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AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Aug 6, 2013 · 84 slides

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Slides

  1. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 1
    SPECTRA ENERGY CORP SPECTRA ENERGY PARTNERS Supplemental Information Appendix August 6, 2013
  2. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 2
    Appendix Section I Overview
  3. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 3
    Our Strong Portfolio of Assets d 2012 Natural Gas Pipeline Throughput: 4.2 Tcf Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300+ Bcf Natural Gas Gathering Pipe: 68,000 mi Gas storage facility Crude…
  4. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 4
    Business Segment Overview* d NYSE: SE U.S. Western Canada Distribution Liquids (1) Transmission & Field Services Transmission Processing 2013e EBIT = 1,030 million 2013e EBIT = 375 million Express- Platte Pipeline 2013e EBIT =…
  5. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 5
    Spectra Energy Asset Structure d Segment Assets MLP Texas Eastern Transmission Algonquin Gas Transmission Bobcat Gas Storage NYSE: SEP Maritimes & Northeast, Canada (78%) East Tennessee Natural Gas Maritimes & Northeast, US (39%)…
  6. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 6
    Spectra Energy Pro Forma Asset Structure d Segment Assets Gas Transportation & Storage Maritimes & Northeast, US (78%) Algonquin Gas Transmission Gulfstream Natural Gas (50%) Big Sandy Pipeline Southeast Supply Header (50%) Bobcat…
  7. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 7
    Appendix Section II 2Q13 Results & Other Financial Information
  8. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 8
    2Q13 Earnings Summary d YTD YTD (MM, except per share amounts) 2Q13 2Q12 2Q13 2Q12 Reported Net Income Controlling Interests 199 215 539 548 Special Items Discontinued Operations (2) Ongoing Net Income Controlling Interests…
  9. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 9
    2Q13: U.S. Transmission d YTD YTD (MM) 2Q13 2Q12 2013 2012 Reported Segment EBIT 248 237 514 508 Special Items Ongoing Segment EBIT 248 237 514 508 2Q13 ongoing segment results were 11 million higher than 2Q12 mostly due to:…
  10. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 10
    2Q13: Distribution d YTD YTD (MM) 2Q13 2Q12 2013 2012 Reported Segment EBIT 65 75 233 226 Special Items Ongoing Segment EBIT 65 75 233 226 2Q13 ongoing segment results were 10 million lower than 2Q12 mostly due to: Lower…
  11. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 11
    2Q13: Western Canada Transmission & Processing d YTD YTD (MM) 2Q13 2Q12 2013 2012 Reported Segment EBIT 74 94 185 232 Special Items Ongoing Segment EBIT 74 94 185 232 2Q13 ongoing segment results were 20 million lower than 2Q12…
  12. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 12
    2Q13: Field Services YTD YTD d (MM) 2Q13 2Q12 2013 2012 EBIT before MTM at DPM 45 61 133 156 DPM Non-cash MTM 1 5 1 3 Reported Segment EBIT 46 66 134 159 Special Items Ongoing Segment EBIT 46 66 134 159 2Q13 ongoing segment…
  13. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 13
    2Q13: Liquids d YTD YTD (MM) 2Q13 2Q12 2013 2012 Reported Segment EBIT 32 N/A 38 N/A Special Items Ongoing Segment EBIT 32 N/A 38 N/A YTD EBIT significantly higher than acquisition case due to: Higher Express Platte rates &…
  14. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 14
    Additional Items d (MM) 2Q13 2Q12 Interest Expense 160 155 Income Tax Expense 62 80 Canadian Exchange Rate 1.0236 1.0103 As of 06/30/13 Debt to Total Capitalization 59.2% Total Credit Capacity 2.9 billion Available…
  15. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 15
    2Q13: Ongoing EBITDA d YTD YTD (MM) 2Q13 2Q12 2013 2012 U.S. Transmission (1) 322 312 665 662 Distribution 116 127 335 331 Western Canada Transmission & 132 142 295 327 Processing Field Services (2) 108 104 250 282 Liquids (3)…
  16. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 16
    Liquidity Positions d As of 6/30/13 in USD millions Spectra Capital Westcoast Union Gas SEP TOTAL Revolving Credit Commitments 1,500 285 380 700 2,865 Less: Commercial Paper (1,128) (232) - (324) (1,684) Letter of Credit…
  17. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 17
