Exhibit 99.1

(713) 627-4072

(713) 627-4747 (24-hour media line)

(713) 627-4600

Spectra Energy Reports First Quarter 2012 Results

HOUSTON – Spectra Energy Corp (NYSE: SE) reported 2012 first quarter net income from controlling interests of $333 million, or $0.51 diluted EPS, compared with $357 million, or $0.55 diluted EPS, in the prior year quarter. Ongoing net income from controlling interests for the 2012 quarter was $331 million, or $0.51 diluted EPS, versus $350 million, or $0.54 diluted EPS, in the prior year quarter.

“Spectra Energy had a good quarter, despite lower commodity prices and record warm weather. Our business plan and strategy remain solidly on track, and we continue to execute well on our capital expansion projects,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp.

“Our diversified portfolio and first- and last-mile advantage, when combined with unprecedented natural gas infrastructure fundamentals, give us confidence in our ability to deliver earnings that will allow us to grow our dividend through all market cycles,” said Ebel.

SEGMENT RESULTS

U.S. Transmission

U.S. Transmission reported first quarter 2012 earnings before interest and taxes (EBIT) of $271 million, compared with $279 million in first quarter 2011. The 2012 quarter results reflect lower interruptible transportation revenues, the effects of expected contract reductions at Ozark Gas Transmission, LLC, and accelerated software amortization costs. These results were partially offset by expansion projects previously placed into service.

Distribution

Distribution reported first quarter 2012 EBIT of $151 million, compared with $167 million in first quarter 2011. This decrease is mainly due to lower customer usage as a result of record-level warm winter weather. Lower operating fuel costs partially offset the revenue decrease.

Western Canada Transmission & Processing

Western Canada Transmission & Processing reported first quarter 2012 EBIT of $138 million, compared with $141 million in first quarter 2011. The segment experienced improved results in the gathering and processing business, primarily driven by higher revenue from expansions in the Horn River area of British Columbia. These results were offset by lower earnings at the Empress natural gas liquids (NGL) business, attributable mainly to lower NGL margins.

Field Services

Field Services reported first quarter 2012 EBIT of $93 million, compared with $81 million in first quarter 2011. The increase in EBIT was mainly driven by the effect of higher volumes from expansion projects and the absence of severe weather, which restricted volumes in the 2011 quarter. This was partially offset by lower commodity prices.

During the first quarters of 2012 and 2011, respectively, NGL prices averaged $1.00 per gallon versus $1.13 per gallon, NYMEX natural gas averaged $2.74 per million British thermal units (MMBtu) versus $4.11 per MMBtu, and crude oil averaged approximately $103 per barrel versus approximately $94 per barrel.

DCP Midstream paid distributions of $89 million to Spectra Energy in first quarter 2012.

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Other

“Other” reported net costs of $29 million and $24 million in the first quarter 2012 and 2011, respectively. Other is primarily comprised of corporate costs, including benefits and captive insurance.

Interest Expense

Interest expense was $157 million for first quarter 2012, compared with $155 million for first quarter 2011.

Income Taxes

First quarter 2012 income tax expense from continuing operations was $137 million, compared with $139 million reported in the first quarter of 2011. The lower tax expense was driven by lower earnings. The effective tax rate was 28 percent in first quarter 2012, compared with 27 percent in the prior year quarter.

Reconciliation of Reported to Ongoing Net Income – Controlling Interests

( in millions)

Reconciliation of Reported to Ongoing Diluted EPS

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Additional Information

Additional information about first quarter 2012 earnings can be obtained via the Spectra Energy website at www.spectraenergy.com. The analyst call is scheduled for today, Friday, May 4, 2012, at 8:00 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 “65118054” 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, October 4, 2012, by dialing (800) 585-8367 with conference ID 65118054. 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 from controlling interests 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.

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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

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the headings “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Information” in our 2011 Form 10-K, filed on February 27, 2012, 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, approximately 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids and local distribution operations. 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

March 2012

(Unaudited)

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

Spectra Energy Corp

Quarterly Highlights

March 2012

(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 2012 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 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