4th Quarter 2009 Earnings Review and 2010 Outlook February 5, 2010 Natural Gas: Right Here, Right Now.
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…
Gregory J. Rizzo President and Chief Executive Officer SEP 4th Quarter 2009 Earnings Review and 2010 Outlook February 5, 2010 Natural NaturalGas: Gas: Right RightHere, Here,Right RightNow. Now. 3
2009 Accomplishments 9Strong Financial Results Net Income 135.9 million Cash Available for Distribution 158.1 million 9Completed Ozark acquisition 9Delivered on organic growth 9Doubled public equity float 9Maintained financial…
Executing our Strategy Ninth consecutive quarterly distribution increase Declared 0.41 per LP unit Annual Equivalent 1.64 per LP unit Consistent Strategy: Optimize our assets Deliver on organic growth projects Opportunistically…
2009 Financial Overview 2010 Outlook Laura Buss Sayavedra Vice President and Chief Financial Officer Natural Gas: Right Here, Right Now.
2009 Financial Summary 4th Quarter 2009 Net Income of 33.4 million Earnings per limited partner unit 0.39 Cash Available for Distribution of 27.3 million Full Year 2009 Net Income of 135.9 million Earnings per limited partner…
Gas Transportation and Storage ( millions) Three Months Ended Years Ended December 31, December 31, 2009 2008 2009 2008 Operating Revenues 52.2 33.2 178.9 124.9 Operating Expenses 27.3 18.0 82.3 64.4 Operating Income 24.9 15.2…
Gulfstream Natural Gas ( millions) Three Months Ended Years Ended December 31, December 31, 2009 2008 2009 2008 Operating Revenues 66.5 53.8 251.5 206.7 Operating Expenses 14.8 16.2 67.6 62.0 Operating Income 51.7 37.6 183.9…
Market Hub Partners (MHP) ( millions) Three Months Ended Years Ended December 31, December 31, 2009 2008 2009 2008 Operating Revenues 29.1 25.2 115.5 98.0 Operating Expenses 10.5 6.9 34.7 30.6 Operating Income 18.6 18.3 80.8…
4th Quarter Earnings Summary ( millions) Three Months 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…
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…
2010 Outlook Cash Available for Distribution of Cash Available for Distribution 175 million (in millions) Projected 11% growth over 2009 2010 Driven by: Full year of Ozark Adjusted EBITDA 122.5 MHP projects in-service Add: Cash…
Business Outlook Gregory J. Rizzo President and Chief Executive Officer Natural Gas: Right Here, Right Now.
2010 and Beyond: Positioned for Future Growth Ozark Integration & Optimization Northeastern Tennessee (NET) Moss Bluff Storage Completed by 2H11 Gulfstream Phase V Filed with FERC 4Q09 Completed by 2H11 Egan Storage…
East Tennessee Natural Gas, LLC Northeastern Tennessee Project Target to file project with FERC March 2010 Nearing agreement with TVA Gas service to the TVAs John Sevier generation plant in Hawkins County, Tenn. 150,000 Dth/day…
Capital Spending Outlook Estimated 2010-11 expansion capex of approximately 200 million 60 million in 2010 140 million in 2011 Projects include: Gulfstream Phase V Market Hub Partners Egan Cavern 3 & Moss Bluff Cavern 4 Development…
Investment Considerations Continued CAD growth Well-positioned assets Strong financial position Strong sponsor Track record of distribution increases SEP delivers Sustainable Growth SEP 4th Quarter 2009 Earnings Review and…
Questions and Answers Natural Gas: Right Here, Right Now.
Appendix A Other Information Natural Gas: Right Here, Right Now.
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…
Debt and Available Liquidity SEP maintains a strong financial position ( millions) 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 Available…
Growth Capital Expenditures Historical Average Organic Growth Capex 80 Million / Year yGrowth Capex 2010-11 Approx. 200 million Organic Growth Capital Expenditures (in Millions) MHP storage expansion Gulfstream expansion East…
Market Hub Partners Moss Bluff Cavern 4 Moss Bluff is a key player in the Texas intrastate market y Moss Bluff Cavern 4 SEPs share of total project Capex: 60 million Permitted by Texas Railroad Commission Cavern development…
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…
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…
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