2015 Second Quarter Results

1. 2015
Second Quarter Update
August 5, 2015

2. 2015 SECOND QUARTER UPDATE |
Safe Harbor Statement
Some of what we’ll discuss today concerning future company performance
will be forward-looking information within the meanings of the securities
laws. Actual results may materially differ from those discussed in these
forward-looking statements, and you should refer to the additional
information contained in Spectra Energy and Spectra Energy Partners’ Forms
10-K and other filings made with the SEC concerning factors that could cause
those results to differ from those contemplated in today’s discussion. As this
is a joint presentation, the terms “we,” “our,” and “us” refer to Spectra Energy
and/or Spectra Energy Partners, as appropriate.
Reg G Disclosure
In addition, today’s discussion includes certain non-GAAP financial measures
as defined under SEC Regulation G. A reconciliation of those measures to the
most directly comparable GAAP measures is available on our website.
2

3. 2015 SECOND QUARTER UPDATE |
Effects of 2Q15 Special Items
3
($MM) EBITDA EPS DCF
Ongoing $ 652 $ 0.23 $ 285
Adjustments related to Special Items
DCP goodwill impairment $(194) $(0.18) $ 0
DCP loss on asset sale (12) (0.01) 0
Western Canada employee & overhead reductions (11) (0.01) (11)
Total Special Items $(217) $(0.20) $ (11)
Reported $ 435 $ 0.03 $ 274
Special items minimally affect 2Q15 DCF

4. 2015 SECOND QUARTER UPDATE |
2Q15 Results – Ongoing EBITDA
4
Spectra Energy Partners Distribution Western Canada Field Services
U.S. Transmission
• Increased earnings from
expansions previously placed into
service (TEAM 2014, TEAM South
and Kingsport)
Liquids
• Higher crude transportation
revenues, mainly due to higher
volumes and increased tariff rates
on Express
• Higher volumes on Sand Hills
• Decreased earnings from
lower Canadian dollar
• Higher Empress earnings
• Partially offset by lower
Canadian dollar
• Decreased earnings from
lower commodity prices
• Partially offset by increased
earnings from asset growth,
improved operating
efficiencies and other
initiatives
PERFORMANCE DRIVERS FOR THE QUARTER:
Ongoing SE EBITDA
($MM) 2Q15 2Q14
YTD
2Q15
YTD
2Q14
Spectra Energy Partners(2) $478 $374 $942 $803
Distribution 98 112 290 338
Western Canada 115 111 276 348
Field Services(1) (27) 54 (41) 184
Other (12) (24) (27) (41)
Ongoing SE EBITDA $652 $627 $1,440 $1,632 (1) Represents equity earnings of DCP + gains from DPM equity issuances.
(2) EBITDA for SEP is different than the EBITDA reported for the Spectra Energy Partners segment
within SE. The primary difference is because SEP standalone reports its own Corporate Other.
Ongoing SEP EBITDA
($MM) 2Q15 2Q14
YTD
2Q15
YTD
2Q14
U.S. Transmission $396 $320 $794 $694
Liquids 78 51 142 109
Other(2)
(18) (18) (35) (37)
Ongoing SEP EBITDA(2) $456 $353 $901 $766

5. 2015 SECOND QUARTER UPDATE |
Spectra Energy Partners:
Distributable Cash Flow
5
SEP Distributable Cash Flow ($MM)
2Q15 2Q14 YTD 2Q15 YTD 2Q14
Ongoing EBITDA $456 $353 $901 $766
LESS: Special item – – 9 –
Reported EBITDA $456 $353 $892 $766
ADD:
Earnings from equity investments (45) (29) (85) (57)
Distributions from equity investments 70 43 124 80
Non-cash impairment at Ozark Gas Gathering – – 9 –
Other 3 4 6 6
LESS:
Interest expense 63 62 120 129
Equity AFUDC 16 5 27 9
Net cash paid for income taxes 2 5 7 5
Distributions to non-controlling interest 9 6 16 11
Maintenance capital expenditures (1) 73 54 101 78
Total Distributable Cash Flow $321 $239 $675 $563
Coverage Ratio 1.4x 1.4x
(1) Excludes reimbursable expenditures
Expected full-year 2015 coverage of at least 1.1x

6. 2015 SECOND QUARTER UPDATE |
SE Distributable Cash Flow ($MM) 2Q15 2Q14 YTD 2Q15 YTD 2Q14
Ongoing EBITDA $652 $627 $1,440 $1,632
LESS: Special items 217 – 229 –
Reported EBITDA $435 $627 $1,211 $1,632
ADD:
Earnings from equity investments (5) (85) (29) (246)
Non-cash impairment at DCP 194 – 194 –
Distributions from equity investments 70 124 124 223
Empress non-cash mark to market 1 4 23 8
Non-cash impairment at Ozark Gas Gathering – – 9 –
Other 17 1 22 (12)
LESS:
Interest expense 166 176 325 354
Equity AFUDC 24 9 40 15
Net cash paid/(refund) for income taxes 18 13 (28) 1
Distributions to non-controlling interest 49 42 93 81
Maintenance capital expenditures (1) 181 154 272 246
Total Distributable Cash Flow $274 $277 $852 $908
DCF per Share $0.41 $0.41 $1.27 $1.35
Coverage Ratio 1.7x 2.0x
6
Spectra Energy:
Distributable Cash Flow
(1) Excludes reimbursable expenditures. Expected full-year 2015 coverage of at least 1.2x

7. 2015 SECOND QUARTER UPDATE |
CEO Priorities
7
Operate assets safely and reliably
Continue to facilitate growth and increase shareholder returns
• Execute on secured project backlog
• Secure projects in development
• Structure DCP Midstream for the long-term
• Participate in industry consolidation

