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MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Mar 4, 2014 · 76 slides

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Slides

  1. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 1
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Supplemental Information Appendix March 4-5, 2014
  2. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 2
    Our Strong Portfolio of Assets Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300+ Bcf Natural Gas Gathering Pipe: 69,000 mi Crude Transmission Pipe: 1,700 mi NGL Transmission Pipe: 1,500 mi Gas storage…
  3. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – 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. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 4
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section I U.S. Transmission Overview
  5. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 5
    Spectra Energy Partners: U.S. Transmission Natural Gas Transmission Pipe 13,700mi System Compression 2.5MM HP Natural Gas Storage Capacity 150 Bcf Access to multiple supply sources One of the largest storage positions in North…
  6. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 6
    U.S. Transmission: Asset Strength & Flexibility Value of capacity increases with changing supply and demand dynamics Future Growing supply along the system Flows Increasing demand in all areas where our pipelines reach New…
  7. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 7
    U.S. Transmission: Execution Projects 4B in execution delivering 550MM in EBITDA(1) with greater than 10% ROCE Salem Lateral AIM OPEN U2GC Est. CapEx Project (2) (MM) In-Service TEAM 2014 TEAM 2014 500 2H14 Kingsport 120…
  8. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 8
    U.S. Transmission: Development Projects M&N 7B in development projects; Reversal 3B to be signed in 2014 New England Power Gen Opportunity In Service Atlantic NEXUS 2017 NEXUS Bridge Atlantic Bridge 2017 New England Power Gen…
  9. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 9
    U.S. Transmission: 2014 Priorities Pursue 7B dollars of opportunities; sign 3B in 2014 at 10% ROCE Safely and successfully advance execution projects Ensure re-contracting of base Place Team 2014, TEAM South, and revenue…
  10. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 10
    Spectra Energy Partners: U.S. Transmission Contract Portfolio 95% of U.S. Transmission revenue comes from demand charges 2013 TETLP Firm Demand Revenues by 2013 TETLP Firm Demand Revenues by Service Provided Customer Type LDCs 62%…
  11. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 11
    Spectra Energy Partners: Solid Fee-Based Businesses Average Contract Term for Major U.S. Transmission Pipelines (years) 0 5 10 15 20 Texas Eastern 7.2 Algonquin 6.6 East Tennessee 8.1 Maritimes & Northeast (US) 18.1…
  12. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 12
    Spectra Energy Partners: U.S. Transmission Revenue Stability Based on Transmission Revenues for 12 months ended 12/31/13 100% 90% 95% 98% 97% 98% 98% 98% 93% 80% 70% 60% 50% 40% 30% 20% 2013 Reservation Revenue 2013 Usage and…
  13. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 13
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section II Liquids Overview
  14. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 14
    Spectra Energy Partners: Liquids Crude Pipelines Express Platte Hardisty Size: 785 mile, 24 pipe 932 mile, 20 pipe Express Casper, WY Guernsey WY Pipeline Nameplate 164 mbpd 280 mbpd Guernsey, WY Wood Express-Platte Capacity:…
  15. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 15
    Liquids: Maximizing Revenue from Existing Assets Express Pipeline (Bbl/d) Optimization Strategy: 300,000 250,000 Capacity Express Receipts Maximize capacity utilization 200,000 Connect to rail and barge to expand New Committed market…
  16. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 16
    Liquids: Financial Growth Exceeding Expectations 350 Liquids EBITDA (MM) 32% 305 Total Liquids CAGR 300 275 Southern Hills 250 85 Sand Hills 19% 75 210 200 40 Express-Platte CAGR 150 132 220 Express-Platte 100 200 170…
  17. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 17
    Liquids: Price Differentials Driving Opportunity North American Crude Oil Prices North American (/Bbl, average 2013 spot prices) Crude Oil Production (MMBPD) 18 WCS ANS 74 16 108 14 Shale Oil 12 10 Bakken 8 Oil Sands 93 6…
  18. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 18
    Liquids: Changing Flow Patterns Require New Infrastructure Shifting crude oil flows to major refining regions WCS ANS 74 Major refining markets 108 Increasing flows Decreasing flows Bakken 93 Brent 109 SJVH 95 WTI Oil…
  19. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 19
