FIRST QUARTER 2013 EARNINGS REVIEW Spectra Energy Partners: Moving Ahead, Building Value May 3, 2013
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…
Our Team President & Julie Dill Chief Executive Officer Pat Reddy Chief Financial Officer Director, Derick Smith Investor & Public Relations Spectra Energy Partners 3
Express-Platte Pipeline System Spectra Energy Corp to drop down 50% of Express-Platte Pipeline System to Spectra Energy Partners for 823 million Enhances SEPs profile of steady, fee-based cash flows Fee-based revenues with annual…
Express-Platte Pipeline System Drop-down 823 million for 50% of Express-Platte 555 million in cash 139 million in newly issued units to the general partner 129 million in acquired Express-Platte debt Express-Plattes contribution to…
First Quarter 2013 Financial Highlights Cash Available for Distribution of 73 million, up 10% over prior-year quarter 22nd consecutive quarterly distribution increase Increased 5/8 cent to 0.50125 per LP unit Annual distribution…
Looking Ahead Third Party Target potential acquisitions that Acquisitions fit our fee-based profile Organic Kingsport Expansion Project Growth Express-Platte System opportunities 2B+ of Drop-downs: Drop- Express-Platte…
Financial Strategy Committed to a strong, investment grade financial profile Maintain investment grade rating Focused on maintaining strong liquidity and financial flexibility Opportunistic use of debt & equity financing to fund…
Moving Ahead, Building Value Executing a consistent strategy Investing in quality assets Express-Platte Pipeline System brings quality, fee-based cash flows and geographic diversity to our portfolio Kingsport Expansion Project…
1Q13 Earnings Summary (MM) 1Q13 1Q12 Operating Revenues 60.9 61.9 Operating Expenses 27.8 28.8 Operating Income 33.1 33.1 Equity Earnings 30.7 27.4 Interest Income and Other 0.2 - Interest Expense 7.6 7.7 Earnings Before Income…
1Q13 Cash Available for Distribution (MM) 1Q13 1Q12 Adjusted EBITDA 42.5 42.4 ADD: Cash available from equity investments Gulfstream 49% 19.5 19.6 Market Hub Partners 50% 10.3 13.5 M&N US 38.76%(1) 9.7 LESS: Interest expense…
Revenue Profile Quarter Ended March 31, 2013 Quarter Ended March 31, 2013 Gulfstream Revenues SEP SEP Share of Natural Gas ( MM, unaudited) 100% Ownership% Revenues Pipeline SEP Gas (49% Interest) Spectra Energy Partners(1) 60.9…
Gas Transportation and Storage (MM) 1Q13 1Q12 Operating Revenues 60.9 61.9 Operating Expenses 25.6 26.8 Operating Income 35.3 35.1 Other Income and (Expenses) 0.1 - Segment EBIT 35.4 35.1 Spectra Energy Partners 15
Equity Investments (MM) 1Q13 1Q12 Equity Earnings: Gulfstream 49% 15.3 15.3 Market Hub Partners 50% 8.7 12.1 M&N US 38.76%(1) 6.7 Total Equity Earnings 30.7 27.4 (1) M&N US results reflect the 38.76% acquisition on October 31,…
Debt and Available Liquidity Spectra Energy Partners (MM, unaudited) March 31, 2013 December 31, 2012 Commercial Paper 324 336 MHP Demand Note(1) 16 17 East Tennessee Notes Payable (3.1%; matures 2024) 200 200 Unsecured 5 year Note…
Gulfstream Debt ( MM, unaudited) March 31, 2013 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%;…
M&N US Debt ( MM, unaudited) March 31, 2013 Maritimes & Northeast Pipeline, LLC Debt(1) 100% 38.76% Unsecured 5 year notes (7.5%; due 2014) 429 166 Total Debt 429 166 2013 Amortizing Debt Payments Maritimes & Northeast Pipeline,…
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