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  "documentTitle": "Spectra Energy Corp (SE)",
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  "authorName": "Sandell Asset Management",
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  "presentationDate": "2013-06-01 00:00:00",
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  "notes": "Includes a valuation bridge for SE's 50% stake and a peer comparison table for NGL Midstream companies.",
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      "text": "IPO/Sale of DCP Midstream yields $7/share, plus an additional $4/share from normalization of natural gas and NGL prices",
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      "text": "IPO/Sale of DCP Midstream yields $7/share, plus an additional $4/share from normalization of natural gas and NGL prices. Highlights tax-efficient nature of DCP and value to public shareholders. IPO would allow market to value tax distributions and enable strategic actions.",
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      "text": "Over the last decade, DCP has been forced to dividend cash generated to its JV owners allowing competitors to gain market share. DCP has dividended more than its net income. DCP should be encouraged to invest cash generated.",
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      "text": "Step 3: IPO/Sell DCP Midstream LLC (DCP)",
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      "text": "Unlocking Shareholder Value at Spectra Energy Corp",
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