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2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Feb 5, 2015 · 51 slides

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Slides

  1. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 1
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Supplemental Information Appendix
  2. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 2
    The Power of Our Growing Portfolio Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300 Bcf Natural Gas Gathering Pipe: 70,000 mi Crude Transmission Pipe: 1,700 mi NGL Transmission Pipe: 1,500 mi SE Gas…
  3. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 3
    Spectra Energy Asset Structure Reporting Segment Assets in Segment U.S. Transmission Saltville Gas Storage Algonquin Gas Transmission Texas Eastern Transmission Big Sandy Pipeline Maritimes & Northeast, US Bobcat Gas Storage…
  4. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 4
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Appendix Section I U.S. Transmission Overview
  5. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 5
    Spectra Energy Partners: U.S. Transmission Contract Portfolio 95% of U.S. Transmission revenue comes from demand charges 2014 TETLP Firm Demand Revenues by 2014 TETLP Firm Demand Revenues by Service Provided Customer Type LDCs 54% Long…
  6. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 6
    Spectra Energy Partners: Solid Fee-Based Businesses Average Contract Term for Major U.S. Transmission Pipelines (years) 0 5 10 15 20 Texas Eastern 8 Algonquin 6 East Tennessee 10 Maritimes & Northeast (US) 17 Gulfstream 15…
  7. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 7
    Spectra Energy Partners: U.S. Transmission Revenue Stability Based on Transmission Revenues for 12 months ended 12/31/14 100% 90% 95% 98% 97% 96% 98% 98% 93% 80% 70% 60% 50% 40% 30% 20% 2014 Reservation Revenue 2014 Usage and Other…
  8. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 8
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Appendix Section II Field Services Overview
  9. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 9
    Field Services: Ownership Structure 50% 50% 22% LP & GP Interest Public Unitholders 78% LP Interest 2 0 1 5 FIN A N CIA L P LA N & OUT LOOK 71
  10. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 10
    Field Services: DCP Midstream is a Leader in Key Basins Natural Gas Processing(1) (MMcf/d) DCP Midtream enterprise Enterprise Products 1 Williams DJ Basin2 Midcoast Energy DPM standalone 5 MarkWest Energy Wattenburg EnLink…
  11. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 11
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Appendix Section III 2015-2017 Financial Information
  12. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 12
    Ongoing EBITDA by Segment (US MM) 4,000 3,465 3,500 20 3,125 590 3,000 2,840 540 510 2,500 675 665 630 2,000 1,500 2,255 1,000 1,815 1,995 500 0 -35 -80 -75 -75 -500 2015e 2016e 2017e Spectra Energy…
  13. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 13
    Total Capital Expenditures Maintenance CapEx (US MM) Expansion CapEx (US MM) 1,000 3,000 2,800 2,750 2,500 2,460 365 610 800 745 730 740 450 60 55 55 520 2,000 455 185 600 190 185 195 105 195 275 1,500 400 205 190 200…
  14. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 14
    Spectra Energy Partners 2015e-17e Distributions as Paid SEP Distributions Per LP Unit (1) SEP Distributions to SE (MM) 3.00 8% 1,200 2.75 CAGR 1,100 SEP LP 1,070 2.83 SEP GP 2.50 2.63 1,000 945 2.25 2.43 900 2.25 820 2.00 800 704…
  15. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 15
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Appendix Section IV 4Q14 Financial Information
  16. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 16
    4Q14 Results EBITDA Ongoing Segment EBITDA (MM) 4Q14 4Q13 YTD 2014 YTD 2013 Spectra Energy Partners (1) 444 369 1,669 1,440 Distribution 132 156 552 574 Western Canada 250 215 754 736 Field Services (2) (18) 72 229 343 Other 2…
  17. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 17
    Spectra Energy: 4Q14 Distributable Cash Flow YTD YTD SE Distributable Cash Flow (MM) 4Q14 4Q13 2014 2013 Ongoing EBITDA 810 798 3,146 3,034 LESS: Special items 11 12 34 Reported EBITDA 810 787 3,134 3,000 ADD: Equity in earnings…
  18. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 18
    Spectra Energy Partners: 4Q14 Distributable Cash Flow YTD YTD SEP Distributable Cash Flow (MM) 4Q14 4Q13 2014 2013 Ongoing EBITDA 424 352 1,591 1,391 LESS: Special items 1 7 Reported EBITDA 424 351 1,591 1,384 ADD: Equity in…
