1. business and industrial
2. energy
3. natural gas

2014 THIRD QUARTER EARNINGS UPDATE
Supplemental Information Appendix
November 5, 2014
We go where the lights are…
First and last mile advantage
Growth from a position of strength
2014 Third Quarter Update | 12
Our Strong Portfolio of Assets
Natural Gas Transmission Pipe: 19,000 mi
Natural Gas Storage Capacity: ~300 Bcf
Natural Gas Gathering Pipe: 70,000 mi
Crude Transmission Pipe: 1,700 mi
NGL Transmission Pipe: 1,500 mi
SE Gas Processing Capacity: 3.8 Bcf/d
3Q14 DCP Gathered and Processed: 6.9 Tbtu/d
3Q14 DCP NGLs Produced: ~470 MBbl/d
Distribution Pipe: 39,700 mi
Union Gas Retail Customers: 1.4 million
Growth from a position of strength
Gas storage facility
Gas processing plant
Propane terminal
NGL storage
Shale gas formations
Crude storage
Major oil pipeline terminal
2014 Third Quarter Update | 13
Spectra Energy Asset Structure
Reporting
Segment
Assets in Segment
U.S. Transmission
Spectra Energy
Partners
NYSE: SEP
•
•
•
•
•
•
Algonquin Gas Transmission
Big Sandy Pipeline
Bobcat Gas Storage
East Tennessee Natural Gas
Market Hub Partners
Ozark Gas Transmission
• Saltville Gas Storage
• Texas Eastern Transmission
• Maritimes & Northeast, US
(78%)
• Gulfstream Natural Gas (50%)
• Southeast Supply Header (50%)
• Steckman Ridge (50%)
Liquids
• Express-Platte Pipeline System
• Southern Hills Pipeline (33%)
• Sand Hills Pipeline (33%)
NYSE: SE
Distribution
Western
Canada
Transmission &
Processing
Field Services
• Union Gas
•
•
•
•
BC Pipeline
Gathering & Processing
Natural Gas Liquids
Maritimes & Northeast Canada
(78%)
• DCP Midstream (50%)
• DCP Midstream Partners
NYSE: DPM
2014e EBITDA* = $3,035
(US $MM)
Distribution
$555
Spectra
Energy
Partners
$1,560
Western
Canada
$690
Field
Services
$305
* As presented 2/15/14; 2014e EBITDA
includes $(75) million of Other
Growth from a position of strength
2014 Third Quarter Update | 14
2014 THIRD QUARTER EARNINGS UPDATE
3Q14 Financial Results
Spectra Energy:
3Q14 Results – Distributable Cash Flow
$692
YTD
3Q13
$2,213
YTD
3Q14
$2,324
(163)
(91)
(345)
(337)
Distributions from unconsolidated affiliates
72
86
232
309
Other
23
13
14
9
167
167
476
521
35
47
104
128
201
225
439
471
3
7
29
8
35
18
89
33
$226
$236
$977
$1,144
Distributable Cash Flow ($MM)
3Q13
3Q14
EBITDA
$735
ADD:
Equity in earnings of unconsolidated affiliates
LESS:
Interest expense
Distributions to noncontrolling interests
Maintenance capex (1)
Net cash paid for income taxes
Equity AFUDC
Distributable Cash Flow
(1) Excludes reimbursable expenditures.
Growth from a position of strength
2014 Third Quarter Update | 16
Spectra Energy Partners:
3Q14 Results - EBITDA
3Q13
3Q14
YTD
3Q13
YTD
3Q14
$310
$352
$957
$1,046
Liquids
44
60
91
169
Other
(4)
(11)
(9)
(48)
Ongoing EBITDA by Segment
U.S. Transmission
Ongoing EBITDA(1)(2)
($MM)
$350
$401
$1,039
$1,167
(1) EBITDA is recast for 3Q13 to reflect acquisitions by entity under common control, for the U.S. assets acquired from SE on Nov 1, 2013, and as of
March 14, 2013 for Express-Platte.
(2) EBITDA for SEP will be different than the EBITDA reported for the Spectra Energy Partners segment within SE. The difference is because SEP
reports its own Corporate Other when SEP is reported standalone. These amounts represent the costs of services rendered by SE in support of
SEP. These amounts are included in SE’S Corporate Other at the SE level.
QUARTERLY VARIANCES:
U.S. Transmission
Liquids
Increased earnings from pipeline
expansion projects, primarily
Texas Eastern and higher
processing margins
Continued ramp up of Sand Hills
and Southern Hills and higher
crude transportation revenues as
a result of higher contracted
volumes on Express and increased
tariff rates on both the Express
and Platte pipelines
Growth from a position of strength
Other
Increased allocated governance
costs associated with the U.S.
Transmission and Liquids assets
that were dropped down on
November 1, 2013
2014 Third Quarter Update | 17
Spectra Energy Partners:
3Q14 Results – Distributable Cash Flow
Distributable Cash Flow ($MM)
EBITDA
3Q13
3Q14
YTD
3Q13
YTD
3Q14
$344
$401
$1,033
$1,167
(23)
(36)
(65)
(93)
34
3
40
4
93
7
120
10
105
5
75
–
20
87
$66
54
11
86
–
11
299
14
138
–
48
183
22
164
5
20
–
$247
374
$195
–
$810
ADD:
Equity in earnings of unconsolidated affiliates
Distributions from unconsolidated affiliates
Other
LESS:
Interest expense
Distributions to noncontrolling interests
Maintenance capex (1)
Net cash paid for income taxes
Equity AFUDC
Adjustment (2)
Total Distributable Cash Flow
(1)
Excludes reimbursable expenditures
(2)
Removes the effects of the U.S. Assets Dropdown for the periods prior to the dropdown (January 1, 2013 to October 31, 2013) and the acquisition of Express-Platte for
the periods prior to the acquisition (March 14, 2013 to August 1, 2013).
Growth from a position of strength
2014 Third Quarter Update | 18
DCP Midstream, LLC:
3Q14 Results – Distributable Cash Flow (50%)
Distributable Cash Flow ($MM)
3Q13
3Q14
YTD
3Q13
YTD
3Q14
EBITDA from DCP Midstream, LLC standalone(2)
$150
$72
296
$278
(23)
3
(1)
(14)
(2)
–
(1)
(3)
5
14
(4)
(31)
(13)
3
8
10
(25)
(33)
5
14
(10)
(69)
(65)
8
15
9
(77)
(95)
8
8
$112
$87
14
9
$61
$57
22
20
$211
$163
37
26
$184
$177
ADD (LESS)(2):
Unrealized MTM on hedges
Equity in earnings of unconsolidated affiliates
Distributions from unconsolidated affiliates
Proceeds from asset sales
Other
Interest expense
Maintenance capex (1)
Distributions from DPM
GP Distribution paid
LP Distribution paid
Total Distributable Cash Flow
Total Distribution to Owners (declared)
(1)
(2)
Maintenance and product replacement capital expenditures are comprised of (1) capital costs that extend the useable life of facility and (2) capital costs expended for the
purpose of connecting wells or other gas supply to existing gathering, plant, or pipeline facilities; as determined by management.
Midstream stand-alone, excludes DCP Midstream Partners.
