SEP: Quality Assets, Proven Record U.S. Capital Advisors Midstream Access Day January 24, 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…
Our Key Attributes SEP Assets Revenue Composition Capacity Natural Gas Infrastructure Reservation Fees Company 90% Interstate gas pipelines & storage Variable Fees Fee-based, stable cash flow 7% business No direct commodity…
An Attractive Investment Opportunity High Quality, Track Record of Stable Portfolio of Financial Strength Growth Assets Strategically located assets Record of Growth: 10 Projects Financial flexibility to fund placed in-service since…
Business Segment Overview NYSE: SEP Gas Equity Transportation & Investments Storage East Tennessee Natural Gas Ozark Gas Transmission Big Sandy Pipeline Gulfstream Saltville Gas Storage Market Hub Natural Gas Partners…
Portfolio of Assets Lexington Big Sandy Pipeline Texas Eastern Knoxville Saltville Gas Storage Tulsa Nashville Charlotte East Tennessee Natural Gas Ozark Gas Atlanta Transmission Operating Totals: Southeast Supply Header…
East Tennessee Natural Gas Pipeline ETNG is well positioned to connect emerging supplies to its system and to redeliver to Northeast, Southeast & Mid-Atlantic markets. CASCADE CREEK, NC Scalable growth Good customer mix: local…
Gulfstream Natural Gas Pipeline SEP completed acquisition of additional 24.5% interest in Gulfstream in 2010 (doubling interest held to 49%) One of two pipelines serving Florida peninsula Fully subscribed Well positioned to…
Big Sandy Pipeline Big Sandy Pipeline acquired on July 1, 2011 Provides long-term, fee-based revenues to SEPs asset portfolio 100% fee-based with capacity reservation charges Average contract life at acquisition date: 15 years…
Ozark Gas Transmission Acquired May 2009 Well-positioned assets with a good mix of customers Access to Fayetteville Shale & Arkoma Basin Interconnects with Spectra Energys Texas Eastern Transmission, Mississippi River…
Market Hub Partners (MHP) Natural Gas Storage Recently completed major, multi-year expansion High deliverability storage Significant interconnectivity Access to markets in Northeast, Southeast, Midwest, and Gulf Coast Good…
Four Years of Success Since company launch in 2007 Successfully deployed 1.4 billion in growth capital Doubled market capitalization Significantly grew the asset portfolio Investment Grade Rating achieved Seventeen consecutive…
Appendix A Financial and Other Information
East Tennessee Natural Gas Northeastern Tennessee (NET) Project NET Project Organic Growth East Tennessees NET Project provides service to a new TVA gas-fired generation plant 150,000 Dth/day 25 yr firm contract East Tennessee…
Debt and Available Liquidity Spectra Energy Partners September 30, 2011 December 31, 2010 ( millions, unaudited) Credit Facility (LIBOR+35bps; matures 2012) 10 299 MLP Term Bank Loan (LIBOR based) 207 1) MHP Demand Note is reported as…
Credit Metrics (2) Debt(1)/EBITDA (2) Interest Coverage 5.0x 20.0x 4.0x 15.0x 14.6x 3.0x 2.6x 11.7x 2.0x 10.0x 2.0x 1.0x 5.0x 0.0x 0.0x December 2010 September 2011 December 2010 September 2011 (1) Debtincludes…
New Credit Facility 700 million facility put in place October 18, 2011 5 Year Term Replaces prior 500 million facility January 24, 2012 U.S. Capital Advisors Midstream Access Day 18
Gulfstream Debt ( millions, unaudited) September 30, 2011 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…
Revenue Profile Nine Months Ended September 30, 2011 Nine Months Ended September 30, 2011 Nine Months Ended September 30, 2011 Gulfstream SEP Gas Natural Gas Revenues SEP SEP Share of Transportation Pipeline ( millions,…
Appendix B Regulation G Schedules
SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G January 2012 Meetings Adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) and Projected EBITDA The materials included for Spectra Energy…
Reg. G Reconciliation for Funds From Operations (FFO) Metrics Spectra Energy Partners Reconciliation of Non-GAAP Funds From Operations (FFO) Metrics (Unaudited) As of December 31, (in millions) 2008 2009 2010 Funds From Operations…
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