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Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Feb 13, 2014 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 1
  2. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 2
    Agenda 1. Review of 2013 2. Funding Outlook 3. Liquids Pipelines Growth 4. MEP Strategic Rationale 5. 2014 Financial Guidance 6. Question & Answer 3
  3. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 3
    2013 Financial Summary Financial Results (millions, except per unit amounts ) 4Q 2013 4Q 2012 FY 2013 FY 2012 Adjusted EBITDA1 303.3 267.5 1,143.4 1,144.1 Adjusted Net Income2 73.1 87.2 304.5 410.2 Adjusted Net Income per unit2…
  4. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 4
    Liquids Segment Results Adjusted Operating Income Volumes 200 Lakehead Mid-Continent North Dakota 2.50 185.8 0.20 167.9 0.13 0.21 2.00 0.17 0.20 150 154.3 0.22 150.2 0.15 0.22 0.21 0.17 Volume by System (mmbpd) 133.0…
  5. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 5
    Natural Gas Segment Adjusted Operating Income Volumes / Rig Count 50 Anadarko East Texas North Texas Rig Count 3,000 400 Average Rig Count EEP Main Regions Volume by System (mmbtu/d in thousands) 350 2,500 42.9 333 332 344…
  6. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 6
    2013 Review Market Headwinds Impacted Financial Performance System integrity and operational reliability focus 1.8 Billion of assets placed into service FY cash flows in 2014 Tangible Progress on Funding Plan Preferred Unit…
  7. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 7
    Funding Plan 2014-2017 (unconsolidated) Equity funding requirements minimal; capacity for further growth investment (billion) Uses/(Sources) Secured Growth Capital 7.0 Maintenance Capital 0.4 Joint Funding Call Back on Lakehead…
  8. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 8
    Providing New Market Access Opening New Markets for up to 1.7 million barrels per day + 1.0 MMbpd of Heavy and + 0.7 MMbpd of Light Norman Wells Light Oil Market Access Zama Fort McMurray +250 kbpd Eastern Access EEP Lakehead &…
  9. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 9
    Bakken Expansion Sandpiper Pipeline Hardisty Regina Gretna Montreal Clearbrook Sandpiper Pipeline Westover Sarnia Sandpiper (2.6 B) Scope: 610 mile, 24/30 pipeline Toledo Chicago Capacity: 225 kbpd/375 kbpd Flanagan…
  10. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 10
    Midcoast Energy Partners IPO Past State Gas & Liquids Operations Gas-Focused Operations Liquids-Focused Operations Current State Dual Funding Sources to Support Growth Creates Drop-Down Opportunity for MEP Near Term…
  11. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 11
    Financial Outlook 2014 Earnings Outlook 2014 Liquids Projects Deliver EBITDA Growth Guidance Range 1,500 1,600 1,600 millions 1,400 1,500 1,000 1,200 1,130 1,000 1,050 millions 500 2011 2012 2013 2014e 800 Based…
  12. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 12
    Volume Assumptions Liquids Organic Growth Projects Bolster System Utilization Liquids Volumes (kpbd) Natural Gas Volumes ( Mmbtu/d) 2013 2014e 2013 2014e Lakehead 1,816 2,000 2,200 Anadarko 949 850 900 North Dakota (1) 236 326 346…
  13. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 13
    Forecasted Capital Expenditures Capital Expenditures 2014 Breakdown Eastern Access1 250 US Mainline Expansions1 160 2,000 Sandpiper1 315 Line 6B 75-mile Replacement 20 1,500 millions Liquids Integrity 270 Liquids Other…
  14. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 14
    Key Takeaways Top priorities: system integrity, safety and project execution Minimal equity funding requirements First drop-down post-IPO to MEP mid-2014 Coverage strengthens as organic growth projects enter service Distribution…
  15. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 15
  16. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 16
    APPENDIX 17
  17. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 17
    Distribution Coverage and Liquidity Full Year Coverage Ratio: 0.70x Available Liquidity 839.7 Credit Facilities Cash 850 PIKs 165 2,628 2,500 750 128.5 650 586.7 2,000 550 Dep. - Maint. millions Capex 450 1,500…
  18. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 18
    Market Access Programs Market Access Programs Bolster Lakehead System Utilization Fort McMurray 2013 Line 5 Expansion (+50 kbpd) - EEP Line 62 Expansion (+105 kbpd) - EEP Edmonton EEP Lakehead & Line 9A Reversal (+50 kbpd) - ENB…
  19. Q4 2013 EARNINGS PRESENTATION – Enbridge Energy Partners Lp – slide 19
    Delivering Low-Risk Sustainable Growth Distribution coverage strengthens as growth projects enter service Expected Project In-Service Period 1H13 2H13 1H14 2H14 1H15 2H15 1H16 Liquids Projects (1) Bakken Pipeline Expansion Bakken…

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