SEP: Quality Assets, Proven Record 2011 Morgan Keegan MLP Conference San Francisco, California May 17, 2011
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…
Our Key Attributes Natural Gas Infrastructure Our Strategy for Growth Company Interstate gas pipelines & Optimization of assets storage Organic growth projects Fee-based, stable cash flow business Acquisitions No direct commodity…
SEP Assets Revenue Composition Weighted Average Capacity Reservation Fees Remaining Contract 90% Life: 8 years Variable Fees 7% Interruptible Contracts 3% Revenue composition percentages are weighted for SEPs respective…
Strong 1st Quarter Performance Good operating performance by SEPs assets through the winter Ozark Gas Transmission Recontracting process largely complete & in line with the 2011 Outlook assumption Section 5 Proceeding settlement…
Growth Drivers & Expansion Projects 1 Projects in execution Ozark Gas Recently completed Transmission East Tennessee Natural Gas Growth opportunities Project 1 NET Project Southeast Power Market Hub Conversions 2 Gulfstream…
East Tennessee Natural Gas Northeastern Tennessee (NET) Project NET Project East Tennessees NET Project provides service to a new TVA gas-fired generation plant 150,000 Dth/day 25 yr firm contract East Tennessee 135 million in…
East Tennessee Natural Gas Pipeline ETNG Operating Totals: 1,510 mile interstate pipeline 1.5 Bcf/d of pipeline capacity 31 receipt - 179 delivery points 1 Bcf LNG storage facility Avg contract life: 8 yrs ETNG is well…
Gulfstream Natural Gas Pipeline Gulfstream Operating Totals: 745 mile interstate natural gas pipeline 1.29 Bcf/d of pipeline capacity 8 receipt - 23 delivery points Avg contract life: 18 yrs One of two pipelines serving Florida…
Ozark Gas Transmission Ozark Operating Totals: 565 mile interstate pipeline 365 mile fee-based gathering system 0.5 Bcf/d of pipeline capacity Avg contract life: 2 yrs Well-positioned assets with a good mix of customers Access…
Market Hub Partners (MHP) Natural Gas Storage Market Hub Operating Totals: 2 high deliverability salt cavern storage facilities 43 Bcf capacity, increasing to 52 Bcf in 2H2011 77 miles of pipeline 13 interconnects Avg contract…
Looking Ahead Future looks bright for natural gas Use of natural gas for electric generation will drive the growth in demand for natural gas SEP will continue to grow unitholder value by: Continuing to optimize our assets Delivering…
Cash Available for Distribution (CAD) Three Months Ended March 31 ( millions) 2011 2010 Adjusted EBITDA 32.9 32.4 Add: Cash available from equity investments Gulfstream (49%) (1) 29.1 14.4 Market Hub Partners (50%) 12.2 11.6…
Debt and Available Liquidity ( millions, unaudited) March 31, December 31, Spectra Energy Partners 2011 2010 Credit Facility (LIBOR+35bps; matures 2012) 312 299 MLP Term Bank Loan(1) (LIBOR based) 171 207 MHP Demand Note(2) (LIBOR;…
Credit Metrics (unaudited) (2) Debt(1)/EBITDA (2) Interest Coverage 5.0x 20.0x 4.0x 15.7x 15.0x 14.6x 3.0x 2.0x 1.9x 10.0x 2.0x 1.0x 5.0x 0.0x 0.0x December 2010 March 2011 December 2010 March 2011 (1) Debt…
Gulfstream Debt ( millions, unaudited) March 31, 2011 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…
Appendix B Project & Other Information
East Tennessee Natural Gas Northeastern Tennessee Project (NET) East Tennessee NET Project Gas service to a new TVA gas-fired generation plant 150,000 Dth/day 25 yr firm contract Total project CapEx 135 million FERC Certificate…
Market Hub Partners Moss Bluff Cavern 4 Moss Bluff Cavern 4 SEPs share of total project CapEx: 60 million Permitted by Texas Railroad Commission Cavern development process continuing On schedule for 2H2011 in-service Project…
Market Hub Partners Egan Cavern 3 Egan Storage Cavern 3 Egan is a premier salt cavern storage asset SEPs share of total project Capex: 80 million Cavern development process continuing Project Description In Service Egan Cavern 3…
Gulfstream Natural Gas Phase V Expansion Gulfstream Phase V Gulfstream provides solid revenue base from long-term contracts 35,000 Dth/d of new firm service SEPs share of total project Capex: 16 million (reflects 24.5% for 2010 & 49%…
Spectra Energy Partners Eligible Holders As a result of certain FERC rate-making policies, we require an owner of our common units to be an Eligible Holder. Eligible Holders are individuals or entities subject to United States federal…
Regulation G Schedules
SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G May 17, 2011 Morgan Keegan MLP Conference in San Francisco, CA Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) The materials included…
Reconciliation of Net Income to Cash Available for Distribution Spectra Energy Partners Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Three Months Ended March 31, 2011 2010 Net…
Reconciliation of Net Income to Cash Available for Distribution (Gulfstream) Gulfstream Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Three Months Ended March 31, 2011 2010 Net…
Reconciliation of Net Income to Cash Available for Distribution (Market Hub) Market Hub Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Three Months Ended March 31, 2011 2010 Net…
Reg. G Reconciliation for Funds From Operations (FFO) Metrics Spectra Energy Partners Reconciliation of Non-GAAP Funds From Operations (FFO) Metrics (Unaudited) As of December 31, (in millions) 2008 2009 2010 Funds From Operations…
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