2008 Wachovia Pipeline and MLP Conference New York, New York December 9-10, 2008 Spectra Energy Partners December 9-10, 2008 2008 Wachovia Pipeline & MLP Conference
Safe Harbor Statement Some of the statements in this document concerning future company performance will be forward-looking within the meanings of the securities laws. Actual results may materially differ from those discussed in these…
Key Investment Highlights Solid Low Risk Contract Base Visible Growth Opportunities Strong Sponsorship Experienced Management Financial Strength Spectra Energy Partners December 9-10, 2008 2008 Wachovia Pipeline & MLP…
Delivering on our commitments Cash Distribution Growth since Primary objective is to grow cash distributions 3Q 2007 to unit holders 0.36 17% increase since 3Q 2007 0.35 e Prudent cash coverage as Distribution per LP unit c…
3rd Quarter Financial Summary Net Income of 24.3 million 0.34 per limited partner unit Cash Available for Distribution of 36.9 million 0.51 per limited partner unit 0.44 per LP unit if levelized for semi-annual interest expense due…
Earnings from Equity Investments - Gulfstream ( millions) Three Months Ended September 30 2008 2007 Gulfstream Operating Income 44.4 51.6 (7.6) (11.4) Interest and Other Net Income 100% 36.8 40.2 Equity in earnings of…
Earnings from Equity Investments Market Hub Partners ( millions) Three Months Ended September 30 2008 2007 Market Hub Partners Operating Income 17.6 17.2 0.5 (0.1) Interest and Other Net Income 100% 18.1 17.1 Equity in…
Cash Available for Distribution ( millions) Three Months Ended September 30 2008 2007 Adjusted EBITDA 16.8 19.0 Cash Available from Equity Investments Gulfstream 12.7 14.0 Market Hub Partners 9.9 9.7 Less: Cash Paid for…
Debt and Available Liquidity ( millions) Three Months Ended September 30 2008 Debt East Tennessee Natural Gas (5.71%; Due 2012) 150 Long Term Debt (Floating Rate) 222 Term Loan (Floating Rate) 68 Total Debt 440 Credit Facility…
Projects in Execution Phase - Timelines East Tennessee 10/08 7/09 7/10 7/11 12/12 Glade Spring In service Oct 1, 2008 CNX In service Nov 1, 2008 Greenway / Nora In service Dec 1, 2008 Gulfstream Phase III In service August 31,…
Reaping rewards from organic growth Execution projects capital spending program Total planned capital: 300 MM Total capital spent through 9/30/2008 (including pre-IPO): 146 MM Total remaining capital for execution projects: 154 MM…
East Tennessees Greenway-Blue Ridge Project Latest open season solicits interest from Appalachian Basin producers Open season ran Oct 20 Oct 31 Narrows focus of original Greenway open season to systems east end Target in-service…
Executing a Successful Strategy Contracts at Gulfstream and East Tennessee added revenues in 3rd quarter Expand Contract Foundation Contracted full capacity at MHP Minimal and decreasing commodity exposure East Tennessees Glade…
Appendix - Asset Updates Questions and Answers Spectra Energy Partners December 9-10, 2008 2008 Wachovia Pipeline & MLP Conference 15
Appendix - Asset Updates Appendix - Project Information Spectra Energy Partners December 9-10, 2008 2008 Wachovia Pipeline & MLP Conference 16
East Tennessee Natural Gas Building on the Cornerstone Successful project execution track record Glade Spring/CNX expansions HP and equipment upgrades Glade Spring in service Oct 1, 2008 CNX in service Nov 1, 2008 Greenway/Nora…
Gulfstream Natural Gas Phase III & IV Expansions Underway Florida still remains one of the fastest growing gas markets Gulfstream Phase III: Initial in-service Aug 31, 2008 Contracts commenced Aug 31, 2008 Final contract phase-in…
Market Hub Partners Egan Cavern 3 on target for 2009 in-service Egan is the premier salt cavern asset in North America Egan Cavern 3: SEPs share of total capex: 80 million Scope change for additional dehydration Cavern drilling…
Market Hub Partners Moss Bluff Moss Bluff is key player in the Texas intrastate market Moss Bluff Cavern 4 SEPs share of total capex: 60 million Permitted by TX RR Commission Cavern drilling completed on October 28, 2008 On…
Appendix - Asset Updates SEC Regulation G Schedules Spectra Energy Partners December 9-10, 2008 2008 Wachovia Pipeline & MLP Conference 21
SEC Regulation G Spectra Energy Partners, LP Non-GAAP Reconciliation for SEC Regulation G 2008 Wachovia Pipeline & MLP Conference December 9-10, 2008 Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) The…
Reconciliation of Net Income to Cash Available for Distribution Spectra Energy Partners, LP September 2008 (Unaudited) Three Months Ended September 30 (In millions) 2008 2007 Net Income 24.3 136.2 Interest expense 4.5 6.5 Income…
Reconciliation of Reported to Ongoing Net Income Spectra Energy Partners, LP September 2008 (Unaudited) (In millions) Reconciliation of Reported to Ongoing Net Income Three Months Ended September 30 2008 2007 Net income as…
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