Exhibit 99.1

Spectra Energy Reports First Quarter 2011 Results

HOUSTON – Spectra Energy Corp (NYSE: SE) reported 2011 first quarter net income from controlling interests of $357 million, or $0.55 diluted EPS, compared with $358 million, $0.55 diluted EPS, in the prior year quarter. Ongoing net income from controlling interests for the 2011 quarter was $350 million, or $0.54 diluted EPS, versus $342 million, $0.53 diluted EPS, in the prior year quarter.

“We are off to a great start for the year, delivering earnings ahead of our expectations. Our fee-based businesses continue to perform well, benefiting from expansion projects recently placed into service and a strong winter performance. We also benefited from a stronger Canadian dollar and favorable natural gas liquids prices – trends that we have seen continue into the second quarter,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp.

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“With our diversified portfolio of assets, businesses and market positions – and our successful capital expansion program – we are positioned for ongoing earnings growth and to deliver on our financial, safety and operational goals,” he said.

SEGMENT RESULTS

U.S. Transmission

U.S. Transmission reported first quarter 2011 earnings before interest and taxes (EBIT) of $279 million, compared with $247 million in first quarter 2010. The segment benefited from expansion projects placed into service during fourth quarter 2010, including TEMAX/TIME III and Algonquin East-to-West.

Distribution

Distribution reported first quarter 2011 EBIT of $167 million, compared with $146 million in first quarter 2010. This improvement is mainly due to higher customer usage because of colder weather, a stronger Canadian dollar, growth in the number of residential customers and an increase in industrial usage due to favorable natural gas prices.

Western Canada Transmission & Processing

Western Canada Transmission & Processing reported first quarter 2011 EBIT of $141 million, compared with $119 million in first quarter 2010. The segment benefited from improved results in the base gathering and processing business, primarily driven by higher contracted volumes from expansion in the Horn River area of British Columbia. The segment also benefited from the effect of a stronger Canadian dollar.

Field Services

Field Services reported first quarter EBIT of $81 million, compared with $99 million in first quarter 2010. The decrease in earnings was mainly due to higher budgeted operating and maintenance costs relative to first quarter 2010. In addition, while overall production remained relatively flat, severe cold weather in higher margin regions resulted in reduced production and margins. These decreases were partially offset by higher commodity prices and lower interest expense.

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During first quarter 2011, NGL prices were $1.13 per gallon versus $1.09 per gallon in first quarter 2010. NYMEX natural gas averaged approximately $4.11 per million British thermal unit (MMBtu) during the 2011 quarter versus $5.30 per MMBtu during the same period in 2010. Crude oil averaged approximately $94 per barrel, compared with approximately $79 per barrel in the prior year quarter.

DCP Midstream paid distributions of $80 million to Spectra Energy in first quarter 2011.

Other

“Other” reported net costs of $24 million and $14 million during the first quarters of 2011 and 2010, respectively. Other is primarily comprised of corporate costs and captive insurance results.

Interest Expense

Interest expense was $155 million for first quarter 2011, compared with $159 million for first quarter 2010.

Income Taxes

First quarter 2011 income tax expense from continuing operations was $139 million, compared with $97 million reported in first quarter 2010. The increase resulted from higher earnings in 2011 and favorable tax settlements totaling $24 million in 2010. The effective tax rate was 27 percent in first quarter 2011, compared with 21 percent in first quarter 2010.

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Additional Information

Additional information about first quarter 2011 earnings can be obtained via the Spectra Energy Web site: www.spectraenergy.com.

The analyst call is scheduled for today, Tuesday, May 3, 2011, at 9:00 a.m. CT. The webcast can be accessed via the Investors Section of Spectra Energy’s Web site or the conference call can be accessed by dialing (888) 252-3715 in the United States or Canada, or (706) 634-8942 for International. The conference code is “54071894” or “Spectra Energy Quarterly Earnings Call.”

Please call five to ten minutes prior to the scheduled start time. A replay of the call will be available until 5:00 p.m. CT, August 4, 2011, by dialing (800) 642-1687 with conference ID 54071894. The international replay number is (706) 645-9291, with above conference ID. A replay and transcript also will be available by accessing the Investors Section of the company’s Web site.

