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CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Feb 23, 2015 · 95 slides

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Slides

  1. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 1
    Credit Suisse 20 th Annual Energy Summit Supplemental Information Appendix February 23-24, 2015
  2. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 2
    The Power of Our Growing Portfolio Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300 Bcf Natural Gas Gathering Pipe: 70,000 mi Crude Transmission Pipe: 1,700 mi NGL Transmission Pipe: 1,500 mi SE Gas…
  3. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 3
    Spectra Energy Asset Structure Reporting Segment Assets in Segment U.S. Transmission Saltville Gas Storage Algonquin Gas Transmission Texas Eastern Transmission Big Sandy Pipeline Maritimes & Northeast, US Bobcat Gas Storage…
  4. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 4
    Credit Suisse 20 th Annual Energy Summit 2015 2017 Financial Plan (as presented 2/5/15)
  5. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 5
    Ongoing Objectives for Long-Term Value Creation Continue to Deliver dividend and Execute growth plan Exercise prudent distribution growth on time & on budget financial management Attractive, sustainable 35 billion in expansion…
  6. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 6
    2015 FX and DCP Commodity Assumptions Natural Gas Liquids (/gal) Natural Gas (/MMBtu) 1.00 5.00 0.89 4.00 4.41 3.60 0.75 0.55 3.00 0.50 2.00 0.25 1.00 0.00 0.00 2014 2015e 2016e 2017e 2014 2015e 2016e 2017e Crude Oil (/Bbl)…
  7. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 7
    Spectra Energy 2015e-17e Ongoing EBITDA 2015-2017 estimates reflect flat commodity prices and FX EBITDA by Segment (MM)(1) 2015e 2016e 2017e Spectra Energy Partners 1,815 1,995 2,255 Distribution 510 540 590 Western Canada…
  8. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 8
    Spectra Energy 2015e-17e Ongoing EBITDA (US MM) 4,000 3,465 3,500 20 3,125 590 3,000 2,840 540 510 2,500 675 665 630 2,000 1,500 2,255 1,000 1,815 1,995 500 0 -35 -80 -75 -75 -500 2015e 2016e 2017e Spectra…
  9. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 9
    Spectra Energy 2015e-17e Distributable Cash Flow 2015-2017 estimates reflect flat commodity prices and FX SE Distributable Cash Flow (MM) 2015e 2016e 2017e EBITDA 2,840 3,125 3,465 ADD: Equity in earnings of unconsolidated affiliates…
  10. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 10
    DCP Commodity Recovery Scenario Natural Gas Liquids (/gal) Natural Gas (/MMBtu) 1.00 5 4.20 0.80 3.96 3.90 0.90 0.70 4 0.75 3.60 3.60 3 0.50 0.55 0.55 2 0.25 1 0.00 0 2014 2015e 2016e 2017e 2014 2015e 2016e 2017e Crude Oil…
  11. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 11
    DCP Commodity Recovery Scenario Plan(1) vs Coverage: in Plan(1) in Commodity Recovery Scenario Commodity Recovery Scenario (MM) 4,000 2016e 1.0x 1.05x 125 215 2017e 1.0x 1.12x 3,000 2,000 3,465 3,125 135 55 1,000…
  12. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 12
    Spectra Energy Partners 2015e-17e Distributable Cash Flow SEP Distributable Cash Flow (MM) 2015e 2016e 2017e EBITDA by segment: U.S. Transmission 1,520 1,650 1,810 Liquids 275 320 415 Other (70) (65) (65) TOTAL EBITDA 1,725 1,905…
  13. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 13
    Spectra Energy Partners 2015e-17e Distributions as Paid SEP Distributions Per LP Unit (1) SEP Distributions to SE (MM) 3.00 8% 1,200 2.75 CAGR 1,100 SEP LP 1,070 2.83 SEP GP 2.50 2.63 1,000 945 2.25 2.43 900 2.25 820 2.00 800 704…
  14. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 14
    2015 2017 Financing Strategy U.S. growth capital Will access Will maximize use of projects financed with capital markets SEP At-the-Market 50/50 debt and opportunistically equity program SEP equity over the using our multiple…
  15. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 15
    Key Balance Sheets Metrics Projected Projected 12/31/14 12/31/2015 12/31/14 12/31/2015 Total Debt 14.7B 16.0B 6.1B 6.9B Financial Covenant 58% 58% 3.7x 3.8x Metrics Debt/Cap(1) Debt/Cap(1) Debt/EBITDA(1) Debt/EBITDA(1) Credit…
  16. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 16
