We have recently started using Office 365 for our email, which requires us to add a DNS TXT record with the value v=spf1 include:spf.protection.outlook.com -all. We already have an SPF record with the value v=spf1 include:spf.mandrillapp.com ?all for Mandrill, an SMTP sender we also use.

My concern is this might cause some conflict. Is my concern valid or will be be fine with these two SPF records?
-all: mails sent from hosts not specifically allowed are not permitted to send mails.?all: means any not specified host is neutral and nothing can be said about the validity of it. In practice it is not sent to spam.?allrenders the SPF record almost useless. However some 3rd party provides want you to use it because they change IPs often and don't want that to cause problems. – faker Dec 26 '14 at 11:10