Growth from a position of strength
2014 Third Quarter Update | 19
Spectra Energy
Strong Investment Grade Balance Sheet
Credit Metrics Summary
Debt / Capitalization(1)
9/30/14
57.4%
Credit Ratings
Spectra Energy Capital
Baa2 / BBB- / BBB*
* Moody’s / S&P / Fitch senior unsecured ratings
(1) Calculated in accordance with the Spectra Energy Capital, LLC credit agreement
Growth from a position of strength
2014 Third Quarter Update | 20
Spectra Energy Partners
Strong Investment Grade Balance Sheet
Credit Metrics Summary
9/30/14
Debt / EBITDA(1)
3.9x
Credit Ratings
Spectra Energy Partners
Baa2 / BBB / BBB*
* Moody’s / S&P / Fitch senior unsecured ratings
Strong financial position to pursue growth activities and acquisitions
(1) Calculated in accordance with the Spectra Energy Partners, LP credit agreement
Growth from a position of strength
2014 Third Quarter Update | 21
Liquidity Positions
($Millions)
SEP
As of 9/30/14
Revolving Credit Commitments
$ 1,000
$ 268
$ 357
$1,625
$ 2,000
$ 3,625
Less: Commercial Paper
(377)
(103)
(119)
(599)
(813)
(1,412)
Available Credit Facility Capacity
$ 623
$ 165
$ 238
$1,026
$ 1,187
$ 2,213
85
136
221
$1,111
$1,323
$2,434
Plus: Cash and Cash Equivalents
Available Liquidity
Westcoast
Union
Gas
Total
SEC-WEIUGL
SE
Capital
Total
Enterprise
Maintaining adequate liquidity to support ongoing financing needs
Growth from a position of strength
2014 Third Quarter Update | 22
SE Corp Consolidated
Debt Maturity Profile as of 9/30/14
USD Millions
$2,500
$30
Express-Platte
$25
$2,000
$1,500
SE Capital
$20
SE Partners
$15
M&N - Can
$10
M&N - US
$5
Union Gas
Westcoast
$0
Oct-14
Nov-14
East Tenn
Dec-14
$1,000
$500
$0
2014
2016
TETLP
2018
Algonquin
2020
2022
East Tenn
Growth from a position of strength
2024
Westcoast
2026
2028
Union Gas
2030
M&N - US
2032
2034
M&N - Can
2036
SE Partners
2038
2040
SE Capital
2042
2044
Express-Platte
2014 Third Quarter Update | 23
SEP Consolidated
Debt Maturity Profile as of 9/30/14
$20
USD Millions
$15
$1,800
Express-Platte
SE Partners
$10
M&N - US
$1,600
$5
$1,400
East Tenn
Algonquin
Dec-14
$1,200
Nov-14
Oct-14
$0
TETLP
$1,000
$800
$600
$400
$200
$0
TETLP
Algonquin
Growth from a position of strength
East Tenn
M&N - US
SE Partners
Express-Platte
2014 Third Quarter Update | 24
Customer Credit Exposure as of 9/30/14
Spectra Energy’s customer mix is made up of primarily high quality credits
34%
30%
BBB
A or Higher
7%
Non-Investment
Grade - Unsecured
18%
11%
Collateral
Growth from a position of strength
Investment GradeEquivalent
2014 Third Quarter Update | 25
2014 THIRD QUARTER EARNINGS UPDATE
U.S. Transmission
Overview
Spectra Energy Partners:
U.S. Transmission
Natural Gas Transmission Pipe
System Compression
Natural Gas Storage Capacity
13,700 mi
2.5MM HP
~ 150 Bcf
Regulated gas storage
Market-based gas storage
Houston – HQ
Growth from a position of strength
• Access to multiple supply sources
• One of the largest storage positions in
North America (~150 Bcf)
• Largest transporter of natural gas to
New England, second largest to NYC
• One of the largest pipeline systems in
North America (12% of gas consumed)
• System oriented to high-growth
markets
• Strong base of contracts with high
credit quality customers and a high
rate of contract renewal
• Majority of capacity sold under multiyear firm contracts
• Changing supply and market dynamics
provide opportunities for growth
2014 Third Quarter Update | 27
U.S. Transmission:
Asset Strength & Flexibility
Value of capacity increases with
changing supply and demand dynamics
Future
Flows
Traditional
Flows
• Growing supply along the system
• Increasing demand in all areas where
our pipelines reach
• New projects make Texas Eastern
bi-directional
• Changing landscape enables us to:
̶ Retain 100% of base
̶ Earn attractive returns on growth capital
deployed
Growth from a position of strength
2014 Third Quarter Update | 28
U.S. Transmission:
Texas Eastern Supply & Delivery Evolution
By 2017, Texas Eastern will be delivering
2.4 Bcf/d to Gulf Coast & Midwest markets
via bi-directional flows while retaining full
capacity to Northeast markets
Bi-directional Flow
Project
In Service
CapEx
TEAM South
TEAM 2014
OPEN
U2GC
Gulf Markets
Access South &
Adair Southwest
Sept-14
Nov-14
2H15
2H15
2H16-2H17
<$50
$500
$500
$60
$150
2H17
$350
Daily flexibility in gas flow direction is
achieved at existing compressors
modified with additional pipes & valves
Traditional flow
Bi-directional flow
Compressor station
Growth from a position of strength
2014 Third Quarter Update | 29
U.S. Transmission:
Execution Projects
Atlantic
Bridge
Salem
Lateral
NEXUS
Project (1)
AIM
OPEN
PennEast
U2GC
Adair Southwest
Ozark
Conversion
Kingsport
Access South
Sabal Trail
Stratton
Ridge
Gulf Markets
Expansion
Kingsport
OPEN
U2GC
Ozark Conversion
Salem Lateral
AIM
Gulf Markets
Sabal Trail (2)
Access South &
Adair Southwest
PennEast (2)
NEXUS (2)
Atlantic Bridge
Stratton Ridge
Est. CapEx ($MM)
In-Service
120
500
60
50
60
1,000
150
1,600
4Q13/1Q15
2H15
2H15
1H16
1H16
2H16
2H16/1H17
1H17
350
2H17
100
700 - 1,000
750 - 1,000
225
1H17
2H17
2H17
1H19
(1) Additional project data in the Appendix; (2) SEP’s expected portion
Growth from a position of strength
2014 Third Quarter Update | 30
U.S. Transmission:
Development Projects
New England
Power Gen
Opportunity
Mid-Atlantic
Expansions
Midwest
Expansions
Southeast
Expansions
In Service
New England Power Gen
Gulf LNG / Industrials
Exports to Mexico
2017-2019
2016-2020
2015-2018
Midwest, Southeast, and
Mid-Atlantic Expansions
2017-2019
Originating expansion projects from new
areas of demand
 Continued growth of U.S. gas-fired power generation
 Gulf Coast representing 10+ Bcf/d of new industrial and
export opportunities
Gulf LNG / Industrials
Exports to Mexico
Growth from a position of strength
2014 Third Quarter Update | 31
Spectra Energy Partners:
U.S. Transmission Contract Portfolio
~95% of U.S. Transmission revenue comes from demand charges
2013 TETLP Firm Demand Revenues by
2013 TETLP Firm Demand Revenues by
Service Provided
Customer Type
LDCs 62%
Long Haul 42%
Marketers 15%
Producers 13%
Storage 8%
Lateral only 5%
Short Haul 45%
Pipelines 5%
Power Gen 4%
Other < 1%
2014 Texas Eastern & Algonquin contract renewal rate = 99+%
Growth from a position of strength
2014 Third Quarter Update | 32
Spectra Energy Partners:
Solid Fee-Based Businesses
Average Contract Term for Major
U.S. Transmission Pipelines (years)
0
Texas Eastern
Algonquin
East Tennessee
5
10
15
20
7.2
6.6
8.1
Maritimes & Northeast (US)
18.1
Gulfstream
Southeast Supply Header
16.2
7.5
Core fee-based businesses provide low risk, steady growth
Growth from a position of strength
2014 Third Quarter Update | 33
Spectra Energy Partners:
U.S. Transmission Revenue Stability
Based on Transmission Revenues for 12 months ended 12/31/13
100%
90%
95%
93%
98%
97%
98%
