EL PASO PIPELINE PARTNERS First Quarter 2010 Financial & Operational Update May 6, 2010
Executing on Growth 1Q 2010 Highlights 89 MM net income attributable to EPB 48% increase from 1Q 2009 88 MM distributable cash flow 54% increase from 1Q 2009 Completed largest acquisition to date Controlling interest in SLNG…
Acquisition From El Paso 51% of each Southern LNG and Elba Express for 810 MM (plus 153 MM assumed debt) Controlling interest in high quality, well-positioned assets Demand charge based revenue Successful initial public debt…
Consistent Cash Distribution Growth Per Unit 0.38 17% 0.36 0.35 0.33 0.325 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 Increased quarterly distribution every quarter since IPO 5
First Quarter 2010 Key Financial Metrics Millions, Except Per Unit Data Earnings per Adjusted Distributable Common Unit EBITDA Cash Flow 0.53 134.9 87.7 0.40 99.3 57.1 1Q 2010 1Q 2009 1Q 2010 1Q 2009 1Q 2010 1Q 2009 Organic…
Financial Results Quarters Ended March 31, ( Millions, Except Per Unit) 2010 2009 Operating revenues 188.1 152.9 Operating expenses (74.3) (71.2) Operating income 113.8 81.7 Earnings from unconsolidated affiliates 19.7 12.8…
Earnings from SNG Quarters Ended March 31, ( Millions) 2010 2009 SNG EBIT 91 63 Interest and debt expense, net (15) (15) Net income 76 48 Equity in earnings from SNG* 19.0 12.5 Successful rate case contributes to earnings…
Distributable Cash Flow Quarters Ended March 31, ( Millions) 2010 2009 EBIT 110.0 80.3 Add: Depreciation and amortization 19.6 18.4 Distributions declared by unconsolidated affiliates 17.5 13.3 Net income attributable to…
Financial Position Remains Strong ( Millions) March 31, 2010 Cash and cash equivalents 71.0 Revolving borrowings 520.0 EPB Debt 610.0 CIG debt and other financing obligations 649.6 SLNG Debt 135.0 Elba Express Debt 156.8 Capital…
Throughput by Region Year-to-Year % Change 1Q 2010 vs. 1Q 2009 Throughput Ups Downs WIC -5% Rockies production CIG -9% Rockies production SNG 14% Cold weather; industrial demand 4% overall decrease Throughput does not…
Southern LNG Strategically located near Savannah, GA Access growing Southeast and Mid Atlantic markets 7.3 Bcf of LNG storage capacity 1,755 MMcf/d of send-out capacity Fully subscribed contracts with an average remaining life of…
Elba Express Pipeline 190-mile pipeline (115 miles 42, 75 miles 36) 945 MMcf/d capacity Provides service from Elba Island LNG terminal Fully subscribed under 30-years contract Subsidiary of Shell Placed in-service March 1, 2010…
Major Expansion Projects Remaining Millions 1Q 2010 2011 & Beyond 2010 Wyoming Interstate Company System Expansion System Expansion System Expansion Colorado Interstate Gas Raton Basin Raton Basin Southern Natural Gas South…
Delivering Results Excellent earnings and cash flow Successful acquisition from El Paso Increased quarterly distribution to 0.38 per unit Organic expansions on-time/on-budget Strong financial position Well positioned to…
EL PASO PIPELINE PARTNERS First Quarter 2010 Financial & Operational Update May 6, 2010
Appendix
Assets Provide Stable Cash Flows Capacity reservation charges result in cash flow stability 2009 Revenue Composition* WIC CIG SNG SLNG Capacity 98% 91% 88% 93% Reservation Charges Usage & Other 2% 9% 12% 7% Weighted Avg.…
Ownership Structure Public Unitholders Public Unitholders 52,158,350 EPB 60,672,648 EPB Common Units Common Units 27,727,411 EPB Subordinated Units GP interest and incentive distribution rights 36% Limited Partner(1) 62% Limited…
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