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Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · May 6, 2015 · 95 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 1
    2015 FIRST QUARTER UPDATE Supplemental Information Appendix May 6, 2015
  2. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 2
    Competitively Positioned Assets Outstanding asset footprint provides a strong base business and a well-positioned platform for ongoing expansion We go where the lights are connecting supply to demand 2 0 1 5 FIRST…
  3. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 3
    The Power of Our Growing Portfolio Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300 Bcf Natural Gas Gathering Pipe: 70,000 mi Crude Transmission Pipe: 1,700 mi NGL Transmission Pipe: 1,500 mi SE Gas…
  4. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 4
    Spectra Energy Asset Structure Reporting Segment Assets in Segment U.S. Transmission Saltville Gas Storage Algonquin Gas Transmission Texas Eastern Transmission Big Sandy Pipeline Maritimes & Northeast, US Bobcat Gas Storage…
  5. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 5
    2015 FIRST QUARTER UPDATE 1Q15 Financial Results
  6. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 6
    Key Balance Sheets Metrics 3/31/15 3/31/15 Total Debt 14.3B 6.3B Financial Covenant Metrics 58% 3.8x Debt/Cap(1) Debt/EBITDA(1) Credit Ratings Baa2 / BBB- / BBB(2) Baa2 / BBB / BBB(2) Available Liquidity 3.5B(3) 2.1B (1)…
  7. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 7
    Liquidity Positions As of 3/31/15, USD Millions Total SE Union SEC-WEI- Total Capital Westcoast Gas UGL SEP Enterprise Revolving Credit Commitments 1,000 315 394 1,709 2,000 3,709 Less: Commercial Paper (494) - - (494) (121) (615)…
  8. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 8
    SE Corp Consolidated Debt Maturity Profile as of 3/31/15 USD Millions 2,500 140 120 2,000 100 80 Express-Platte 60 M&N - Can 40 Union Gas 1,500 20 Westcoast 0 Sep-15 Apr-15 Mar-15 May-15 Oct-15 Dec-15 Aug-15…
  9. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 9
    SEP Consolidated Debt Maturity Profile as of 3/31/15 USD Millions 20 1,600 15 1,400 10 Express-Platte 5 1,200 0 Mar-15 May-15 Jan-15 Nov-15 Jul-15 Sep-15 1,000 800 600 400 200 0 TETLP…
  10. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 10
    Customer Revenue Profile Credit Mix As of 3/31/15 1Q15 Revenue 90% Investment Grade 90% of our revenues are with and/or Equivalent customers who are investment grade, investment grade equivalents, or are secured by…
  11. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 11
    2015 FIRST QUARTER UPDATE U.S. Transmission Overview
  12. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 12
    U.S. Transmission: Growth Now and in the Future Northeast & New England Power Record throughput the last 3 Generation winters Supply to Strong market opportunities from Markets LDCs, power generators and industrial customers…
  13. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 13
    U.S. Transmission: Strong and Growing Portfolio As presented 2/5/15 2015e EBITDA EBITDA with Growth Projects (MM) 2,500 Western Canada 2,000 Execution Projects SEP: U.S. 1,500 Transmission 1,520MM 1,000 Distribution Base…
  14. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 14
    Execution Projects: Delivering Incremental EBITDA UST executing on 6B of projects Atlantic that deliver 700MM EBITDA by 2020 Bridge Salem Lateral Dawn Hub PennEast AIM Project Est. CapEx (MM) In-Service NEXUS OPEN 550 4Q15 OPEN…
  15. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 15
    U.S. Transmission: Northeast Expansion 5B of investment in Access execution and development Northeast Salem Northeast and New England demand Atlantic Lateral continues to increase Bridge Our infrastructure footprint with UTICA AIM…
  16. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 16
    U.S. Transmission: Access Northeast Gas-fired power plant connected to Access Northeast Project PORTLAND Gas-fired power plant not connected Maritimes Direct connection with & Northeast Northeast generators BOSTON Takes…
  17. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 17
