Spectra Energy Corp. (SE) and master limited partnership Spectra Energy Partners, LP (SEP) reported Q4 earnings today, and things are looking good.

On the top line, Spectra Energy Corp.'s Q4 revenue clocked in at $1.56 billion, 16% above last year's fourth quarter and $80 million above analyst estimates.

On the bottom line, Spectra Energy Corp. managed to make the most of its sales increase. The company's adjusted earnings per share (EPS) came in at $0.41, a solid $0.03 better than analysts had expected. For 2013 overall, Spectra Energy Corp. recorded adjusted EPS of $1.55, 8.4% above 2012's earnings. 

Master limited partnership (MLP) Spectra Energy Partners, LP made moves of its own. Q4 EBITDA came it at $368 million, up from $316 million in Q4 2012. As of November, Spectra Energy has dropped down essentially all its U.S. transmission, storage, and liquid assets to Spectra Energy Partners, LP, making it possible for the MLP to pull more profit from "toll booth" business models.

"On virtually all fronts, 2013 was a very strong year for Spectra Energy," said President and CEO Greg Ebel in a statement today. "We delivered financial results above expectations, fortified an already solid growth portfolio with new projects and prospects, and bolstered our financial flexibility through the transformational growth of our sector-leading fee-based MLP -- all of which directly translated into significant value for our investors."

Ebel went on to note that Spectra's expansion is far from finished. The company poured $6 billion into capital expenditures last year, but plans to continue with another $7 billion in secured future projects in the natural gas and liquids businesses.

Spectra will discuss its 2014 outlook tomorrow during an analyst/investor meeting.

Editor's note: A previous version of this article contained incorrect numbers for Spectra Energy Partners' EBITDA.