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

Spectra Energy's

President and Chief Executive Officer, Greg Ebel, commented on today's announcement made by DCP Midstream, LLC. 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.