  19. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 19
    Spectra Energy Strong Investment Grade Balance Sheet Credit Metrics Summary 12/31/14 Debt / Capitalization(1) 57.8% Credit Ratings Spectra Energy Capital Baa2 / BBB- / BBB* * Moodys / S&P / Fitch senior unsecured ratings (1)…
  20. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 20
    Spectra Energy Partners Strong Investment Grade Balance Sheet Credit Metrics Summary 12/31/14 Debt / EBITDA(1) 3.7x Credit Ratings Spectra Energy Partners Baa2 / BBB / BBB* * Moodys / S&P / Fitch senior unsecured ratings (1)…
  21. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 21
    Liquidity Positions As of 12/31/14, (US MM) Total SE Union SEC-WEI- Total Capital Westcoast Gas UGL SEP Enterprise Revolving Credit Commitments 1,000 344 430 1,774 2,000 3,774 Less: Commercial Paper (398) (46) (232) (676) (907)…
  22. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 22
    SE Corp Consolidated Debt Maturity Profile as of 12/31/14 (US MM) 2,500 140 Express-Platte 120 SE Capital 100 SE Partners 80 M&N - Can 2,000 M&N - US 60 Union Gas 40 Westcoast 20 East Tenn 0 Algonquin Apr-15 May-15…
  23. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 23
    SEP Consolidated Debt Maturity Profile as of 12/31/14 20 (US MM) 15 Express-Platte 1,800 SE Partners 10 1,600 M&N - US 5 East Tenn 1,400 Algonquin 0 TETLP May-15 Nov-15 Jul-15 Sep-15 Jan-15 Mar-15 1,200…
  24. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 24
    Customer Revenue Profile Credit Mix As of 12/31/14 2014 Revenue 90% Investment Grade 90% of our revenues are with and/or Equivalent customers who are investment grade, investment grade equivalents, or are secured by…
  25. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 25
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Appendix Section V Major SE & SEP Projects
  26. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 26
    7+ Billion Projects in Execution - Largely Demand Pull (1)(2) 100% 50/50 100% SUPPLY DEMAND PUSH PULL Est. CapEx Segment In-Service Counter- parties (MM) UST 2015 Red Lake 3Q15 60 Liquids 2015 Dawn Parkway 4Q15 390 Distribution…
  27. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 27
    Access South & Adair Southwest Projects Purpose: The Access South and Adair Southwest Berne projects provide shippers with a firm transportation service from the Appalachian Uniontown Shale Supply basin to markets in the Adair…
  28. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 28
    Algonquin Incremental Market AIM Expansion Purpose: Provide growing New England demand with access to abundant regional natural gas supplies Project Scope: Providing 340 MMcf/d of additional capacity to move Marcellus production to…
  29. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 29
    Atlantic Bridge Purpose: Increased pipeline capacity will allow abundant, economical supplies of natural gas from regional production to flow to the New England and Atlantic Canada markets Project Scope: Further expansion of the…
  30. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 30
    Burlington-Oakville Purpose: New pipeline capacity replacing third party contracted transportation services to serve a growing distribution market Project Scope: CapEx: 100 MM Customers: Burlington-Oakville Pipeline Union Gas…
  31. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 31
    Corpus Christi Lateral Purpose: Expands reach of the Sand Hills NGL pipeline into the Corpus Christi refining and trading center Project Scope: 40,000 bpd lateral from Corpus Christi refinery to the Sand Hills pipeline…
  32. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 32
    2015 Dawn-Parkway Expansion Purpose: Capacity increase to meet market Enbridge GTA Project interest for supply access at Dawn TCPL Kings North and other eastern receipt points on Project the TCPL system Parkway West Increase…
  33. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 33
    2016 Dawn-Parkway Expansion TCPL 2016 Purpose: Expansion Capacity increase to meet market interest for supply access at Dawn and other eastern receipt points on the TCPL system for 2016 in-service Hamilton- Milton Loop Project…
  34. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 34
    Gulf Markets Expansion Purpose: Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 350 MMcf/d expansion from Marcellus (M2) to Louisiana (WLA) 150 MMcf/d expansion from Eagle Ford (STX) to Louisiana…
  35. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 35