Non-GAAP Financial Measures

We use ongoing net income and ongoing diluted EPS as measures to evaluate operations of the company. These measures are non-GAAP financial measures as they represent net income from controlling interests and diluted EPS, adjusted for special items and discontinued operations. Special items represent certain charges and credits which we believe will not be recurring on a regular basis, and discontinued operations do not represent our ongoing core business. We believe that the presentation of ongoing net income and ongoing diluted EPS provide useful information to investors, as it allows them to more accurately compare our ongoing performance across periods.

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The primary performance measure used by us to evaluate segment performance is segment EBIT from continuing operations, which at the segment level represents earnings from continuing operations (both operating and non-operating) before interest and taxes, net of noncontrolling interests related to those earnings. We consider segment EBIT, which is the GAAP measure used to report segment results, to be a good indicator of each segment’s operating performance from its continuing operations as it represents the results of our ownership interest in operations without regard to financing methods or capital structures.

We also use ongoing segment EBIT and Other EBIT (net costs) as measures of performance. Ongoing segment and Other EBIT are non-GAAP financial measures as they represent reported segment and Other EBIT adjusted for special items. We believe that the presentation of ongoing segment and Other EBIT provide useful information to investors, as they allow investors to more accurately compare a segment’s or Other’s ongoing performance across periods. The most directly comparable GAAP measures for ongoing segment or Other EBIT are reported segment or Other EBIT, which represent EBIT from continuing operations, including any special items.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on our beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from the results predicted. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, have an effect on rate structure, and affect the speed at and degree to which competition enters the natural gas industries; outcomes of litigation and regulatory investigations, proceedings or inquiries; weather and other natural phenomena, including the economic, operational and other effects of hurricanes and storms; the timing and extent of changes in commodity prices, interest rates and foreign currency

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exchange rates; general economic conditions, including the risk of a prolonged economic slowdown or decline, or the risk of delay in a recovery, which can affect the long-term demand for natural gas and related services; potential effects arising from terrorist attacks and any consequential or other hostilities; changes in environmental, safety and other laws and regulations; results and costs of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general market and economic conditions; increases in the cost of goods and services required to complete capital projects; declines in the market prices of equity and debt securities and resulting funding requirements for defined benefit pension plans; growth in opportunities, including the timing and success of efforts to develop U.S. and Canadian pipeline, storage, gathering, processing and other infrastructure projects and the effects of competition; the performance of natural gas transmission and storage, distribution, and gathering and processing facilities; the extent of success in connecting natural gas supplies to gathering, processing and transmission systems and in connecting to expanding gas markets; the effects of accounting pronouncements issued periodically by accounting standard-setting bodies; conditions of the capital markets during the periods covered by the forward-looking statements; and the ability to successfully complete merger, acquisition or divestiture plans; regulatory or other limitations imposed as a result of a merger, acquisition or divestiture; and the success of the business following a merger, acquisition or divestiture. These factors, as well as additional factors that could affect our forward-looking statements, are described under the headings “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” in our 2010 Form 10-K, filed on February 24, 2011, and in our other filings made with the Securities and Exchange Commission (SEC), which are available via the SEC’s Web site at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. All forward-looking statements in this release are made as of the date hereof and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America’s premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 19,100 miles of transmission pipeline, more than 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids operations and local distribution assets. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project’s Leadership Index for both Carbon Performance and Disclosure. For more information, visit www.spectraenergy.com.

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Spectra Energy Corp

Quarterly Highlights

March 2011

(Unaudited)

(In millions, except per-share amounts and where noted)

Spectra Energy Corp

Quarterly Highlights

March 2011

(Unaudited)

(In millions, except where noted)

Spectra Energy Corp

Condensed Consolidated Statements of Operations

(Unaudited)

(In millions)

Spectra Energy Corp

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

Spectra Energy Corp

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In millions)

Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

March 2011 Quarter-to-date

(In millions, except per-share amounts)

A - Net revenues from Sonatrach settlement transactions.

Weighted Average Shares (reported and ongoing) - in millions

Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

March 2010 Quarter-to-date

(In millions, except per-share amounts)

A - Mainly a tax adjustment related to previous discontinued operations and net revenues from Sonatrach settlement transactions.

Weighted Average Shares (reported and ongoing) - in millions