1st Quarter 2009 Earnings Review May 6, 2009 Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
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…
Highlights Greg Rizzo President and Chief Executive Officer Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
1st Quarter Highlights Great quarter reflects excellent Distributions have grown 23% since IPO performance from all assets Significant contributions from our 38 completed projects 36 Raised distribution to 37 cents per…
Financial Highlights Laura Buss Sayavedra Vice President and Chief Financial Officer Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
1st Quarter Financial Highlights Net Income of 28.5 million 0.39 per limited partner unit 18% increase over 1st Quarter 2008 Cash available for distribution (CAD) of 45.4 million 24% higher than 1st Quarter 2008 Maintain strong…
Gulfstream Natural Gas ( millions) Three Months Ended March 31 2009 2008 Operating Revenues 56.2 40.8 Operating Expenses 16.1 13.9 Operating Income 40.1 26.9 Interest Expense and Other (12.1) (8.0) Net Income 100% 28.0 18.9…
Market Hub Partners (MHP) ( millions) Three Months Ended March 31 2009 2008 Operating Revenues 27.9 21.9 Operating Expenses 7.9 6.8 Operating Income 20.0 15.1 Interest Income and Other (0.1) 0.6 Net Income 100% 19.9 15.7…
Cash Available for Distribution Three Months Ended March 31 ( millions) 2009 2008 Adjusted EBITDA 22.7 22.3 Add: Cash available from equity investments Gulfstream 11.9 8.3 Market Hub Partners 10.9 8.7 Project development costs…
Debt and Available Liquidity ( millions) At March 31, 2009 Debt East Tennessee Natural Gas (5.71%; Due 2012) 150 Other Floating Rate Debt 290 Total Debt 440 Available Liquidity Credit Facility 500 Borrowings (excluding East…
Looking Ahead Greg Rizzo President and Chief Executive Officer Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
Strategic Advantages for SEP Positive natural gas trends continue Assets are well-suited to capitalize Geographically diverse Accessibility / interconnectivity Scalable expansions Spectra Energy Partners May 6, 2009 1st Quarter…
Continue to Execute on our Strategy 9 Execute on organic growth projects 9 Capitalize on our financial position 9 Continue distribution growth Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review 13
Questions and Answers Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
Appendix A Project Information Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
Gulfstream Natural Gas Phase III and IV Expansions Completed Gulfstream provides solid revenue base from long-term contracts Gulfstream Phase III: Final phase-in of 160,000 Dth/d contract in June 2009 SEP Est. 2009 Capex: 5 MM…
Market Hub Partners Egan Cavern 3 Egan is the premier salt cavern asset in North America Egan Cavern 3: SEPs share of total capex: 80 million Cavern development process continuing Initial 6 Bcf of working capacity expected 2H…
Market Hub Partners Moss Bluff Cavern 4 Moss Bluff is key player in the Texas intrastate market Moss Bluff Cavern 4 SEPs share of total capex: 60 million Permitted by Texas Railroad Commission Cavern development process…
Appendix B SEC Regulation G Schedules Spectra Energy Partners May 6, 2009 1st Quarter 2009 Earnings Review
SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G 1st Quarter 2009 Earnings Review May 6, 2009 Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) The materials for Spectra Energy Partners…
Reconciliation of Net Income to Cash Available for Distribution ( millions) Three Months Ended March 31 2009 2008 Net Income 28.5 24.1 Interest expense 4.0 5.0 Income tax expense 0.4 0.8 Depreciation and amortization 6.7 6.6…
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