Spectra Energy Corp Announces 2013 Financial Plan

              Spectra Energy Corp Announces 2013 Financial Plan

-- 2013 Ongoing Earnings Per Share Target of $1.50

-- Includes Previously Announced Dividend Increase to $1.22 Per Share

PR Newswire

HOUSTON, Jan. 16, 2013

HOUSTON, Jan. 16, 2013 /PRNewswire/ --Spectra Energy Corp (NYSE: SE) today
announced its financial plan for 2013, which includes the following:

  oOngoing 2013 diluted earnings per share (EPS) target of $1.50.
  oAnnual dividend of $1.22, consistent with previously announced 10-cent
    increase.
  oInvestment of approximately $1.4 billion in expansion capital in 2013,
    consistent with Spectra Energy's long-term growth plan of $1.5 billion
    average annual growth capital expenditures (CapEx).

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"Our plans for 2013 will enable us to continue to deliver solid shareholder
value for the next several years, with expected EPS growth in the 6 percent
range and dividend growth of at least 8 cents per year," said Greg Ebel,
president and chief executive officer, Spectra Energy Corp. "Consistent with
that expectation, we've set our 2013 earnings per share outlook at $1.50.

"In both the near and longer term, we see significant opportunities in all our
business units," he said. "Our business momentum is driven by $25 billion in
growth projects through the end of the decade and advancing our MLP drop-down
strategy by leveraging recent asset additions. The growth we have underway and
on the horizon is substantial: about $10 billion within our U.S. Transmission
segment; at least $7 billion in Western Canada; approximately $6 billion at
DCP Midstream; more than $1 billion at our Union Gas distribution business in
Canada; and over $2 billion in crude oil and liquids pipelines, including our
Express-Platte acquisition, which provides us with immediate scale and scope
in the expanding crude oil transportation and storage space. We expect to
close on this acquisition during the first half of 2013." 

Key assumptions underlying Spectra Energy's 2013 financial plan include:

  oAn average natural gas liquids price of 80 cents per gallon; natural gas
    price of $3.75 per thousand cubic feet (Mcf); and crude averaging $90 per
    barrel.
  oBreak-even earnings before interest and taxes (EBIT) at the Empress gas
    processing plant in Western Canada.
  oExpansion CapEx of $1.4 billion.
  oMaintenance CapEx of $790 million.
  oA Canadian/U.S. dollar exchange rate at parity.
  oExcludes Express-Platte Pipeline System earnings, pending acquisition
    closing.
  oNo SE equity issuance

The company will discuss its 2013 outlook in greater detail during an analyst
breakfast meeting in New York today. The session will be webcast, with the
presentation scheduled to begin at 8:30 a.m. ET. The webcast can be accessed
via the Investors Section of Spectra Energy's website at
www.spectraenergy.com. Interested parties also have the option to call into
the discussion by dialing 888-252-3715 in the United States or 706-634-8942
outside the United States. The conference ID is 81493832. An audio replay will
be available following the event until 5 p.m. ET, April 16, 2013, by dialing
855-859-2056 or 404-537-3406 with the above conference ID.

Forward-Looking Statements

This release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.

Forward-looking statements are based on our beliefs and assumptions. These
forward-looking statements are identified by terms and phrases such as:
anticipate, believe, intend, estimate, expect, continue, should, could, may,
plan, project, predict, will, potential, forecast, and similar expressions.
Forward-looking statements involve risks and uncertainties that may cause
actual results to be materially different from the results predicted. Factors
that could cause actual results to differ materially from those indicated in
any forward-looking statement include, but are not limited to: state, federal
and foreign legislative and regulatory initiatives that affect cost and
investment recovery, have an effect on rate structure, and affect the speed at
and degree to which competition enters the natural gas industries; outcomes of
litigation and regulatory investigations, proceedings or inquiries; weather
and other natural phenomena, including the economic, operational and other
effects of hurricanes and storms; the timing and extent of changes in
commodity prices, interest rates and foreign currency exchange rates; general
economic conditions, including the risk of a prolonged economic slowdown or
decline, or the risk of delay in a recovery, which can affect the long-term
demand for natural gas and related services; potential effects arising from
terrorist attacks and any consequential or other hostilities; changes in
environmental, safety and other laws and regulations; results and costs of
financing efforts, including the ability to obtain financing on favorable
terms, which can be affected by various factors, including credit ratings and
general market and economic conditions; increases in the cost of goods and
services required to complete capital projects; declines in the market prices
of equity and debt securities and resulting funding requirements for defined
benefit pension plans; growth in opportunities, including the timing and
success of efforts to develop U.S. and Canadian pipeline, storage, gathering,
processing and other infrastructure projects and the effects of competition;
the performance of natural gas transmission and storage, distribution, and
gathering and processing facilities; the extent of success in connecting
natural gas supplies to gathering, processing and transmission systems and in
connecting to expanding gas markets; the effects of accounting pronouncements
issued periodically by accounting standard-setting bodies; conditions of the
capital markets during the periods covered by the forward-looking statements;
and the ability to successfully complete merger, acquisition or divestiture
plans; regulatory or other limitations imposed as a result of a merger,
acquisition or divestiture; and the success of the business following a
merger, acquisition or divestiture. These factors, as well as additional
factors that could affect our forward-looking statements, are described under
the headings "Risk Factors" and "Cautionary Statement Regarding
Forward-Looking Information" in our 2011 Form 10-K, filed on February 27,
2012, and in our other filings made with the Securities and Exchange
Commission (SEC), which are available via the SEC's Web site at www.sec.gov.
In light of these risks, uncertainties and assumptions, the events described
in the forward-looking statements might not occur or might occur to a
different extent or at a different time than we have described. All
forward-looking statements in this release are made as of the date hereof and
we undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

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,
over 305 billion cubic feet of storage, as well as natural gas gathering and
processing, natural gas liquids operations and local distribution assets. 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
Carbon Disclosure Project's Global 500 and S&P 500 Carbon Disclosure
Leadership Indexes. For more information, visit www.spectraenergy.com.

SOURCE Spectra Energy Corp

Website: http://www.spectraenergy.com
Contact: Media: Caitlin Currie, +1-713-627-5353 or +1-713-627-4747 (24-hour
media line); or Analysts: John Arensdorf, +1-713-627-4600
 
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