    Total Capital Expenditures Maintenance CapEx (US MM) Expansion CapEx (US MM) 1,000 3,000 2,800 2,750 2,500 2,460 365 610 800 745 730 740 450 60 55 55 520 2,000 455 185 600 190 185 195 105 195 275 1,500 400 205 190 200…
  17. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 17
    Delivering Long-term Value for Shareholders SE Annual Dividends Paid (/share)(1) SEP Annual Distributions Paid (/LP unit)(1) +26% +28% 2.83 2.63 1.76 2.43 1.62 2.25 1.48 1.38 2014 2015e 2016e 2017e 2014 2015e 2016e 2017e…
  18. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 18
    Credit Suisse 20 th Annual Energy Summit 4Q14 Financial Results
  19. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 19
    4Q14 Results EBITDA Ongoing Segment EBITDA (MM) 4Q14 4Q13 YTD 2014 YTD 2013 Spectra Energy Partners (1) 444 369 1,669 1,440 Distribution 132 156 552 574 Western Canada 250 215 754 736 Field Services (2) (18) 72 229 343 Other 2…
  20. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 20
    Spectra Energy: 4Q14 Distributable Cash Flow YTD YTD SE Distributable Cash Flow (MM) 4Q14 4Q13 2014 2013 Ongoing EBITDA 810 798 3,146 3,034 LESS: Special items 11 12 34 Reported EBITDA 810 787 3,134 3,000 ADD: Equity in earnings…
  21. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 21
    Spectra Energy Partners: 4Q14 Distributable Cash Flow YTD YTD SEP Distributable Cash Flow (MM) 4Q14 4Q13 2014 2013 Ongoing EBITDA 424 352 1,591 1,391 LESS: Special items 1 7 Reported EBITDA 424 351 1,591 1,384 ADD: Equity in…
  22. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 22
    Spectra Energy Strong Investment Grade Balance Sheet Credit Metrics Summary 12/31/14 Debt / Capitalization(1) 57.8% Credit Ratings Spectra Energy Capital Baa2 / BBB- / BBB* * Moodys / S&P / Fitch senior unsecured ratings (1)…
  23. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 23
    Spectra Energy Partners Strong Investment Grade Balance Sheet Credit Metrics Summary 12/31/14 Debt / EBITDA(1) 3.7x Credit Ratings Spectra Energy Partners Baa2 / BBB / BBB* * Moodys / S&P / Fitch senior unsecured ratings (1)…
  24. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 24
    Liquidity Positions As of 12/31/14, (US MM) Total SE Union SEC-WEI- Total Capital Westcoast Gas UGL SEP Enterprise Revolving Credit Commitments 1,000 344 430 1,774 2,000 3,774 Less: Commercial Paper (398) (46) (232) (676) (907)…
  25. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 25
    SE Corp Consolidated Debt Maturity Profile as of 12/31/14 (US MM) 2,500 140 Express-Platte 120 SE Capital 100 SE Partners 80 M&N - Can 2,000 M&N - US 60 Union Gas 40 Westcoast 20 East Tenn 0 Algonquin Mar-15 Aug-15…
  26. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 26
    SEP Consolidated Debt Maturity Profile as of 12/31/14 20 (US MM) 15 Express-Platte 1,800 SE Partners 10 1,600 M&N - US 5 East Tenn 1,400 Algonquin 0 TETLP May-15 Jan-15 Mar-15 Jul-15 Sep-15 Nov-15 1,200…
  27. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 27
    Customer Revenue Profile Credit Mix As of 12/31/14 2014 Revenue 90% Investment Grade 90% of our revenues are with and/or Equivalent customers who are investment grade, investment grade equivalents, or are secured by…
  28. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 28
    Credit Suisse 20 th Annual Energy Summit U.S. Transmission Overview
  29. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 29
    U.S. Transmission: Growth Now and in the Future Northeast & New England Power Record throughput the last 3 Generation winters Supply to Strong market opportunities from Markets LDCs, power generators and industrial customers…
  30. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 30
    U.S. Transmission: Strong and Growing Portfolio 2015e EBITDA EBITDA with Growth Projects (MM) 2,500 Western Canada 2,000 Execution Projects SEP: U.S. 1,500 Transmission 1,520MM 1,000 Distribution Base 500 0 SEP: Liquids…
  31. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 31
    Execution Projects: Delivering Incremental EBITDA UST executing on 6B of projects Atlantic that deliver 700MM EBITDA by 2020 Bridge Salem Lateral Dawn Hub PennEast AIM Project Est. CapEx (MM) In-Service NEXUS OPEN 500 2H15 OPEN…
  32. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 32
