Spectra Energy Corp to Drop Down All U.S. Transmission and Storage Assets to Spectra Energy Partners

 Spectra Energy Corp to Drop Down All U.S. Transmission and Storage Assets to
                           Spectra Energy Partners

Spectra Energy Partners expected to be one of the largest U.S. MLPs

PR Newswire

HOUSTON, June 11, 2013

HOUSTON, June 11, 2013 /PRNewswire/ --Spectra Energy Corp (NYSE: SE) today
announced its intention to drop down all of its remaining U.S. Transmission
and Storage assets to Spectra Energy Partners (NYSE: SEP) by the end of the
year, subject to market conditions.

(Logo: http://photos.prnewswire.com/prnh/20061030/CLM051LOGO )

"We fully expect this move to be a win for investors in both SE and SEP and it
will give us a more robust MLP to advance our growth opportunities. By
completing this drop-down, we expect to provide investors in Spectra Energy
with higher dividend growth of approximately 12 cents a year versus our
current commitment of 8 cents a year. Of equal importance, this transaction
will provide Spectra Energy Partners' investors with higher distribution
growth by increasing its quarterly distribution rate to a penny a quarter
versus the current three quarters of a cent," said Greg Ebel, president and
chief executive officer, Spectra Energy Corp. 

Management expects to provide more details concerning this transaction in its
second quarter earnings call scheduled for August 6.

Forward-Looking Statements
This release includes "forward-looking statements" within the meaning of
Section27A of the Securities Act of 1933 and Section21E 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: the timing and success of the completion of the expected
drop-down, including the receipt of all necessary approvals; state and federal
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 interest 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; growth in
opportunities, including the timing and success of efforts to develop domestic
pipeline, storage, gathering and other infrastructure projects and the effects
of competition; the performance of natural gas transmission, storage and
gathering facilities; the extent of success in connecting natural gas supplies
to transmission and gathering systems and in connecting to expanding gas
markets; the effect 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 2012 Form 10-K, filed on February 22, 2013, and in other filings that we
make with the Securities and Exchange Commission (SEC), which are available
via the SEC's website 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 pipeline and midstream companies. Based in Houston, Texas,
the company's operations in the United States and Canada include more than
22,000 miles of natural gas, natural gas liquids, and crude oil pipelines,
approximately 305 billion cubic feet (Bcf) of natural gas storage, as well as
natural gas gathering and processing, and local distribution operations. The
company also has a 50 percent ownership in DCP Midstream, the largest producer
of natural gas liquids and one of the largest natural gas gatherers and
processors in the United States. Spectra Energy has served North American
customers and communities for more than a century. The company's longstanding
values are recognized through its inclusion in 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: Spectra Energy: Media: Caitlin Currie, (713) 627-5353, (713) 627-4747
(24-hour media line); Analysts: John Arensdorf, (713) 627-4600