    Liquids: Opportunities Abound From a solid base, accessing growth opportunities across North America Synergy Pipeline Synergy Extending upstream from Pipeline Hardisty to oil sands 2019 Express-Platte Connecting oil sands &…
  20. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 20
    Liquids: 2014 Priorities Continue to ramp up Express-Platte contracted Ramp existing contracts on volumes and EBITDA Sand Hills & Southern Hills Price-advantaged crude oil Connecting growing NGL supply transportation to Rockies to…
  21. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 21
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section III Distribution Overview
  22. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 22
    Spectra Energy: Distribution Retail Customers 1.4 million Distribution Pipe 39,000 mi Union Gas 2nd largest natural Natural Gas Storage Capacity 160 Bcf Pipeline Capacity 6.4 Bcf/d gas distributor in Canada Natural Gas Transmission…
  23. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 23
    Distribution: New 5-Year Regulatory Framework Comprehensive 5-year negotiated settlement Ontario Energy Board (OEB) approval of agreement and new incentive regulation mechanism (IRM) for 2014 2018 64/36 debt/equity capital…
  24. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 24
    Distribution: Rapidly Changing Supply Dynamics in E. Canada Ontario reduction in supply ON from Western Canada: 3Bcf/d Supplies from the Marcellus/ Utica are increasingly needed in TORONTO Ontario NY Parkway Two options to move…
  25. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 25
    Distribution: Union Gas Growth Projects Transmission Capacity Growth ON Dawn to Parkway Expansions 2015 Dawn-Parkway 2015 - 430MM, in execution Expansion 2016-17 - 500MM, in development TORONTO 2016-17 Dawn-Parkway New…
  26. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 26
    Distribution: 2014 Priorities Build off strength and stability of base assets Execute 2015 Advance 2016-17 Dawn Parkway expansion Dawn-Parkway expansion File OEB application Distribution business delivers strong cash…
  27. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 27
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section IV Western Canada Transmission & Processing Overview
  28. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 28
    Spectra Energy: Western Canada Transmission & Processing Western Canadian G&P BC AB SK MB BC Pipeline QC Empress Maritimes & ON Northeast, Canada NB NS Gathering & BC Pipeline Natural Gas Liquids Empress System Processing…
  29. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 29
    Western Canada: Strong Base Portfolio Horn River Consistent growth in earnings from core assets Liard Cordova Gathering & Processing British 1 gas processor in British Columbia Columbia Processing capacity: 3.7 Bcf/d Montney…
  30. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 30
    Western Canada: Unconventional Reserves Driving Opportunities Marketable Reserves in British Columbia (Tcf) Producers are realizing 430 attractive returns in developing unconventional Cordova 40 160+ reserves Liard 40 years Horn…
  31. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 31
    Western Canada: Business Development Opportunities Infrastructure to Support Domestic Horn River and LNG Export Markets Liard Multinationals leading LNG Cordova development Large scale incremental G&P and Westcoast pipeline…
  32. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 32
    Western Canada: 2014 Priorities Substantially de-risk Empress Place North Montney project commodity exposure into service in 2Q14 Advance regulatory approvals and obtain Secure G&P, pipeline and NGL environmental permits on…
  33. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 33
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section V Field Services Overview
  34. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 34
    Spectra Energy: Field Services Competitive Advantages 64 Plants, 12 Fractionators Premier US gas gatherer and 67,000 miles of Pipeline* processor Largest natural gas liquids (NGL) producer in the U.S. Located in most major oil &…
  35. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 35
    Field Services: DCP Midstream is a Leader in Key Basins Natural Gas Processing1 (MMcf/d) DCP Midstream enterprise 1 Enterprise Products Targa Resources DJ Basin2 MarkWest Energy Partners DPM standalone 5 Wattenburg Encana NGL…
  36. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 36
    Field Services: Significant Progress Achieved DCP 2010 DCP 2016e Top tier gatherer and processor Midstream logistics services leader Executing ahead of schedule Significant progress achieved toward 2015 goal nearly there now…
  37. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 37
    Field Services: 2014 NGL Barrel Update & Pricing Assumptions 2014 Price DCP NGL Crude Gas 2014 DCP NGL Barrel Update Assumptions /gal /Bbl /MMBtu 1. 2014 NGL Barrel includes ethane rejection DCP 0.94 95 3.75 resulting in heavier…