98%
98%
80%
70%
60%
50%
40%
30%
2013 Reservation Revenue
2013 Usage and Other Revenue
20%
10%
0%
Overall Total (1) Texas Eastern
Gulfstream
Algonquin
East Tennessee
Southeast
Supply Header
Maritimes &
Northeast US
(1) Includes Texas Eastern, Gulfstream, Algonquin, East Tennessee, Southeast Supply Header, Ozark Gas Transmission, Big Sandy, and
Maritimes & Northeast US
Growth from a position of strength
2014 Third Quarter Update | 34
U.S. Transmission:
2014 Priorities
Pursue $7B dollars of
opportunities; sign $3B in 2014
at ≥10% ROCE
Safely and successfully advance
execution projects
Place Team 2014, TEAM South, and
Kingsport in service; keep all other
execution projects on schedule
Ensure re-contracting of base
revenue through 2016
Continue to deliver strong results and provide
a platform for growth to drive investor value
Achieved 3Q14
Growth from a position of strength
2014 Third Quarter Update | 35
2014 THIRD QUARTER EARNINGS UPDATE
Liquids Overview
Spectra Energy Partners:
Liquids
Hardisty
Crude Pipelines
Express
Pipeline
Size:
Express-Platte
Pipeline System
Nameplate
Capacity:
Storage Capacity:
Casper
Guernsey
Platte
Pipeline
Conway
Supplies Accessed:
Wood
River
Markets Served:
NGL Pipelines
Southern
Hills
Sand Hills
Mont
Belvieu
Growth from a position of strength
Express
Platte
776 mile, 24” pipe
938 mile, 20” pipe
280 mbpd
Casper, WY – Guernsey WY
164 mbpd
Guernsey, WY – Wood River, IL
145 mbpd
1.4 MMBbl, 10 tanks
3.4 MMBbl, 34 tanks
Alberta
Alberta, Bakken, Niobrara
Rockies / PADD 4
Midwest / PADD 2
Sand Hills
Southern Hills
Size:
720 mile, 20” pipe
800 mile, 16” - 20” pipe
Nameplate
Capacity:
200 mbpd
expandable to 350
mbpd
150 mbpd
expandable to 175 mbpd
Supplies Accessed:
Permian, Eagle Ford
Mid-Continent
Gulf Coast, Mont
Belvieu
Mont Belvieu
Markets Served:
2014 Third Quarter Update | 37
Liquids:
Maximizing Revenue from Existing Assets
300,000
250,000
Express Pipeline (Bbl/d)
Optimization Strategy:
Capacity
Express Receipts
200,000
New Committed
Contracts
150,000
100,000
Pre-Acquisition
Committed Contracts
50,000
Express Pipeline
0
Jan-13
Jul-13
Jan-14
Jul-14
• Maximize capacity utilization
• Connect to rail and barge to expand
market reach
• Expand terminals and storage
Jan-15
Jul-15
Jan-16
Platte Pipe Line (Bbl/d)
200,000
PADD II
Deliveries
150,000
• Rail enabling increased throughput
• Successful open season: all available
capacity contracted for 11+ year
terms
• New committed tolls at higher rates
Capacity
Platte Pipe Line:
100,000
• Demand for service greatly exceeds
physical capacity
50,000
0
Jan-13
Jul-13
Jan-14
Jul-14
Growth from a position of strength
Jan-15
Jul-15
Jan-16
2014 Third Quarter Update | 38
Liquids:
Financial Growth Exceeding Expectations
As presented 2/5/14
Liquids EBITDA
($MM)
350
$305
300
$275
250
$75
$210
$40
200
150
Total Liquids CAGR
Southern Hills
Sand Hills
19%
Express-Platte CAGR
$132
100
50
$85
32%
$130
$170
$200
$220
2015e
2016e
Express-Platte
Pipeline System
0
2013
2014e
EBITDA more than doubles by 2016 with firm contracts and minimal capital investment
Growth from a position of strength
2014 Third Quarter Update | 39
Liquids:
Opportunities Abound
From a solid base, accessing growth opportunities across North America
Synergy
Pipeline
Express-Platte
Organic Expansions
Express-Platte
Twinning
Wyoming to Illinois
Crude Pipeline
Inland
California
Express
Southern Hills
Expansion
Sand Hills
Expansion
Wyoming to Providing access to Eastern &
Illinois Crude Gulf Coast light crude markets
Pipeline
2017
Synergy
Pipeline
2020
Extending upstream from
Hardisty to oil sands
Express-Platte Connecting oil sands & Bakken
Twinning
to Midwest & beyond
Inland
California
Express (ICE)
Express-Platte
Organic
Expansions
2020
Rail and pipe bringing low cost
crude to California refiners
2017
Cost effective optimization and
expansion of pipe & terminals
2015
Sand Hills & Continue planned build-out
Southern Hills to further feed premium
Expansions
Gulf Coast NGL market
2015
~$10B+ of opportunities identified
provides long-term double-digit growth
Growth from a position of strength
2014 Third Quarter Update | 40
Liquids:
2014 Priorities
Continue to ramp up
Express-Platte contracted
volumes and EBITDA
Price-advantaged crude oil
transportation to Rockies
and lower Midwest
On-system expansion of
pipe and terminals
Continuing optimization to
meet market demand
Ramp existing contracts on
Sand Hills & Southern Hills
Connecting growing NGL supply
to premium markets
Crude oil growth projects:
obtain customer support to
advance to binding
commitments in late 2014early 2015
The new Liquids business continues to exceed all
expectations and is a launching pad for significant growth
Achieved 3Q14
Growth from a position of strength
2014 Third Quarter Update | 41
2014 THIRD QUARTER EARNINGS UPDATE
Distribution Overview
Spectra Energy:
Distribution
• Union Gas – 2nd largest
natural gas distributor in
Canada
Retail Customers
Distribution Pipe
Natural Gas Storage Capacity
Pipeline Capacity
Natural Gas Transmission Pipe
1.4 million
39,700 mi
160 Bcf
6.4 Bcf/d
3,000 mi
• Dawn Storage facility –
largest underground storage
facility in Canada
• ~2% customer growth
annually
• New incentive regulation
framework 2014 – 2018
provides stable platform for
growth
Growth from a position of strength
2014 Third Quarter Update | 43
Distribution:
New 5-Year Regulatory Framework
• Comprehensive 5-year negotiated
settlement
• Ontario Energy Board (OEB) approval of
agreement and new incentive regulation
mechanism (IRM) for 2014 – 2018
– 64/36 debt/equity capital structure
– ~9% base ROE
– Attractive features:
 Earnings sharing provides 150 bps upside
opportunity over allowed ROE
 Predetermined rate adjustment for major
capital expansions
 Annual rate increase set at 40% of inflation
Framework provides stable
platform for growth through 2018
Growth from a position of strength
2014 Third Quarter Update | 44
Distribution:
Rapidly Changing Supply Dynamics in E. Canada
• Ontario reduction in supply
from Western Canada: ~ 3Bcf/d
ON
• Supplies from the Marcellus/
Utica are increasingly needed in
Ontario
• Two options to move
Appalachian gas into Ontario:
– Via Niagara Falls
– Via new pipeline to Michigan
and Dawn Hub
TORONTO
Parkway
NY
NIAGARA FALLS
Kirkwall
MI
DETROIT
PA
Dawn Hub
OH
MARCELLUS / UTICA
SUPPLY
Texas Eastern
Growth from a position of strength
2014 Third Quarter Update | 45
Distribution:
Union Gas Growth Projects
Transmission Capacity Growth
– Dawn to Parkway Expansions
 2015 - $430MM, in execution
 2016 - $400MM, in execution
 2017 - under development
New Customer Growth
– ~20,000 retail customers per year
– Gas-fired power generation
ON
2015 Dawn-Parkway
Expansion
~$100MM EBITDA by 2018 from
anticipated capital expansions
Growth from a position of strength
Parkway
NY
NIAGARA FALLS
Kirkwall
MI
DETROIT