    U.S. Transmission: Northeast Expansion 5B of investment in Access execution and development Northeast Salem Northeast and New England demand Atlantic Lateral continues to increase Bridge Our infrastructure footprint with UTICA AIM…
  33. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 33
    U.S. Transmission: Access Northeast Gas-fired power plant connected to Access Northeast Project PORTLAND Gas-fired power plant not connected Maritimes Direct connection with & Northeast Northeast generators BOSTON Takes…
  34. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 34
    U.S. Transmission: Marcellus/Utica Expansion 4B of investment in Dawn Hub execution and development Appalachian gas flowing into Texas Eastern NEXUS continues to grow NEXUS will connect Texas Eastern to Union Gas, OPEN creating a…
  35. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 35
    U.S. Transmission: Southeast & Gulf Coast Expansion 4B of investment in execution and development Ozark Sabal Trail will serve Florida power Conversion Industrial generation market Consistent growth in revenues from contracted…
  36. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 36
    U.S. Transmission: 2015-2017 Priorities Sign an average of 2B/year in expansion projects through 2017 Sign deals for projects in New England, the Northeast and the Gulf Safely and successfully advance execution projects Ensure…
  37. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 37
    Spectra Energy Partners: U.S. Transmission Contract Portfolio 95% of U.S. Transmission revenue comes from demand charges 2014 TETLP Firm Demand Revenues by 2014 TETLP Firm Demand Revenues by Service Provided Customer Type LDCs 54% Long…
  38. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 38
    Spectra Energy Partners: Solid Fee-Based Businesses Average Contract Term for Major U.S. Transmission Pipelines (years) 0 5 10 15 20 Texas Eastern 8 Algonquin 6 East Tennessee 10 Maritimes & Northeast (US) 17 Gulfstream 15…
  39. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 39
    Spectra Energy Partners: U.S. Transmission Revenue Stability Based on Transmission Revenues for 12 months ended 12/31/14 100% 90% 95% 98% 97% 96% 98% 98% 93% 80% 70% 60% 50% 40% 30% 20% 2014 Reservation Revenue 2014 Usage and Other…
  40. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 40
    Credit Suisse 20 th Annual Energy Summit Liquids Overview
  41. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 41
    Liquids: Fee for Service Business with Secure Revenue Hardisty Fee for service and no direct commodity exposure Express Access to growing supply Pipeline Express-Platte Delivery to premium markets Pipeline System Express and…
  42. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 42
    Liquids: Expansion on Top of Solid Growing Base Liquids EBITDA (MM) 450 Annual toll escalation on all four pipelines 400 Capital Plan New Express contracts with higher 350 Base tolls displacing legacy contracts 300 Volume…
  43. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 43
    Liquids: Well-positioned in Challenging Environment Commodity prices have no impact on EBITDA growth in plan horizon Support for large crude oil and NGL infrastructure projects is challenging Incremental expansions of our…
  44. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 44
    Liquids: Attractive Growth Opportunities Cost-effective optimization/ Est. CapEx (1) expansion of Express-Platte Project Type Examples (MM) In-Service pipeline and terminals Express enhancement, Near-Term Crude Express-Platte…
  45. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 45
    Liquids: 2015-2017 Priorities Ramp existing contracts On-system expansion of and access new supply on pipe and terminals Sand Hills & Southern Hills Continuing optimization to meet market demand Add new connections, construct…
  46. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 46
    Credit Suisse 20 th Annual Energy Summit Union Gas Overview
  47. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 47
    Union Gas: Foundation for Growth National Energy Board approval of eastern Canadian LDC tolls settlement Toll certainty for eastern customers Catalyst supporting 2015-2018 Dawn- Parkway expansions Ontario Energy Board approval of…
  48. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 48
