The document discusses Spectra Energy's third quarter 2014 earnings update. It reported increased earnings from expansions of its US transmission pipelines but decreased earnings from weaker Canadian dollar and higher maintenance costs in Canada. Spectra Energy Partners distributions increased in the quarter while DCP Midstream distributions decreased. Spectra is focused on executing $16 billion in growth projects through 2020 to support dividend growth, including projects currently in construction. It aims to utilize its financial strength and deliver solid dividend and distribution growth going forward.

1. 2014 THIRD QUARTER EARNINGS UPDATE
November 5, 2014
Spectra Energy
Growth from a Position of Strength

2. 2014 Third Quarter Update |Growth from a position of strength
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 will include 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 websites.
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3. 2014 Third Quarter Update |Growth from a position of strength
3Q14 Results – EBITDA
3
Spectra Energy Partners Distribution Western Canada Field Services
• Increased earnings from
UST expansions
• Continued ramp up of Sand
Hills and Southern Hills
• Higher crude transportation
revenue
• Decreased earnings from
weaker Canadian dollar
• Decreased earnings from:
– Higher maintenance and
plant turnaround costs
– Weaker Canadian dollar
• Decreased earnings from:
– Increased NCI as a result of the
MTM effect of hedges and
growth from dropdowns at DPM
– Lower gains associated with the
issuance of partnership units at
DPM
• Partially offset by increased
earnings from expansions
PERFORMANCE DRIVERS FOR THE QUARTER:
Ongoing Segment EBITDA ($MM) 3Q13 3Q14 YTD 3Q13 YTD 3Q14
Spectra Energy Partners (1)
$366 $422 $1,071 $1,225
Distribution 83 82 418 420
Western Canada 174 156 521 504
Field Services 137 63 271 247
Other (2) (19) (45) (60)
Ongoing SE EBITDA $758 $704 $2,236 $2,336
Ongoing SEP EBITDA(1) $350 $401 $1,039 $1,167
(1) EBITDA for SEP is different than the EBITDA reported for the Spectra Energy Partners segment within SE. The difference is because SEP reports its own Corporate Other when SEP is reported standalone.
These amounts represent the costs of services rendered by SE in support of SEP. These amounts are included in SE’S Corporate Other at the SE level.

4. 2014 Third Quarter Update |Growth from a position of strength
3Q14 Results –
DCF and Cash Contributions
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SEP Distributions* ($MM) 3Q14
YTD
3Q14
General Partner $ 44 $123
Limited Partner 134 396
DPM Distributions (2)* ($MM)
General Partner $14 $37
Limited Partner 9 26
DCF ($MM) 3Q13 3Q14
YTD
3Q13
YTD
3Q14
SE DCF $226 $236 $977 $1,144
Note: Full year SE coverage expected to be ~1.5x
SEP DCF (1)
$66 $247 $195 $810
Note: Full year SEP coverage expected to be ~1.2x
DCP DCF (2)
$112 $61 $211 $184
(1) The effects of the U.S. Asset Dropdown and the Express-Platte acquisition have been
excluded from the DCF calculation for periods prior to the dropdown transactions.
(2) Represents SE’s 50% interest
* Note: Distributions, as paid

5. 2014 Third Quarter Update |Growth from a position of strength
The Drive to 35
Expansion Fueling Dividend Growth
5
~$16B
In-service or in execution
$2.7 Billion in growth
projects moved into
execution YTD 2014
Steady progress in securing $35B in
growth projects between 2013 – 2020

6. 2014 Third Quarter Update |Growth from a position of strength
The Drive to 35
~$9+B Projects In Execution & In Service YTD
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In Execution
Access South
Adair Southwest
Stratton Ridge
PennEast
Kingsport
Red Lake
Spraberry
2015 Dawn-Parkway
OPEN
U2GC
2016 Dawn-Parkway
Ozark Conversion
AIM
Salem Lateral
NEXUS
Atlantic Bridge
Sabal Trail
Gulf Markets
DCP Projects*
12
7
13
9
14
8
6
15
16
*100% DCP/DPM financed
New for 3Q14
5
3
1
4
2
In-Service
TEAM South
TEAM 2014
10
11
17
18
19
1
2
12
7
13
9
14
8
6
15
16
5
3
1
4
2
10
11
171819
1
2

7. 2014 Third Quarter Update |Growth from a position of strength
The Drive to 35
Developing Robust Portfolio of Growth Projects
7
Projects
Access Northeast
New crude pipeline
Wyoming to Illinois
STEP
ICE
Organic expansions
of crude oil system
2017 Dawn-Parkway
W. Canada G&P
Appalachia to Market
Gulf Coast LNG
Union Gas expansions
Exports to Mexico
Synergy Pipeline
Westcoast Connector
Express-Platte
twinning
DCP projects*
5
3
12
7
11
13
9
14
1
10
8
6
4
2
15
*100% DCP/DPM financed
New for 3Q14
5
3
12
7
11
13
9
14
110
8
6
4
2
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8. 2014 Third Quarter Update |Growth from a position of strength
2014 Priorities
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US Transmission Liquids
Distribution Western
Canada
Field ServicesSpectra Energy Partners
Secure $3B of
expansion projects
>10% returns
Advance execution
projects safely and
successfully
Ensure re-
contracting of
base revenue
through 2016
Continue to ramp
up Express-Platte
contracted volumes
& EBITDA
Ramp existing
contracts volumes
on Sand Hills &
Southern Hills
Expand
on-system pipe
and terminals
Obtain binding
commitments
for crude oil growth
projects in late
2014-2015
Build off
strength and
stability of
asset base
Execute 2015
Dawn-Parkway
expansion
File OEB application
for 2016/17
Dawn-Parkway
expansion
Advance approvals
& permits on
Westcoast
Connector
Secure G&P,
pipeline and NGL
origination
opportunities
Place current
projects in service
Drop down at
least $1B in
assets to DPM
Secure permits
and start to
construct two new
G&P plants
Ramp existing
contracts volumes
on Sand Hills &
Southern Hills
Substantially
de-risk Empress
commodity
exposure
Place N. Montney
project in service
in 2Q14
Union Gas DCP Midstream
Achieved 3Q14

9. 2014 Third Quarter Update |Growth from a position of strength
Execute on
growth plan
Utilize financial
strength & flexibility
Deliver solid dividend
& distribution growth
• Expansive footprint and
positive market
dynamics provide
significant growth
opportunities
• $35 billion in expansions
with attractive returns
• Multiple investment
currencies – SE, SEP,
DPM – support growth
objectives
• SEP and DPM at-the-
market programs
underway
• No SE equity issuance
expected
• Attractive, sustainable
dividend and distribution
growth
– 10.5% SE dividend
increase announced;
effective 4Q14
• Quality cash flows and
strong coverage
• Upside opportunities for
investors
Investor Value Creation
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Strong financial results & track record demonstrate our ability to:
Investors can continue to rely on consistent, attractive shareholder returns