    Debt Maturity Profile as of 6/30/13 d USD Millions 300 1,800 Express-Platte 250 SE Capital 200 SE Partners 1,600 M&N - Can 150 M&N - US 100 Union Gas 1,400 Westcoast 50 East Tenn 0 Algonquin 1,200 Aug-13…
  18. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 18
    Customer Credit Exposure as of 3/31/13 d Spectra Energys customer mix is made up of primarily high quality credits 36% 34% A or Higher BBB- to BBB+ 10% Investment Grade Equivalent 7% 13% Non-Investment Collateral…
  19. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 19
    2013 Plan*- Ongoing Earnings Expectations d 1.50 ongoing, fully diluted EPS (1) (MM) EBIT (1) EBITDA (1) U.S. Transmission 1,030 1,345 (2) Distribution 375 580 Western Canada Transmission & Processing 380 615 Field Services (3)…
  20. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 20
    The Power of Our Portfolio d Ongoing EBIT by Segment (MM) 2,500 2,263 2,029 1,923 1,975 2,000 1,660 1,500 Field Services 1,000 Distribution Western Canada 500 US Transmission 0 Other -500 2009 2010 2011 2012 2013E* *…
  21. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 21
    Expansion and Maintenance Capital Expenditures d Capital Expenditures (MM) 2,500 Expansion Maintenance 2,000 1,500 1,385 1,139 1,297 1,503 1,000 1,003 719 517 500 498 527 524 637 780 735 790 0 2007 2008 2009 2010…
  22. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 22
    Total Capital Expenditures d Capital Expenditures by Segment (USD MM) 2,500 35 66 2,000 78 289 373 276 292 365 39 1,500 222 39 369 757 524 227 776 32 1,000 195 224 449 1,400 353 500 898 933 997 773 641 432 0…
  23. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 23
    2013 Plan*- Key Commodity Assumptions & Sensitivities d Annual Assumption Price Change Sensitivity +/- 6.5 MM DCP Midstream NGL: 0.80/gal +/- 0.01/gal EBIT Represents Spectra Energys 50% interest in DCP Midstream Natural Gas:…
  24. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 24
    2013 Plan*- Example of Different Commodity/Currency Price Effects on EPS 5% decrease in d Commodity and Hypothetical Commodity Price Change 2013 EPS Assumptions C/USD NGL Price (/gal) 0.80 0.76 Natural Gas annual price (/MMBtu)…
  25. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 25
    Appendix Section III U.S. Transmission Overview
  26. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 26
    U.S. Transmission d 2012 Pipeline Throughput 2.7 Tcf Transmission Pipe 14,274 mi Total System Compression 2.5MM HP Total Storage Capacity 140 Bcf Access to multiple supply sources One of the largest storage positions in North…
  27. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 27
    U.S. Transmission Strong Base Portfolio d Pipelines are fully subscribed First and last mile throughput continues to increase Increased market utilization of fully subscribed pipelines leads to new projects Moving Ahead,…
  28. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 28
    U.S. Transmission 2013 2014 Priorities d Business Unit Priorities Growth CapEx Outlook In Execution Secure new projects that On the Horizon 9+B NJ-NY facilitate growing supply and Power generation Growth CapEx TEAM 2014…
  29. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 29
    U.S. Transmission Adjusted EBIT Annual EBIT d Growth Adjusted for Project Development Costs & Processing (MM) 1,200 1,000 1,003 1,030 912 970 800 819 856 780 600 400 200 0 2007 2008 2009 2010 2011 2012 2013E*…
  30. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 30
    U.S. Transmission Contract Portfolio d 95% of U.S. Transmission revenue comes from demand charges 2012 TETLP Firm Demand Revenues by 2012 TETLP Firm Demand Revenues by Service Provided Customer Type LDCs 65% Long Haul 42%…
  31. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 31
    Solid Fee-Based Businesses d Average Contract Term for Major U.S. Transmission Pipelines (years) 0 5 10 15 20 25 Texas Eastern 4.9 Algonquin 7.3 2012 Texas Eastern & Algonquin East Tennessee 8.6 contract renewal Maritimes &…
  32. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 32
    U.S. Transmission Revenue Stability d Based on Revenues for 12 months ended 12/31/12 100% 90% 95% 98% 97% 98% 96% 98% 92% 80% 70% 60% 50% 40% 30% 20% 2012 Reservation Revenue 2012 Usage and Other Revenue 10% 0%…
  33. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 33
    Appendix Section IV Distribution Overview
  34. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 34
