Exhibit 99.1

Spectra Energy Reports Fourth Quarter and Year-End 2011 Results

Company Achieves Record Net Income for 2011, 14 Percent Increase Over 2010

HOUSTON – Spectra Energy Corp (NYSE: SE) today reported 2011 net income from controlling interests of $1.18 billion, or $1.81 diluted EPS, compared with $1.05 billion, or $1.61 diluted EPS in 2010. Ongoing 2011 net income was $1.16 billion, or $1.77 diluted EPS, compared with $1.02 billion, or $1.57 diluted EPS, in the prior year.

The annual results reflect solid performance and increased EBIT across all business segments; strong earnings growth from expansion projects placed into service; the effects of favorable commodity prices at the company’s Field Services business; and a stronger Canadian dollar. “Spectra Energy delivered a year of strong results, achieving record net income and nicely surpassing our earnings target by more than 7 percent,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp. “We benefited from expansion projects placed into service, which are delivering attractive returns on capital employed in excess of our targeted 10 to 12 percent range; each of our businesses registered gains for the year; and with the upside of NGL prices, our Field Services business generated cash distributions of nearly $400 million to the company.”

“Given the earnings growth generated from our capital expansion projects, we are targeting an increase in 2012 EPS of almost 7.5 percent,” said Ebel. “With the opportunities we continue to see in the natural gas infrastructure market, we expect to invest a further $15 billion in capital expansion projects through the end of the decade. That investment will allow us to realize significant incremental earnings and cash generation, supporting reliable earnings and ongoing dividend growth for our investors.”

SEGMENT RESULTS

U.S. Transmission

U.S. Transmission reported fourth quarter 2011 earnings before interest and taxes (EBIT) of $226 million, compared with $247 million reported and $237 million ongoing in fourth quarter 2010, which excluded the effect of a $10 million special item related to a customer bankruptcy settlement.

The 2011 quarter results reflect higher operating costs and, as expected, lower revenues at Ozark Gas Transmission, LLC. These results were partially offset by expansion projects previously placed into service.

Year-end reported EBIT for U.S. Transmission was $983 million, compared with $948 million in 2010, which represents a nearly 4 percent increase.

Distribution

Distribution reported fourth quarter 2011 EBIT of $120 million, compared with $127 million in fourth quarter 2010. This decrease is mainly due to lower customer usage related to warmer weather.

Year-end reported EBIT for Distribution was $425 million, compared with $409 million in 2010, which represents a nearly 4 percent increase.

Western Canada Transmission & Processing

Western Canada Transmission & Processing reported fourth quarter 2011 EBIT of $137 million, compared with $131 million in fourth quarter 2010. The segment benefited from improved results in the gathering and processing business, primarily driven by higher earnings from expansions in the Horn River area of British Columbia. These results were partially offset by lower earnings at the Empress natural gas liquids (NGL) business, attributable mainly to significantly higher costs of NGL extraction premiums, net of higher sales prices.

Year-end reported EBIT for Western Canada Transmission & Processing was $510 million, compared with $409 million in 2010, representing a nearly 25 percent increase.

Field Services

Field Services reported fourth quarter 2011 EBIT of $96 million, compared with $108 million in fourth quarter 2010. The 2011 quarter results reflect the effects of planned higher operating costs, short-term reliability issues and NGL curtailments, primarily in the Permian Basin. These results more than offset the benefits seen from increased NGL prices and volume growth, compared with fourth quarter 2010.

During the fourth quarters of 2011 and 2010, respectively, NGL prices averaged $1.20 per gallon versus $1.06 per gallon, NYMEX natural gas averaged $3.55 per million British thermal units (MMBtu) versus $3.80 per MMBtu and crude oil averaged approximately $94 per barrel, compared with approximately $85 per barrel.

DCP Midstream paid distributions of $395 million for the year to Spectra Energy, which exceeded the company’s full-year target of $350 million.

Year-end reported EBIT for Field Services was $449 million, compared with $335 million in 2010, which represents a 34 percent increase.

Other

“Other” reported and ongoing net costs were $28 million in fourth quarter 2011, compared with ongoing net costs of $16 million in 2010. The 2010 costs excluded a special item and benefit of $31 million related to an early termination notice of capacity contracts the company held on the Alliance Pipeline. The unfavorable variance reflects higher captive insurance costs and other corporate expenses.

Year-end ongoing net costs for “Other” were $104 million, compared with $62 million in 2010.

Interest Expense

Interest expense was $154 million for both fourth quarters 2011 and 2010.

Interest expense for 2011 was $625 million, compared with $630 million in 2010.

Income Taxes

Fourth quarter 2011 income tax expense from continuing operations was $115 million, compared with $141 million reported in the fourth quarter of 2010. The decrease resulted primarily from lower earnings in the 2011 quarter. The effective tax rate was 27 percent in the fourth quarter 2011, compared with 29 percent in the fourth quarter 2010.

The annual effective tax rate for 2011 was 28 percent, compared with 25 percent in 2010.

Additional Information

Additional information about fourth quarter and year-end 2011 earnings can be obtained via the Spectra Energy Web site: www.spectraenergy.com. The analyst call is scheduled for today, Thursday, February 2, 2012, 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 “41961447” 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, May 2, 2012, by dialing (855) 859-2056 with conference ID 41961447. The international replay number is (404) 537-3406, with above conference ID. A replay and transcript also will be available via 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.

# # #

Spectra Energy Corp

Quarterly Highlights

December 2011

(Unaudited)

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

Spectra Energy Corp

Quarterly Highlights

December 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

December 2011 Quarter-to-date

(In millions, except per-share amounts)

Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

December 2010 Quarter-to-date

(In millions, except per-share amounts)