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MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · May 14, 2014 · 87 slides

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Slides

  1. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 1
    Supplemental Information Appendix May 14, 2014
  2. MAY 2014 CORPORATE PRESENTATION – 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: 70,000 mi Crude Transmission Pipe: 1,700 mi NGL Transmission Pipe: 1,500 mi Gas storage…
  3. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 3
    Spectra Energy Asset Structure As presented 2/5/14 Reporting Segment Assets in Segment U.S. Transmission Saltville Gas Storage Algonquin Gas Transmission Texas Eastern Transmission Big Sandy Pipeline Maritimes & Northeast, US…
  4. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 4
    1Q14 Financial Results
  5. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 5
    1Q14 Results 1Q Ongoing SE & SEP EBITDA (MM) Key Metrics 1Q13 1Q14 1,005 SE DCF 503 631 SE Coverage 2.5x 2.8x 831 Note: Full year SE coverage expected to be 1.5x SEP DCF 73 324 SEP Coverage 1.1x 1.6x Note: Full year SEP…
  6. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 6
    Spectra Energy: 1Q14 Segment Results EBITDA Ongoing Segment EBITDA(1) (MM) 1Q13 1Q14 (1) EBITDA represents earnings before interest, taxes and Spectra Energy Partners 347 429 depreciation and amortization for Distribution 220 226…
  7. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 7
    Spectra Energy: 1Q14 Results Distributable Cash Flow SE Annual Dividends Paid (/share) Distributable Cash Flow (MM) 1Q14 1Q13 EBITDA 1,005 831 1.58 ADD: 1.46 1.34 1.22 Equity in earnings of unconsolidated affiliates (161) (110)…
  8. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 8
    Spectra Energy Partners: 1Q14 Results - EBITDA Ongoing EBITDA(1) Ongoing EBITDA by Segment (MM) 1Q14 1Q13 413 U.S. Transmission 374 336 341 Liquids 58 7 Other (19) (2) Ongoing EBITDA(1)(2) 413 341 1Q13 1Q14 (1) EBITDA is…
  9. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 9
    Spectra Energy Partners: 1Q14 Results Distributable Cash Flow Quarterly Distribution (/unit) Distributable Cash Flow (MM) 1Q14 1Q13 0.55625 0.50125 EBITDA 413 341 ADD: Equity in earnings of unconsolidated affiliates (28) (19)…
  10. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 10
    Spectra Energy Strong Investment Grade Balance Sheet Credit Metrics Summary 3/31/14 Debt / Capitalization(1) 57.2% Credit Ratings Spectra Energy Capital Baa2 / BBB- / BBB* * Moodys / S&P / Fitch senior unsecured ratings…
  11. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 11
    Spectra Energy Partners Strong Investment Grade Balance Sheet Credit Metrics Summary 3/31/14 Debt / EBITDA(1) 4.1x Credit Ratings Spectra Energy Partners Baa2 / BBB / BBB* * Moodys / S&P / Fitch senior unsecured ratings…
  12. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 12
    Liquidity Positions Total SE Union SEC-WEI- Total As of 3/31/14 Capital Westcoast Gas UGL SEP Enterprise Revolving Credit Commitments 1,000 271 362 1,633 2,000 3,633 Less: Commercial Paper (289) - (344) (633) (284) (917)…
  13. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 13
    SE Corp Consolidated Debt Maturity Profile as of 3/31/14 500 450 Express-Platte 400 SE Capital USD Millions 350 SE Partners 2,500 300 M&N - Can 250 M&N - US 200 Union Gas 150 100 Westcoast 2,000 50 East Tenn 0…
  14. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 14
    SEP Consolidated Debt Maturity Profile as of 3/31/14 450 400 350 USD Millions 300 Express-Platte 1,800 250 SE Partners 200 M&N - US 1,600 150 East Tenn 100 Algonquin 1,400 50 TETLP 0 Dec-14 Oct-14 Aug-14 Apr-14…
  15. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 15
    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%…
  16. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 16
    U.S. Transmission Overview
  17. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 17
    Spectra Energy Partners: U.S. Transmission Natural Gas Transmission Pipe 13,700 mi System Compression 2.5MM HP Natural Gas Storage Capacity 150 Bcf Regulated gas storage Access to multiple supply sources Market-based gas storage…
  18. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 18
    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…
  19. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 19
    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 4Q14 Kingsport 120…
  20. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 20
    Texas Eastern Supply & Delivery Evolution By 2017, Texas Eastern will be delivering 2 Bcf/d to Gulf Coast & Midwest markets via bi-directional flows while retaining full capacity to Northeast markets Project In Service CapEx TEAM…
  21. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 21
    U.S. Transmission: Development Projects 7B in development projects; 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 2017-2019 Gulf…
  22. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 22
    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…
  23. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 23
    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%…
  24. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 24
    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…
  25. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 25
    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…
  26. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 26
    Liquids Overview
  27. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 27
    Spectra Energy Partners: Liquids Hardisty Crude Pipelines Express Platte Express Size: 785 mile, 24 pipe 932 mile, 20 pipe Pipeline Casper, WY Guernsey WY Express-Platte Nameplate 280 mbpd 164 mbpd Pipeline System Capacity:…
  28. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 28
    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…
  29. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 29
    Liquids: Financial Growth Exceeding Expectations As presented 2/5/14 Liquids EBITDA 350 (MM) 32% 305 Total Liquids CAGR 300 275 Southern Hills 250 85 Sand Hills 75 200 210 40 19% Express-Platte CAGR 150 132 220…
  30. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 30
    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 14 108 Shale Oil 12 10 Bakken 8 Oil Sands 93 6…
  31. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 31
    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…
  32. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 32
    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 &…
  33. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 33
    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…
  34. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 34
    Distribution Overview
  35. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 35
    Spectra Energy: Distribution Retail Customers 1.4 million Distribution Pipe 39,000 mi Union Gas 2nd largest Natural Gas Storage Capacity 160 Bcf natural gas distributor in Pipeline Capacity Natural Gas Transmission Pipe 6.4 Bcf/d…
  36. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 36
    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…
  37. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 37
    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…
  38. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 38
    Distribution: Union Gas Growth Projects Transmission Capacity Growth ON Dawn to Parkway Expansions 4Q14 / 4Q15 Dawn- 4Q14 / 4Q15 - 430MM, in execution Parkway Expansion 2016-17 - 500MM, in development TORONTO 2016-17…