    U.S. Transmission: Marcellus/Utica Expansion 4B of investment in Dawn Hub execution and development Appalachian gas flowing into Texas Eastern NEXUS continues to grow NEXUS will connect Texas Eastern to Union Gas, OPEN creating a…
  18. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 18
    U.S. Transmission: Southeast & Gulf Coast Expansion 4B of investment in execution and development Ozark Sabal Trail will serve Florida power Conversion Industrial generation market Consistent growth in revenues from contracted…
  19. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 19
    U.S. Transmission: 2015-2017 Priorities Sign an average of 2B/year in expansion projects through 2017 Sign deals for projects in New England, the Northeast and the Gulf Safely and successfully advance execution projects Ensure…
  20. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 20
    Spectra Energy Partners: U.S. Transmission Contract Portfolio 95% of U.S. Transmission revenue comes from demand charges 2014 TETLP Firm Demand Revenues by 2014 TETLP Firm Demand Revenues by Service Provided Customer Type LDCs 54% Long…
  21. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 21
    Spectra Energy Partners: Solid Fee-Based Businesses Average Contract Term for Major U.S. Transmission Pipelines (years) 0 5 10 15 20 Texas Eastern 8 Algonquin 6 East Tennessee 10 Maritimes & Northeast (US) 17 Gulfstream 15…
  22. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 22
    Spectra Energy Partners: U.S. Transmission Revenue Stability Based on Transmission Revenues for 12 months ended 12/31/14 100% 90% 95% 98% 97% 96% 98% 98% 93% 80% 70% 60% 50% 40% 30% 20% 2014 Reservation Revenue 2014 Usage and Other…
  23. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 23
    2015 FIRST QUARTER UPDATE Liquids Overview
  24. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 24
    Liquids: Fee for Service Business with Secure Revenue Hardisty Fee for service and no direct commodity exposure Express Access to growing supply Pipeline Express-Platte Delivery to premium markets Pipeline System Express and…
  25. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 25
    Liquids: Expansion on Top of Solid Growing Base As presented 2/5/15 Liquids EBITDA (MM) 450 Annual toll escalation on all four pipelines 400 Capital Plan New Express contracts with higher 350 Base tolls displacing legacy…
  26. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 26
    Liquids: Well-positioned in Challenging Environment Commodity prices have no impact on EBITDA growth in plan horizon Support for large crude oil and NGL infrastructure projects is challenging Incremental expansions of our…
  27. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 27
    Liquids: Attractive Growth Opportunities Cost-effective optimization/ Est. CapEx (1) expansion of Express-Platte Project Type Examples (MM) In-Service pipeline and terminals Express Enhancement (in Near-Term Crude execution),…
  28. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 28
    Liquids: 2015-2017 Priorities Ramp existing contracts On-system expansion of and access new supply on pipe and terminals Sand Hills & Southern Hills Continuing optimization to meet market demand Add new connections, construct…
  29. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 29
    2015 FIRST QUARTER UPDATE Union Gas Overview
  30. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 30
    Union Gas: Foundation for Growth National Energy Board approval of eastern Canadian LDC tolls settlement Toll certainty for eastern customers Catalyst supporting 2015-2018 Dawn- Parkway expansions Ontario Energy Board (OEB)…
  31. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 31
    Union Gas: Regulatory Framework Supporting Growth Ontario Energy Board approved Incentive Regulation Mechanism 5-year term: 2014 2018 9% base ROE Attractive features: Earnings sharing provides 150 bps upside opportunity over…
  32. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 32
    Union Gas: Asset Strength and Flexibility QC Dawn Hub is 2ndlargest physical gas trading hub in North America ON Continued customer interest for U.S. Dawn Hub supplies and short haul Northeast transportation from Dawn to TORONTO…
  33. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 33
