T H I R D Q UA R T E R 2 0 1 2 E A R N I N G S R E V I E W Third Quarter 2012 Earnings Review November 1, 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…
Financial Highlights 3rd Quarter 2012 Cash Available for Distribution of 56.3 million 20th Consecutive quarterly distribution increase Annual distribution equivalent of 1.96 per LP Unit Net Income of 46.1 million Acquisition of…
Maritimes & Northeast Pipeline US Enhancing SEPs profile of steady, fee-based cash flows Acquired 38.76% interest Expands SEPs reach into Northeast U.S. and Atlantic Canadian natural gas supplies and markets Key interconnects:…
Quality Assets, Consistent Strategy With well-positioned assets and a solid financial position, SEPs strategy is unchanged: Strategic acquisitions Organic growth driven by natural gas demand Drop-downs 3Q12 Earnings Review 5
Gas Transportation and Storage (MM) 3Q12 3Q11 Operating Revenues 57.2 52.9 Operating Expenses 27.6 27.9 Operating Income 29.6 25.0 Other Income 0.9 Segment EBIT 29.6 25.9 3Q12 Earnings Review 7
Gulfstream Natural Gas (MM) 3Q12 3Q11 Operating Revenues 70.1 69.7 Operating Expenses 18.4 18.7 Operating Income 51.7 51.0 Interest Expense & Other (17.4) (18.0) Net Income (100%) 34.3 33.0 SEPs Equity in Earnings 16.8 16.2…
Market Hub Partners (MM) 3Q12 3Q11 Operating Revenues 27.2 31.0 Operating Expenses 7.9 8.6 Operating Income 19.3 22.4 Interest & Other (0.2) (0.1) Net Income (100%) 19.1 22.3 SEPs Equity in Earnings 9.6 11.1 3Q12 Earnings…
Cash Available for Distribution YTD YTD (MM) 3Q12 3Q11 3Q12 3Q11 Adjusted EBITDA 37.0 32.9 119.8 88.5 ADD: Cash available from equity investments: Gulfstream (49%) 19.3 20.7 57.8 61.0 Market Hub Partners (50%) 10.6 11.8 34.6 36.5…
M&N US Acquisition Financing Maritimes & Northeast Pipeline, U.S. Acquired 38.76% interest in M&N US for: 319 million in cash, funded with short-term borrowings 56 million in newly issued LP/GP units to Spectra Energy Long-term…
Commitment to Deliver Value Growth Delivering through Reliable cash Quality assets strategic flows from No direct Strong and Value serve growing commodity flexible 20 consecutive acquisitions, fee based, markets for organic…
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Appendix A Financial and Other Information
Debt and Available Liquidity Spectra Energy Partners (MM, unaudited) September 30, 2012 December 31, 2011 Credit Facility Drawings (700MM; LIBOR+117 bps; matures 2016) Commercial Paper 41 27 MHP Demand Note(1) 20 30 East Tennessee…
Credit Metrics Debt(1)/ EBITDA(2) Interest Coverage(1)(3) 3.0x 15.0x 2.5x 2.0x 10.0x 1.5x 2.7x 2.6x 1.0x 5.0x 10.3x 8.9x 0.5x 0.0x 0.0x December 2011 September 2012 December 2011 September 2012 (1) The term bank loan and…
Gulfstream Debt ( MM, unaudited) September 30, 2012 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 note (6.95%;…
Revenue Profile Nine Months Ended September 30, 2012 Nine Months Ended September 30, 2012 Revenues SEP SEP Share of Gulfstream ( MM, unaudited) 100% Ownership% Revenues SEP Gas Natural Gas Spectra Energy Partners(1) 177.8 100%…
Customer Credit Exposure as of 12/31/11 Based on Revenue Spectra Energy Partners customer mix is made up of primarily high quality credits 36% 46% BBB- to BBB+ A or Higher 2% Non-Investment 5% Grade 11% Investment…
Change in CAD Definition Refined calculation of Cash Available for Distribution (CAD) effective January 1, 2012 Interest Expense on an accrual basis is now deducted from Adjusted EBITDA instead of Cash Paid for Interest Expense This…
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