Exhibit 99.1

Spectra Energy Reports Third Quarter 2011 Results

Ongoing Net Income Increases 23 Percent

HOUSTON – Spectra Energy Corp (NYSE: SE) reported 2011 third quarter net income from controlling interests of $254 million, or $0.39 diluted EPS, compared with $197 million, or $0.30 diluted EPS, in the prior year quarter. Ongoing net income from controlling interests for the 2011 quarter was $247 million, or $0.38 diluted EPS, versus $201 million, or $0.31 diluted EPS, in the prior year quarter.

“We delivered solid results ahead of our expectations and exceeded last year’s ongoing net income by 23 percent. All of our businesses continued to perform very well and are realizing earnings growth from expansion projects placed into service at attractive rates of return,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp.

“Given our strong year-to-date performance and the positive trends we are continuing to see during the fourth quarter, we expect to exceed our $1.65 EPS target,” Ebel said. “That confidence and good visibility on 2012 growth led us to announce last week an overall 8 cent increase in our annual dividend. This underscores our ability to consistently deliver total shareholder return through both earnings and dividend growth.”

SEGMENT RESULTS

U.S. Transmission

U.S. Transmission reported third quarter 2011 earnings before interest and taxes (EBIT) of $235 million, compared with $231 million in third quarter 2010. As anticipated, the segment benefited from Northeast expansion projects placed into service during fourth quarter 2010, mainly TEMAX/TIME III and Algonquin East-to-West. These benefits were partially offset by higher planned operating costs during the quarter.

Distribution

Distribution reported third quarter 2011 EBIT of $50 million, compared with $63 million in third quarter 2010. This decrease is mainly due to higher operating costs, primarily employee benefits costs, partially offset by a stronger Canadian dollar.

Western Canada Transmission & Processing

Western Canada Transmission & Processing reported third quarter 2011 EBIT of $119 million, compared with $90 million in third quarter 2010. The segment benefited from improved results in the gathering and processing business, mainly driven by higher contracted volumes from expansions in the Horn River area of British Columbia and higher earnings at the Empress natural gas liquids (NGL) business, due mostly to higher sales prices. The segment also benefited from a stronger Canadian dollar.

Field Services

Field Services reported third quarter 2011 EBIT of $134 million, compared with $70 million in third quarter 2010. The increase was primarily due to higher commodity prices. During the third quarters of 2011 and 2010, respectively, NGL prices averaged $1.24 per gallon versus $0.87 per gallon, NYMEX natural gas averaged $4.19 per million British thermal unit (MMBtu) versus $4.38 per MMBtu and crude oil averaged approximately $90 per barrel versus $76 per barrel.

DCP Midstream paid distributions of $125 million to Spectra Energy in October 2011, bringing total distributions to $395 million this year.

Other

“Other” ongoing net costs were $23 million in third quarter 2011, compared with $16 million in 2010.

Interest Expense

Interest expense was $157 million for third quarter 2011, compared with $159 million for third quarter 2010.

Income Taxes

Third quarter 2011 income tax expense from continuing operations was $108 million, compared with $69 million reported in third quarter 2010. The increase resulted from higher earnings as well as a higher effective tax rate, as a result of favorable tax settlements during the 2010 quarter. The effective tax rate was 28 percent in third quarter 2011, compared with 24 percent in third quarter 2010.

Additional Information

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

The analyst call is scheduled for today, November 3, 2011, at 9:00 a.m. CT. The webcast can be accessed via the Investors Section of Spectra Energy’s website 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 “17746586” 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, February 3, 2012, by dialing (855) 859-2056 with conference ID 17746586. The international replay number is (404) 537-3406, 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.

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 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.

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 more than 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’s operations in the United States and Canada include more than 19,000 miles of transmission pipeline, over 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 Carbon Disclosure Leadership Index. For more information, visit www.spectraenergy.com.

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Spectra Energy Corp

Quarterly Highlights

September 2011

(Unaudited)

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

Spectra Energy Corp

Quarterly Highlights

September 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

September 2011 Quarter-to-date

(In millions, except per-share amounts)

Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

September 2010 Quarter-to-date

(In millions, except per-share amounts)