    Union Gas: Major Growth Projects QC Largest expansions in Union Gas history Est CapEx ON Execution Projects (CAD MM) In Service U.S. 2015 Dawn-Parkway 445 2H15 Northeast 2016 Dawn-Parkway 400 2H16 TORONTO NY Burlington-Oakville 120…
  34. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 34
    Union Gas: 2015 to 2017 Priorities Build off strength and stability of base assets Execute 2015 and 2016 Advance 2017 and 2018 Dawn-Parkway expansions Dawn-Parkway expansions Union Gas delivering stability and growth 2 0…
  35. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 35
    2015 FIRST QUARTER UPDATE Western Canada Overview
  36. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 36
    Western Canada: 2014 Highlights Placed North Montney project into service in 2Q14 Fully contracted T-South year- round service and secured 500MM of pipeline expansion projects Substantially de-risked Empress commodity…
  37. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 37
    Western Canada: Attractive Footprint Western Canadian Gathering & BC Processing AB QC SK MB BC Pipeline Empress Maritimes & Northeast, Canada ON NB NS BC Pipeline: Natural Gas Transmission Empress System: Natural Gas…
  38. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 38
    Western Canada: Stable Base Portfolio As presented 2/5/15 2015e EBITDA Distribution Western Canada 630 MM 54% SEP: Liquids 95% Fee-Based Nat Gas G&P Fee-based contracts Transmission Regulated fee-for-service SEP: UST 27% M&N…
  39. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 39
    Western Canada: Business Development Transmission Horn River Cordova Liard Traditional markets are growing T-North Resurgent industrial and power generation activity Montney Small scale LNG projects PRINCE Jackfish Lake RUPERT…
  40. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 40
    Western Canada: Business Development Gathering & Processing Resource development driving Montney Tight Gas Production (MMCf/d) producer services 4,000 BCs world class gas supply is growing North Montney BC 3,500 Development…
  41. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 41
    Western Canada: Business Development LNG Horn River Large scale LNG export driving growth Liard Cordova in the next decade Westcoast Montney Westcoast Connector project obtained Connector Environmental Assessment Certificate in…
  42. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 42
    Western Canada: 2015-2017 Priorities Sustain base portfolio: - Contract renewals Place 500MM Transmission - NGL risk management projects into service in 2016 and 2017 - Cost management Originate additional Secure LNG…
  43. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 43
    2015 FIRST QUARTER UPDATE Field Services Overview
  44. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 44
    Field Services: Ownership Structure 50% 50% 21% LP & GP Interest Public Unitholders 79% LP Interest 2 0 1 5 FIRST QUART E R UP DAT E 54
  45. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 45
    Field Services: DCP Midstream is a Leader in Key Basins Natural Gas Processing(1) (MMcf/d) DCP Midtream enterprise Enterprise Products 1 Williams DJ Basin2 Midcoast Energy DPM standalone 5 MarkWest Energy Wattenburg EnLink…
  46. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 46
    Field Services: Long-term Fundamentals Improve Over Time DCP Midstream is a leader in a must-run industry 2015: Managing through the downturn Historic U.S. Rig Count Weak global demand fundamentals 2,500 Supply outpacing demand E&P…
  47. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 47
    Field Services: Prudent Management Through Cycles Historical Commodity Price Cycles 2008-2010: Adjust to market collapse 160 2.00 Cost reductions & efficiencies Capital flexibility NGLs Managed headcount (/gal) Maintained strength…
  48. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 48
    Field Services: Footprint in Core Areas of Key Basins DJ Basin/North 64 Plants(1) Strategic assets backed by strong producers 68,000 miles of Pipeline(1) Top 10 customers make up 40% of margin / gas volume Midcontinent Prudent…
  49. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 49
