1. Spectra Energy Corp
Non-GAAP Reconciliation for SEC Regulation G
Earnings Release and 2009 Outlook call
February 5, 2009
Ongoing Net Income
The materials for Spectra Energy’s Earnings Release and 2009 Outlook call on
February 5, 2009 include a discussion of ongoing net income. Ongoing net
income is a non-GAAP financial measure, as it represents net income adjusted
for the impact of special items. Special items represent certain charges and
credits which management believes will not be recurring on a regular basis. The
most directly comparable GAAP measure for ongoing net income is reported net
income, which includes the impact of special items.
Ongoing Diluted Earnings-per-Share
The materials for Spectra Energy’s Earnings Release and 2009 Outlook call on
February 5, 2009 include a discussion of ongoing diluted Earnings-per-Share
(EPS). Ongoing diluted EPS is a non-GAAP financial measure, as it represents
diluted EPS from continuing operations adjusted for the per-share impact of
special items. Special items represent certain charges and credits which
management believes will not be recurring on a regular basis. The most directly
comparable GAAP measure for ongoing diluted EPS is reported diluted EPS,
which includes the impact of special items.
EBIT and EBITDA
The materials for Spectra Energy’s Earnings Release and 2009 Outlook call on
February 5, 2009 include discussions of ongoing EBIT (earnings before interest
and taxes) and EBITDA (earnings before interest, taxes and depreciation and
amortization) for Spectra Energy, its reportable segments and for Other, which
represents the remainder of Spectra Energy’s operations. Ongoing EBIT is a
non-GAAP financial measure as it reflects EBIT adjusted for the impact of special
items. Special items represent certain charges and credits which management
believes will not be recurring on a regular basis. The most directly comparable
GAAP measure for ongoing EBIT is reported EBIT from continuing operations,
which includes the impact of special items. EBITDA and ongoing EBITDA are
also non-GAAP financial measures. The most directly comparable GAAP
measure for EBITDA is earnings before interest and taxes, plus depreciation and
amortization. The most directly comparable GAAP measure for ongoing EBITDA
is earnings before interest and taxes, plus depreciation and amortization, which
includes the impact of special items. Due to the forward-looking nature of these
non-GAAP financial measures for future periods, information to reconcile these
non-GAAP financial measures to the most directly comparable GAAP financial
measure is not available at this time, as management is unable to forecast any
special items for future periods.
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2. Return on Capital Employed (ROCE)
The materials for Spectra Energy’s Earnings Release and 2009 Outlook call on
February 5, 2009 include discussions of Return on Capital Employed (ROCE)
generated from capital expansion projects placed into service or anticipated to be
placed into service. ROCE is a non-GAAP financial measure and may not be
defined and calculated by other companies in the same manner. ROCE as it
relates to capital expansion projects is calculated by Spectra Energy as earnings
before interest and taxes generated by a project divided by the total cost of the
project.
2

3. Spectra Energy Corp
Reported to Ongoing Earnings Reconciliation
December 2008 Quarter-to-date
(In millions, except per-share amounts)
Reported Special Items Discontinued Total Ongoing
Earnings (Note 1) Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
$ 161 $ 44 A $ - $ 44 $ 205
U.S. Transmission
90 - - - 90
Distribution
65 - - - 65
Western Canada Transmission & Processing
69 - - - 69
Field Services
385 44 - 44 429
Total Reportable Segment EBIT
(21) - - - (21)
Other
Total Reportable Segment EBIT and Other EBIT $ 364 $ 44 $ - $ 44 $ 408
EARNINGS
Total Reportable Segment EBIT and Other EBIT $ 364 $ 44 $ - $ 44 $ 408
Interest Expense (166) - - - (166)
Interest Income and Other 12 - - - 12
Income Taxes from Continuing Operations (43) (14) - (14) (57)
Discontinued Operations, Net of Tax 4 - (4) B (4) -
$ 171 $ 30 $ (4) $ 26 $ 197
Total Earnings
$ 0.28 $ 0.05 $ (0.01) $ 0.04 $ 0.32
EARNINGS PER SHARE, BASIC
$ 0.28 $ 0.05 $ (0.01) $ 0.04 $ 0.32
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are net of minority interest, if applicable.
A - Impairment associated with Islander East project.
B - Net results from Nevis and Brazeau River gathering and processing facilities in Western Canada that were sold in the fourth quarter.
