Enbridge Energy Partners, L.P. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation February 19, 2015 en b r i d gep ar tn ers. co m
Agenda 1. 2014 Highlights 2. Crude Oil Price Environment Implications 3. Liquids Pipelines Growth 4. Drop down Outlook 5. 4Q Financial Results 6. 2015 Financial Guidance 7. Question & Answer 2 en b r i d gepar tner s.…
2014 Highlights Solid Financial & Project Execution: Growth Outlook on-track EEP AMZ Financial Execution 1.50 41% Total Unitholder Return 1.25 4.9% Distribution increases announced 1.00 2014 Financial guidance achieved First…
North American Crude Oil Pricing Differentials Enbridge is the low cost transportation provider and we will continue to grow our pipeline systems Differentials Alberta Light Pacific Peak* Current 45 WCS - Maya (16.35) (10.11) WCS…
WCSB Crude Oil Fundamentals and Outlook Long-term investment horizon of Western Canadian producers 6,000 Jan 2015: CAPP updated production forecast 5,000 4,000 Near Term Oil Sands kbpd 3,000 Near Term Projects Oil…
Bakken Crude Supply Forecast vs Take Away Capacity 3,500 3,000 2,500 Rail Transport Capacity 2,000 kbpd 1,500 1,000 3rd Party Pipelines 500 Enbridge Pipelines Local Refinery 0 2015 2016 2017 2018 2019 2020…
Rail Perspective Pipelines provide the most economical transportation to market kbpd kbpd Forecast Rail Volumes Rail Transportation Costs 800 From Western Canada 700 600 8.65 to Western Canada 500 16.05 400 300 200 16.30 100…
Strong Commercial & Fundamental Underpinnings Defensive nature of cash flows position EEP to navigate through commodity price uncertainty Low-risk business model largely mitigates volume sensitivity 2015e EBITDA Demand for crude oil…
Market Access Well Advanced Transformative low-risk organic growth expected to provide substantial cash flow growth Three major initiatives provide 1.7 MMbpd of increased market access and diversification +50 kbpd +250 kbpd +50…
Low Cost Expansion & Extension Opportunities Low cost phased expansions are attractive in a low crude price environment NTD: Map to Market Access Opportunities kbpd be updated 1 Eastern Gulf Coast Access 350+ 2 3 2 Flanagan…
Drop Downs Boost Distributable Cash Flow Substantial drop down opportunities from ENB supports Partnerships long-term growth outlook Initial Drop Down: 1 billion drop down from Enbridge closed 1/2/2015 66.7% interest in the U.S.…
Financial Outlook 2015 Growing Financial Strength Earnings & Cash Flow Outlook Liquids Projects Deliver EBITDA Growth 2,000 Enbridge Energy Partners ( millions) 2014 2015e 1,500 millions Adjusted EBITDA(1) 1,551.0 1,680 -…
Market Access Growth Projects On-Track Organic growth projects deliver low-risk, highly certain cash flow growth Distribution coverage strengthens as growth projects enter service 2015 Project Capital Timing In-service (MM)1 Line…
Low Risk Earnings and Cash Flow Growth 2015 Adjusted EBITDA forecasted to increase 12% over 2014 2015 Earnings and Cash Flow Outlook ( MM) 1,800 1,700 1,600 Adjusted EBITDA1,2 1,500 1,400 1,300 1,200 1,100 1,000 Eastern…
Forecasted Capital Expenditures and Available Liquidity 2015 Capital Expenditures & Investments Available Liquidity ( millions) Credit Facilities Cash Eastern Access1 100 US Mainline Expansions1 270 1,500 Sandpiper1 305 Line 3…
Key Takeaways Low-risk business model Well positioned in current uncertain commodity price environment Transformative growth underway Organic growth on-track: coverage continues to strengthen as projects enter service Low cost…
Risk Profile Low Risk Business Model Defensive nature of cash flows position EEP to navigate through commodity price uncertainty Unconsolidated View 2018e 2015e 32% 27% 18% Crude oil projects progressively transform…
Enbridge Liquids Pipelines 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…
Liquids Segment Adjusted Operating Income Volumes Lakehead Mid-Continent North Dakota 300 306.4 3.00 269.7 250 0.35 0.36 2.50 0.31 232.8 0.25 0.22 0.20 0.19 0.18 0.21 Volume by System (mmbpd) 200 0.20 205.2 2.00…
Natural Gas Segment Adjusted Operating Income * Volumes (millions) 4Q 2014 FY 2014 Anadarko East Texas North Texas 3,000 (mmbtu/d in thousands) Adjusted Operating Income 5.1 15.2 2,500 Volume by System 2,000 292 300 304 297…
Loading...