    Field Services: Capital Efficiency Asset ramp-up highlights capital efficiency & improves return on capital Processing Capacity Additions NGL Pipeline Throughput (MBPD, 100% view) 900 300 800 1Q14 OConnor Exp. 700 1Q14 Goliad…
  50. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 50
    Field Services: 2015 Forecast As presented 2/5/15 DCP Midstream Consolidated(1) (MM) DCP Midstream Commodity Sensitivities(1) DCP EBITDA 730 Price Annual EBITDA Assumption Change Sensitivity Growth Capex 550 NGLs (/gal) 0.55 +/-…
  51. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 51
    Field Services: Summary Must run business with competitive footprint and geographic diversity Proven track record through commodity cycles Controlling costs, transforming company for the long-term History of strong cash generation…
  52. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 52
    2015 FIRST QUARTER UPDATE 2015 2017 Financial Plan (as presented 2/5/15)
  53. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 53
    Ongoing Objectives for Long-Term Value Creation Continue to Deliver dividend and Execute growth plan Exercise prudent distribution growth on time & on budget financial management Attractive, sustainable 35 billion in expansion…
  54. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 54
    SE Portfolio: Limited Commodity Exposure Historical SE EBITDA (MM) 2015-2017 DCF estimates 3500 3.1B are not dependent on any 3000 2.9B 7% DCP 2015-2017 Plan improvement in Empress commodity prices 2500 25% Commodity-based 2000…
  55. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 55
    2015 FX and DCP Commodity Assumptions Natural Gas Liquids (/gal) Natural Gas (/MMBtu) 1.00 5.00 0.89 4.00 4.41 3.60 0.75 0.55 3.00 0.50 2.00 0.25 1.00 0.00 0.00 2014 2015e 2016e 2017e 2014 2015e 2016e 2017e Crude Oil (/Bbl)…
  56. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 56
    Spectra Energy 2015e-17e Ongoing EBITDA 2015-2017 estimates reflect flat commodity prices and FX EBITDA by Segment (MM)(1) 2015e 2016e 2017e Spectra Energy Partners 1,815 1,995 2,255 Distribution 510 540 590 Western Canada…
  57. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 57
    Spectra Energy 2015e-17e Ongoing EBITDA (US MM) 4,000 3,465 3,500 20 3,125 590 3,000 2,840 540 510 2,500 675 665 630 2,000 1,500 2,255 1,000 1,815 1,995 500 0 -35 -80 -75 -75 -500 2015e 2016e 2017e Spectra…
  58. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 58
    Spectra Energy 2015e-17e Distributable Cash Flow 2015-2017 estimates reflect flat commodity prices and FX SE Distributable Cash Flow (MM) 2015e 2016e 2017e EBITDA 2,840 3,125 3,465 ADD: Equity in earnings of unconsolidated affiliates…
  59. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 59
    DCP Commodity Recovery Scenario Natural Gas Liquids (/gal) Natural Gas (/MMBtu) 1.00 5 4.20 0.80 3.96 3.90 0.90 0.70 4 0.75 3.60 3.60 3 0.50 0.55 0.55 2 0.25 1 0.00 0 2014 2015e 2016e 2017e 2014 2015e 2016e 2017e Crude Oil…
  60. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 60
    DCP Commodity Recovery Scenario Plan(1) vs Coverage: in Plan(1) in Commodity Recovery Scenario Commodity Recovery Scenario (MM) 4,000 2016e 1.0x 1.05x 125 215 2017e 1.0x 1.12x 3,000 2,000 3,465 3,125 135 55 1,000…
  61. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 61
    Spectra Energy Partners 2015e-17e Distributable Cash Flow SEP Distributable Cash Flow (MM) 2015e 2016e 2017e EBITDA by segment: U.S. Transmission 1,520 1,650 1,810 Liquids 275 320 415 Other (70) (65) (65) TOTAL EBITDA 1,725 1,905…
  62. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 62
    Robust Expansion CapEx Leads to Significant EBITDA Growth 2015 & Beyond Incremental EBITDA from Projects Expansion CapEx by Segment (B) Currently in Execution (MM) 4.0 Western Canada 800 Distribution 3.5 Liquids UST 700 +800MM by…
  63. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 63
    Spectra Energy Partners 2015e-17e Distributions as Paid SEP Distributions Per LP Unit (1) SEP Distributions to SE (MM) 3.00 8% 1,200 2.75 CAGR 1,100 SEP LP 1,070 2.83 SEP GP 2.50 2.63 1,000 945 2.25 2.43 900 2.25 820 2.00 800 704…
  64. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 64
