Spectra Energy President & CEO Greg Ebel Comments on Yesterday's Announcement by Its Affiliate, DCP Midstream

DCP Midstream to Double Capacity in Denver-Julesburg Basin

Aug 07, 2012, 07:30 ET from Spectra Energy

HOUSTON, Aug. 7, 2012 /PRNewswire/ -- Spectra Energy's (NYSE: SE) President and Chief Executive Officer, Greg Ebel, commented on yesterday's announcement made by DCP Midstream, LLC ("DCP Midstream to Double Capacity in Denver-Julesburg Basin"). DCP Midstream is a 50/50 joint venture between Spectra Energy and Phillips 66.

"DCP Midstream has an excellent natural gas liquids position in the Denver-Julesburg Basin, an area where new drilling technologies have significantly increased natural gas production. To meet increased infrastructure needs in the basin, DCP is planning to double its processing capacity in the region by the end of 2014.  By building a one-stop services company -- including gathering, processing, NGL transportation and fractionation services -- DCP will provide producers with full value chain service to accommodate their aggressive growth plans," said Greg Ebel, president and chief executive officer, Spectra Energy Corp.

"Yesterday's announcement regarding its investments in the DJ Basin is part of a $4-$6 billion expansion effort under way at DCP Midstream. The additional gas-gathering, processing and NGL takeaway services in the DJ Basin will contribute to DCP's earnings and support continued attractive cash distributions to its owners – which ultimately benefit Spectra Energy investors," said Ebel.

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.

SOURCE Spectra Energy