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Third Quarter 2007 Ongoing EBITDA and Reg G
November 6, 2007
Ongoing Segment and Other EBITDA
                Ongoing Segment and Other EBITDA ($ millions)
                                               3Q07           3Q06
     U.S. Transmission                         $ 296          $ 238
     Distribution                                    82             60
     Western Canada Transmission &
     Processing                                     138            115
     Field Services                                 207            212
     Other                                           (8)            29
                                                  $ 715           $ 654
     Total Ongoing Segment and Other EBITDA
•   U.S. Transmission Ongoing EBITDA also includes Spectra Energy’s 50% share of
    Gulfstream’s Interest and DD&A
   • 3Q07 - $9
   • 3Q06 - $8
• 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
   • 3Q07 - $64
   • 3Q06 - $54
Spectra Energy Corp
Non-GAAP EBITDA Reconciliation for SEC Regulation G
November 6, 2007


Reconciliation of Ongoing EBITDA
U.S. Transmission Segment
(Dollars in Millions)


                                                               Q3 07     Q3 06
   Reported EBIT (Includes 50% Gulfstream’s Net Income)          230        179
       Depreciation and Amortization                               57        51
   Reported EBITDA (Includes 50% of Gulfstream's Net Income)   $ 287     $ 230
      50% of Gulfstream D&A                                         3         3
      50% of Gulfstream Interest                                    6         5
                                                               $ 296     $ 238
   Reported EBITDA
      Special Item                                                   -         -
   Ongoing EBITDA                                              $ 296     $ 238



Reconciliation of Ongoing EBITDA
Distribution Segment
(Dollars in Millions)


                                                               Q3 07     Q3 06
                                                                   40        24
    Reported EBIT
         Depreciation and Amortization                             42        36
                                                               $ 82      $ 60
    Reported EBITDA
       Special Item                                                  -         -
    Ongoing EBITDA                                             $ 82      $ 60
Reconciliation of Ongoing EBITDA
Western Canada Transmission & Processing Segment
(Dollars in Millions)


                                                                Q3 07     Q3 06
                                                                  102          98
    Reported EBIT
         Depreciation and Amortization                              36         32
                                                                $ 138      $ 130
    Reported EBITDA
       Special Item                                                   -      (15)
    Ongoing EBITDA                                              $ 138     $ 115



Reconciliation of Ongoing EBITDA
Field Services Segment
(Dollars in Millions)


                                                            Q3 07       Q3 06
                                                          $    140    $    159
    Equity Earnings (50% of DCP Midstream's Net Income)
        O&M Expense                                              -          (1)
                                                          $    140    $    158
    Reported EBIT
        50% of DCP Midstream D&A                                40          36
        50% of DCP Midstream Interest                           22          17
        50% of DCP Midstream Income Taxes                         2           1
                                                          $    204    $    212
    Reported EBITDA
        Special Items                                             3           -
    Ongoing EBITDA                                        $    207    $    212
Reconciliation of Ongoing EBITDA
Other
(Dollars in Millions)


                                      Q3 07       Q3 06
Reported EBIT                     $      (15) $       19
  Depreciation and Amortization               2           3
Reported EBITDA                          (13)         22
  Special Item                                5           7
Ongoing EBITDA                    $       (8) $       29
spectra energy Q32007_EBITDAwithRegG

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spectra energy Q32007_EBITDAwithRegG

  • 1. Third Quarter 2007 Ongoing EBITDA and Reg G November 6, 2007
  • 2. Ongoing Segment and Other EBITDA Ongoing Segment and Other EBITDA ($ millions) 3Q07 3Q06 U.S. Transmission $ 296 $ 238 Distribution 82 60 Western Canada Transmission & Processing 138 115 Field Services 207 212 Other (8) 29 $ 715 $ 654 Total Ongoing Segment and Other EBITDA • U.S. Transmission Ongoing EBITDA also includes Spectra Energy’s 50% share of Gulfstream’s Interest and DD&A • 3Q07 - $9 • 3Q06 - $8 • 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 • 3Q07 - $64 • 3Q06 - $54
  • 3. Spectra Energy Corp Non-GAAP EBITDA Reconciliation for SEC Regulation G November 6, 2007 Reconciliation of Ongoing EBITDA U.S. Transmission Segment (Dollars in Millions) Q3 07 Q3 06 Reported EBIT (Includes 50% Gulfstream’s Net Income) 230 179 Depreciation and Amortization 57 51 Reported EBITDA (Includes 50% of Gulfstream's Net Income) $ 287 $ 230 50% of Gulfstream D&A 3 3 50% of Gulfstream Interest 6 5 $ 296 $ 238 Reported EBITDA Special Item - - Ongoing EBITDA $ 296 $ 238 Reconciliation of Ongoing EBITDA Distribution Segment (Dollars in Millions) Q3 07 Q3 06 40 24 Reported EBIT Depreciation and Amortization 42 36 $ 82 $ 60 Reported EBITDA Special Item - - Ongoing EBITDA $ 82 $ 60
  • 4. Reconciliation of Ongoing EBITDA Western Canada Transmission & Processing Segment (Dollars in Millions) Q3 07 Q3 06 102 98 Reported EBIT Depreciation and Amortization 36 32 $ 138 $ 130 Reported EBITDA Special Item - (15) Ongoing EBITDA $ 138 $ 115 Reconciliation of Ongoing EBITDA Field Services Segment (Dollars in Millions) Q3 07 Q3 06 $ 140 $ 159 Equity Earnings (50% of DCP Midstream's Net Income) O&M Expense - (1) $ 140 $ 158 Reported EBIT 50% of DCP Midstream D&A 40 36 50% of DCP Midstream Interest 22 17 50% of DCP Midstream Income Taxes 2 1 $ 204 $ 212 Reported EBITDA Special Items 3 - Ongoing EBITDA $ 207 $ 212
  • 5. Reconciliation of Ongoing EBITDA Other (Dollars in Millions) Q3 07 Q3 06 Reported EBIT $ (15) $ 19 Depreciation and Amortization 2 3 Reported EBITDA (13) 22 Special Item 5 7 Ongoing EBITDA $ (8) $ 29