8. 2015 SECOND QUARTER UPDATE |
The Drive to 35:
Projects Now Delivering Results
8
• Access Northeast
• Marcellus to Market
• Greater Philadelphia
Expansion
• Montney pipeline expansions
• 2018 Dawn-Parkway
• Exports to Mexico
• Synergy Pipeline
• Express-Platte twinning
• Westcoast Connector
SINCE LAST QUARTER: $1.0B
Moved into execution
$600M
Moved into service
$8.2B
In-service & delivering cash
$9.6B
In execution
$20+B
In development
CURRENTLY:
• U2GC
• Lucerne II (DCP)
• Kingsport
• TEAM South
• TEAM 2014
• Sand Hills & Southern Hills
acquisition
• NJ-NY Expansion
• Express-Platte acquisition
• High Pine
• Lebanon Extension
• 2017 Dawn-Parkway
• Express Enhancement
• Jackfish Lake
• RAM
• Atlantic Bridge
• NEXUS
• AIM
• Sabal Trail
• 2015 & 2016 Dawn-Parkway
• OPEN
• Zia II (DCP)
• Red Lake
Note: bolded projects indicate additions since 1Q15

9. 2015 SECOND QUARTER UPDATE |
Segment
In-
Service
Counter-
parties
Est. CapEx
($MM)
Gulf Markets 2H16-2H17 150
Sabal Trail 1H17 1,600
STEP 1H17 130
Access South,
Adair Southwest &
Lebanon Extension
2H17 450
Atlantic Bridge 2H17 500
Corpus Christi Lateral 2H17 <50
2017 Dawn – Parkway 2H17 620
Jackfish Lake 2H16-2H17 225
NEXUS 2H17
800 –
1,000
PennEast 2H17 120
RAM 2H17 400
Stratton Ridge 1H19 200
DCP Midstream various 1,100
TOTAL Projects in Execution $9,540 – $9,740
Segment
In-
Service
Counter-
parties
Est. CapEx
($MM)
Red Lake 2Q15 60
2015 Dawn – Parkway 4Q15 445
OPEN 4Q15 550
Ozark Partial Conversion 1H16 50
AIM 2H16 1,000
Burlington – Oakville 2H16 120
2016 Dawn – Parkway 2H16 400
Express Enhancement 2H16 135
High Pine 2H16 325
Loudon 2H16 50
Salem Lateral 2H16 60
$9+ Billion Projects in Execution-
Largely Demand Pull
9
20152016
SEP – UST
SEP – Liquids
Distribution
W. Canada
Field Services
SUPPLY
PUSH
100% 100%50/50
DEMAND
PULL
2017
Segments: Counter-parties:
NOTE:
• “Execution” = customer agreements executed; currently in
permitting phase and/or in construction
• Distribution and W. Canada CapEx shown in CAD
• DCP financed projects shown at 100%
• JV projects shown with Spectra Energy’s expected portion
• Bolded projects were added to backlog since 1Q15

10. 2015 SECOND QUARTER UPDATE |
The Drive to 35:
Securing Projects for Future Growth
10
• Access Northeast
• Marcellus to Market
• Greater Philadelphia
Expansion
• Montney pipeline expansions
• 2018 Dawn-Parkway
• Exports to Mexico
• Synergy Pipeline
• Express-Platte twinning
• Westcoast Connector
• U2GC
• Lucerne II (DCP)
• Kingsport
• TEAM South
• TEAM 2014
• Sand Hills & Southern Hills
acquisition
• NJ-NY Expansion
• Express-Platte acquisition
$1.0B
Moved into execution
$600M
Moved into service
$8.2B
In-service & delivering cash
$9.6B
In execution
$20+B
In development
SINCE LAST QUARTER:
CURRENTLY:
• High Pine
• Lebanon Extension
• 2017 Dawn-Parkway
• Express Enhancement
• Jackfish Lake
• RAM
• Atlantic Bridge
• NEXUS
• AIM
• Sabal Trail
• 2015 & 2016 Dawn-Parkway
• OPEN
• Zia II (DCP)
• Red Lake
Note: bolded projects indicate additions since 1Q15

11. 2015 SECOND QUARTER UPDATE | 11
Spectra Energy & Spectra Energy Partners offer best-in-class
investment opportunities
Spectra Energy Partners
1. Strong portfolio
Scale, diversity, strategically
located assets
• Transportation, storage, LDC, G&P
• Natural gas, crude, NGLs
• US & Canadian operations
Connecting diverse supplies with
growing demand markets
2. Stable cash flows
Visible, contracted cash flows with
little commodity exposure
2015e – 2017e ongoing EBITDA
99% fee-based
UST: 95% reservation-based
revenue with no commodity or
volume exposure
3. Robust growth profile
Organic growth projects with
attractive returns
Projects in execution provide
incremental EBITDA of ~$1B
by 2020
Projects in execution provide
incremental EBITDA of ~$800M
by 2020
4. Healthy financials
Solid balance sheet and liquidity
• Disciplined financial management
• Commitment to investment grade
balance sheet
• Majority of growth funded at SEP
• ATM program
5. Solid track record
Ability to execute and deliver on
commitments
70+ projects totaling ~$9B placed
into service since 2007
31 consecutive quarters of
distribution increases
6. Attractive returns
Sustainable, reliable dividend &
distribution growth
• 9% dividend CAGR
• 14 cent/year dividend increase
through 2017
• 8%-9% distribution CAGR
• $0.0125/quarter distribution
increase through 2017
Investor Value Propositions
Spectra Energy
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