    2015 2017 Financing Strategy U.S. growth capital Will access Will maximize use of projects financed with capital markets SEP At-the-Market 50/50 debt and opportunistically equity program SEP equity over the using our multiple…
  65. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 65
    Key Balance Sheets Metrics Projected Projected 12/31/14 12/31/2015 12/31/14 12/31/2015 Total Debt 14.7B 16.0B 6.1B 6.9B Financial Covenant 58% 58% 3.7x 3.8x Metrics Debt/Cap(1) Debt/Cap(1) Debt/EBITDA(1) Debt/EBITDA(1) Credit…
  66. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 66
    Total Capital Expenditures Maintenance CapEx (US MM) Expansion CapEx (US MM) 1,000 3,000 2,800 2,750 2,500 2,460 365 610 800 745 730 740 450 60 55 55 520 2,000 455 185 600 190 185 195 105 195 275 1,500 400 205 190 200…
  67. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 67
    Delivering Long-term Value for Shareholders SE Annual Dividends Paid (/share)(1) SEP Annual Distributions Paid (/LP unit)(1) +26% +28% 2.83 2.63 1.76 2.43 1.62 2.25 1.48 1.38 2014 2015e 2016e 2017e 2014 2015e 2016e 2017e…
  68. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 68
    2015 FIRST QUARTER UPDATE Major SE & SEP Projects
  69. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 69
    9+ Billion Projects in Execution - (1) Largely Demand Pull 100% 50/50 100% Est. CapEx (4) SUPPLY DEMAND PUSH PULL SEP UST Segment In-Service Counter- parties (MM) SEP Liquids Red Lake 2Q15 60 2015 2015 Dawn Parkway 445…
  70. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 70
    Access South & Adair Southwest Projects Purpose: Provides shippers with firm transportation Berne service from the Appalachian shale supply Uniontown basin to markets in the Midwest and Southeast Adair Southwest Project Scope:…
  71. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 71
    Algonquin Incremental Market AIM Expansion Purpose: Provides growing New England demand with access to abundant regional natural gas supplies Project Scope: 340 MMcf/d of additional capacity to move Marcellus production to…
  72. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 72
    Atlantic Bridge Purpose: To allow abundant, economic supplies of natural gas from regional production to flow to the New England and Atlantic Canada markets Project Scope: 150 MMcf/d expansion of the Algonquin and Maritimes…
  73. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 73
    Burlington-Oakville Purpose: New pipeline capacity replacing third party contracted transportation services to serve a growing distribution market Project Scope: Capacity: 210 MMcf/d CapEx: 120MM CAD Burlington-Oakville Pipeline…
  74. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 74
    Corpus Christi Lateral Purpose: Expands reach of the Sand Hills NGL pipeline into the Corpus Christi refining and trading center Project Scope: 40,000 bpd lateral from Corpus Christi refinery to the Sand Hills pipeline…
  75. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 75
    2015 Dawn-Parkway Expansion Purpose: Capacity increase to meet market interest for supply access at Dawn and other Enbridge GTA Project eastern receipt points on the TCPL system TCPL Kings North Project Increase compression…
  76. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 76
    2016 Dawn-Parkway Expansion Purpose: TCPL 2016 Capacity increase to meet market Expansion interest for supply access at Dawn and other eastern receipt points on the TCPL system for 2016 in-service Project Scope: Hamilton- Milton…
  77. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 77
    Express Enhancement Purpose: Hardisty Optimize the Express Pipeline by developing on- AB SK system terminal and storage assets to maximize system throughput Project Scope: Express Pipeline Bakken Capacity: 21,000 bpd MT CapEx:…
  78. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 78
    Gulf Markets Expansion Purpose: Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 350 MMcf/d expansion from Marcellus (M2) to Louisiana (WLA) 150 MMcf/d expansion from Eagle Ford (STX) to Louisiana…
  79. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 79
    Jackfish Lake Purpose: Supply-push project to facilitate T-North producer access to growing downstream markets Project Scope: Capacity: 140 MMcf/d CapEx: 200MM CAD Customers: Non-disclosed producers Project Status: File NEB…
