Spectra Energy Reports Third Quarter 2009 Results

• Reported net income (controlling interests) of $191 million, $0.30 earnings per share (EPS), versus prior year quarter’s $296 million, $0.48 EPS
• 2009 capital expansion program substantially complete, delivering returns on capital of more than 12 percent – exceeding the top end of targeted range
• On track to achieve 2009 $1.15 ongoing EPS target

HOUSTON – Spectra Energy Corp (NYSE: SE) today reported 2009 third quarter net income from controlling interests of $191 million, or $0.30 EPS, compared with $296 million, or $0.48 diluted EPS, in the prior year quarter. Ongoing net income was $190 million, or $0.30 EPS, versus $302 million, or $0.49 EPS, during the same period last year.

“Spectra Energy had a solid quarter. We saw good performance from our fee-based businesses, which helped to offset the effects of much lower commodity prices, and continued executing extremely well on our capital expansion plan. Our 2009 expansion projects are being completed on time and on budget and we are realizing returns on these projects that exceed the high end of our expectations,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp.

“We are on track to meet the financial goals we have set for the year, including our 2009 EPS target of $1.15 and, given our 2010 expansion projects, we are well positioned to experience good earnings growth,” said Ebel.

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