Emerging Opportunities
– Unregulated: CNG/LNG for
transportation and mining sectors
TORONTO
2016-17 Dawn-Parkway
Expansions
PA
Dawn Hub
OH
MARCELLUS / UTICA
SUPPLY
Texas Eastern
2014 Third Quarter Update | 46
Distribution:
2014 Priorities
Build off strength and stability
of base assets
Execute 2015
Dawn – Parkway expansion
Advance 2016-17
Dawn-Parkway expansion
File OEB application
Distribution business delivers strong cash flows and growth potential
Achieved 3Q14
Growth from a position of strength
2014 Third Quarter Update | 47
2014 THIRD QUARTER EARNINGS UPDATE
Western Canada Transmission
& Processing Overview
Spectra Energy:
Western Canada Transmission & Processing
Western
Canadian G&P
BC
AB
SK
MB
BC Pipeline
QC
Empress
ON
Maritimes &
Northeast, Canada
NB
NS
BC Pipeline
Natural Gas Liquids – Empress System
Natural Gas Transmission Pipe: 1,700 mi
Pipeline Capacity : 2.9 Bcf/d
Major Markets: BC, AB, US Pacific Northwest
NGL Extraction Capacity: 2.4 Bcf/d
NGL Fractionation Capacity: 63,000 Bbls/d
NGL Storage Capacity: 4.0 MMBbls
NGL Transmission Pipe: 590 mi
Major Markets: Western Canada, Northern US
Natural Gas Gathering & Processing
Raw Gas Gathering Pipe: 2,200 mi
19 Gas Processing Plants
Processing Capability: 3.8 Bcf/d
Major Markets: BC, AB
Gathering &
Processing
$375
NGL $30
M&N
BC Pipeline
Canada $100
$185
Maritimes & Northeast, Canada
Natural Gas Transmission Pipe: 540 mi
Pipeline Capacity : 0.55 Bcf/d
Major Markets: Atlantic Canada
2014e EBITDA* = US$ 690
*As presented 2/5/14
Growth from a position of strength
2014 Third Quarter Update | 49
Western Canada:
Strong Base Portfolio
Horn
River
Liard
Consistent growth in earnings from core assets
Cordova
British
Columbia
Prince Rupert
Kitimat
Montney
Gathering & Processing
#1 gas processor in British Columbia
Processing capacity: 3.8 Bcf/d
Processing plants: 19
BC Pipeline
Alberta
#1 supplier of natural gas to BC and US PNW
Transmission capacity: 2.9 Bcf/d
Pipelines: 1,700 mi
NGL - Empress System
EDMONTON
NGL extraction capacity: 2.4 Bcf/d
NGL fractionation capacity C2+: 63,000 Bbls/d
NGL storage: 4.0 MMBbls
VANCOUVER
CALGARY
REGINA
SEATTLE
WINNIPEG
Growth from a position of strength
Maritimes &
Northeast Canada
2014 Third Quarter Update | 50
Western Canada:
Unconventional Reserves Driving Opportunities
Marketable Reserves in British Columbia (Tcf)
• Producers are realizing
attractive returns in
developing unconventional
reserves
• Unconventional plays creating
new opportunities for our G&P,
NGL and Pipeline businesses
LNG exports by the end of
the decade providing
significant opportunities
430
Cordova 40
Liard 40
Horn River
80
160+
years
of gas supply to
support domestic
& LNG export
markets
Montney
270
50
Unconventional
Conventional
Source: National Energy Board, BC Oil & Gas Commission
Growth from a position of strength
2014 Third Quarter Update | 51
Western Canada:
Business Development Opportunities
Infrastructure to support domestic
and LNG export markets
Horn River
Liard
• Multinationals leading LNG
development
• Large scale incremental G&P and
pipeline investment opportunities to
support LNG export markets
• Spectra Energy well positioned to
provide upstream G&P and pipeline
services pre and post LNG ramp-up
– ~$8B potential opportunities
Cordova
Westcoast
Connector
Prince
Rupert
Kitimat
Montney
British
Columbia
Alberta
• Westcoast Connector to serve BG
Group facility
VANCOUVER
With 60% of the G&P market in BC,
Spectra Energy will win more than our share
Growth from a position of strength
CALGARY
SEATTLE
2014 Third Quarter Update | 52
Western Canada:
2014 Priorities
Substantially de-risk Empress
commodity exposure
Place North Montney project
into service in 2Q14
Advance regulatory
approvals and obtain
environmental permits on
Westcoast Connector
Secure G&P, pipeline and NGL
origination opportunities
Western Canada will deliver earnings growth and
large-scale infrastructure solutions for LNG exports
Achieved 3Q14
Growth from a position of strength
2014 Third Quarter Update | 53
2014 THIRD QUARTER EARNINGS UPDATE
Field Services Overview
Field Services:
Ownership Structure
50%
50%
22% LP & GP Interest
Public
Unitholders
78% LP Interest
Growth from a position of strength
2014 Third Quarter Update | 55
Field Services:
DCP Midstream is a Leader in Key Basins
Natural Gas Processing1 (MMcf/d)
#1
DJ Basin2
Wattenburg
NGL Pipeline
Front Range
Pipeline 4
Mississippi
Lime
#1
Midcontinent2
Granite Wash
Permian2
Wolfberry
#1
Texas
Express
Pipeline
Avalon /
Bone Springs
Southern Hills
Pipeline
Black Lake
Pipeline
Sand Hills
Pipeline
#2
1
#1 Gas Processor
#1 NGL Producer1
#3 NGL Pipeline Operator2
Plants3
64
~67,800 miles of Pipeline3
Keathley
Canyon 4
Eagle Ford2
1) Source: Hart Energy Midstream Monitor/Midstream
Business.com, September 2014, Top Gas ProcessorsNGL Producers of 2013; 2) Source: Bentek and
Company data; 3) Stats include all assets in service as
of September 30, 2014; 4) Under Construction
Growth from a position of strength
DCP Midstream Pipeline
DCP Midstream Gas Processing Plant
DPM Owned or JV Plant/ Fractionator/ Storage
DPM Propane Terminal
DPM Owned or JV Pipeline
Gas Shale Formation
New Plant
DCP Midtream enterprise
Enterprise Products
Williams
Midcoast Energy
MarkWest Energy
EnLink Energy Partners
Energy Transfer
Targa Resources
Western Gas Partners
Encana
DPM standalone #5
3Q14
~6.9
TBtu/d
NGL Production1 (Bbls/d)
DCP Midtream enterprise
Enterprise Products
Energy Transfer
Williams
Targa Resources
Midcoast Energy
OneOK Partners
Kinder Morgan
MarkWest Energy
EnLink Energy Partners
DPM standalone #6
3Q14
~470
MBbl/d
2014 Third Quarter Update | 56
Field Services:
Significant Progress Achieved
Executing ahead of schedule
DCP 2010
DCP 2016e
Top tier gatherer and processor
Midstream logistics services leader
• Significant progress achieved
toward 2015 goal – nearly there
now
• Strong project execution
• CapEx total in execution = ~$2B
In Progress
Goliad
In service
Front Range
In service
O'Connor Plant Expansion
In service
National Helium Plant Expansion
4Q14
Keathley Canyon Connector
4Q14
New Plants (North & Permian)
2015
Assets
# of plants
Processing volume (TBtu/d)
NGL production (MBPD)
NGL pipeline miles
2010
2014e
2016e
~$8B
58
5.9
369
~1,400
$14B
64
6.9
~500
~3,000
$16B+
70+
7.2+
525+
3,000+
1) Source: Hart Energy Midstream Monitor/Midstream Business.com, August 2013, Top Gas Processors-NGL Producers of 2012; 2) Source: Bentek and Company data
Growth from a position of strength
2014 Third Quarter Update | 57
Field Services:
2013-16e EBITDA and Net Income
As presented 2/5/14
DCP EBITDA(1) (100%, $MM)
DCP Net Income(1) (100%, $MM)
11%
$1,535
$1,595
2015e
2016e
CAGR
2013-2016
4%
$491
$510
2013
2014e
$545
$555
2015e
2016e
CAGR
2013-2016
$1,330
$1,157
2013e
2014e
(1) Assumes commodity-neutral growth and excludes owner equity gains.