    Union Gas: Regulatory Framework Supporting Growth Ontario Energy Board approved Incentive Regulation Mechanism 5-year term: 2014 2018 9% base ROE Attractive features: Earnings sharing provides 150 bps upside opportunity over…
  49. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 49
    Union Gas: Asset Strength and Flexibility QC Dawn Hub is 2ndlargest physical gas trading hub in North America ON Continued customer interest for U.S. Dawn Hub supplies and short haul Northeast transportation from Dawn to TORONTO…
  50. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 50
    Union Gas: Major Growth Projects QC Largest expansions in Union Gas history ON Est CapEx U.S. Execution Projects (MM) In Service Northeast 2015 Dawn-Parkway 390 2H15 TORONTO NY 2016 Dawn-Parkway 360 2H16 Burlington-Oakville 100 2H16…
  51. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 51
    Union Gas: 2015 to 2017 Priorities Build off strength and stability of base assets Execute 2015 and 2016 Advance 2017 and 2018 Dawn-Parkway expansions Dawn-Parkway expansions Union Gas delivering stability and growth Cre…
  52. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 52
    Credit Suisse 20 th Annual Energy Summit Western Canada Overview
  53. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 53
    Western Canada: 2014 Highlights Placed North Montney project into service in 2Q14 Fully contracted T-South year- round service and secured 500MM of pipeline expansion projects Substantially de-risked Empress commodity…
  54. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 54
    Western Canada: Attractive Footprint Western Canadian Gathering & BC Processing AB QC SK MB BC Pipeline Empress Maritimes & Northeast, Canada ON NB NS BC Pipeline: Natural Gas Transmission Empress System: Natural Gas…
  55. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 55
    Western Canada: Stable Base Portfolio 2015e EBITDA Distribution Western Canada 630 MM 54% SEP: Liquids 95% Fee-Based Nat Gas G&P Fee-based contracts Transmission Regulated fee-for-service SEP: UST 27% M&N Canada Regulated…
  56. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 56
    Western Canada: Business Development Transmission Horn River Cordova Liard Traditional markets are growing T-North Resurgent industrial and power generation activity Montney Small scale LNG projects PRINCE Jackfish Lake RUPERT…
  57. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 57
    Western Canada: Business Development Gathering & Processing Resource development driving Montney Tight Gas Production (MMCf/d) producer services 4,000 BCs world class gas supply is growing North Montney BC 3,500 Development…
  58. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 58
    Western Canada: Business Development LNG Horn River Large scale LNG export driving growth Liard Cordova in the next decade Westcoast Montney Westcoast Connector project obtained Connector Environmental Assessment Certificate in…
  59. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 59
    Western Canada: 2015-2017 Priorities Sustain base portfolio: - Contract renewals Place 500MM Transmission - NGL risk management projects into service in 2016 and 2017 - Cost management Originate additional Secure LNG…
  60. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 60
    Credit Suisse 20 th Annual Energy Summit Field Services Overview
  61. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 61
    Field Services: Ownership Structure 50% 50% 22% LP & GP Interest Public Unitholders 78% LP Interest Cre d it Su isse 2 0 th An n u al E n e rgy Su mmit 72
  62. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 62
    Field Services: DCP Midstream is a Leader in Key Basins Natural Gas Processing(1) (MMcf/d) DCP Midtream enterprise Enterprise Products 1 Williams DJ Basin2 Midcoast Energy DPM standalone 5 MarkWest Energy Wattenburg EnLink…
  63. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 63
    Field Services: Long-term Fundamentals Improve Over Time DCP Midstream is a leader in a must-run industry 2015: Managing through the downturn Historic U.S. Rig Count Weak global demand fundamentals 2,500 Supply outpacing demand E&P…
  64. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 64
    Field Services: Prudent Management Through Cycles Historical Commodity Price Cycles 2008-2010: Adjust to market collapse 160 2.00 Cost reductions & efficiencies Capital flexibility NGLs Managed headcount (/gal) Maintained strength…
