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Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Apr 30, 2014 · 15 slides

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Slides

  1. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 1
  2. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 2
    Quarter Earnings (Adjusted) Quarter Ended March 31, 2014 2013 Change Segmented operating income (loss): - Liquids* 205.2 154.3 50.9 - Natural Gas* 8.8 26.8 (18.0) - Corporate 0.3 (0.4) 0.7 Operating income* 214.3 180.7 33.6…
  3. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 3
    Distribution Coverage As declared As paid Q1 2014 Q1 2014 Net income attributable to general and limited partner ownership in EEP 93.3 93.3 Option premium amortization (0.7) (0.7) Noncash derivatives fair value gains 4.1 4.1…
  4. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 4
    Segment Operating Income (Adjusted) Quarter Ended March 31, Liquids 2014 2013 Change Operating revenue* 436.1 335.2 100.9 Power* (50.7) (33.9) (16.8) Environmental costs* (5.0) (3.5) (1.5) Operating and administrative (108.4) (86.7)…
  5. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 5
    Impact of Line 6B Incident Estimated Costs* As of December Booked in Q1 Total to Date 31, 2013 2014 Total Costs 1,122 0 1,122 Less: Insurance Recoveries 547 0 547 Total Normalized 575 0 575 Unaudited amounts, in millions.…
  6. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 6
    Capital Expenditures Q1 2014 Maintenance Capex 27.5 (1)(2) Enhancement Capex 523.0 Ending PP&E, net 13,749.8 Q1 2014 Major Enhancement Expenditures Q1 2014 (1) North Dakota Expansions 48.8 Eastern Access (2) 208.8 Mainline…
  7. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 7
    Book Capitalization 3/31/2014 12/31/2013 Loans from affiliates 312.0 318.0 Short-term debt 200.0 200.0 Long-term debt (1) 4,882.6 4,577.4 Total Debt 5,394.6 5,095.4 Partners' capital(1) 8,202.2 7,974.0 Total Capitalization 13,596.8…
  8. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 8
    Volume History Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 2013 2013 2013 2014 Liquids Business - Volumes (kbpd) Lakehead 1,861 1,811 1,756 1,737 1,836 1,683 1,825 1,918 2,000 Mid-Continent 236 235 214 207 222 170 216 195…
  9. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 9
    Estimated Commodity Positions Apr. Dec. 2014 2014 Estimated Commodity Positions * Physical Hedge Hedged Weighted Avg Value % Volume Hedge Price** MM Natural Gas 8,938 MMbtu/d 106% 9,500 MMbtu/d 3.92 /MMbtu 10.2 C2 3,941 bpd 0 bpd…
  10. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 10
    GAAP Reconciliation 11
  11. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 11
    Fourth Quarter Earnings (GAAP) Quarter Ended March 31, Segmented and corporate operating income (loss): 2014 2013 Change - Liquids 202.1 (22.7) 224.8 - Natural Gas 12.3 25.5 (13.2) - Corporate 0.3 (0.4) 0.7 Operating income 214.7…
  12. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 12
    Adjusted Earnings The foregoing presentation makes reference to adjusted net income in order to exclude the impact of non-cash derivative fair value gains and losses and other non- recurring items. A reconciliation to net income per…
  13. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 13
    Adjusted Segment Operating Income (Loss) The foregoing presentation makes reference to adjusted operating income (loss), which combines certain GAAP measures as shown below. Liquids Natural Gas Q1 2014 Q1 2013 Q1 2014 Q1 2013…
  14. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 14
    Adjusted Gross Margin The foregoing presentation makes reference to gross margin for the Natural Gas segment, which combines certain GAAP measures as shown below. Natural Gas - From Continuing Operations Q1 2014 Q1 2013 Operating…
  15. Q1 2014 EARNINGS SUPPLEMENTAL SLIDES – Enbridge Energy Partners Lp – slide 15
    Adjusted EBITDA The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to assess liquidity and the ability to generate cash sufficient to pay interest costs and make cash…

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