By Erin McCarthy 

Spectra Energy Corp. said its first-quarter profit jumped 23% as it benefited from more demand during the winter and higher commodity prices.

The pipeline and natural-gas storage company unveiled in February a three-year financial plan, which includes pursuing an additional $10 billion of natural gas and liquids opportunities.

Spectra completed the sale of all its remaining U.S. transmission, storage and liquids assets to Spectra Energy Partners LP last November for close to $10 billion.

Spectra Energy reported a profit of $419 million, or 62 cents a share, up from $340 million, or 51 cents a share, a year earlier. Excluding interest, taxes, depreciation and other items, ongoing earnings were $1.01 billion, up from $831 million a year earlier.

Operating revenue rose 16% to $1.84 billion.

Analysts polled by Thomson Reuters recently forecast earnings of 51 cents on revenue of $1.82 billion.

The energy company's distribution revenue rose to $718 million from $699 million, because of higher customer usage amid record-cold winter weather, the company said.

"This past winter was a real test for our system, and we reliably met our customer demands throughout the season," said Chief Executive Greg Ebel.

Meanwhile, Spectra Energy Partners reported Ebitda of $429 million, up from $347 a year earlier.

Spectra Energy Corp.'s Western Canada Transmission & Processing business reported Ebitda of $237 million, up from $190 million a year earlier.

Investor Sandell Asset Management has urged the company to review strategic options for its Canadian operations, including a possible initial public offering. However, Sandell's latest 13F filing with the Securities and Exchange Commission shows that the firm did not hold any Spectra Energy shares.

Write to Erin McCarthy at erin.mccarthy@wsj.com

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