Modest growth at DCP – DPM serves as a significant growth catalyst for owners
Growth from a position of strength
2014 Third Quarter Update | 58
Field Services:
Growth-for-Growth Strategy
As presented 2/5/14
~$4-6B
~$3-5B
2014-2016 self-funded
capital program
2014-2016 potential
dropdowns to DPM
DPM Dropdowns ($B, consolidated, includes DPM)
DCP Capital
DPM Dropdowns
$1.6
Potential
additional capital
$1.5
$1.0
33%
$1.0
Potential
additional
dropdown
opportunities
CAGR 2013-2016
DCP GP/LP from DPM
DPM’s Distributions to SE & PSX (100%, $MM)
$275
GP distributions
LP distributions
$225
$170
$116
$85
$70
$54
$62
2013
2014-2016e
2013
$100
$140
$100
2014e
2015e
$175
2016e
Annual Average
Growth from a position of strength
2014 Third Quarter Update | 59
Field Services:
Delivering Value to Owners
As presented 2/5/14
Significant valuation uplift by 2016 with increasing DPM GP/LP distributions
DPM GP/LP Distributions to SE & PSX (100%, $MM)
$275
DPM GP
DPM LP
$225
$170
$116
~17x/
~5.9% yield (1)
~25-30x
~$2.5B
2013
valuation
~17x/~5.9% yield (1)
$175
~25-30x
2016e
~$6.5B
$85
$70
$54
$62
$100
$100
2014e
$140
2015e
valuation
+~$4B
valuation uplift
potential
(1) As of 1/31/14
Growth from a position of strength
2014 Third Quarter Update | 60
DCP Midstream: 2014 Financial Summary
As presented 2/5/14
DCP Midstream Earnings (100%) ($MM)
2014e
2015e
2016e
$ 1,330
$ 1,535
$ 1,595
Net Income
$ 510
$ 545
$ 555
Distributions to Owners
$ 465
$ 520
$ 520
EBITDA
Commodity Sensitivities (100%)
2014 Earnings
Assumptions
Price Change
12 mo DCP
EBITDA Impact
NGLs ($/gal)
$0.94
+/- $0.01
~$12MM
Nat Gas – NYMEX
($/MMBtu)
$3.75
+/- $0.10
~$8MM
$95
+/- $1.00
~$5MM
Crude - NYMEX ($/Bbl)
Growth from a position of strength
2014 Third Quarter Update | 61
2014 Plan- DCP Midstream:
Margin / Volume By Contract
As presented 2/5/14
2014e Margin $ by Contract Type(1)
Keepwhole 10%
Percent of
Proceeds
45%
Other(2)
25%
Fee
20%
2014e G&P Volumes & Margin(1)
Margins
Volumes
Percent of
Proceeds
$ 0.50
6.0
Keepwhole
$ 0.75
0.5
Fee
$ 0.20
4.9
($ /MMBtu)
(TBtu/d)(3)
2014e Processing Volume: 6.9 TBtu/d
2014e NGL Production:
~500 MBPD
2014e Gross Margin
$2.4 Billion
Growth from a position of strength
(1) DCP consolidated
(2) "Other" includes logistics and marketing margins
(3) Certain volumes earn duplicate revenue streams (i.e. both fee
plus processing economics)
2014 Third Quarter Update | 62
Field Services:
2014 Priorities
Place projects into service
• Goliad Plant in Eagle Ford
• O’Connor Plant Expansion in DJ
• Front Range NGL pipeline in service
1Q14
Secure permits and
construct new G&P plants
• Lucerne 2 Plant in DJ
• Permian Basin Plant
Drop down of at least $1B in
assets to DPM
• Targeting dropdown of 1/3 interests
in Sand Hills & Southern Hills pipelines
Ramp existing contracts and
secure new volumes on Sand Hills
& Southern Hills pipelines
• >100% volume growth
• Deploy capital to connect additional
plants via laterals and extensions
DCP Midstream continues to expand its asset base
and grow cash distributions to owners
Achieved 3Q14
Growth from a position of strength
2014 Third Quarter Update | 63
2014 THIRD QUARTER EARNINGS UPDATE
Financial Information:
2014e – 2016e Plan (as presented 2/5/14)
Ongoing Objectives for Long-term Value Creation
Continue to…
Deliver solid dividend
& distribution growth
• Attractive, sustainable
dividend and distribution
growth
- 10.5% SE dividend increase
announced; effective 4Q14
• Strong growth in SEP DCF
and SE EBITDA through 2016
• Cash flows supported by a
growing, diverse portfolio of
fee-based revenues
Execute on
growth plan
• $35B in expansions through
the end of the decade with
attractive returns
• ~$1.3B in growth CapEx in
2014, ~$2B average annual
growth CapEx through 2016
• SEP share of CapEx: ~70% in
2014; ~60% in 2015; ~45%
in 2016
Exercise prudent
financial
management
• Disciplined financial
management and balance
sheet flexibility provide
competitive advantage
• Leverage MLP and C-Corp
structures to support growth
• Investment grade credit
balance sheets
• No SE equity issuance
expected
Updated 11/5/14
Growth from a position of strength
2014 Third Quarter Update | 65
Spectra Energy
2014e-16e EBITDA
EBITDA by Segment ($MM)
2014e
2015e
2016e
Spectra Energy Partners (1)
$1,560
$1,750
$1,915
Distribution
555
575
605
Western Canada Transmission & Processing
690
715
730
Field Services (2)
305
295
310
Other
(75)
(80)
(70)
$3,035
$3,255
$3,490
EBITDA
(1) For Spectra Energy consolidated reporting, $55MM/year of corporate costs allocated to SEP have been added back to SEP’s EBITDA
and included in the “Other” EBITDA amount. Also, as an MLP, SEP is a nontax-paying entity. Therefore, for Spectra Energy
consolidated reporting, the Deferred Tax Liability impact of AFUDC is reflected in the SEP segment rather than included with SEP’s
stand-alone reporting. 2014e, $20; 2015e, $30; 2016e, $20.
(2) Includes DPM equity issuance gains: 2014e, $50; 2015e, $25; 2016e, $35.
