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 Laura Buss Sayavedra Vice President and Chief Financial Officer
1st Quarter 2011 Financial Highlights Strong Quarter Led by the Gulfstream Acquisition Net income of 48.9 million 25% increase over 1st Qtr 2010 Earnings per limited partner unit 0.50 Cash available for distribution of 69.7…
Gas Transportation & Storage Three Months Ended March 31 ( millions) 2011 2010 Operating Revenues 51.2 50.5 Operating Expenses 23.9 23.0 Operating Income 27.3 27.5 Other Income 0.5 Segment EBIT 27.8 27.5 1Q11 Earnings…
Gulfstream Natural Gas Three Months Ended March 31 ( millions) 2011 2010 Operating Revenues 66.9 67.3 Operating Expenses 15.8 17.1 Operating Income 51.1 50.2 Interest Expense & Other (16.8) (17.2) Net Income (100%) 34.3 33.0…
Market Hub Partners Three Months Ended March 31 ( millions) 2011 2010 Operating Revenues 30.1 29.1 Operating Expenses 8.0 9.2 Operating Income 22.1 19.9 Interest Income & Other 0.6 Net Income (100%) 22.1 20.5 SEPs Equity in…
Cash Available for Distribution (CAD) Three Months Ended March 31 ( millions) 2011 2010 Adjusted EBITDA 32.9 32.4 Add: Cash available from equity investments Gulfstream (49%) (1) 29.1 14.4 Market Hub Partners (50%) 12.2 11.6…
Business Outlook Gregory J. Rizzo President and Chief Executive Officer
Strong Performance Good operating performance by SEPs assets through the winter Ozark Gas Transmission Recontracting process largely complete & in line with the 2011 Outlook assumption Section 5 Proceeding settlement reached and…
Gulfstream SEPs acquisition of an additional 24.5% interest in Gulfstream provided strong SEP CAD growth 2 of its top 5 peak days this winter Phase V in service April 1, 2011 Ahead of schedule and under budget GULFSTREAM…
Looking Ahead Future looks bright for natural gas Use of natural gas for electric generation will drive the growth in demand for natural gas SEP will continue to grow unitholder value by: Continuing to optimize our assets Delivering…
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Appendix A Financial Information
Debt and Available Liquidity ( millions, unaudited) March 31, December 31, Spectra Energy Partners 2011 2010 Credit Facility (LIBOR+35bps; matures 2012) 312 299 MLP Term Bank Loan(1) (LIBOR based) 171 207 MHP Demand Note(2) (LIBOR;…
Credit Metrics (unaudited) (2) Debt(1)/EBITDA (2) Interest Coverage 5.0x 20.0x 4.0x 15.7x 15.0x 14.6x 3.0x 2.0x 1.9x 10.0x 2.0x 1.0x 5.0x 0.0x 0.0x December 2010 March 2011 December 2010 March 2011 (1) Debt…
Gulfstream Debt ( millions, unaudited) March 31, 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 note…
Appendix B Project & Other Information
East Tennessee Natural Gas Northeastern Tennessee Project (NET) East Tennessee NET Project Gas service to a new TVA gas-fired generation plant 150,000 Dth/day 25 yr firm contract Total project CapEx 135 million FERC Certificate…
Market Hub Partners Moss Bluff Cavern 4 Moss Bluff Cavern 4 SEPs share of total project CapEx: 60 million Permitted by Texas Railroad Commission Cavern development process continuing On schedule for 2H2011 in-service Project…
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 million Cavern development process continuing Project Description In Service Egan Cavern 3…
Gulfstream Natural Gas Phase V Expansion Gulfstream Phase V Gulfstream provides solid revenue base from long-term contracts 35,000 Dth/d of new firm service SEPs share of total project Capex: 16 million (reflects 24.5% for 2010 & 49%…
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