, here’s a short list of some of their largest direct lenders and the amount of credit that each institution has offered to Spectra.

Bank of America – $533.5 million
The Bank of Tokyo – $380 million
Royal Bank of Canada – $285 million
Sumitomo Mitsui – $225 million
Sun Trust Bank – $160 million


Top Shareholders
Here’s a list of the current top ten institutional shareholders of Spectre Energy and Spectra Energy Partners and the amount that they have invested. In December this letter was delivered to State Street Corporation and the rest of Spectra Energy’s top shareholders.

Spectra Energy (SE):

Vanguard Group – $1.2 billion
State Street Corporation – $953 million
Capital World Investors – $770 million
Capital Research Global Investors – $735 million
State Street Corporation – $953 million
Bank of America – $638 million
Deutsche Bank AG – $505 million
Blackrock Institutional Trust Company – $502 million
Northern Trust – $327 million
Blackrock Fund Advisors – $313 million
Franklin Resources – $310 million

(congrats to Tortoise Capital Advisors who made it out of our top ten list after selling off 18%, or $300 million of it’s Spectra Energy shares)

Spectra Energy Partners (SEP):

Tortoise Capital Advisors – $760 million
Alps Advisors – $217 million
Energy Income Partners – $187 million
Neuberger Berman Group – $143 million
American Century Companies – $143 million
Center Coast Capital Advisors – $137 million
Kayne Anderson Capital Advisors – $121 million
UBS Group AG – $98 million
Goldman Sachs Group – $77 million
Eagle Global Advisors – $61 million

(congrats to Oppenheimer Funds who sold off half of their shares in Spectra Energy Partner shares to make it out of the top ten.  JP Morgan Chase & CO has also been bumped out of the top ten list)


Other Institutions 

Spectra has dozens of institutional share holders and lenders from around the world. If you are interested in finding a financial target near you that’s not listed above, please Contact Us or check out the links below.

Check out the fill list of Spectra Energy’s institutional shareholders.

Check out the fill list of Spectra Energy Partner’s institutional shareholders.

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