  80. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 80
    Loudon Purpose: Provides service to an existing coal fired power plant that is converting to natural gas Project Scope: KNOXVILLE 40 MMcf/d expansion from SONAT NASHVILLE interconnect in Bradley County, TN CapEx: 50MM Customer:…
  81. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 81
    NEXUS Purpose: To serve local distribution companies, power generators and industrial users in Ohio, Michigan, Chicago and Ontario markets Project Scope: 1.5 Bcf/d greenfield pipeline starting in northeastern Ohio to an…
  82. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 82
    Ohio Pipeline Energy Network OPEN Project Purpose: Attach emerging Ohio Marcellus and Utica natural gas supplies to new markets Project Scope: 550 MMcf/d expansion of Texas Eastern CapEx: 550MM Customers: Chesapeake Energy…
  83. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 83
    Ozark Partial Conversion Purpose: Repurpose a portion of the existing Line remains natural gas Ozark pipeline from natural gas service to refined products service Project Scope: Line to be converted 75,000 bpd conversion of OGT…
  84. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 84
    PennEast Purpose: Provides a new, direct connection Transco PennEast AGT to northeast Pennsylvania PA production Opportunity to work with some of our biggest customers and leverage our existing assets Texas Eastern Project Scope:…
  85. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 85
    RAM Purpose: Horn River Cordova Liard Demand pull project on the T-South system to accommodate new customer contracts T-North Montney Project Scope: PRINCE Upgrading the system with three new RUPERT compressor replacements and…
  86. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 86
    Red Lake Purpose: Zia II LEA COUNTY Expands Sand Hills reach into fast NM growing production areas; positions Sand Hills for future growth Fullerton Project Scope: RED LAKE LATERALS Goldsmith Rawhide Two 60,000 bpd laterals…
  87. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 87
    Sabal Trail Transmission Purpose: 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 generation…
  88. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 88
    Salem Lateral Purpose: Provides natural gas service to a new power plant development on the site of an existing coal-fired plant Algonquin Gas Transmission Project Scope: 115 MMcf/d expansion connecting AGT Hubline and M&N to the…
  89. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 89
    South Texas Expansion Project STEP Project Purpose: Vidor Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 400 MMcf/d expansion from Vidor to Petronila CapEx: 130MM Project Status: File FERC…
  90. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 90
    Stratton Ridge Expansion Project M1 ELA KOSCIUSKO Purpose: CASTOR The Stratton Ridge Project provides shippers JOAQUIN with a firm transportation service to deliver LUFKIN 100 ELA new incremental production from the ETX WLA…
  91. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 91
    Uniontown to Gas City U2GC Project Purpose: Expansion of Texas Eastern from Appalachian area receipts to markets at Gas City, Indiana Project Scope: Capacity: 425 MMcf/d CapEx: 60MM Customers: CONSOL Energy East Resources EQT…
  92. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 92
    2015 FIRST QUARTER UPDATE Sustainability Recognition
  93. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 93
    Sustainability For Spectra Energy, Sustainability means: Providing natural gas, natural gas liquids and crude oil pipelines and midstream infrastructure to meet North Americas energy needs in a way that is economically, environmentally…
  94. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 94
    Awards and Recognition Dow Jones Sustainability 5th time on the World Index and 7th consecutive time Indexes on North America Index Member of the CDPs S&P 500 Climate Disclosure and CDP Indexes Performance Leadership Indexes NYSE…
  95. Q1 2015 OPERATIONS UPDATE – Spectra Energy Partners, Lp – slide 95

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