  38. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 38
    Field Services: 2013-16e EBITDA and Net Income DCP EBITDA(1) (100%, MM) DCP Net Income(1) (100%, MM) 11% 4% CAGR 555 CAGR 1,595 2013-2016 545 2013-2016 1,535 491 510 1,330 1,157 2013e 2014e 2015e 2016e 2013 2014e 2015e…
  39. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 39
    Field Services: Growth-for-Growth Strategy 4-6B 3-5B 33% 2014-2016 self-funded 2014-2016 potential CAGR 2013-2016 capital program dropdowns to DPM DCP GP/LP from DPM DPM Dropdowns (B, consolidated, includes DPM) DPMs Distributions…
  40. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 40
    Field Services: Delivering Value to Owners Significant valuation uplift by 2016 with increasing DPM GP/LP distributions DPM GP/LP Distributions to SE & PSX (100%, MM) 275 DPM GP DPM LP 225 100 17x/5.9% yield (1) 170 85 116 70…
  41. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 41
    Field Services: 2014 Priorities Place projects into service Drop down of at least 1B in Goliad Plant in Eagle Ford OConnor Plant Expansion in DJ assets to DPM Front Range NGL pipeline in service Targeting dropdown of 1/3…
  42. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 42
    DCP Midstream: 2014 Financial Summary DCP Midstream Earnings (100%) (MM) 2014e 2015e 2016e EBITDA 1,330 1,535 1,595 Net Income 510 545 555 Distributions to Owners 465 520 520 Commodity Sensitivities (100%) 2014 Earnings 12 mo…
  43. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 43
    2014 Plan- DCP Midstream: Margin / Volume By Contract 2014e Margin by Contract Type(1) 2014e G&P Volumes & Margin(1) Margins Volumes ( /MMBtu) (TBtu/d)(3) Keepwhole 10% Percent of 0.50 6.0 Other(2) Proceeds Percent of 25%…
  44. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 44
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section VI Financial Information
  45. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 45
    Ongoing Objectives for Long-term Value Creation Continue to Exercise prudent Deliver dividend and Execute on financial distribution growth growth plan management At least 8%-9% annual 1.3B in growth CapEx in Disciplined…
  46. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 46
    Spectra Energy Partners 2014e-16e Distributable Cash Flow Distributable Cash Flow (MM) 2014e 2015e 2016e EBITDA by segment: U.S. Transmission 1,340 1,450 1,600 Liquids 210 275 305 Other (65) (60) (65) TOTAL EBITDA 1,485 1,665…
  47. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 47
    Spectra Energy Partners 2014e-16e Distributions as Paid SEP Distributions Per LP Unit (1) SEP Distributions to SE (MM) 2.75 8-9% 1,000 CAGR 910 2.50 900 2.57 810 2.25 2.41 800 2.25 715 2.00 700 2.02 1.75 +11% 600 620…
  48. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 48
    Spectra Energy 2014e-16e EBITDA EBITDA by Segment (MM) 2014e 2015e 2016e Spectra Energy Partners (1) 1,560 1,750 1,915 Distribution 555 575 605 Western Canada Transmission & Processing 690 715 730 Field Services (2) 305 295 310…
  49. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 49
    Spectra Energy 2014e-16e Distributable Cash Flow Distributable Cash Flow (MM) 2014e 2015e 2016e EBITDA 3,035 3,255 3,490 ADD: Net cash from equity investments (35) 5 (15) Other 5 15 10 LESS: Interest expense 730 730 760 Equity…
  50. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 50
    Spectra Energy Ongoing Net Income and EPS (MM) 2013* 2014e 2015e 2016e EBITDA 3,034 3,035 3,255 3,490 - DD&A 772 815 855 890 - Interest and other 650 730 730 760 Earnings before income taxes 1,612 1,490 1,670 1,840 - Income tax…
  51. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 51
    2014 Plan Key Assumptions & Sensitivities Annual Assumption Price Change Sensitivity DCP Midstream NGL: 0.94/gal +/- 0.01/gal +/- 6 MM EBITDA Represents Spectra Energys 50% interest in DCP Midstream Natural Gas: +/- 4 MM…
  52. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 52
    Ongoing EBITDA by Segment ( US MM) 3,490 3,500 3,255 310 3,035 295 2,900 305 605 575 555 2,300 730 715 690 1,700 1,100 1,750 1,915 1,560 500 -100 -75 -80 -70 2014e 2015e 2016e Spectra Energy Partners Western Canada…
  53. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 53
    Total Capital Expenditures Maintenance Capex Expansion Capex (US MM) ( US MM) 2,750 2,550 755 750 2,500 800 175 735 2,270 50 45 2,250 40 340 2,000 600 220 210 205 1,750 1,275 1,390 580 1,500 400 195 1,250 230 215 205…
  54. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 54
    Spectra Energy: Strong Investment Grade Balance Sheet Projected Financial & Credit Metrics Summary 12/31/13 12/31/14 Total Debt 14.7B 15.5B Debt / Ongoing EBITDA 4.9x 5.1x Credit Ratings Spectra Energy Capital Baa2 / BBB- /…
  55. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 55