Weighted Average Shares (reported and ongoing) - in millions
611
Basic
612
Diluted
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4. Spectra Energy Corp
Reported to Ongoing Earnings Reconciliation
December 2007 Quarter-to-date
(In millions, except per-share amounts)
Reported Special Items Extraordinary Total Ongoing
Earnings (Note 1) Item Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
$ 221 $ - $ - $ - $ 221
U.S. Transmission
84 - - 84
Distribution
141 - - - 141
Western Canada Transmission & Processing
188 7A - 7 195
Field Services
634 7 - 7 641
Total Reportable Segment EBIT
(56) 7B - 7 (49)
Other
Total Reportable Segment EBIT and Other EBIT $ 578 $ 14 $ - $ 14 $ 592
EARNINGS
Total Reportable Segment EBIT and Other EBIT $ 578 $ 14 $ - $ 14 $ 592
Interest Expense (166) - - - (166)
Interest Income and Other 3 - - - 3
Income Taxes from Continuing Operations (128) (5) - (5) (133)
Extraordinary Items, Net of Tax 4 - (4) C (4) -
$ 291 $ 9 $ (4) $ 5 $ 296
Total Earnings
$ 0.46 $ 0.02 $ (0.01) $ 0.01 $ 0.47
EARNINGS PER SHARE, BASIC
$ 0.46 $ 0.02 $ (0.01) $ 0.01 $ 0.47
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are net of minority interest, if applicable
A - Costs to create stand-alone corporate functions at DCP Midstream.
B - Separation costs resulting from the spin-off from Duke Energy.
C - Adjustment of deferred tax liability for deregulated storage at Distribution.
Weighted Average Shares (reported and ongoing) - in millions
632
Basic
635
Diluted
4

5. Spectra Energy Corp
Reported to Ongoing Earnings Reconciliation
December 2008 Year-to-date
(In millions, except per-share amounts)
Special Items Total Ongoing
Reported Earnings
(Note 1) Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
U.S. Transmission $ 844 $ 17 $ 17 $ 861
A
Distribution 353 - - 353
Western Canada Transmission & Processing 398 - - 398
Field Services 716 - - 716
Total Reportable Segment EBIT 2,311 17 17 2,328
Other (78) - - (78)
Total Reportable Segment EBIT and Other EBIT $ 2,233 $ 17 $ 17 $ 2,250
EARNINGS
Total Reportable Segment EBIT and Other EBIT $ 2,233 $ 17 $ 17 $ 2,250
Interest Expense (636) - - (636)
Interest Income and Other 28 - - 28
Income Taxes from Continuing Operations (496) (5) (5) (501)
$ 1,129 $ 12 $ 12 $ 1,141
Total Earnings
$ 1.82 $ 0.02 $ 0.02 $ 1.84
EARNINGS PER SHARE, BASIC
$ 1.81 $ 0.02 $ 0.02 $ 1.83
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are net of minority interest, if applicable.
A - Bankruptcy settlement of customer's transportation contract and impairment associated with Islander East project.
Weighted Average Shares (reported and ongoing) - in millions
622
Basic
624
Diluted
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6. Spectra Energy Corp
Reported to Ongoing Earnings Reconciliation
December 2007 Year-to-date
(In millions, except per-share amounts)
Reported Special Items Discontinued Total Ongoing
Earnings (Note 1) Operations Adjustments Earnings
SEGMENT EARNINGS BEFORE INTEREST AND TAXES
FROM CONTINUING OPERATIONS
$ 894 $ - $ - $ - $ 894
U.S. Transmission
322 - - - 322
Distribution
359 - - - 359
Western Canada Transmission & Processing
533 16 - 16 549
Field Services A
2,108 16 - 16 2,124
Total Reportable Segment EBIT
(112) 23 - 23 (89)
Other B
Total Reportable Segment EBIT and Other EBIT $ 1,996 $ 39 $ - $ 39 $ 2,035
EARNINGS
Total Reportable Segment EBIT and Other EBIT $ 1,996 $ 39 $ - $ 39 $ 2,035
Interest Expense (633) - - - (633)
Interest Income and Other 17 - - - 17
Income Taxes from Continuing Operations (440) (14) - (14) (454)
Discontinued Operations, Net of Tax 17 - (17) (17) -
C
$ 957 $ 25 $ (17) $ 8 $ 965
Total Earnings
$ 1.51 $ 0.04 $ (0.03) $ 0.01 $ 1.52
EARNINGS PER SHARE, BASIC
$ 1.51 $ 0.04 $ (0.03) $ 0.01 $ 1.52
EARNINGS PER SHARE, DILUTED
Note 1 - Amounts for special items are net of minority interest, if applicable.
