SEPs Sustainable Growth Story Laura Buss Sayavedra Vice President and Chief Financial Officer Spectra Energy Partners November 17, 2009 Oppenheimer 4th Annual Industrials Conference
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…
Introducing Spectra Energy Partners Publicly traded Master Limited Partnership (MLP) 2.1 billion market capitalization 2008 Cash Available for Distribution 121.5 million 100 million distributed (1.2X coverage ratio) Headquartered…
An Attractive Investment Opportunity Well-Positioned Assets Strong Sponsorship Growth Opportunities Financial Strength Value to Unitholders Our Strategy Optimizing our Assets Deliver on Organic Growth Pursue Acquisitions…
Track Record of Growing Distributions 41 Quarterly Distribution per LP Unit (in cents) 39 37 Annual distribution equivalent of 1.60 per LP Unit 35 33 Recently increased quarterly distribution by 0.02 per LP Unit 31 to 0.40…
Our Assets & Projects East Tennessee Natural Ozark Gas Transmission Saltville Gas Storage Market Hub Partners Gulfstream Natural Gas Gas & Ozark Gas Gathering (100%) (50%) (24.5%) (100%) (100%) SEP Operating Totals: Transmission…
East Tennessee Natural Gas Pipeline ETNG Operating Totals: 1,510 mile interstate pipeline 1.5 Bcf/d of capacity 28 receipt - 175 delivery points 1 Bcf LNG storage facility Avg contract life: 8 yrs ETNG is well positioned to…
Ozark Gas Transmission and Gathering Acquisition announced, closed and financed all in the 2nd quarter of 2009 Transition and integration progressing well Well-positioned assets with a good mix of customers Interconnects with…
Market Hub Partners Natural Gas Storage Expansion projects proceeding well Current capacity 43 Bcf Moving to 52 Bcf by 2012 Expansion Projects Underway Egan Cavern 3 6 Bcf in-service 3Q09 Total 8 Bcf expansion / 16 miles of 24…
Gulfstream Natural Gas Pipeline Gulfstream Operating Totals: Gulfstream Phase V 745 mile interstate natural gas pipeline Additional 35,000 Dth/d of new firm 1.25 Bcf/d of capacity 8 receipt - 23 delivery points service from…
Financial Results: Nine Months ended 9/30/09 Cash Available for Distribution of 134.1 million Net Income of 102.5 million 35% increase over nine months ended 9/30/2008 Earnings per limited partner unit 1.32 26% increase over nine…
Debt and Available Liquidity ( millions) SEP maintains a strong financial position At Sept. 30, 2009 At June 30, 2009 Debt East Tennessee Natural Gas (5.71%; Due 2012) 150 150 Other Floating Rate Debt 270 269 Total Debt 420 419…
The Outlook for Natural Gas Use Natural gas will continue to be a key resource for North Americas energy needs: Abundant 100+ years of supply Shale and other non-conventional sources Improved technology Domestic Clean burning…
www.spectraenergypartners.com Spectra Energy Partners November 17, 2009 Oppenheimer 4th Annual Industrials Conference
Appendix A Financial Information Spectra Energy Partners November 17, 2009 Oppenheimer 4th Annual Industrials Conference
Cash Available for Distribution ( millions) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Adjusted EBITDA 33.5 16.8 84.0 58.6 Add: Cash Available for Distribution from Gulfstream 14.4 12.8 32.6…
3rd Quarter and Year-to-date Earnings Summary ( millions) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 STATEMENTS OF OPERATIONS Operating revenues 49.8 29.5 126.7 91.7 Operating expenses 23.7…
Appendix B Other Information Spectra Energy Partners November 17, 2009 Oppenheimer 4th Annual Industrials Conference
Our Sponsor Spectra Energy Corp Spectra Energy Corp (NYSE: SE) highlights One of the largest gas transmission pipeline and storage systems in North America Most Admired Pipeline Company for 2009 according to Fortune 12 billion…
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…
What is an MLP An MLP (Master Limited Partnership) is a publicly traded partnership. About 95 trade on the major exchanges. Like other limited partnerships, MLPs have general partners that manage the business and limited partners that…
Key Features of MLPs As partnerships, MLPs pay no tax more money to pass on to investors. MLPs pay their unitholders quarterly cash distributions, which are tax-deferred. Distributions lower the basis in the units and are taxed only…
SEC Regulation G Spectra Energy Partners November 17, 2009 Oppenheimer 4th Annual Industrials Conference
SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G Presentation at the Oppenheimer 4th Annual Industrials Conference November 17, 2009 Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) The…
Reconciliation of Net Income to Cash Available for Distribution Spectra Energy Partners, LP Adjusted EBITDA and Cash Available for Distribution September 2009 (Unaudited) (In millions) Spectra Energy Partners Reconciliation of…
Reconciliation of Net Income to Cash Available for Distribution (Gulfstream) Spectra Energy Partners, LP Gulfstream - Adjusted EBITDA and Cash Available for Distribution September 2009 (Unaudited) (In millions) Gulfstream…
Reconciliation of Net Income to Cash Available for Distribution (Market Hub) Spectra Energy Partners, LP Market Hub - Adjusted EBITDA and Cash Available for Distribution September 2009 (Unaudited) (In millions) Market Hub…
Reconciliation of Net Income to Cash Available for Distribution 2008 Spectra Energy Partners, LP Adjusted EBITDA and Cash Available for Distribution For the Year Ended December 31, 2008 (Unaudited) (In millions) Spectra Energy…
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