    Jackfish Lake Purpose: Supply-push project to facilitate T-North producer access to our growing downstream markets Project Scope: Capacity: 140 MMcf/d CapEx: 200 MM Customers: Producer driven Project Status: File NEB Application…
  36. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 36
    Loudon Purpose: Add new customer to the East Tennessee system by converting an existing power plant from coal to natural gas KNOXVILLE Project Scope: NASHVILLE 40 MMcf/d expansion from SONAT interconnect in Bradley County, TN…
  37. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 37
    NEXUS Purpose: The new pipeline will serve local distribution companies, power generators and industrial users in Ohio, Michigan, Chicago and Ontario markets Project Scope: 36-inch diameter, 250 mile greenfield pipeline starting in…
  38. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 38
    Ohio Pipeline Energy Network OPEN Project Purpose: Attach emerging Ohio Marcellus and Utica natural gas supplies to new markets Project Scope: 550 MMcf/d expansion of Texas Eastern CapEx: 500 MM Customers (15+ year terms):…
  39. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 39
    Ozark Partial Conversion Purpose: Line remains natural gas Repurpose a portion of the existing Ozark line from natural gas service to refined products service Project Scope: Line to be converted 75,000 bpd conversion of OGT south…
  40. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 40
    PennEast SEP will have 10% equity ownership in PennEast pipeline PA Transco PennEast AGT Purpose: New, direct connection to Northeast Pennsylvania production Opportunity to work with some of Texas Eastern our biggest customers and…
  41. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 41
    Reliability and Availability RAM Purpose: Horn River Cordova Demand pull project on the T-South system Liard to accommodate new customer contracts T-North Project Scope: Montney Upgrading the system with three new PRINCE…
  42. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 42
    Red Lake Zia II Purpose: LEA COUNTY Expands Sand Hills reach into fast NM growing production areas; positions Fullerton Sand Hills for future growth Project Scope: RED LAKE LATERALS Goldsmith Rawhide Two 60,000 bpd laterals totaling…
  43. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 43
    Sabal Trail Transmission Purpose: New interstate pipeline into Florida providing access to reliable onshore natural gas supply Project Scope: 1+ Bcf/d of capacity connecting Transco Station 85 supply to Florida power generation…
  44. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 44
    South Texas Expansion Project STEP Project Purpose: Vidor Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 400 MMcf/d expansion from Vidor to Petronila CapEx: 130 MM Project Status: File FERC…
  45. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 45
    Stratton Ridge Expansion Project Purpose: The Stratton Ridge Project provides shippers with a firm transportation service to deliver 100 new incremental production from the growing shale plays to the Gulf Coast Project Scope: 142…
  46. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 46
    Salem Lateral Purpose: Provide natural gas service to a new power plant development on the site of an existing Algonquin Gas coal-fired plant Transmission Project Scope: 115 MMcf/d expansion connecting AGT Hubline and MNE to the new…
  47. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 47
    Uniontown to Gas City U2GC Project Purpose: Expansion of Texas Eastern from Appalachian area receipts to markets at Gas City, Indiana Project Scope: Capacity: 425 MMcf/d CapEx: 60 MM Customers (10+ year terms): CONSOL Energy East…
  48. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 48
    2015 FINANCIAL PLAN & OUTLOOK 02.05.15 Appendix Section VI Sustainability Recognition
  49. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 49
    Sustainability For Spectra Energy, Sustainability means: Providing natural gas, natural gas liquids and crude oil pipelines and midstream infrastructure to meet North Americas energy needs in a way that is economically, environmentally…
  50. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 50
    Awards and Recognition Environmental Social Governance Performance Dow Jones Sustainability 5th time on the World Index and 7th consecutive time Indexes on North America Index Member of the CDPs S&P 500 Climate Disclosure and CDP…
  51. 2015 FINANCIAL PLAN & OUTLOOK – Spectra Energy Partners, Lp – slide 51

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