A - Costs to create stand-alone corporate functions at DCP Midstream.
B - Separation costs resulting from the spin-off from Duke Energy.
C - Sonatrach settlement, Ft. Frances revenue sharing and net results from Nevis and Brazeau River gathering and processing facilities, partially offset by LNG Litigation costs.
Weighted Average Shares (reported and ongoing) - in millions
632
Basic
635
Diluted
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7. Spectra Energy Corp
Cash Flow Reconciliation Required by SEC Regulation G
2009 Outlook and Financial Plan
February 5, 2009
($ in Millions)
Forecast
2009
Primary Sources:
Ongoing net income (based on $1.15 per ongoing diluted per share target) (1) $ 705
Depreciation & amortization 585
Total Sources 1,290
Primary Uses:
Capital and investment expenditures (1,000)
Dividends (600)
Total Uses (1,600)
Net Sources / (Uses) $ (310)
Reconciliations to amounts per U.S. GAAP reporting:
Total Sources from above $ 1,290
Changes in operating working capital 94
Deferred income taxes 25
Minority interest 46
Undistributed equity earnings in unconsolidated affiliates (46)
Net change in other assets and liabilities (128)
Net cash provided by operating activities per GAAP $ 1,281
Capital and investment expenditures $ (1,000)
Distributions from equity affiliates 184
Other investing activity, net 41
Net cash used in investing activities per GAAP $ (775)
Dividends paid $ (600)
Distributions to minority interests (157)
Other financing activity, net 271
Net cash used in financing activities per GAAP $ (486)
Notes:
(1) Forecasted net income of $705 million for 2009 is based on Spectra Energy's 2009 earnings target of $1.15 per
share. The measure is based on ongoing diluted earnings per share (EPS). Ongoing diluted EPS is a non-GAAP
financial measure as it represents diluted EPS from continuing operations adjusted for the per-share impact of
special items. Special items represent certain charges and credits which management believes will not be recurring
on a regular basis. The most directly comparable GAAP measure for ongoing diluted EPS is reported diluted EPS
from continuing operations, which includes the impact of special items. Due to the forward-looking nature of this non-
GAAP financial measure, information to reconcile it to the most directly comparable GAAP financial measure is not
available at this time, as management is unable to forecast any special item for future periods.
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8. SPECTRA ENERGY CORP
Reconciliation of Ongoing EBITDA
2009 Forecast
(Dollars in millions)
U.S. Transmission
2009
Forecast
Forecasted Ongoing EBIT(Includes 50% Gulfstream's Net Income) $ 895
Depreciation and Amortization 245
Subtotal 1,140
50% of Gulfstream Interest & D&A 40
50% of SESH Interest & D&A 30
Less:
M&N, ETNG, Saltville, MHP Minority Interest D&A (20)
Total Adjustments 50
Adjusted Ongoing 2009 Forecasted EBITDA $ 1,190
Distribution
2009
Forecast
Forecasted Ongoing EBIT $ 335
Depreciation and Amortization 165
Ongoing 2009 Forecasted EBITDA $ 500
Western Canada Transmission & Processing
2009
Forecast
Forecasted Ongoing EBIT $ 290
Depreciation and Amortization 135
Ongoing 2009 Forecasted EBITDA 425
Field Services
2009
Forecast
Forecasted Equity Earnings (50% of DCP Midstream's Net Income) $ 250
50% of DCP Midstream D&A and Net Interest 300
Ongoing 2009 Forecasted EBITDA 550
Other
2009
Forecast
Forecasted Ongoing EBIT $ (85)
Depreciation and Amortization 20
Ongoing 2009 Forecasted EBITDA (65)
2,600
Total Ongoing 2009 Forecasted EBITDA
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9. DCP Midstream
Non-GAAP Reconciliation for SEC Regulation G
2009 Outlook and Financial Plan
February 5, 2009
Reconciliation of non-GAAP EBITDA
and EBIT to Net Income
Year Ended December 31,
($MM) 2009E 2008
EBITDA $ 1,100 $ 1,991
Depreciation and Amortization (370) (365)
EBIT 730 1,626
Interest Expense, net (255) (198)
Other 25 3
Net Income $ 500 $ 1,431
Return on Capital Employed (ROCE)
ROCE is calculated by DCP Midstream as earnings before interest
and taxes, less net gain (loss) on sale of assets, divided by capital
employed. Capital employed is defined by DCP Midstream as
consolidated debt, less restricted cash plus total equity.
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