    Distribution Stable and Reliable Earnings and Cash Flow d Retail Customers 1.4 million Union Gas 2nd largest natural 2012 Pipeline Throughput 818 Bcf gas distributor in Canada Distribution Pipe 39,000 mi Storage Capacity 160 Bcf…
  35. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 35
    Distribution EBIT d Annual EBIT (C millions) 500 400 C421 C421 C391 C375 C375 C373 300 C354 200 100 0 2007 2008 2009 2010 2011 2012 2013E* US 322 353 336 409 425 374 375 * As presented in January 2013 Moving…
  36. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 36
    Appendix Section V Western Canada Transmission & Processing Overview
  37. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 37
    Western Canada Transmission & Processing d Assets located in some of Natural Gas Gathering & Processing the most productive fields Miles of raw gas gathering: 2,200 (3,500 km) within Canada 17 gas processing plants Processing…
  38. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 38
    Western Canada Businesses 2013 Ongoing EBIT Expectations d SET West 2013E* EBIT BC US380 Million (1) Transmission Pipeline Fee- 30% & Processing based G&P 70% Gathering & Processing NGL Marketing Business BC Pipeline…
  39. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 39
    Western Canada Transmission & Processing EBIT d 550 Annual EBIT (C millions) C505 450 C416 C420 C106 C387 C385 C388 C380 C89 350 C176 C107 C150 250 C436 C399 C380 150 C331 C281 C235 C240 Commodity Based 50 (Empress)…
  40. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 40
    Western Canada 2013 2014 Priorities d Business Unit Priorities Growth CapEx Outlook Focus on operations excellence and asset optimization 7+B In Execution Growth CapEx Dawson II On the Horizon Break-even at Empress in 2013 G&P…
  41. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 41
    Western Canada Strategically Positioned Backbone of BC Natural Gas Industry d Significant BC footprint Liard Cordova Horn River Gathering & Processing Plants: 17 N. Montney Capacity: 3.7 Bcf/d Prince Rupert BC Pipeline Montney…
  42. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 42
    Western Canada LNG Exports Drive Step-out Growth d LNG Opportunities Liard Horn River Cordova BG Group/Prince Rupert Development agreement with BG 6-8B CapEx (100%) 4.2 Bcf/d, 525 miles of 48 pipe Prince Rupert Montney FID…
  43. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 43
    Developing World Class Unconventional Reserves d Horn River Resource Potential (Tcf) Liard Cordova Horn River 450 Montney 410 Western Cordova 160 Canadian Prince Rupert Montney Sedimentary Basin Liard 125 (WCSB) Kitimat BC…
  44. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 44
    Supply/Demand Opportunities Attracting Global Capital Investment d Investments in BC (B) E&P: Natural gas development 140-200 E&P LNG Infrastructure: Investments LNG terminals 30-40 Prince Rupert Pipelines supplying terminals…
  45. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 45
    Appendix Section VI Field Services Overview
  46. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 46
    Field Services d Competitive Advantages 63 Plants, 12 Fractionators Premier US gas gatherer and 66,000 miles of Pipeline* processor Largest natural gas liquids (NGL) producer in the U.S. Located in most major oil & gas producing…
  47. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 47
    Integrated Assets with Scale & Scope d Continue to be 1 NGL producer, Industry leading footprint in liquids rich regions 17% of U.S. NGL production Top gatherer and processor Super systems in key basins Complementary NGL…
  48. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 48
    DCP Midstream 2013 2014 Priorities d Business Unit Priorities Growth CapEx Outlook Bring significant projects on line 6B On the Horizon In Execution Focus on operations excellence Growth CapEx G&P expansion Sand Hills and asset…
  49. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 49
    DCP Midstream Gathering & Processing Liquids-rich and Oil Driven Growth d Niobrara /Codell North 3B - 4B CapEx 2013-2015 Plant 10 LaSalle 2012 NGL Processing 2013-2015 CapEx Lucerne 2 Production (MBPD) Capacity (Bcf/d) (MM )…
  50. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 50
    DCP Midstream Marketing & Logistics Creating a Super System d 2B - 3B CapEx 2013-2015 Niobrara /Codell Plant 10 NGL super system to premium priced markets LaSalle Significant Lucerne 2 Mewbourn Wattenberg fee-based Market access…
  51. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 51
