F O U R T H Q UA R T E R 2 0 1 1 E A R N I N G S R E V I E W & 2 0 1 2 O U T LO O K Fourth Quarter 2011 Earnings Review & 2012 Outlook February 3, 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…
F O U R T H Q UA R T E R 2 0 1 1 E A R N I N G S R E V I E W & 2 0 1 2 O U T LO O K 2011 Review Julie Dill President and Chief Executive Officer
2011 Key Accomplishments Exceeded 2011 outlook target Cash Available for Distribution 212 million Continued to execute balanced growth strategy Deployed 500 million in growth capital Closed on Big Sandy Pipeline acquisition in…
F O U R T H Q UA R T E R 2 0 1 1 E A R N I N G S R E V I E W & 2 0 1 2 O U T LO O K Financial Overview Laura Buss Sayavedra Vice President and Chief Financial Officer
2011 Financial Summary 4th Quarter 2011 Full Year 2011 Net Income (MM) 42.0 172.0 Earnings per limited partner unit (/unit) 0.38 1.63 Cash available for distribution (MM) 38.0 212.4 4Q11 Earnings Review & 2012 Outlook 6
4th Quarter Earnings Summary Three Months Ended Dec 31 Year Ended Dec 31 ( MM) 2011 2010 2011 2010 Operating Revenues 57.9 50.8 205.0 197.7 Operating Expenses 33.3 32.3 116.8 110.0 Operating Income 24.6 18.5 88.2 87.7 Equity Earnings…
Gas Transportation and Storage Three Months Ended Dec 31 Year Ended Dec 31 ( MM) 2011 2010 2011 2010 Operating Revenues 57.9 50.8 205.0 197.7 Operating Expenses 31.2 29.6 107.4 100.7 Operating Income 26.7 21.2 97.6 97.0 Other Income…
Gulfstream Natural Gas Three Months Ended Dec 31 Year Ended Dec 31 ( MM) 2011 2010 2011 2010 Operating Revenues 68.4 70.1 273.4 273.6 Operating Expenses 17.7 18.3 71.5 73.1 Operating Income 50.7 51.8 201.9 200.5 Interest Expense &…
Market Hub Partners Three Months Ended Dec 31 Year Ended Dec 31 ( MM) 2011 2010 2011 2010 Operating Revenues 31.2 30.4 123.3 118.5 Operating Expenses 12.8 11.6 37.7 39.7 Operating Income 18.4 18.8 85.6 78.8 Interest Inc (Exp) & Other…
Cash Available for Distribution Three Months Ended Dec 31 Year Ended Dec 31 ( MM) 2011 2010 2011 2010 Adjusted EBITDA 32.9 25.7 121.4 117.1 ADD: Cash available from equity investments Gulfstream (49%)(1) 11.4 8.7 81.0 43.0 Market Hub…
2011 Financial Milestones Receipt of investment grade Credit Metrics Summary (12/31/11) credit ratings in June 2011 Debt Balance 707 million S&P (BBB), Fitch (BBB), Moodys (Baa3) Debt / EBITDA 2.7x Completed first-ever public…
2012 Outlook 2012 Estimated Cash Available for Distribution of 222 million 2012e Cash Available for Distribution (LP & GP) (MM) Growth driven by a full year of Northeastern Tennessee Project and Adjusted EBITDA 151 the Big Sandy…
F O U R T H Q UA R T E R 2 0 1 1 E A R N I N G S R E V I E W & 2 0 1 2 O U T LO O K Looking Ahead Julie Dill President and Chief Executive Officer
Attractive Investment Opportunity for Today & Tomorrow Consistent strategy Optimization of assets Organic growth projects Acquisitions Track record of growth Capital deployed in 2011 drives 2012 growth 17 consecutive quarterly…
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Appendix A Financial and Other Information
Debt and Available Liquidity Spectra Energy Partners ( MM, unaudited) December 31, 2011 December 31, 2010 Credit Facility (700MM; LIBOR+117 bps; matures 2016) 299 Commercial Paper (LIBOR; matures 2016) 27 MLP Term Bank Loan (LIBOR…
Credit Metrics Debt(1)/ EBITDA(2) Interest Coverage(1)(2) 3.0x 20.0x 2.5x 15.0x 2.0x 1.5x 10.0x 2.7x 1.0x 2.0x 14.6x 5.0x 10.3x 0.5x 0.0x 0.0x December 2010 December 2011 December 2010 December 2011 (1) The term bank loan and…
FFO Metrics For the years ended December 31 FFO(1) + Interest(2)(3)/ Interest(2)(3) FFO(1) / Debt(2) 15.0x 50.0% 40.0% 12.3x 41.0% 10.0x 11.2x 37.8% 30.0% 9.7x 30.8% 20.0% 5.0x 10.0% 0.0x 0.0% 2009 2010 2011 2009 2010…
Gulfstream Debt ( MM, unaudited) December 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…
Revenue Profile Year Ended December 31, 2011 Year Ended December 31, 2011 Gulfstream Revenues SEP SEP Share of Natural Gas ( MM, unaudited) 100% Ownership% Revenues SEP Gas Pipeline Transportation (49% Interest) Spectra…
Change in CAD Definition Refined calculation of Cash Available for Distribution (CAD) effective January 1, 2012 Going forward, Interest Expense on an accrual basis will now be deducted from Adjusted EBITDA instead of Cash Paid for…
Change in CAD Definition The 2011 quarterly effects of these future changes would be as follows: Three Months Ended Year Ended (MM) Mar 31, June 30, Sept 30, Dec 31, Dec 31, 2011 2011 2011 2011 2011 Spectra Energy Partners (1) Cash…
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