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CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Aug 24, 2011 · 32 slides

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Slides

  1. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 1
    SEP: Quality Assets, Proven Record 2011 Citigroup One-on-One MLP / Midstream Infrastructure Conference Las Vegas, Nevada August 24-25, 2011
  2. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 2
    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…
  3. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 3
    Our Key Attributes Natural Gas Infrastructure Our Strategy for Growth Company Interstate gas pipelines & Optimization of assets storage Organic growth projects Fee-based, stable cash flow Acquisitions business No direct commodity…
  4. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 4
    SEP Assets Revenue Composition Weighted Average Capacity Reservation Fees Remaining Contract 90% Life: 8 years Variable Fees 7% Interruptible Contracts 3% Revenue composition percentages are weighted for SEPs respective…
  5. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 5
    Asset and Revenue Portfolio GAS TRANSPORTATION & STORAGE EQUITY INVESTMENTS East Tennessee Saltville Gas Ozark Gas Gulfstream Market Hub Natural Gas Storage Transmission(1) Natural Gas Partners (100%) (100%) (100%) (49%) (50%)…
  6. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 6
    Revenue Profile Six Months Ended June 30, 2011 Six Months Ended June 30, 2011 Six Months Ended Gulfstream June 30, 2011 Natural Gas SEP Gas Pipeline Revenues SEP SEP Share of Transportation (49% Interest) ( millions, unaudited)…
  7. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 7
    Recent Developments 4Q2010 acquisition of additional 24.5% interest in Gulfstream (bringing total SEP ownership to 49%) 390MM acquisition of Big Sandy Pipeline, LLC closed July 1, 2011 70 mile FERC-regulated pipeline in Kentucky with…
  8. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 8
    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…
  9. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 9
    Big Sandy Pipeline Acquisition of the Big Sandy Pipeline provides long-term, fee-based revenues to SEPs asset portfolio Access to Huron Shale and Appalachian Basin natural gas supplies 2012 Projected EBITDA 35 million Includes…
  10. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 10
    East Tennessee Natural Gas Northeastern Tennessee (NET) Project NET Project East Tennessees NET Project provides service to a new TVA gas-fired generation plant 150,000 Dth/day 25 yr firm contract East Tennessee In service end…
  11. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 11
    Four Years of Success Building on our 4 years of accomplishments, we look forward to continued success Successfully deployed 1.4 billion in growth capital Doubled market capitalization Significantly grew the asset portfolio…
  12. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 12
    Appendix A Financial Information
  13. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 13
    2nd Quarter Earnings Summary Three Months Ended June 30 Six Months Ended June 30 ( millions) 2011 2010 2011 2010 Operating Revenues 43.0 47.4 94.2 97.9 Operating Expenses 27.7 27.5 53.8 53.0 Operating Income 15.3 19.9 40.4 44.9…
  14. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 14
    Cash Available for Distribution (CAD) Three Months Ended June 30 Six Months Ended June 30 ( millions) 2011 2010 2011 2010 Adjusted EBITDA 22.7 27.3 55.6 59.7 Add: Cash available from equity investments Gulfstream (49%) (1) 11.1 5.2…
  15. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 15
    Debt and Available Liquidity ( millions, unaudited) Spectra Energy Partners June 30, 2011 December 31, 2010 1) MLP Term Bank Loan is Lakehead debt related to the Nov. 2010 Gulfstream Credit Facility (LIBOR+35bps; matures 2012) 40 299…
  16. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 16
    FFO Metrics For the years ended December 31, (1) FFO + Interest / Interest (3) (3) FFO(1) / Debt(2) 20.0x 50% 41.0% 40% 37.8% 33.5% 15.0x 10.9x 11.9x 30% 10.0x 7.4x 20% 5.0x 10% 0.0x 0% 2008 2009 2010 2008 2009…
  17. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 17
    Units Summary (in millions of units) June 30, 2011 Units Outstanding: Limited Partner Units 96.3 General Partner Units 2.0 June 30, 2011 Three Months Ended Six Months Ended Weighted Average Units Outstanding: Limited Partner…
  18. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 18
    Appendix B Asset Profiles and Other Information
  19. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 19
    East Tennessee Natural Gas Pipeline ETNG Operating Totals: 1,510 mile interstate pipeline 1.5 Bcf/d of pipeline capacity 31 receipt - 179 delivery points 1 Bcf LNG storage facility Avg contract life: 8 yrs ETNG is well…
  20. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 20
    Big Sandy Pipeline Big Sandy Operating Totals: 68 mile interstate pipeline 171,000 Dth/d (0.15 Bcf/day) of pipeline capacity Avg contract life: 15 yrs Well-positioned assets with access to the Huron Shale and Appalachian Basin…
  21. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 21
    Gulfstream Natural Gas Pipeline Gulfstream Operating Totals: 745 mile interstate natural gas pipeline 1.29 Bcf/d of pipeline capacity 8 receipt - 23 delivery points Avg contract life: 18 yrs One of two pipelines serving Florida…
  22. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 22
    Ozark Gas Transmission Ozark Operating Totals: 565 mile interstate pipeline 365 mile fee-based gathering system 0.5 Bcf/d of pipeline capacity Avg contract life: 2 yrs Well-positioned assets with a good mix of customers Access…
  23. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 23
    Market Hub Partners (MHP) Natural Gas Storage Market Hub Operating Totals: 2 high deliverability salt cavern storage facilities 51 Bcf capacity 77 miles of pipeline 13 interconnects Avg contract life: 3 yrs High deliverability…
  24. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 24
    Spectra Energy Partners Eligible Holders As a result of certain FERC rate-making 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…
  25. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 25
    Appendix C Regulation G Schedules
  26. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 26
    SEC Regulation G Non-GAAP Reconciliation for SEC Regulation G Meetings for the 2011 Citigroup One-on-One MLP / Midstream Infrastructure Conference in Las Vegas, NV August 24-25, 2011 Adjusted Earnings Before Interest, Taxes and…
  27. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 27
    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 Six Months Ended June…
  28. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 28
    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 Six Months Ended June…
  29. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 29
    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 Six Months Ended June…
  30. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 30
    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…
  31. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 31
    Big Sandy Pipeline, LLC Regulation G Reconciliation Schedule Big Sandy Pipeline, LLC Regulation G Reconciliation (Unaudited Projections) Reconciliation of Non-GAAP Projected EBITDA to GAAP Projected Net Income Projected Year…
  32. CITI ONE ON ONE MLP CONFERENCE – Spectra Energy Partners, Lp – slide 32
    www.spectraenergypartners.com

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