  39. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 39
    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…
  40. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 40
    Western Canada Transmission & Processing Overview
  41. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 41
    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…
  42. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 42
    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…
  43. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 43
    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…
  44. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 44
    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…
  45. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 45
    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…
  46. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 46
    Field Services Overview
  47. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 47
    Field Services: Ownership Structure 50% 50% 22.8% LP & GP Interest Public Unitholders 77.2% LP Interest Growth from a position of strength Citi 2014 Global Energy and Utilities Conference 53
  48. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 48
    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…
  49. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 49
    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…
  50. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 50
    Field Services: 2013-16e EBITDA and Net Income As presented 2/5/14 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…
  51. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 51
    Field Services: Growth-for-Growth Strategy As presented 2/5/14 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…
  52. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 52
    Field Services: Delivering Value to Owners As presented 2/5/14 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…
  53. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 53
    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…
  54. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 54
    Field Services: 2014 NGL Barrel Update & Pricing Assumptions As presented 2/5/14 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…
  55. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 55
    DCP Midstream: 2014 Financial Summary As presented 2/5/14 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…
  56. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 56
    2014 Plan- DCP Midstream: Margin / Volume By Contract As presented 2/5/14 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)…
  57. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 57
    Financial Information: 2014e 2016e Plan (as presented 2/5/14)
  58. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 58
    Ongoing Objectives for Long-term Value Creation Continue to Exercise prudent Deliver solid dividend Execute on financial & distribution growth growth plan management Attractive, sustainable 1.3B in growth CapEx in Disciplined…
  59. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 59
    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…
  60. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 60
    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…
  61. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 61
    2014 Plan Key Assumptions & Sensitivities Annual Assumption Price Change Sensitivity DCP Midstream NGL: +/- 6 MM +/- 0.01/gal 0.94/gal EBITDA Represents Spectra Energys 50% interest in DCP Midstream Natural Gas: +/- 4 MM +/-…
  62. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 62
    Example of Higher Commodity Effects on EBITDA, DCF, & Coverage (MM) 2014e 2015e 2016e Plan EBITDA 3,035 3,255 3,490 Incremental EBITDA from 1.10 NGL/4.50 gas* 130 130 130 Incremental EBITDA from stronger commodity prices at Empress…
  63. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 63
    Spectra Energy Partners 2014e-16e Distributable Cash Flow Distributable Cash Flow (MM) 2014e 2015e 2016e EBITDA by segment: U.S. Transmission (1) 1,340 1,450 1,600 Liquids 210 275 305 Other (65) (60) (65) TOTAL EBITDA 1,485 1,665…
  64. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 64
    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…
  65. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 65
    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…
  66. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 66
    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…
  67. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 67
    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…
  68. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 68
    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- /…
  69. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 69
    Spectra Energy Partners: Strong Investment Grade Balance Sheet Projected Financial & Credit Metrics Summary 12/31/13 (1) 12/31/14 Total Debt 6.0B 6.3B Debt / Ongoing EBITDA 4.3x 4.2x Credit Ratings Spectra Energy Partners…
  70. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 70
    Growth from a Position of Strength Powerful asset base supports ongoing dividend and distribution growth and attractive shareholder returns Significant growth in the core natural gas businesses with rapid growth in new complementary…
  71. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 71
    Major SE and SEP Projects
  72. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 72
    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 4Q12-2Q14 Kingsport U.S. Trans Execution 120 4Q13-1Q15 TEAM 2014 U.S.…
  73. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 73
    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:…
  74. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 74
    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…
  75. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 75
    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…
  76. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 76
    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…
  77. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 77
    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…
  78. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 78
    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…
  79. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 79
    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…
  80. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 80
    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…
  81. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 81
    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…
  82. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 82
    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…
  83. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 83
    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…
  84. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 84
    Sustainability Recognition
  85. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 85
    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…
  86. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 86
    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…
  87. MAY 2014 CORPORATE PRESENTATION – Spectra Energy Partners, Lp – slide 87

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