Premier natural gas company, Spectra Energy Corp. SE reported first-quarter 2016 earnings per share from continuing operations of 35 cents. The bottom line not only lagged the Zacks Consensus Estimate of 38 cents but also deteriorated from the year-ago earnings of 41 cents. Spectra Energy Corporation (SE) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany The company’s operating revenues of $1,384.0 million decreased from the year-earlier level of $1,623.0 million and also came in below our estimate of $1,568.0 million.Operational AnalysisSpectra Energy Partners: The segment posted quarterly earnings before interest, taxes, depreciation and amortization (EBITDA) of $473.0 million, up from $464.0 million in the year-ago quarter. This was attributable to expansion, primarily in the natural gas transmission business.Distribution: The segment reported a year-over-year decrease in its EBITDA to $170.0 million from $192.0 million. This decrease was mainly due to the effect of a weaker Canadian dollar and warmer weather.Western Canada Transmission & Processing: The segment witnessed EBITDA of $123.0 million, down from the year-earlier level of $161.0 million. Lower earnings from the Empress processing facility led to the downside.Field Services: The segment reported EBITDA of $10.0 million against a loss of $14.0 million in the prior-year quarter. The improvement was mainly backed by expansions and favorable contract realignment efforts.Production and Price RealizationsThe company produced natural gas liquids (NGLs) of 382 thousand barrels per day (MBbl/d), down from the year-ago quarter level of 399 MBbl/d. Price of NGLs averaged 37 cents per gallon (down from 49 cents per gallon a year ago), while crude oil averaged approximately $33.45 per barrel (down from $48.63 per barrel). Natural gas was sold at $2.09 per million British thermal units (MMBtu) against $2.98 per MMBtu in the first quarter of 2015.Balance SheetAs of Mar 31, 2016, Spectra Energy had total debt of approximately $14,993 million with a debt-to-capitalization ratio of 58.4% (against 59.8% in the preceding quarter).Zacks RankSpectra Energy carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are ReneSola Ltd. SOL, Seadrill Partners LLC SDLP and Braskem S.A. BAK. Each of these stocks sports a Zacks Rank #1 (Strong Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SPECTRA ENERGY (SE): Free Stock Analysis Report BRASKEM SA (BAK): Free Stock Analysis Report RENESOLA LT-ADR (SOL): Free Stock Analysis Report SEADRILL PTNRS (SDLP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research