Skip to main contentMORGAN STANLEY'S MIDSTREAM ENERGY MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT – Spectra Energy Partners, Lp Investor Presentation | Shale Experts
SEP: Quality Assets, Proven Record SEP: Quality Assets Proven Record Morgan Stanleys Midstream Energy MLP & Diversified Natural Gas Corporate Access Event Diversified Natural Gas Corporate Access Event M h 16 2011 March 16, 2011
Safe Harbor Statement Some of the statements in this document concerning future company p performance will be forwardlooking within the meanings of the securities g g laws. Actual results may materially differ from those discussed in…
Our Key Attributes Natural Gas Infrastructure Our Strategy for Growth Company Interstate gas pipelines & Optimization of assets storage Organic growth projects Feebased, stable cash flow business Acquisitions No direct commodity…
SEP Assets Revenue Composition Weighted Average C Capacity Reservation Fees it R ti F Remaining Contract Remaining Contract 90% Life: 8 years Variable Fees 7% Interruptible Contracts 3% Revenue composition…
2010 Key Accomplishments Deployed 363 million in growth capital Completed acquisition of additional 24.5% interest in Gulfstream Received FERC approval of 135 million East Tennessee NET Project j Grew distributions by 12%…
Key Growth Drivers Projects in execution 1 Acquisitions Ozark Gas Growth opportunities Transmission East Tennessee East Tennessee Natural Gas Southeast Power Southeast Power 1 NET Project NET Project Market Hub Conversions…
Gulfstream Natural Gas Pipeline Gulfstream Operating Totals: 745 mile interstate natural gas pipeline 1.26 Bcf/d of capacity 8 receipt 23 delivery points Avg contract life: 18 yrs One of two pipelines serving One of two…
East Tennessee Natural Gas Northeastern Tennessee (NET) Project NET Project East Tennessees NET Project provides service to a new TVA g gasfired generation plant g p 150,000 Dth/day 25 yr firm contract East Tennessee East…
Our Growth Strategy Cumulative Growth Capital Deployed Cumulative Growth Capital Deployed (MM) Optimize our Assets 1,115e Deliver on Organic g 975 Growth Pursue Acquisitions 612 276 Proven record of growth 45 2007…
Other Information
East Tennessee Natural Gas Pipeline ETNG Operating Totals: 1,510 mile interstate pipeline 1.5 Bcf/d of capacity / p y 31 receipt 179 delivery points 1 Bcf LNG storage facility Avg contract life: 8 yrs p ETNG is well…
Ozark Gas Transmission Ozark Operating Totals: 565 mile interstate pipeline 365 mile feebased gathering system 0.5 Bcf/d of capacity Avg contract life: 2 yrs Wellpositioned assets with a good mix of customers good mix of…
Market Hub Partners (MHP) Natural Gas Storage Market Hub Operating Totals: 2 high deliverability salt cavern storage facilities 43 Bcf capacity 43 Bcf capacity 77 miles of pipeline 13 interconnects Avg contract life: 3 yrs…
2011 Outlook 2011 Estimated Cash Available for Distribution of 208 million C h A il bl f Di ib i Cash Available for Distribution 19% growth over 2010 (LP & GP, millions) 2011e Increase driven by additional Adjusted EBITDA 112…
4th Quarter Earnings Summary Three Months Ended Dec 31 Year Ended Dec 31 ( millions) 2010 2009 2010 2009 Operating Revenues 50.8 52.2 197.7 178.9 Operating Expenses 32.3 32.2 110.0 96.1 Operating Income 18.5 20.0 87.7 82.8 Equity…
Cash Available for Distribution Three Months Ended Year Ended December 31 December 31 ( millions) ( millions) 2010 2009 2010 2009 Adjusted EBITDA 25.7 27.3 117.1 111.3 Add: C h Cash available from equity investments il bl f it i t…
Debt and Available Liquidity SEP maintains a strong financial position ( millions) December 31, 2010 December 31, 2009 Debt: East Tennessee Natural Gas (5.71%; due 2012) 150 150 Other Floating Rate Debt 540 268 Total Debt 690 418…
Debt Schedule ( millions) December 31, 2010 SEP Fixed Rate Debt: East Tennessee Natural Gas (5.71%; due 2012) 150 SEP Floating Rate Debt: 500 million Credit Facility (current rate: LIBOR + 35bps; expires 2012) 299 MLP Term Bank Loan…
Project & Other Information
East Tennessee Natural Gas Northeastern Tennessee Project (NET) East Tennessee NET Project Gas service to a new TVA gasfired generation plant generation plant 150,000 Dth/day 25 yr firm contract Total project CapEx 135 million p j…
Market Hub Partners Moss Bluff Cavern 4 Moss Bluff Cavern 4 SEPs share of total project CapEx: 60 million 60 million Permitted by Texas Railroad Commission Cavern development process continuing On schedule for 2H2011…
Market Hub Partners Egan Cavern 3 Egan Storage Cavern 3 Egan is a premier salt cavern storage asset SEPs share of total project Capex: 80 h f l million Cavern development process continuing Project Description In Service Egan…
Gulfstream Natural Gas Phase V Expansion Gulfstream Phase V Gulfstream provides solid revenue base from longterm from long term contracts contracts 35,000 Dth/d of new firm service SEPs share of total project Capex: 16 million…
Spectra Energy Partners Eligible Holders As a result of certain FERC ratemaking 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…
4th Qtr 2010 Earnings Review & 2011 Outlook Reg. G Schedules
SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G Morgan Stanleys Midstream Energy MLP & Diversified Natural Gas Corporate Access Event March 16, 2011 Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization…
Reconciliation of Net Income to Cash Available for Distribution Spectra Energy Partners Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Three Months Ended Years Ended December…
Reconciliation of Net Income to Cash Available for Distribution (Gulfstream) Gulfstream Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Three Months Ended Years Ended December…
Reconciliation of Net Income to Cash Available for Distribution (Market Hub) Market Hub Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Three Months Ended Years Ended December…
Reg. G Reconciliation for Estimated 2011 CAD Spectra Energy Partners Reconciliation of Non-GAAP Adjusted EBITDA and Cash Available for Distribution (Unaudited) (In millions) Projected P j t d 2011 Net income 170 Add: Interest…
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