    Spectra Energy Partners: Strong Investment Grade Balance Sheet Projected Financial & Credit Metrics Summary 12/31/13 12/31/14 Total Debt 5.9B 6.3B Debt /Ongoing EBITDA 4.3x 4.2x Credit Ratings Spectra Energy Partners Baa2 /…
  56. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 56
    Liquidity Positions Total SE Union SEC-WEI- Total As of 12/31/13 Capital Westcoast Gas UGL SEP Enterprise Revolving Credit Commitments 1,000 282 377 1,659 2,000 3,659 Less: Commercial Paper (344) (34) (316) (694) (338) (1,032)…
  57. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 57
    SE Corp Consolidated Debt Maturity Profile as of 12/31/13 USD Millions 500 450 Express-Platte 2,500 400 SE Capital 350 SE Partners 300 M&N - Can 250 M&N - US 200 Union Gas 150 2,000 100 Westcoast 50 East Tenn 0…
  58. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 58
    SEP Consolidated Debt Maturity Profile as of 12/31/13 USD Millions 450 400 1,800 350 300 Express-Platte 250 SE Partners 1,600 200 M&N - US 150 East Tenn 1,400 100 Algonquin 50 TETLP 0 1,200 Dec-14 Oct-14 Aug-14…
  59. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 59
    Customer Credit Exposure as of 12/31/13 Spectra Energys customer mix is made up of primarily high quality credits 35% 31% A or Higher BBB 8% 14% Non-Investment Investment Grade- Equivalent Grade - Unsecured 12%…
  60. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 60
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section VII Major SE and SEP Projects
  61. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 61
    SE and SEP Current Projects in Execution Expansion Project Segment Status (1) Est. CapEx (MM) In-Service North Montney Expansions W. Canada Partial In-Service 300 4Q12-2014 Kingsport U.S. Trans Execution 120 2H13-1H15 TEAM 2014 U.S.…
  62. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 62
    North Montney Expansions Purpose: Provides customers with North Montney gathering & processing and pipeline take- away capacity Project Scope: CapEx: 300 MM Major Customers: Progress Energy Talisman Energy Project Status:…
  63. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 63
    Kingsport Projects Purpose: Provides additional firm transportation capacity to support supply diversity for Eastman Chemical Companys power generation facility in Kingsport, Tennessee Project Scope: 25 Mmcf/d of firm capacity…
  64. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 64
    Texas Eastern Appalachian Market TEAM 2014 Purpose: Provides Producer Customers with diverse firm path options from Marcellus region to Northeast, Midwest and Henry Hub market areas TEAM 2014 Project Scope: TEAM 2014 600 MMcf/d…
  65. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 65
    TEAM-South Expansion Project MARCELLUS Purpose: Expansion of Texas Eastern from Appalachian area receipts to high growth markets in the South Project Scope: M2 UTICA Capacity: 300 MMcf/d…
  66. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 66
    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 Project Increase…
  67. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 67
    Ohio Pipeline Energy Network (OPEN) 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): Chesapeake…
  68. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 68
    Uniontown to Gas City (U2GC) 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…
  69. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 69
    Salem Lateral Purpose: Provide natural gas service to a new power plant development on the site of an existing coal-fired plant Project Scope: 115 MMcf/d expansion connecting AGT Hubline and MNE to the new power plant CapEx: 60…
  70. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 70
    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…
  71. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 71
    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…
  72. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 72
    Sabal Trail Transmission Expansion 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…
  73. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 73
    MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Appendix Section VIII Sustainability Recognition
  74. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 74
    Sustainability For Spectra Energy, Sustainability means: Providing natural gas, liquids and crude oil pipelines and midstream infrastructure to meet North Americas energy needs in a way that is economically, environmentally and…
  75. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 75
    Sustainability Recognition Environmental Social Governance Performance Dow Jones Sustainability 4th time on the World Index and 6th consecutive time Indexes on North America Index Member of the CDPs Global 500 and S&P 500 Climate CDP…
  76. MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp – slide 76

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