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MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Mar 16, 2010 · 31 slides

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Slides

  1. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 1
    M Morgan St l Stanleys MLP and Diversified Natural Gas Corporate Access Day March 16,, 2010 Natural Gas. Right Here, Right Now.
  2. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 2
    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 laws. Actual results may materially differ from those discussed in…
  3. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 3
    An Attractive Investment Opportunity Well-Positioned Assets Strong St Sponsorship S hi Growth Opportunities Financial Strength Value to Unitholders Spectra Energy Partners March 16, 2010 Morgan Stanleys Corporate Access Day…
  4. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 4
    Executing our Strategy Ninth consecutive quarterly 41 distribution increase 39 Declared 0 0.41 41 per LP unit Disstribution per LP Unit (in cents) 37 Annual Equivalent 1.64 per LP unit 35 Consistent Strategy: 33 31…
  5. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 5
    Our Assets & Projects East Tennessee Saltville Gas Ozark Gas Market Hub Gulfstream Natural Transmission & Ozark Natural Gas Storage Partners Gas Gas Gathering (100%) (100%) (50%) (24.5%) (100%) SEP Operating Totals: Transmission…
  6. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 6
    East Tennessee Natural Gas, LLC Northeastern Tennessee Project Filed project with FERC March 2010 Precedent agreement with TVA signed Gas service to the TVAs John Sevier generation plant in Hawkins County, Tenn. 150,000 Dth/day…
  7. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 7
    East Tennessee Natural Gas, LLC ETNG Operating Totals: 1,510 mile interstate pipeline 1.5 Bcf/d of capacity 31 receipt p - 179 deliveryy points 1 Bcf LNG storage facility Avg contract life: 9 yrs ETNG is well positioned to…
  8. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 8
    Ozark Gas Transmission (OGT) 294.5 million acquisition announced, closed and financed all in the 2nd quarter of 2009 Transition and integration progressing well Well-positioned Well positioned assets with a good mix of…
  9. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 9
    Market Hub Partners Natural Gas Storage High deliverability storage Significant interconnectivity Access to markets in Northeast, Southeast, Midwest, Texas, and Florida Benefits from: Shifts in natural gas supply Changes in…
  10. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 10
    Gulfstream Natural Gas Pipeline Gulfstream Operating Totals: One of Two Pipelines serving 745 mile interstate natural Florida Peninsula gas pipeline 1 26 Bcf/d of capacity 1.26 8 receipt - 23 delivery Fully subscribed with…
  11. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 11
    Outlook Cash Available for Distribution of 175 Cash Available for Distribution million (in millions) 11% growth over 2009 Driven by: Projected Full year of Ozark 2010 MHP projects in-service Adjusted EBITDA 122.5 Capex Outlook:…
  12. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 12
    Debt and Available Liquidity SEP maintains a strong financial position ( millions) illi ) December 31, 2009 2008 Debt East Tennessee Natural Gas (5.71%; Due 2012) 150 150 Other Floating Rate Debt 268 290 Total Debt 418 440…
  13. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 13
    Investment Considerations Continued CAD growth 41 Well-positioned assets 39 St Strong financial fi i l position iti L Unit (in cents)) 37 Strong sponsor 35 Track record of distribution increases 33 Distribution per…
  14. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 14
    Appendix A Oth Financial Other Fi i l IInformation f ti Natural Gas. Right Here, Right Now.
  15. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 15
    2009 Accomplishments Strong Financial Results Net Income 135.9 million Cash Available for Distribution 158.1 million Completed Ozark acquisition Delivered on organic growth Doubled public equity float M i t i d fifinancial…
  16. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 16
    4th Quarter Earnings Summary ( millions) Ended Years Ended December 31, December 31, 2009 2008 2009 2008 Operating Revenues 52.2 33.2 178.9 124.9 Operating Expenses 32.2 20.3 96.1 73.0 Operating Income 20.0 12.9 82.8 51.9 Equity…
  17. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 17
    Cash Available for Distribution (CAD) ( millions) Three Months Ended Years Ended December 31, December 31, 2009 2008 2009 2008 Adjusted EBITDA 27.3 19.6 111.3 78.2 Add: Cash available from equity investments Gulfstream 5.6 5.1…
  18. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 18
    Debt Schedule ( millions) (unaudited) December 31, 2009 SEP Debt East Tennessee Natural Gas (5.71%; Due 2012) 150 500 million Credit Facility (current rate: Libor +35bps; Expires 2012) 240 MHP Demand Note (Libor; Due 2012) 28…
  19. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 19
    Appendix B P j t & Other Project Oth Information I f ti Natural Gas. Right Here, Right Now.
  20. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 20
    Market Hub Partners Moss Bluff Cavern 4 Moss Bluff is a key player in the Texas intrastate market Moss Bluff Cavern 4 SEPs share of total project Capex: 60 million Permitted by Texas Railroad Commission Cavern development…
  21. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 21
    Market Hub Partners Egan Cavern 3 Egan is the premier salt cavern asset in North America Egan Cavern 3: SEPs share of total project Capex: 80 million Cavern development process continuing Initial 6 Bcf of working capacity…
  22. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 22
    Gulfstream Natural Gas Phase V Expansion Gulfstream provides solid revenue base from long-term contracts Gulfstream Phase V: 35,000 Dth/d of new firm service Initial in-service 2H2011 SEP Share of total project Capex: 12 12…
  23. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 23
    Our Sponsor Spectra Energy Corp 2009 Natural Gas Pipeline Throughput 3.9 Tcf Miles of Transmission Pipe 19,100 Miles of Gathering Pipe 62,800 Miles of Distribution Pipe 37,000 Storage Capacity 285 Bcf Retail Customers 1.3 million…
  24. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 24
    Spectra Energy Partners Eligible Holders As a result of certain FERC rate-making policies, we require an owner of our common units to be an Eligible Holder. Eligible Holders are individuals or entities subject to United States federal…
  25. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 25
    R Regulation l ti G S Schedules h d l Natural Gas. Right Here, Right Now.
  26. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 26
    SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G Materials for Morgan Stanleys MLP and Diversified Natural Gas Corporate Access Day March 16, 2010 Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization…
  27. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 27
    Reconciliation of Net Income to Cash Available for Distribution Spectra S t Energy E Partners, P t LP Adjusted EBITDA and Cash Available for Distribution December 2009 (Unaudited) (In millions) Spectra Energy Partners…
  28. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 28
    Reconciliation of Net Income to Cash Available for Distribution (Gulfstream) Spectra Energy Partners, LP Gulfstream - Adjusted EBITDA and Cash Available for Distribution December 2009 (Unaudited) (In millions) Gulfstream…
  29. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 29
    Reconciliation of Net Income to Cash Available for Distribution (Market Hub) Spectra S t Energy E Partners, P t LP Market Hub - Adjusted EBITDA and Cash Available for Distribution December 2009 (Unaudited) (In millions) Market…
  30. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 30
    Reg G Reconciliation for Estimated 2010 CAD Spectra Energy Partners, LP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (in millions) Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution to…
  31. MORGAN STANLEY'S MLP AND DIVERSIFIED NATURAL GAS CORPORATE ACCESS DAY – Spectra Energy Partners, Lp – slide 31
    www.spectraenergypartners.com t t Natural Gas. Right Here, Right Now.

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