  65. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 65
    Field Services: Footprint in Core Areas of Key Basins DJ Basin/North 64 Plants(1) Strategic assets backed by strong producers 68,000 miles of Pipeline(1) Top 10 customers make up 40% of margin / gas volume Midcontinent Prudent…
  66. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 66
    Field Services: Capital Efficiency Asset ramp-up highlights capital efficiency & improves return on capital Processing Capacity Additions NGL Pipeline Throughput (MBPD, 100% view) 900 250 800 1Q14 OConnor Exp. 700 1Q14 Goliad…
  67. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 67
    Field Services: 2015 Forecast DCP Midstream Consolidated(1) (MM) DCP Midstream Commodity Sensitivities(1) DCP EBITDA 730 Price Annual EBITDA Assumption Change Sensitivity Growth Capex 550 NGLs (/gal) 0.55 +/- 0.01 11MM Maintenance…
  68. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 68
    Field Services: Summary Must run business with competitive footprint and geographic diversity Proven track record through commodity cycles Controlling costs, transforming company for the long-term History of strong cash generation…
  69. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 69
    Credit Suisse 20 th Annual Energy Summit Major SE & SEP Projects
  70. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 70
    7+ Billion Projects in Execution (1)(2) - Largely Demand Pull 100% 50/50 100% SUPPLY DEMAND PUSH PULL Est. CapEx Segment In-Service Counter- parties (MM) UST 2015 Red Lake 3Q15 60 Liquids 2015 Dawn Parkway 4Q15 390 Distribution…
  71. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 71
    Access South & Adair Southwest Projects Purpose: The Access South and Adair Southwest Berne projects provide shippers with a firm transportation service from the Appalachian Uniontown Shale Supply basin to markets in the Adair…
  72. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 72
    Algonquin Incremental Market AIM Expansion Purpose: Provide growing New England demand with access to abundant regional natural gas supplies Project Scope: Providing 340 MMcf/d of additional capacity to move Marcellus production to…
  73. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 73
    Atlantic Bridge Purpose: Increased pipeline capacity will allow abundant, economical supplies of natural gas from regional production to flow to the New England and Atlantic Canada markets Project Scope: Further expansion of the…
  74. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 74
    Burlington-Oakville Purpose: New pipeline capacity replacing third party contracted transportation services to serve a growing distribution market Project Scope: CapEx: 100 MM Customers: Burlington-Oakville Pipeline Union Gas…
  75. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 75
    Corpus Christi Lateral Purpose: Expands reach of the Sand Hills NGL pipeline into the Corpus Christi refining and trading center Project Scope: 40,000 bpd lateral from Corpus Christi refinery to the Sand Hills pipeline…
  76. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 76
    2015 Dawn-Parkway Expansion Purpose: Capacity increase to meet market Enbridge GTA Project interest for supply access at Dawn TCPL Kings North and other eastern receipt points on Project the TCPL system Parkway West Increase…
  77. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 77
    2016 Dawn-Parkway Expansion TCPL 2016 Purpose: Expansion Capacity increase to meet market interest for supply access at Dawn and other eastern receipt points on the TCPL system for 2016 in-service Hamilton- Milton Loop Project…
  78. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 78
    Gulf Markets Expansion Purpose: Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 350 MMcf/d expansion from Marcellus (M2) to Louisiana (WLA) 150 MMcf/d expansion from Eagle Ford (STX) to Louisiana…
  79. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 79
    Jackfish Lake Purpose: Supply-push project to facilitate T-North producer access to our growing downstream markets Project Scope: Capacity: 140 MMcf/d CapEx: 200 MM Customers: Producer driven Project Status: File NEB Application…
  80. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 80
