4th 4th Quarter 2010 Earnings Review Quarter 2010 Earnings Review 2011 Outlook F b February 4, 2011 4 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…
2010 Review Gregory J Rizzo Gregory J. Rizzo President and Chief Executive Officer
2010 Financial Highlights Solid Financial Results Net Income = 148 million N I 148 illi Cash Available for Distribution = 175 million 4Q10 Earnings Review & 2011 Outlook 4
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%…
Financial Overview Laura Buss Sayavedra Laura Buss Sayavedra Vice President and Chief Financial Officer
2010 Financial Summary 4th Quarter 2010 Full Year 2010 Net Income (MM) 37.2 147.9 Earnings per limited partner unit g p p ((/unit)) 0.41 1.70 Cash available for distribution (MM) 35.0 174.5 4Q10 Earnings Review & 2011 Outlook 7
Gas Transportation & Storage Three Months Ended Dec 31 Year Ended Dec 31 ( millions) 2010 2009 2010 2009 Operating Revenues p g 50.8 52.2 197.7 178.9 Operating Expenses 29.6 27.3 100.7 82.3 Operating Income 21.2 24.9 97.0 96.6…
Gulfstream Natural Gas Three Months Ended Dec 31 Year Ended Dec 31 ( millions) 2010 2009 2010 2009 Operating Revenues p g 70.1 66.5 273.6 251.5 Operating Expenses 18.3 14.8 73.1 67.6 Operating Income 51.8 51.7 200.5 183.9…
Market Hub Partners Three Months Ended Dec 31 Year Ended Dec 31 ( millions) 2010 2009 2010 2009 Operating Revenues p g 30.4 29.1 118.5 115.5 Operating Expenses 11.6 10.5 39.7 34.7 Operating Income 18.8 18.6 78.8 80.8 Interest…
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…
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…
Business Outlook
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 Acquisition Acquired additional 24.5% interest in Gulfstream for 330 million GULFSTREAM 49% total interest held 745 mile interstate natural gas pipeline Enhanced SEPs profile of steady feebased cash flows Capacity of…
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…
Appendix A pp Financial Information
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…
Units Summary (in millions of units) December 31, 2010 Units Outstanding: Limited Partner Units 89.2 General Partner Units General Partner Units 18 1.8 December 31, 2010 Quarter Year Ended Ended Weighted Average Units…
Appendix B pp 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…
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