7% EBITDA CAGR 2014-16
Growth from a position of strength
2014 Third Quarter Update | 66
Spectra Energy
2014e-16e Distributable Cash Flow
Distributable Cash Flow ($MM)
2014e
2015e
2016e
EBITDA
ADD:
Net cash from equity investments
Other
LESS:
Interest expense
Equity AFUDC
Cash paid for income taxes (1)
Distributions to noncontrolling interests
Maintenance capital expenditures
Distributable Cash Flow
Dividends Paid (2)
Dividend Coverage
Targeted Dividend Coverage 1.1x – 1.2x
$ 3,035
$ 3,255
$ 3,490
(35)
5
5
15
(15)
10
730
75
60
155
755
$ 1,230
$ 900
1.4x
730
110
360
195
735
$ 1,145
$ 980
1.2x
760
155
390
230
750
$ 1,200
$ 1,060
1.1x
1) Estimated cash tax rates: 2014, 5%; 2015, 25%; 2016, 25%
2) Represents a $0.12 per share annual dividend increase
Growth from a position of strength
2014 Third Quarter Update | 67
2014 Plan
Key Assumptions & Sensitivities
DCP Midstream
Represents Spectra Energy’s 50% interest
in DCP Midstream
DCP Midstream’s primary exposure
is to NGL prices and secondary is to
natural gas prices with a minor
exposure to oil (condensate)
F/X
Growth from a position of strength
Annual
Sensitivity
Assumption
Price Change
NGL:
$0.94/gal
+/- $0.01/gal
+/- ~$6 MM
EBITDA
+/- $0.10/MMBtu
+/- ~ $4 MM
EBITDA
Natural Gas:
$3.75/MMBtu
Oil:
$95/Bbl
C$1.05/1.00 USD
+/- $1.00/Bbl
+/- $0.01 C$/USD
+/- ~ $2.5 MM
EBITDA
-/+ ~ $4 MM
Net Income
2014 Third Quarter Update | 68
Spectra Energy Partners
2014e-16e Distributable Cash Flow
Distributable Cash Flow ($MM)
EBITDA by segment:
U.S. Transmission (1)
Liquids
Other
TOTAL EBITDA
ADD:
Net cash from equity investments
Other
LESS:
Interest expense
Equity AFUDC (1)
Distributions to noncontrolling interests
Maintenance capital expenditures
Distributable Cash Flow
Distribution Coverage (2)
Targeted Distribution Coverage 1.05x – 1.15x
2014e
2015e
2016e
$1,340
210
(65)
$1,485
$1,450
275
(60)
$1,665
$1,600
305
(65)
$1,840
35
5
40
15
40
10
255
45
20
270
$ 935
1.1x
245
80
20
280
$ 1,095
1.1x
240
130
20
305
$ 1,195
1.1x
(1) In March 2014, UST EBITDA and Equity AFUDC were adjusted; no change to DCF as presented 2/5/14
(2) Assuming a $0.03 per LP unit increase paid in 1Q14, and $0.01 per LP unit quarterly increases thereafter
~13% DCF CAGR between 2014-16
Growth from a position of strength
2014 Third Quarter Update | 69
Spectra Energy Partners
2014e-16e Distributions as Paid
SEP Distributions Per LP Unit (1)
2.75
2.50
$2.57
$2.41
2.25
1.75
1,000
$910
900
$810
800
$2.25
2.00
8-9%
CAGR
SEP Distributions to SE ($MM)
$715
700
$2.02
+11%
$620
600
1.50
$580
500
$540
1.25
400
1.00
300
0.75
0.50
0.25
200
$175
100
$134
0
0.00
2013
2014e
2015e
2016e
$175
$230
$290
SEP GP
$41
2013
2014e
2015e
SEP LP
2016e
(1) Subject to BOD approval
Growth from a position of strength
2014 Third Quarter Update | 70
Spectra Energy
Ongoing Net Income and EPS
($MM)
2013
2014e
2015e
2016e
EBITDA
$3,034
$3,035
$3,255
$3,490
- DD&A
772
815
855
890
- Interest and other
650
730
730
760
$1,612
$1,490
$1,670
$1,840
389
360
405
440
$1,223
$1,130
$1,265
$1,400
123
190
250
320
$1,100
$940
$1,015
$1,080
$1.64
$1.40
$1.50
$1.60
Earnings before income taxes
- Income tax expense
Net income
- Net income noncontrolling interest
Net income – controlling interest
Ongoing EPS
Growth from a position of strength
2014 Third Quarter Update | 71
Ongoing EBITDA by Segment
( US $MM)
$3,490
$3,500
$3,035
$2,900
$3,255
$310
$295
$305
$605
$575
$555
$2,300
$730
$715
$690
$1,700
$1,100
$1,750
$1,915
-$75
-$80
-$70
2014e
2015e
2016e
$1,560
$500
-$100
Spectra Energy Partners
Growth from a position of strength
Western Canada
Distribution
Field Services
Other
2014 Third Quarter Update | 72
Total Capital Expenditures
Maintenance Capex
Expansion Capex
(US $MM)
( US $MM)
$2,750
$800
$ 755
$50
$ 735
$40
$ 750
$2,500
$45
$2,250
$2,270
$340
$2,000
$600
$220
$210
$205
$1,750
$1,500
$400
$215
$205
$195
$1,390
$1,250
$230
$1,000
$235
$750
$270
$500
$305
$580
$1,350
$200
$280
$2,550
$175
$925
$1,275
$1,100
$250
$0
$0
2014e
Spectra Energy Partners
2015e
Western Canada
Growth from a position of strength
2016e
Distribution
2014e
Other
Spectra Energy Partners
2015e
Western Canada
2016e
Distribution
2014 Third Quarter Update | 73
Spectra Energy:
Strong Investment Grade Balance Sheet
Financial & Credit Metrics Summary
Total Debt
Debt / Ongoing EBITDA
12/31/13
Projected
12/31/14
$14.7B
$ 15.5B
4.9x
5.1x
Credit Ratings
Spectra Energy Capital
Baa2 / BBB- / BBB*
* Moody’s / S&P / Fitch senior unsecured ratings
Growth from a position of strength
2014 Third Quarter Update | 74
Spectra Energy Partners:
Strong Investment Grade Balance Sheet
Financial & Credit Metrics Summary
Total Debt
12/31/13
(1)
Projected
12/31/14
$ 6.0B
$ 6.3B
Debt / Ongoing EBITDA
4.3x
4.2x
Spectra Energy Partners
Baa2 / BBB / BBB*
Credit Ratings
* Moody’s / S&P / Fitch senior unsecured ratings
(1)
Total Debt and Debt/Ongoing EBITDA have been updated since 2/5/14
Growth from a position of strength
2014 Third Quarter Update | 75
2014 THIRD QUARTER EARNINGS UPDATE
Major SE and SEP Projects
SE and SEP Current Projects in Execution
Expansion Project
Segment
Kingsport
U.S. Trans
Spraberry
SE Liquids
2015 Dawn – Parkway
Union Gas
Red Lake
SE Liquids
OPEN
U.S. Trans
Uniontown to Gas City (U2GC)
U.S. Trans
Ozark Partial Conversion
U.S. Trans
Salem Lateral
U.S. Trans
AIM
U.S. Trans
2016 Dawn – Parkway
Union Gas
Gulf Markets
U.S. Trans
(2)
Sabal Trail
U.S. Trans
Access South & Adair Southwest
U.S. Trans
(2)
PennEast
U.S. Trans
(2)
NEXUS
U.S. Trans
Atlantic Bridge
U.S. Trans
Stratton Ridge
U.S. Trans
Total SE and SEP Projects in Execution
(1)
Est. CapEx ($MM)
In-Service
120
<50
430
60
500
60
50
60
1,000
400
150
1,600
350
100
700 - 1,000
750 - 1,000
225
$6,605 - $7,155
4Q13-1Q15
1Q15
4Q14-2H15
2H15
2H15
2H15
1H16
1H16
2H16
2H16
2H16-2H17
1H17
2H17
2H17
2H17
2H17
1H19
(1) “Execution” – customer agreements executed; currently in permitting phase and/or in construction
(2) Spectra Energy’s expected portion
Growth from a position of strength
2014 Third Quarter Update | 77
Kingsport Projects
Purpose:
 Provides additional firm transportation
capacity to support supply diversity for
Eastman Chemical Company’s power
generation facility in Kingsport, TN
Project Scope:
 Phase 1: 25 Mmcf/d of firm capacity
 Phase 2: 61 Mmcf/d of firm capacity
 CapEx: $120 MM
Customers:
 Eastman Chemical Company - 25 years
Project Status:
 Executed precedent agreement Jan 2013
 Placed Phase 1 in-service Nov 2013
 Filed FERC application Phase 2 - Aug 2013 Preliminary Facilities:
 Received FERC Certificate Mar 2014
 Replacing 5.8 miles of 8” pipe with 24” pipe on East Tennessee
 Construction commenced May 2014
 5.4 miles of new pipeline loop and 4.1 miles of new 16” pipeline
expansion
 Phase 2 available for service Nov 2014
 Various Glade Spring station modifications
Growth from a position of strength
2014 Third Quarter Update | 78
Spraberry
Purpose:
 Extend the existing Rawhide lateral to the
Sand Hills main line to accommodate
growing production
Project Scope:
Zia II
NM
Fullerton
RED LAKE LATERALS