    2013 Plan* DCP Midstream: Financial Summary d DCP Midstream Earnings (100%) ( MM) 2013E EBITDA (1) 1,090 EBIT (1) 780 50% DCP Net Income 275 Net Income (1) 550 + Equity Issuance Gains 35 = SE EBIT 310 Distributions 475 1)…
  52. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 52
    2013 Plan*- DCP Midstream: Margin / Volume By Contract d 2013E Margin by Contract Type(1) 2013 Estimated G&P Volumes & Margin(1) Keepwhole 10% Other(2) Margins Volumes ( /MMBtu) (TBtu/d)(3) 30% Percent of 0.50 5.5 Proceeds…
  53. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 53
    Owner and Investor Value Creation d 4-5% price- Potential neutral earnings 3.5B - 4.5B growth & cash GP valuation to distributions owners Targeting 90% net income dividend to SE & PSX 200 120 GP & LP distribution…
  54. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 54
    Appendix Section VII Liquids Overview
  55. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 55
    Liquids Express-Platte Pipeline System d Acquired 100% of the Express-Platte Pipeline System for 1.49 billion one of only three crude oil pipelines from Western Canada to U.S. Rockies and Midwest refineries and markets OIL…
  56. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 56
    North American Crude Oil A Significant Growth Opportunity d OIL SANDS Pipeline Transfer Capacity Growth Hardisty 2011 v 2016e (Thousand barrel/day = KB/d) Increase of 1,573KB/d BAKKEN PADD +250% PADD 4 Increase of 550 KB/d 2…
  57. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 57
    Express-Platte Leveraging a New Platform in Oil Transportation d OIL SANDS Expanding unconventional oil Hardisty production driving significant growth opportunities Increasing Canadian oil sands, BAKKEN Bakken and Niobrara…
  58. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 58
    Liquids - Southern Hills and Sand Hills Pipelines Gas processing plant d Shale gas formations Under construction Provides Permian and Eagle Ford shippers with NGL transportation Conway service to Gulf Coast markets Provides…
  59. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 59
    Appendix Section VIII Major SE Projects
  60. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 60
    SE Current Projects in Execution d Expansion Project Segment Status (1) Est. CapEx (MM) In-Service North Montney Expansions W. Canada Partial In-Service 300 2012-2014 New Jersey - New York Expansion US Trans Execution 1,200 4Q13…
  61. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 61
    North Montney Expansions Purpose: d Provides customers with North Montney gathering & processing and pipeline take- away capacity Project Scope: CapEx: 300 MM Major Customers: Progress Energy Talisman Energy Project Status:…
  62. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 62
    New Jersey New York Expansion Project Purpose: d Extends Texas Eastern reach farther into New Jersey and into New York City for the first time Project Scope: 800 MMcf/d expansion connecting Northeastern PA Marcellus supplies with…
  63. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 63
    Texas Eastern Appalachian Market TEAM 2014 d Purpose: Provides Producer Customers with diverse firm path options from Marcellus region to Northeast, Midwest and Henry Hub market areas TEAM 2014 Project Scope: 600 MDth/d…
  64. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 64
    Bobcat Storage d High-deliverability salt dome facilities, which offer high withdrawal and injection rates Well positioned to serve expanding Midwest, Mid-Atlantic and Southeast gas-fired power requirements Ideally positioned in…
  65. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 65
    Kingsport Projects Purpose: d Provides additional firm transportation capacity to support supply diversity for Eastman Chemical Companys power generation facility in Kingsport, Tennessee Project Scope: 25 Mmcf/d of firm capacity…
  66. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 66
    Ohio Pipeline Energy Network (OPEN) d Purpose: Attach emerging Ohio Marcellus and Utica natural gas supplies to new markets Project Scope: 550 MMcf/d expansion of Texas Eastern CapEx: 500MM Customers: 2 anchor shippers (15…
  67. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 67
    Algonquin Incremental Market (AIM) Expansion Purpose: d Provide growing New England demand with access to abundant regional natural gas supplies Project Scope: Providing more than 300 MMcf/d of additional capacity to move…
