F I R S T Q UA R T E R 2 0 1 2 E A R N I N G S R E V I E W First Quarter 2012 Earnings Review May 4, 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…
1st Quarter 2012 Highlights Cash Available for Distribution of 66.2 million, up 13% over 1Q2011 18th consecutive quarterly distribution increase to 0.48 per LP unit 1Q12 Earnings Review 3
Gas Transportation and Storage Three Months Ended March 31 ( MM) 2012 2011 Operating Revenues 61.9 51.2 Operating Expenses 26.8 23.9 Operating Income 35.1 27.3 Other Income 0.5 Segment EBIT 35.1 27.8 1Q12 Earnings…
Gulfstream Natural Gas Three Months Ended March 31 ( MM) 2012 2011 Operating Revenues 67.7 66.9 Operating Expenses 19.0 15.8 Operating Income 48.7 51.1 Interest Expense & Other (17.5) (16.8) Net Income (100%) 31.2 34.3 SEPs…
Market Hub Partners Three Months Ended March 31 ( MM) 2012 2011 Operating Revenues 31.2 30.1 Operating Expenses 7.0 8.0 Operating Income 24.2 22.1 Interest Inc (Exp) & Other Net Income (100%) 24.2 22.1 SEPs Equity in Earnings…
Cash Available for Distribution Three Months Ended March 31 ( MM) 2012 2011 Adjusted EBITDA 42.4 32.9 ADD: Cash available from equity investments: Gulfstream (49%) 19.6 20.5 Market Hub Partners (50%) 13.5 12.2 LESS: Interest…
Looking Ahead 2012 and Beyond Focused on Growth Focused on strategic acquisitions and organic growth opportunities driven by the demand for natural gas Attached gas-fired plant Adjacent coal-fired plant Adjacent oil-fired…
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Appendix A Financial and Other Information
Debt and Available Liquidity Spectra Energy Partners ( MM, unaudited) March 31, 2012 December 31, 2011 Credit Facility (700MM; LIBOR+117 bps; matures 2016) Commercial Paper (LIBOR; matures 2016) 40 27 (1) MHP Demand Note (LIBOR;…
Credit Metrics Debt(1)/ EBITDA(2) Interest Coverage(1)(2) 3.0x 15.0x 2.5x 2.0x 10.0x 1.5x 2.7x 2.7x 1.0x 5.0x 10.3x 9.1x 0.5x 0.0x 0.0x December 2011 March 2012 December 2011 March 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) March 31, 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 Quarter Ended March 31, 2012 Three Months Ended March 31, 2012 Revenues SEP SEP Share of Gulfstream ( MM, unaudited) 100% Ownership% Revenues SEP Gas Transportation Natural Gas Spectra Energy Partners(1) 61.9…
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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