Exhibit 99.1

Spectra Energy Reports Second Quarter 2012 Results

HOUSTON – Spectra Energy Corp (NYSE: SE) reported 2012 second quarter net income from controlling interests of $215 million, or $0.33 diluted EPS, compared with $284 million, or $0.44 diluted EPS, in the prior year quarter. Ongoing net income from controlling interests for the 2012 quarter was $215 million, or $0.33 diluted EPS, versus $275 million, or $0.42 diluted EPS, in the prior year quarter.

“Spectra Energy’s fee-based businesses performed well again this quarter, helping to offset the adverse effects of a challenging commodity price and economic environment,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp. “Except for the effects of low commodity prices, earnings were in line with our expectations, and we remain solidly on track to deliver at least an 8 cent increase in our annual dividend over the next several years.”

“Given the fundamental strength of our base business, we are well positioned to weather volatility in commodity prices. Our $8 billion in expansion projects in execution across the company are on track to deliver returns that support ongoing earnings and consistent dividend growth,” he said.

SEGMENT RESULTS

U.S. Transmission

U.S. Transmission reported second quarter 2012 earnings before interest and taxes (EBIT) of $237 million, compared with $243 million in second quarter 2011. Quarterly EBIT results reflect increased earnings from expansions, which were more than offset by lower processing revenues and expected lower storage revenues.

Distribution

Distribution reported second quarter 2012 EBIT of $75 million, compared with $88 million in second quarter 2011. The decrease in EBIT is mainly due to a negative regulatory decision affecting 2010-2011 storage revenues and a weaker Canadian dollar.

Western Canada Transmission & Processing

Western Canada Transmission & Processing reported second quarter 2012 EBIT of $94 million, compared with $113 million in second quarter 2011. The segment experienced 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 expected lower plant maintenance costs. These results were more than offset by lower earnings at the Empress natural gas liquids (NGL) business, attributable to lower NGL prices and an adjustment to reduce the book value of inventory, both primarily driven by lower propane prices.

Field Services

Field Services reported second quarter 2012 EBIT of $66 million, compared with $138 million in second quarter 2011. The decrease in EBIT was primarily driven by lower commodity prices, which was somewhat offset by the effects of higher volumes in key growth areas, such as the Permian and Eagle Ford basins. A reduction in depreciation expense, attributable to an extension in the run life of gathering and processing assets, also partially offset the effects of lower commodity prices.

During the second quarters of 2012 and 2011, respectively, NGL prices averaged $0.77 per gallon versus $1.24 per gallon, NYMEX natural gas averaged $2.22 per million British thermal units (MMBtu) versus $4.31 per MMBtu, and crude oil averaged approximately $93 per barrel versus approximately $103 per barrel.

DCP Midstream paid distributions of $61 million to Spectra Energy in second quarter 2012.

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Other

“Other” reported net costs of $25 million and $29 million in the second quarter 2012 and 2011, respectively. Other is primarily comprised of corporate costs, captive insurance and benefits.

Interest Expense

Interest expense was $155 million for second quarter 2012, compared with $159 million for second quarter 2011.

Income Taxes

Second quarter 2012 income tax expense from continuing operations was $80 million, compared with $125 million reported in second quarter 2011. The lower tax expense was driven by lower earnings, and a lower Canadian effective tax rate, partially offset by favorable tax adjustments in 2011. The effective tax rate was 25 percent in second quarter 2012, compared with 30 percent in the prior year quarter.

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Additional Information

Spectra Energy Corp (NYSE: SE) will announce its second quarter 2012 earnings results before the market opens on Thursday, August 2, 2012, and will hold an analyst conference call at 8:00 a.m. CT that same day.

Additional information about second quarter 2012 earnings can be obtained via the Spectra Energy website at www.spectraenergy.com. 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 “97597672” 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 31, 2012, by dialing (800) 585-8367 with conference ID 97597672. 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 website.

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.

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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-

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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 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

June 2012

(Unaudited)

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

Spectra Energy Corp

Quarterly Highlights

June 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

June 2012 Quarter-to-date

(In millions, except per-share amounts)

Spectra Energy Corp

Reported to Ongoing Earnings Reconciliation

June 2011 Quarter-to-date

(In millions, except per-share amounts)