S E C O N D Q UA R T E R 2 0 1 2 E A R N I N G S R E V I E W Second Quarter 2012 Earnings Review August 2, 2012
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…
Financial Highlights 2nd Quarter 2012 Net Income of 46.9 million Cash Available for Distribution of 53.1 million, up 8 million over 2Q2011 2Q12 Earnings Review 3
Gas Transportation and Storage (MM) 2Q12 2Q11 Operating Revenues 58.7 43.0 Operating Expenses 25.6 24.4 Operating Income 33.1 18.6 Other Income 0.1 0.8 Segment EBIT 33.2 19.4 2Q12 Earnings Review 4
Gulfstream Natural Gas (MM) 2Q12 2Q11 Operating Revenues 68.8 68.4 Operating Expenses 21.5 19.3 Operating Income 47.3 49.1 Interest Expense & Other (17.7) (17.6) Net Income (100%) 29.6 31.5 SEPs Equity in Earnings 14.5 15.4…
Market Hub Partners (MM) 2Q12 2Q11 Operating Revenues 27.9 31.0 Operating Expenses 9.4 8.3 Operating Income 18.5 22.7 Interest Income & Other 0.2 Net Income (100%) 18.7 22.7 SEPs Equity in Earnings 9.3 11.4 2Q12 Earnings…
Cash Available for Distribution YTD YTD (MM) 2Q12 2Q11 2Q12 2Q11 Adjusted EBITDA 40.4 22.7 82.8 55.6 ADD: Cash available from equity investments: Gulfstream (49%) 18.9 19.8 38.5 40.3 Market Hub Partners (50%) 10.5 12.5 24.0 24.7…
Commitment to Deliver Value Growth Reliable cash Delivering Quality assets through flows from No direct Strong and Value serve growing strategic commodity flexible 19 consecutive fee based, markets for acquisitions price…
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Appendix A Financial and Other Information
Debt and Available Liquidity Spectra Energy Partners (MM, unaudited) June 30, 2012 December 31, 2011 Credit Facility Drawings (700MM; LIBOR+117 bps; matures 2016) Commercial Paper 40 27 MHP Demand Note(1) 29 30 East Tennessee Notes…
Credit Metrics Debt(1)/ EBITDA(2) Interest Coverage(1)(3) 3.0x 15.0x 2.5x 2.0x 10.0x 1.5x 2.7x 2.7x 1.0x 5.0x 10.3x 8.8x 0.5x 0.0x 0.0x December 2011 June 2012 December 2011 June 2012 (1) The term bank loan and related…
FFO Metrics For the years ended December 31 FFO(1) + Interest(2)(3)/ Interest(2)(3) FFO(1) / Debt(2) 15.0x 50.0% 40.0% 12.3x 41.0% 10.0x 11.2x 37.8% 30.0% 9.7x 30.8% 20.0% 5.0x 10.0% 0.0x 0.0% 2009 2010 2011 2009 2010…
Gulfstream Debt ( MM, unaudited) June 30, 2012 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 (6.95%; due…
SEP Assets Revenue Composition Weighted Average Remaining Contract Life: 11 years 93% 5% Capacity Reservation Fees Variable Fees 2% Interruptible Contracts Revenue composition percentages are weighted for SEPs respective…
Revenue Profile Six Months Ended June 30, 2012 Six Months Ended June 30, 2012 Revenues SEP SEP Share of Gulfstream ( MM, unaudited) 100% Ownership% Revenues SEP Gas Natural Gas Spectra Energy Partners(1) 120.6 100% 120.6…
Customer Credit Exposure as of 12/31/11 Based on Revenue Spectra Energy Partners customer mix is made up of primarily high quality credits 36% 46% BBB- to BBB+ A or Higher 2% Non-Investment 5% Grade 11% Investment…
Change in CAD Definition Refined calculation of Cash Available for Distribution (CAD) effective January 1, 2012 Interest Expense on an accrual basis is now deducted from Adjusted EBITDA instead of Cash Paid for Interest Expense This…
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