 100,000 bpd lateral connecting the
Rawhide pipeline and Sand Hills pipeline
 CapEx: SEP’s portion <$50 MM
Customers:
 Targa
 Atlas
 Lucid
 Enlink
Goldsmith
Roberts
Ranch
Rawhide
Spraberry
TX
Sand Hills
Project Status:
Estimated in-service: 1Q15
Preliminary Facilities
 26 mile 16” lateral
Growth from a position of strength
2014 Third Quarter Update | 79
2015 Dawn-Parkway Expansion
Purpose:
 Capacity increase to meet market
interest for supply access at Dawn
and other eastern receipt points on
the TCPL system
 Increase compression reliability at
Parkway
Project Scope:
Enbridge GTA
Project
TCPL Kings’ North
Project
Parkway West
Project
Brantford –
Kirkwall Loop
 CapEx: ~$430 MM
Customers:
 Enbridge
Expansion Projects:
Union Gas
Enbridge
TCPL
Parkway D
Compressor
 Gaz Métro
 Union Gas
 Vermont Gas
Preliminary Facilities:
Project Status:
 New Parkway West site with backup compressor
 Received OEB decision Jan 2014
 Expansion Compressor: Parkway ‘D’ 44,500 HP
 In-service 4Q14 / 2H15
 NPS 48 Brantford-Kirkwall Loop: 8.7 miles
Growth from a position of strength
2014 Third Quarter Update | 80
Red Lake
Purpose:
 Expands Sand Hills reach into fast
growing production areas; positions
Sand Hills for future growth
Project Scope:
 Two 60,000 bpd laterals totaling 170
miles of pipe in southeast New Mexico
and west Texas feeding Sand Hills
pipeline
 CapEx: SEP’s portion $60 MM
Zia II
LEA COUNTY
NM
Fullerton
RED LAKE LATERALS
RED BLUFF LAKE
Project Status:
 Estimated in-service: 2H15
Growth from a position of strength
Roberts
Ranch
Rawhide
Spraberry
TX
Customers:
 DCP
 Nuevo Midstream
 Cimarex
Goldsmith
Sand Hills
Preliminary Facilities
 Lea County Lateral - 65 mile, 12 inch pipeline from Sand Hills
at DCP Fullerton plant to the Zia II plant
 Red Bluff Lake Lateral - 17 mile, 6 inch pipeline from Cimarex
Triple Crown plant to the Nuevo Ramsey interconnect and an
88 mile, 12 inch pipeline from Nuevo Ramsey interconnect to
Sand Hills at DCP Goldsmith plant
2014 Third Quarter Update | 81
Ohio Pipeline Energy Network
OPEN Project
Purpose:
 Attach emerging Ohio Marcellus and Utica
natural gas supplies to new markets
Project Scope:
 550 MMcf/d expansion of Texas Eastern
 CapEx: $500 MM
Customers (15+ year terms):
 Chesapeake Energy Marketing
 TOTAL Gas and Power North America
 CONSOL Energy
 Rice Energy
Project Status:
 Pre-filed with FERC Jun 2013
 Filed FERC application Jan 2014
 Expect FERC certificate 1Q15
 Commence construction 2Q15
 In-service 2H15
Growth from a position of strength
Preliminary Facilities:
 76 miles of 30-inch pipe from Texas Eastern’s Clarington Station
north to Kensington Processing
 New 18,800 horsepower compressor station
 Flow reversal work at 6 existing stations along the system, 154,450
horsepower of mainline compression reversals
2014 Third Quarter Update | 82
Uniontown to Gas City
U2GC Project
Purpose:
• Expansion of Texas Eastern from
Appalachian area receipts to
markets at Gas City, Indiana
Project Scope:
• Capacity: 425 MMcf/d
• CapEx: ~$60 MM
Customers (10+ year terms):
• CONSOL Energy
• East Resources
• EQT
• Range Resources
• Rice Energy
Project Status:
Preliminary Facilities:
 Various compressor station and meter station modifications to
allow for bi-directional flow
• Filed FERC application Mar 2014
• Expect FERC certificate 1Q15
• Commence construction 2Q15
• In-service 2H15
Growth from a position of strength
2014 Third Quarter Update | 83
Ozark Partial Conversion
Purpose:
 Repurpose a portion of the existing
Ozark line from natural gas service to
refined products service
Project Scope:
 75,000 bpd conversion of OGT south
line connecting to Magellan’s terminal
in Ft. Smith, AR and the terminal
complex in Little Rock, AR
 CapEx: $50 MM
Line remains natural gas
Line to be converted
Texas Eastern
Customer (10 year term):
 Magellan Midstream Partners, L.P.
Preliminary Facilities / Conversions
Project Status:
 26.3 miles of 10” pipe from the Ft. Chaffee Station to
Noark Station
 FERC abandonment application
filed Aug 2014
 Commence construction 2Q15
 In-service 1H16
Growth from a position of strength
 127.5 miles of 20” pipe from the Noark Station to the
Searcy Station
 4.8 miles of 12” pipe from the Searcy Station to the 24”
Texas Eastern pipeline
2014 Third Quarter Update | 84
Salem Lateral
Purpose:
• Provide natural gas service to a new
power plant development on the site of
an existing coal-fired plant
Project Scope:
 115 MMcf/d expansion connecting AGT
Hubline and MNE to the new power plant
 CapEx: $60 MM
Customers:
 Footprint Power (15 years)
Algonquin Gas
Transmission
Maritimes &
Northeast
Salem Meter
Station
Project Status:
 Executed precedent agreement Oct 2013
 Pre-filed with FERC Oct 2013
 In-service 1H16
Preliminary Facilities:
 1.2 miles of new 16” pipe from the mainline
to the plant & meter station (1 or 2 HDD’s)
Growth from a position of strength
Proposed
Salem Lateral
Salem Harbor
Power Plant
2014 Third Quarter Update | 85
Algonquin Incremental Market
AIM Expansion
Purpose:
 Provide growing New England demand with
access to abundant regional natural gas
supplies
Project Scope:
 Providing ~340 MMcf/d of additional
capacity to move Marcellus production to
Algonquin City Gates
 CapEx: $1 B
Customers (15 year terms):
 LDC Affiliates of UIL Holdings, Northeast
Utilities, National Grid, NiSource
 City of Norwich
 Middleborough
Project Status:
 Pre-filed with FERC Jun 2013
 Filed FERC application Feb 2014
 Expect FERC certificate 1Q15
 Commence construction 2Q15
 In-service 2H16
Growth from a position of strength
Preliminary Facilities:
 Take up segments of 26” pipeline and replace with 42”; one
segment of 36” loop; reinforcement of existing laterals;
construction of new lateral
 Horsepower additions and modifications at 5 existing compressor
stations
 New meter station installations and modifications to existing
meter stations
2014 Third Quarter Update | 86
2016 Dawn-Parkway Expansion
TCPL 2016
Expansion
Purpose:
 Capacity increase to meet market
interest for supply access at Dawn
and other eastern receipt points on
the TCPL system for 2016 in-service
Project Scope:
HamiltonMilton Loop
 CapEx: ~$400 MM
Parkway E
Compressor
Customers:
 Enbridge
 Gaz Métro
Expansion Projects:
Union Gas
Enbridge
TCPL
 Union Gas
 TransCanada
Project Status:
 OEB Application Aug 2014
 In-service 2H16
Growth from a position of strength
Preliminary Facilities:
 Expansion Compressor: Lobo ‘C’ 44,500 HP
 NPS 48 Hamilton-Milton Loop: 12 miles
2014 Third Quarter Update | 87
Gulf Markets Expansion
Purpose:
 Provides Texas Eastern transportation
service for Gulf Coast markets
Project Scope:
 350 MMcf/d expansion from Marcellus (M2)
to Louisiana (WLA)
 150 MMcf/d expansion from Eagle Ford (STX)
to Louisiana (WLA)
 Capex: $150MM
Customers (10+ year terms):
 Mitsubishi
 EQT
 GDF Suez
 Range Resources
 MMGS
Project Status:
 File FERC application 1Q15
Preliminary Facilities:
 Phased in-service 2H16 / 2H17
 Bi-directional flow modifications at 7 mainline stations