  68. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 68
    Sabal Trail Transmission Expansion Purpose: d New interstate pipeline into Florida providing access to reliable onshore natural gas supply Project Scope: 1 Bcf/d of capacity connecting Transco Station 85 supply to Florida power…
  69. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 69
    Appendix Section IX Spectra Energy Partners
  70. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 70
    Express-Platte Pipeline System Drop-down Drop-down of 50% of Express-Platte closeddAugust 2 410 million in cash 319 million in newly issued units to the general partner 129 million in acquired Express-Platte debt (Includes the…
  71. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 71
    Drop-down of Spectra Energys U.S. Transmission, Storage & Liquids Assets d Assets Included in the Drop-down Natural Gas Transmission & Storage Texas Eastern Transmission (100%) Algonquin Gas Transmission (100%) An additional 38.77%…
  72. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 72
    Proportional Asset Level Debt to be Dropped to SEP d Drop As of 6/30/13 (MM) Rate Maturity Algonquin Gas Transmission 350 3.5% 2024 400 6.0% 2017 300 4.1% 2020 Texas Eastern Transmission, LP 500 2.8% 2022 450 7.0% 2032 49.5…
  73. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 73
    2Q13 Earnings Summary d YTD YTD (MM) 2Q13 2Q12 2Q13 2Q12 Operating Revenues 56.9 58.7 117.8 120.6 Operating Expenses 30.7 27.6 58.5 56.4 Operating Income 26.2 31.1 59.3 64.2 Equity Earnings 30.3 23.8 61.0 51.2 Interest Income and…
  74. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 74
    2Q13 Cash Available for Distribution d YTD YTD (MM) 2Q13 2Q12 2Q13 2Q12 Adjusted EBITDA 35.7 40.4 78.2 82.8 ADD: Cash available from equity investments Gulfstream 49% 19.8 18.9 39.3 38.5 Market Hub Partners 50% 6.9 10.5 17.2…
  75. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 75
    Revenue Profile Six months ended June 30, 2013 d Six Months Ended June 30, 2013 Revenues SEP SEP Share of Gulfstream ( MM, unaudited) 100% Ownership% Revenues Natural Gas Pipeline Spectra Energy Partners(1) 117.8 100% 117.8 (49%…
  76. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 76
    Gas Transportation and Storage d YTD YTD (MM) 2Q13 2Q12 2Q13 2Q12 Operating Revenues 56.9 58.7 117.8 120.6 Operating Expenses 27.9 25.6 53.5 52.4 Operating Income 29.0 33.1 64.3 68.2 Other Income 0.2 0.1 0.3 0.1 Segment EBIT…
  77. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 77
    Equity Investments d YTD YTD (MM) 2Q13 2Q12 2Q13 2Q12 Equity Earnings: Gulfstream 49% 16.9 14.5 32.2 29.8 Market Hub Partners 50% 6.4 9.3 15.1 21.4 M&N US 38.76%(1) 7.0 13.7 Total Equity Earnings 30.3 23.8 61.0 51.2 (1) M&N…
  78. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 78
    Financial Position d Credit Metrics Summary (6/30/13) Investment grade credit ratings Debt Balance 1.0 billion S&P (BBB), Fitch (BBB), Moodys (Baa3) Debt / EBITDA(1) 3.1x Interest Coverage(2) 10.8x Available Liquidity 378…
  79. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 79
    Debt and Available Liquidity d Spectra Energy Partners (MM, unaudited) June 30, 2013 December 31, 2012 Commercial Paper 324 336 MHP Demand Note(1) 16 17 East Tennessee Notes Payable (3.1%; matures 2024) 200 200 Unsecured 5 year…
  80. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 80
    Gulfstream Debt d ( MM, unaudited) June 30, 2013 Gulfstream Natural Gas System, LLC Debt (1) 100% 49% Unsecured 15 year note (5.56%; due 2015) 500 245 Unsecured 25 year note (6.19%; due 2025) 350 172 Unsecured 7 year note…
  81. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 81
    M&N US Debt d ( MM, unaudited) June 30, 2013 Maritimes & Northeast Pipeline, LLC Debt(1) 100% 38.76% Unsecured 5 year notes (7.5%; due 2014) 420 163 Total Debt 420 163 2013 Amortizing Debt Payments Maritimes & Northeast…
  82. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 82
    Appendix Section X Sustainability Recognition
  83. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 83
    Sustainability Recognition d Environmental Social Governance Performance Dow Jones Sustainability 3rd time on the World Index and 5th consecutive Index on North America Index Carbon Disclosure Project Member of the Carbon…
  84. AUGUST 2013 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 84
    Recognized by:

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