Investment Highlights Commercially Enterprise Value - Strong Investment Grade secured organic Low-risk transformative Large-Cap MLP (S&P, Moodys, DBRS) growth underway growth underway Highlights Total Shareholder Return One of the…
Investment Proposition Strong Business Fundamentals: Strength & Stability Migrating to a Much Lower Risk Business Model Strong General Partner Stable Distributions & Prudent Growth Attractive Yield 4 4
Strength of GP Enbridge Inc. ENB: North American leader in energy delivery Owner and operator of largest crude oil pipeline system 43 billion equity market cap Strong investment grade (A-, Baa1) Proven track record: industry…
Strategic Position Competitive Advantages Norman Wells Refiners Access to multiple crude streams Producers WCSB Zama Access to multiple premium markets Fort McMurray Flexible system Edmonton Hardisty Size and scale…
WCSB Supply Forecast vs. Pipeline Takeaway Capacity* MMb/d 9.0 Keystone XL Supply Forecast ENB Northern Gateway 8.0 TransMountain Expansion Energy East 7.0 6.0 5.0 4.0 3.0 ENB 2.0 1.0 OTHER 0.0 2013 Enbridge Upside…
Bakken Crude Oil Supply vs. Pipeline Takeaway Capacity MMb/d 2.5 2.0 Range of External 1.5 Supply Forecasts 1.0 Enbridge Sandpiper* Plains Bakken North Baker Take-away (Platte) 0.5 Enbridge Berthold Rail ND Enbridge…
North American Crude Oil Price Fundamentals Significant Infrastructure Investment Opportunities Light Differentials 8/27/14 1/30/13 Asia Brent WTI 7 19 104 88 Alberta Light LLS WTI 2 18 99 77 WCS Asia WTI 10 22 WTI Bakken 7…
Providing New Market Access Opening New Markets for up to 1.7 million barrels per day + 1.0 MMbpd of Heavy and + 0.7 MMbpd of Light Norman Wells Eastern Access Light Oil Market Zama Fort McMurray +250 kbpd Light Access +50…
Market Access Programs Market Access Programs Bolster Lakehead System Utilization Fort 2013 McMurray Bakken Pipeline Expansion+ Berthold Rail - EEP Line 5 Expansion (+50 kbpd) - EEP Line 62 Expansion (+105 kbpd) - EEP Edmonton Line…
Project Execution 2014 In-Service Eastern Access: Ln 6B Replacement 160 miles of Line 6B replacement entered service in May Remaining 50 mile replacement construction underway (early 4Q 2014 in service) 2.1 billion capital…
Bakken Expansion Sandpiper Pipeline Hardisty Regina Gretna Montreal Clearbrook Superior Sandpiper (2.6 B) Westover Scope: 610 mile, 24/30 pipeline Sarnia Capacity: 225 kbpd/375 kbpd Target in-service: Early 2016 Toledo…
Line 3 Replacement Line 3: Part of Enbridge mainline system Replace all remaining segments from Hardisty to Superior with latest available high strength steel and coating technology EEP Capital Investment: border to Superior 2.6…
Priority One Focus on Safety & Operational Reliability Operational Risk Management Program Third Party Damage Incident Response Avoidance and Capacity Detection Leak Detection Employee and Capability and Contractor Control…
Distribution Growth Target Organic growth platform supports distribution growth Momentum to 2% - 5% Annual Growth Target achieve higher end of growth target 2.7% 4.2% - 3.8% 3.6% 2.1% - 2.1% 2007 2008 2009 2010 2011 2012…
Executed Drop-Down to MEP Drop-Downs Bolster Funding Program Drop-down proceeds largely mitigate equity funding requirements Executed Drop-Down to MEP July 1, 2014 o Sold 12.6% interest in Midcoast Operating for 350 million Drop-down…
Equity Restructure EEP Equity Restructuring Prospective Benefits Improves EEPs cost of capital Increases distributable cash available to LP unit holders Establishes momentum for distribution growth Enhances acquisition…
Long-Term ENB Liquids Drop-Down Potential: 10 Billion + Distributable Cash Examples: Capital Cost/ Pipeline System Upsize Option Book Value* Eastern Access 0.4 (2016/2017) 1.5 Mainline Expansion 0.4 (2016/2017) 1.4 Alberta…
Key Takeaways Strategic position supported by strong business fundamentals Secured Liquids projects collectively transform the Partnership to an even lower risk business model Coverage strengthens as organic growth projects enter…
Corporate Structure Enbridge Inc. owns 34% of EEP Enbridge Inc. 11.7% of listed shares (NYSE: ENB) 100% voting interest (Baa1 / A-) Enbridge Energy Management, L.L.C. 2% GP interest 88.3% of (NYSE: EEQ) 29.9% LP interest…
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