2nd Quarter 2008 Earnings Review August 7, 2008 Spectra Energy Partners 2008 2nd Quarter 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…
Highlights Greg Harper President & CEO Spectra Energy Partners 2008 2nd Quarter Earnings Review
Spectra Energy Partners Growth Strategy Build on contracted position Deliver on organic growth projects Aggressively pursue acquisitions Spectra Energy Partners 2008 2nd Quarter Earnings Review 4
First Year Performance Exceeded S-1 Forecast Strong performance driven by: 113 MM 120 Assets with highly contracted revenues Cash Available for 105 Distribution 85 MM (in MM) 90 Strong demand at each asset 75…
Financial Overview Laura Buss Sayavedra Vice President & CFO Spectra Energy Partners 2008 2nd Quarter Earnings Review
2nd Quarter Financial Summary Net Income of 27.5 million 0.38 per limited partner unit Cash Available for Distribution of 21.8 million 0.30 per limited partner unit Second quarter results include Saltville acquisition…
Earnings from Equity Investments - Gulfstream ( millions) Three Months Ended June 30 2008 2007 Gulfstream Operating Income 35.8 28.9 (8.5) (11.4) Interest and Other Net Income 100% 27.3 17.5 Equity earnings in Gulfstream -…
Earnings from Equity Investments Market Hub Partners ( millions) Three Months Ended June 30 2008 2007 Market Hub Partners Operating Income 16.4 15.8 0.4 (1.1) Interest and Other Net Income 100% 16.8 14.7 Equity earnings in…
Cash Available for Distribution ( millions) Three Months Ended June 30 2008 2007 Net Income 27.5 23.9 Interest expense 3.8 2.1 Income tax expense (2.2) 6.2 Depreciation and amortization 6.5 5.6 Less: Equity Earnings from…
Available Liquidity ( millions) Three Months Ended June 30 2008 Debt East Tennessee Natural Gas (5.71%) 150 Long Term Debt (Floating Rate) 196 Term Loan (Floating Rate) 94 Total Debt 440 Credit Facility 500 Add: Cash and…
Business Overview Greg Harper President & CEO Spectra Energy Partners 2008 2nd Quarter Earnings Review
Current Project In-Service Timelines East Tennessee 7/08 12/08 7/09 7/10 7/11 12/12 Glade Spring In service 3Q 2008 CNX In service 4Q 2008 Greenway / Nora In service 4Q 2008 Gulfstream Phase III In service 3Q 2008 In service…
Solid Execution on 2008 Plan Added long term fee-based contracts scheduled to come on-line at Gulfstream and East Tennessee by year end Expand Contract Foundation Added term contracts to secure near term cash flows Minimal and…
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…
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 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 Initial…
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 Developed to final working capacity of 8 Bcf in…
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 Cavern drilling began…
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