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First Quarter 2008 Ongoing EBITDA




                            May 6, 2008
        1
Ongoing Segment and Other EBITDA
                 Ongoing Segment and Other EBITDA ($ millions)
                                       1Q08     1Q07
      U.S. Transmission                $ 294    $ 282
      Distribution                           212     182
      Western Canada Transmission &
      Processing                             168     106
      Field Services                         257     139
      Other                                  (17)     (12)
      Total Ongoing Segment and Other
                                            $ 914   $ 697
      EBITDA
• U.S. Transmission Ongoing EBITDA also includes Spectra Energy’s 50% share of
  Gulfstream’s Interest and DD&A
   • 1Q08 - $10
   • 1Q07 - $10
• Field Services Ongoing EBITDA represents Spectra Energy’s Ongoing Equity
  Earnings of DCP Midstream plus half of DCP Midstream’s Interest, Taxes and DD&A
   • 1Q08 - $65
   • 1Q07 - $54
                                        2
3
SPECTRA ENERGY CORP
                                    U.S. Transmission Segment
                                 Reconciliation of Ongoing EBITDA
                                             March 2008
                                         (Dollars in millions)




                                                                      Q1 08       Q1 07
Reported EBIT(Includes 50% Gulfstream's Net Income)                 $    226    $    220
 Depreciation and Amortization                                             58   $      52
Reported EBITDA (Includes 50% of Gulfstream's Net Income)                 285         272
 50% of Gulfstream D&A                                                      4           4
 50% of Gulfstream Interest                                                 6           6
Reported EBITDA                                                     $    294    $    282
 Special Item                                                               -           -
Ongoing EBITDA                                                      $    294    $    282


                                    SPECTRA ENERGY CORP
                                      Distribution Segment
                                 Reconciliation of Ongoing EBITDA
                                             March 2008
                                        (Dollars in millions)




                                                                      Q1 08    Q1 07
Reported EBIT                                                       $    165 $    144
 Depreciation and Amortization                                             47       38
Reported EBITDA                                                           212      182
 Special Item                                                               -        -
Ongoing EBITDA                                                      $    212 $    182


                                SPECTRA ENERGY CORP
                    Western Canada Transmission & Processing Segment
                             Reconciliation of Ongoing EBITDA
                                         March 2008
                                    (Dollars in millions)




                                                                      Q1 08    Q1 07
Reported EBIT                                                       $    131 $      74
 Depreciation and Amortization                                              37       32
Reported EBITDA                                                           168      106
 Special Item                                                             -        -
Ongoing EBITDA                                                      $    168 $    106

                                    SPECTRA ENERGY CORP
                                     Field Services Segment
                                 Reconciliation of Ongoing EBITDA
                                             March 2008
                                        (Dollars in millions)




                                                                      Q1 08       Q1 07
Equity Earnings (50% of DCP Midstream's Net Income)                 $    191    $     82
 O&M Expense                                                                1   $      (0)
Reported EBIT                                                       $    193    $     82
 50% of DCP Midstream D&A                                                  44          36
 50% of DCP Midstream Interest                                             20          17
 50% of DCP Midstream Income Taxes                                          1           1
Reported EBITDA                                                     $    257    $    136
 Special Items                                                              -           3
Ongoing EBITDA                                                      $    257    $    139


                                    SPECTRA ENERGY CORP
                                          Other Segment
                                 Reconciliation of Ongoing EBITDA
                                             March 2008
                                        (Dollars in millions)




                                                                      Q1 08      Q1 07
Reported EBIT                                                       $     (20) $     (15)
 Depreciation and Amortization                                              3           -
                                                                                     (15)
Reported EBITDA                                                           (17)
 Special Item                                                               -          3
Ongoing EBITDA                                                      $     (17) $     (12)



                                                                            4

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spectra energy 1Q2008EBITDA

  • 1. First Quarter 2008 Ongoing EBITDA May 6, 2008 1
  • 2. Ongoing Segment and Other EBITDA Ongoing Segment and Other EBITDA ($ millions) 1Q08 1Q07 U.S. Transmission $ 294 $ 282 Distribution 212 182 Western Canada Transmission & Processing 168 106 Field Services 257 139 Other (17) (12) Total Ongoing Segment and Other $ 914 $ 697 EBITDA • U.S. Transmission Ongoing EBITDA also includes Spectra Energy’s 50% share of Gulfstream’s Interest and DD&A • 1Q08 - $10 • 1Q07 - $10 • Field Services Ongoing EBITDA represents Spectra Energy’s Ongoing Equity Earnings of DCP Midstream plus half of DCP Midstream’s Interest, Taxes and DD&A • 1Q08 - $65 • 1Q07 - $54 2
  • 3. 3
  • 4. SPECTRA ENERGY CORP U.S. Transmission Segment Reconciliation of Ongoing EBITDA March 2008 (Dollars in millions) Q1 08 Q1 07 Reported EBIT(Includes 50% Gulfstream's Net Income) $ 226 $ 220 Depreciation and Amortization 58 $ 52 Reported EBITDA (Includes 50% of Gulfstream's Net Income) 285 272 50% of Gulfstream D&A 4 4 50% of Gulfstream Interest 6 6 Reported EBITDA $ 294 $ 282 Special Item - - Ongoing EBITDA $ 294 $ 282 SPECTRA ENERGY CORP Distribution Segment Reconciliation of Ongoing EBITDA March 2008 (Dollars in millions) Q1 08 Q1 07 Reported EBIT $ 165 $ 144 Depreciation and Amortization 47 38 Reported EBITDA 212 182 Special Item - - Ongoing EBITDA $ 212 $ 182 SPECTRA ENERGY CORP Western Canada Transmission & Processing Segment Reconciliation of Ongoing EBITDA March 2008 (Dollars in millions) Q1 08 Q1 07 Reported EBIT $ 131 $ 74 Depreciation and Amortization 37 32 Reported EBITDA 168 106 Special Item - - Ongoing EBITDA $ 168 $ 106 SPECTRA ENERGY CORP Field Services Segment Reconciliation of Ongoing EBITDA March 2008 (Dollars in millions) Q1 08 Q1 07 Equity Earnings (50% of DCP Midstream's Net Income) $ 191 $ 82 O&M Expense 1 $ (0) Reported EBIT $ 193 $ 82 50% of DCP Midstream D&A 44 36 50% of DCP Midstream Interest 20 17 50% of DCP Midstream Income Taxes 1 1 Reported EBITDA $ 257 $ 136 Special Items - 3 Ongoing EBITDA $ 257 $ 139 SPECTRA ENERGY CORP Other Segment Reconciliation of Ongoing EBITDA March 2008 (Dollars in millions) Q1 08 Q1 07 Reported EBIT $ (20) $ (15) Depreciation and Amortization 3 - (15) Reported EBITDA (17) Special Item - 3 Ongoing EBITDA $ (17) $ (12) 4