 New compression at 2 stations
 Modifications at 11 existing pig launcher/receiver sites
Growth from a position of strength
2014 Third Quarter Update | 88
Sabal Trail Transmission
Purpose:
 New interstate pipeline into Florida
providing access to reliable onshore
natural gas supply
Project Scope:
 1+ Bcf/d of capacity connecting Transco
Station 85 supply to Florida power
generation market
 CapEx: ~$3.2B (100%); SE’s expected
portion $1.6 B
Customers:
 Florida Power & Light
 Duke Energy
Project Status:
 Pre-filed with FERC 4Q13
 File FERC application 4Q14
 Receive FERC certificate 2H15
 Commence construction 1H16
 In-service 1H17
Growth from a position of strength
Preliminary Facilities:
 480 miles of 36-inch diameter greenfield pipeline
and 22 miles of 24-inch diameter greenfield
pipeline
 5 new compressor stations totaling up to 210,000
horsepower; to be phased in across 2017 to 2021
 New metering and regulating stations; creates
new Central Florida Hub with interconnects with
Gulfstream, FGT and Florida Southeast Connection
2014 Third Quarter Update | 89
Access South & Adair Southwest Projects
Purpose:
 The Access South and Adair Southwest
projects provide shippers with a firm
transportation service from the Appalachian
Shale Supply basin to markets in the
Midwest and Southeast
Project Path:
• The project receives gas from existing
Appalachian Shale meters in Texas Eastern
Zone M2 and delivers to:
• Columbia Gulf interconnect in Adair
County, KY (existing delivery meter)
• Texas Eastern’s ELA Zone in Attala
County, MS
Berne
Uniontown
Adair Southwest
Project
Access South
Project
Columbia Gulf
Adair Co. KY
Kosciusko
Project Scope:
• ~15 miles of pipeline relay or loop within or
adjacent to existing Texas Eastern ROW
• additional compression at existing stations
• various other modifications to existing
facilities
 Total Volume: 520,000 Dth/d
 Total CapEx: $350 MM
 Target In-Service: November 1, 2017
Growth from a position of strength
Customers:
 Range Resources & Rice Energy
 Project Status:
• Binding Precedent Agreements executed
• FERC Filing in 2015
2014 Third Quarter Update | 90
PennEast
SEP will have 10% equity
ownership in PennEast pipeline
PA
Transco
PennEast
AGT
Purpose:
 New, direct connection to
Northeast Pennsylvania production
 Opportunity to work with some of
our biggest customers and leverage
our existing assets
Texas Eastern
MD
Project Scope:
NJ
 1 Bcf/d expansion from
northeast PA
 CapEx: ~ $1B
Project Status:
 Pre-filed with FERC Oct 2014
 File FERC application 3Q15
 Receive FERC certificate 3Q16
 Commence construction 1H17
 In-service 2H17
Growth from a position of strength
Preliminary Facilities:
 108 miles of 36” greenfield pipeline
 1 new compressor station with 26,733 hp
 Interconnections with major interstate and gathering systems
including Texas Eastern and Algonquin in New Jersey
2014 Third Quarter Update | 91
NEXUS
Purpose:
 The new pipeline will serve local
distribution companies, power generators
and industrial users in Ohio, Michigan,
Chicago and Ontario markets
Project Scope:
 36-inch diameter, ~250 mile greenfield
pipeline starting in northeastern Ohio to
an interconnect with the DTE Gas
transportation system at Willow Run,
Michigan
 Capacity: 1.5 Bcf/d
 CapEx: SE’s expected portion $700 MM
to $1 B
Customers:
 LDCs and Marcellus and Utica producers
 Chesapeake, CNX Gas, Noble
Project Status:
Preliminary Facilities
 Estimated in-service 2H17
 36-inch diameter, ~250 mile pipeline
 Multiple compressor stations and meters
Growth from a position of strength
2014 Third Quarter Update | 92
Atlantic Bridge
Purpose:
 Increased pipeline capacity will allow
abundant, economic supplies of natural
gas from regional production to flow to
the New England and Atlantic Canada
markets
Project Scope:
 Further expansion of the Algonquin and
Maritimes Pipelines with receipt/
delivery points ranging from Mahwah
to AGT city gates and into the
Maritimes Pipelines
 CapEx: $750 MM to $1 B
Customers:
 Late stage negotiations with various
local distribution companies in New
England
Project Status:
 Estimated in-service 2H17
Growth from a position of strength
Preliminary Facilities
 New compressor station near Weymouth, MA
 Continued take-up and relay of the AGT mainline
 Looping and take-up and relay of various laterals in CT and MA
 Compressor station unit upgrades in NY and CT
 Meter station modifications
2014 Third Quarter Update | 93
Stratton Ridge
Purpose:
 The Stratton Ridge Project provides shippers
with a firm transportation service to deliver
new incremental production from the
growing shale plays to the Gulf Coast
100
Project Scope:
142
 Capacity: 322,000 Dth/d
 CapEx: $225 MM
80
Customer:
 Non-disclosed anchor shipper
Project Status:
• Open Season Concluded September 30, 2014
• Target In-Service: 2H19
Growth from a position of strength
Preliminary Facilities:
 Reversal of mainline compressor stations and installation of
new compressor stations
 An approximately 16-mile lateral between Texas Eastern’s 30inch mainline near its existing Angleton compressor site in
the STX Zone to Stratton Ridge.
2014 Third Quarter Update | 94
2014 THIRD QUARTER EARNINGS UPDATE
Sustainability Recognition
Sustainability
For Spectra Energy, Sustainability means:
Providing natural gas, liquids and crude oil pipelines and midstream infrastructure to meet North
America’s energy needs in a way that is economically, environmentally and socially responsible.
“Sustainability” is not an added layer– it is the integration of best practices in what we do every
day to drive the long term success of the company.
Spectra Energy Sustainability
Economic
Safe,
reliable,
responsible
operations
Environmental
Social
Strong
governance
and ethics
Superior
economic
results
Value our
people
Support our
communities
Respect the
environment
Our 6 areas of commitment
Growth from a position of strength
2014 Third Quarter Update | 96
Awards and Recognition
Environmental Social Governance Performance
Dow Jones Sustainability
Indexes
• 5th time on the World Index and 7th consecutive time
on North America Index
CDP Indexes
• Member of the CDP’s S&P 500 Climate Disclosure and
Performance Leadership Indexes
NYSE Euronext Vigeo
World 120 Index
• Among top 120 leading companies in corporate
responsibility
Recognition and Awards
Ethisphere
• World’s Most Ethical Companies, 2012-2014
• Named to Newsweek’s list of the world’s largest
companies ranked in terms of corporate sustainability
Newsweek Green Rankings and environmental impact: 2010-2012, 2014
• #87 in the U.S. and #157 in the world for 2014
Growth from a position of strength
Corporate Responsibility
Magazine
• 100 Best Corporate Citizens: 2011-2014
• Best corporate citizen among utilities, 2012-2014
Employer Awards
• Top 150 National Workplaces (U.S.); Top 150
Workplaces in Houston; Top 100 Employers in Canada
• Canada’s Greenest Employers
• Human Rights Campaign: Corporate Equality Index
• Anti-Defamation League: Community of Respect®
2014 Third Quarter Update | 97