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Spectra Energy President and CEO Greg Ebel Comments on Today's Announcement by Its Affiliate, DCP Midstream

May 2, 2012

DCP Midstream’s Infrastructure Investment Will Relieve Severe Constraints and Bottlenecks in Critical Midcontinent Supply Regions

HOUSTON – Spectra Energy’s (NYSE: SE) President and Chief Executive Officer, Greg Ebel, commented on today’s announcement made by DCP Midstream, LLC (“DCP Midstream’s Growth in Midcontinent Accelerating with More Than $2 Billion in Capital Investment Underway”). DCP Midstream is a 50/50 joint venture between Spectra Energy and Phillips 66.

“DCP Midstream’s existing natural gas liquids position is second-to-none and concentrated in liquids-rich, high-margin regions where NGL and crude fundamentals support active drilling, and this has led to a $4 billion-plus slate of projects in execution for DCP,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp.

“Today’s announcement regarding DCP’s planned $2 billion of further investment in growth capital demonstrates the successful effort underway to develop a premier infrastructure network to relieve constraints and bottlenecks in critical Midcontinent supply regions and facilitate NGL deliveries to the premium Gulf Coast markets. Furthermore, this substantial investment will serve to increase DCP’s earnings and cash distributions to its owners – value that will be passed along to Spectra Energy investors,” said Ebel.

Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For more than a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company’s operations in the United States and Canada include more than 19,000 miles of transmission pipeline, approximately 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids and local distribution operations. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project's Carbon Disclosure Leadership Index. For more information, visit www.spectraenergy.com.

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