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Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · May 1, 2015 · 12 slides

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Slides

  1. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 1
    Enbridge Energy Partners, L.P. First Quarter 2015 Earnings Presentation May 1, 2015 en b r i d gep ar tn ers. co m
  2. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 2
    Agenda 1. Project Execution 2. Crude Oil Supply Fundamentals 3. Drop-Down Outlook 4. 1Q Financial Results 5. Question & Answer 2 en b r i d gepar tner s. com
  3. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 3
    Market Access Growth Projects 2015 growth projects on-track Organic growth projects deliver low-risk, highly certain cash flow growth 2015 Project Capital Timing In-service (MM)1 Line 67 Alberta Clipper 240 3Q 2015 +230 kbpd 1…
  4. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 4
    Project Execution - Sandpiper Positive step in regulatory process Stakeholder support for Sandpiper Pipeline Project in Minnesota Total Secured Capital = North Dakota approval 2.6 B received June 2014 ALJ recommends Certificate…
  5. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 5
    WCSB and Bakken Crude Oil Supply Outlook 6,000 Western Canadian Crude Oil 5,000 Supply Outlook 4,000 Producers have a long-term kbpd 3,000 investment horizon 2,000 1,000 Strong demand for pipeline 0 takeaway from the…
  6. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 6
    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…
  7. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 7
    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…
  8. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 8
    Enbridge Liquids Pipelines Drop-Down Enbridge reviewing potential larger scale drop-down plan to EEP (1) Distributable Cash Examples: Capital Cost/ Pipeline System Upsize Option Book Value* Eastern Access 0.4 (2016/2017)…
  9. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 9
    Q1 2015 Financial Summary Projects delivering meaningful earnings and cash flow growth Project Execution + Strong Operational Performance = Solid Financial Performance Financial Results First Quarter 2015 Highlights Earnings % (in…
  10. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 10
    Forecasted Capital Expenditures and Available Liquidity Expanded credit capacity and proceeds from recent equity offering bolster liquidity position 2015 Capital Expenditures ( millions) Available Liquidity Eastern Access1 80 Credit…
  11. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 11
    Key Takeaways Strong Q1 financial performance Meaningful cash flow contributions from growth projects; strong system deliveries Project execution 2015 growth projects on-track; positive recommendation for Sandpiper Transformative…
  12. Q1 2015 EARNINGS CALL – Enbridge Energy Partners Lp – slide 12

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