    Loudon Purpose: Add new customer to the East Tennessee system by converting an existing power plant from coal to natural gas KNOXVILLE Project Scope: NASHVILLE 40 MMcf/d expansion from SONAT interconnect in Bradley County, TN…
  81. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 81
    NEXUS Purpose: The new pipeline will serve local distribution companies, power generators and industrial users in Ohio, Michigan, Chicago and Ontario markets Project Scope: 42-inch diameter, 250 mile greenfield pipeline starting in…
  82. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 82
    Ohio Pipeline Energy Network OPEN Project Purpose: Attach emerging Ohio Marcellus and Utica natural gas supplies to new markets Project Scope: 550 MMcf/d expansion of Texas Eastern CapEx: 500 MM Customers (15+ year terms):…
  83. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 83
    Ozark Partial Conversion Purpose: Line remains natural gas Repurpose a portion of the existing Ozark line from natural gas service to refined products service Project Scope: Line to be converted 75,000 bpd conversion of OGT south…
  84. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 84
    PennEast SEP will have 10% equity ownership in PennEast pipeline PA Transco PennEast AGT Purpose: New, direct connection to Northeast Pennsylvania production Opportunity to work with some of Texas Eastern our biggest customers and…
  85. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 85
    RAM Purpose: Horn River Cordova Demand pull project on the T-South system Liard to accommodate new customer contracts T-North Project Scope: Montney Upgrading the system with three new PRINCE compressor replacements and preparing…
  86. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 86
    Red Lake Zia II Purpose: LEA COUNTY Expands Sand Hills reach into fast NM growing production areas; positions Fullerton Sand Hills for future growth Project Scope: RED LAKE LATERALS Goldsmith Rawhide Two 60,000 bpd laterals…
  87. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 87
    Sabal Trail Transmission Purpose: New interstate pipeline into Florida providing access to reliable onshore natural gas supply Project Scope: 1+ Bcf/d of capacity connecting Transco Station 85 supply to Florida power generation…
  88. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 88
    South Texas Expansion Project STEP Project Purpose: Vidor Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 400 MMcf/d expansion from Vidor to Petronila CapEx: 130 MM Project Status: File FERC…
  89. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 89
    Stratton Ridge Expansion Project Purpose: The Stratton Ridge Project provides shippers with a firm transportation service to deliver 100 new incremental production from the growing shale plays to the Gulf Coast Project Scope: 142…
  90. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 90
    Salem Lateral Purpose: Provide natural gas service to a new power plant development on the site of an existing Algonquin Gas coal-fired plant Transmission Project Scope: 115 MMcf/d expansion connecting AGT Hubline and MNE to the new…
  91. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 91
    Uniontown to Gas City U2GC Project Purpose: Expansion of Texas Eastern from Appalachian area receipts to markets at Gas City, Indiana Project Scope: Capacity: 425 MMcf/d CapEx: 60 MM Customers (10+ year terms): CONSOL Energy East…
  92. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 92
    Credit Suisse 20 th Annual Energy Summit Sustainability Recognition
  93. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 93
    Sustainability For Spectra Energy, Sustainability means: Providing natural gas, natural gas liquids and crude oil pipelines and midstream infrastructure to meet North Americas energy needs in a way that is economically, environmentally…
  94. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 94
    Awards and Recognition Environmental Social Governance Performance Dow Jones Sustainability 5th time on the World Index and 7th consecutive time Indexes on North America Index Member of the CDPs S&P 500 Climate Disclosure and CDP…
  95. CREDIT SUISSE 20 TH ANNUAL ENERGY SUMMIT – Spectra Energy Partners, Lp – slide 95

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