FOURTH QUARTER 2012 EARNINGS REVIEW & 2013 OUTLOOK Spectra Energy Partners: Moving Ahead, Building Value February 5, 2013
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…
2012 Financial Highlights (MM) 4Q12 2012 Cash Available for Distribution 54 229 Net Income 48 194 21st consecutive quarterly distribution increase Spectra Energy Partners 3
Earnings Summary (MM) 4Q12 4Q11 2012 2011 Operating Revenues 59.0 57.9 236.8 205.0 Operating Expenses 32.7 33.3 118.6 116.8 Operating Income 26.3 24.6 118.2 88.2 Equity Earnings 30.0 25.4 107.6 107.3 Interest Income and Other 0.3 0.1…
Cash Available for Distribution (MM) 4Q12 4Q11 2012 2011 Adjusted EBITDA 35.7 32.9 155.5 121.4 ADD: Cash available from equity investments Gulfstream 49% 21.0 20.0 78.8 81.0 Market Hub Partners 50% 10.4 9.5 45.0 46.0 M&N US…
2013 CAD Outlook - 239 Million Cash Available for Distribution Cash Available for Distribution (LP & GP) (MM) 2013E 2012 vs 2013 Primary Drivers (MM) 275 Adjusted EBITDA 151 ADD: 8 28 1 Cash available from equity investments 7 250…
Market Opportunities are Growing Abundant, low cost natural gas is driving a resurgence in North American industry Industrial/petchem Power generation LNG exports Spectra Energy Partners 8
East Tennessee Natural Gas Industrial Demand Projects Kingsport projects to provide 86 Mmcf/day of gas service to Eastman Chemical by 1Q15 25-year firm contract Kingsport East Tennessee Project Subject to regulatory and board…
Growth Opportunities Expected 2B+ of drop-downs in 2013-2014 Maritimes & Northeast, U.S. Express-Platte Pipeline System* Big Sandy Saltville Ozark Southern Hills East Tennessee Current SEP asset Expected drop-down…
Moving Ahead, Building Value Exciting growth opportunities ahead Proven track record Annual Distributions Paid (/unit) Balanced Approach: 9% SEPs Historic Growth Capital 1.93 CAGR 1.845 1.70 1.51 1.34 Organic Growth 1.9 B…
Appendix A Financial Information
Revenue Profile Year Ended December 31, 2012 Year Ended December 31, 2012 Revenues SEP SEP Share of Gulfstream ( MM, unaudited) 100% Ownership% Revenues Natural Gas SEP Gas Pipeline Spectra Energy Partners(1) 236.8 100% 236.8…
Gas Transportation and Storage (MM) 4Q12 4Q11 2012 2011 Operating Revenues 59.0 57.9 236.8 205.0 Operating Expenses 29.8 31.2 109.8 107.4 Operating Income 29.2 26.7 127.0 97.6 Other Income and (Expenses) 0.2 (0.1) 0.3 2.1 Segment…
Gulfstream Natural Gas (MM) 4Q12 4Q11 2012 2011 Operating Revenues 68.7 68.4 275.3 273.4 Operating Expenses 16.9 17.7 75.8 71.5 Operating Income 51.8 50.7 199.5 201.9 Interest Expense & Other (17.6) (17.5) (70.2) (69.9) Net Income…
Market Hub Partners (MM) 4Q12 4Q11 2012 2011 Operating Revenues 27.3 31.2 113.6 123.3 Operating Expenses 8.6 12.8 32.9 37.7 Operating Income 18.7 18.4 80.7 85.6 Interest & Other (0.1) (0.2) Net Income (100%) 18.7 18.3 80.7 85.4 SEPs…
M&N US (MM) 4Q12(1) Operating Revenues 26.6 Operating Expenses 9.6 Operating Income 17.0 Interest Expense & Other (6.8) Net Income (100%) 10.2 SEPs Equity in Earnings(1) 4.0 (1) M&N US results shown reflect October 31, 2012…
Debt and Available Liquidity Spectra Energy Partners (MM, unaudited) December 31, 2012 December 31, 2011 Credit Facility Drawings (700MM; LIBOR+117 bps; matures 2016) Commercial Paper 336 27 MHP Demand Note(1) 17 30 East Tennessee…
Gulfstream Debt ( MM, unaudited) December 31, 2012 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…
M&N US Debt ( MM, unaudited) December 31, 2012 Maritimes & Northeast Pipeline, LLC Debt(1) 100% 38.76% Unsecured 5 year notes (7.5%; due 2014) 429 166 Total Debt 429 166 2013 Amortizing Debt Payments Maritimes & Northeast…
Units Summary Units Outstanding (MM) December 31, 2012 Limited Partner Units 103.6 General Partner Units 2.1 Weighted Average Units Outstanding (MM) 4Q12 2012 Limited Partner Units 100.1 97.3 General Partner Units 2.1 2.0…
Customer Credit Exposure As of 12/31/12 Spectra Energy Partners customer mix is made up of primarily high quality credits A or Higher 30% Non- Investment BBB- to BBB+ Grade 56% (Unsecured) 1% Non- Investment Grade…
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