National Association of Publicly Traded Partnerships MLP Conference Presentation New York, New York May 21, 2008
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…
Key Investment Highlights Attractive Assets Growth Opportunities Strong Sponsorship Experienced Management Financial Strength Spectra Energy Partners 2008 NAPTP MLP Conference New York, NY 3
Cash Available for Distribution ( millions except per unit amounts) Inception through 1st Quarter 2008 1st Quarter 2008 Adjusted EBITDA 19.5 54.5 Cash Available from Equity Investments Gulfstream (24.5%) 8.3 25.3 Market Hub…
Highlights since IPO Distribution growth is primary objective for SEP Distribution Growth Declared 33 cents per unit on April 24, 2008 3% increase over February distribution Second consecutive quarterly increase Continued building…
Spectra Energy Partners Growth Strategy Build on contracted position Deliver on organic growth projects Aggressively pursue acquisitions Roanoke Knoxville Saltville Gas Storage Closed on April 4, 2008 Atlanta East…
Projected Capacity and Contracted Position Existing low-risk profile strengthens as additional capacity comes on line Projected Capacity and Contract Position at Year End 2008 East Tennessee Gulfstream Market Hub 2008 System /…
East Tennessee Natural Gas The Cornerstone Asset Key gateway for Appalachian producers to Mid-Atlantic markets 1.33 Bcf/d current total system capacity 0.140 Bcf/d to be added by year end 1,400 miles of pipeline Connects to Texas…
East Tennessee Natural Gas Appalachian Market Dynamics Appalachia Production Forecast (ICF April 2008) 3.500 3.000 2.500 BCF/Day 2.000 1.500 1.000 2001 2003 2005 2007 2009 2011 2013 2015 2017 2008 2018…
East Tennessee Natural Gas Building on the Cornerstone Successful project execution track record Glade Spring/CNX expansions HP and equipment upgrades Est. 2008 Capex 20 million Greenway/Nora Expansion Looping Total Capex: 19…
East Tennessee Natural Gas Greenway Open Season Successful open season provides multi-year opportunities Total Requests 900 Mdth/d Requests by Customer Group Power Gen Annual Increase in Nominations 6% LDCs On system 300 3%…
Saltville Gas Storage Delivering Growth through Acquisitions Strategically positioned between natural gas supply and end user markets 107 million acquisition from SE 4.65 MM; 4.2 million common units Saltville assets P-25 Pipeline…
Gulfstream Natural Gas State of the Art System Continue to meet the needs of the fast growing Florida market Capacity: 1.1 Bcf per day Cypress 700 mile system So pp r Su ade uth ly Pipeline He AL GA Extends across Gulf…
Gulfstream Natural Gas Market Dynamics Power generation drove past growth % Power Generation Fueled by Natural Gas 40% 39% 30% 31% 33% 26% 20% 25% 19% 17% 18% 19% 19% 10% 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005…
Gulfstream Natural Gas Phase III & IV Expansions Underway Florida still remains one of the fastest growing gas markets Gulfstream Phase III: Construction began April 2008 Est. Capex 32 million 2008: 19.5 million In-service 3Q…
Market Hub Partners Strong Demand Supports Expansions MHP assets are located along the Gulf Coast with significant interconnectivity 50 percent owned joint venture with Spectra Energy Corp Avg Remaining Contract Life: 3 yrs Two…
Market Hub Partners Storage Market Dynamics US supply and demand dynamics necessitate storage services Traditional North American seasonal demand profile Growth in power generation Summer spikes more pronounced Gas vs. power…
Market Hub Partners Egan expansions underway Egan is the premier salt cavern asset in North America Egan Cavern 4: SEPs share of total est. Capex: 30 million Est. 2008: 8.2 million Egan Cavern 3: SEPs share of total est. Capex:…
Market Hub Partners Moss Bluff Moss Bluff is key player in the Texas intrastate market Moss Bluff Cavern 4 SEPs share of total est. Capex: 58 million Est. 2008: 14.9 million Permitted by TX RR Commission Construction to begin…
Well Positioned to Achieve 2008 Target Additional long term fee-based contracts scheduled to come on- Solid Contract Foundation line at Gulfstream and East Tennessee by year end Increasing asset utilization Minimal and decreasing…
Questions & Answers 21
Appendix 22
Regulation G Reconciliation Spectra Energy Partners, LP Non-GAAP Reconciliation for SEC Regulation G National Association of Publicly Traded Partnerships MLP Conference Presentation May 21, 2008 Adjusted Earnings Before Interest, Taxes…
Regulation G Reconciliation Spectra Energy Partners, LP Adjusted EBITDA and Cash Available for Distribution July 2, 2007 through March 31, 2008 (Unaudited) (In millions) July 2, 2007 to March 31, 2008 Spectra Energy Partners…
Regulation G Reconciliation Spectra Energy Partners, LP Gulfstream - Adjusted EBITDA and Cash Available for Distribution July 2, 2007 through March 31, 2008 (Unaudited) (In millions) July 2, 2007 to March 31, 2008 Gulfstream…
Regulation G Reconciliation Spectra Energy Partners, LP Market Hub Partners - Adjusted EBITDA and Cash Available for Distribution July 2, 2007 through March 31, 2008 (Unaudited) (In millions) July 2, 2007 to March 31, 2008…
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