Corporate Structure Enbridge Inc. Enbridge Inc. owns ENB* (NYSE: ENB) 21% of EEP Yield: 3.0% 100% Indirectly Owned 10-yr TSR: 17% EV: 66B Enbridge Energy Company, Inc. 2% 100% Voting Shares 11.7% Listed Shares General Partner…
Enbridge Energy Partners Factsheet EEP is one of the longest serving MLPs (since 1991) and has consistently delivered cash distributions to its unitholders Financial Highlights Market Cap* 11B Yield* 7.8% Distribution 2.17/unit…
Investment Proposition 5
Attractive Investment Proposition Attractive Yield One of the longest serving pipeline MLPs (1991) Attractive return CAGR 10% EEP: 7.8% Track record of consistently delivering cash distributions 9% Prudent growth 8% Total…
Strength of GP Enbridge Inc. 36 billion equity market cap Strong investment grade Proven track record: industry leading EPS and DPS growth 5 year EPS CAGR of 14% 5 year DPS CAGR of 14% Strategy aligned with Partnership Joint…
Strategic Position Premier asset position Crude oil pipeline and storage systems deliver 2.5 million barrels/day Natural gas gathering, processing & treating systems deliver 2.5 billion cubic feet/day Lakehead System North…
WCSB Supply Forecast vs. Pipeline Takeaway Capacity* MMbpd 9.0 Keystone XL ENB Northern Gateway Supply Forecast 8.0 TransMountain Expansion Energy East 7.0 6.0 5.0 4.0 3.0 ENB 2.0 1.0 OTHER 0.0 2013-Q1 2014-Q1…
Bakken Crude Oil Supply Forecast vs. Pipeline Takeaway Capacity MMbpd 2.5 2.0 Range of External 1.5 Supply Forecasts 1.0 Enbridge Sandpiper Plains Bakken North Baker Take-away (Platte) 0.5 Enbridge Berthold Rail ND…
Strategic Position Crude Oil Transportation Competitive Advantages: Fort McMurray Scale: 2.5 million bpd Edmonton Hardisty Connected to rapidly growing Kerrobert supply sources Regina Cromer Market diversity Gretna…
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 &…
Market Access Programs Market Access Programs Bolster Lakehead System Utilization Placed 1.2B Fort McMurray 2013 assets in-service Bakken Pipeline Expansion+ Berthold Rail - EEP during 2013 Line 5 Expansion (+50 kbpd) - EEP…
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…
Natural Gas and NGL Midstream Business Anadarko System Ajax Processing Plant in service 3Q 2013 Texas Express NGL System East Texas System In service 4Q 2013 Beckville Processing Plant expected in service 1Q 2015 Petal…
Business Opportunities Natural Gas and NGL Midstream Gathering, Processing & Transportation Logistics & Marketing Enhance end-market access Expand condensate treating, stabilization, and liquids takeaway Pursue vertical integration…
Operational Reliability & Project Execution Operational Project Reliability Execution Project Development Third Party Damage Avoidance and Incident Response Detection Capacity Supply Chain Management Leak Detection Employee…
Business Mix & Risk Profile Crude oil projects progressively transform EEP to lower risk business model 100% Operating Income* 23% Commodity 12% 80% Liquids 28% Pipelines 90% Fee-Based 60% Natural Gas 59% 10% 40% 60%…
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…
Midcoast Energy Partners IPO Past State Gas & Liquids Operations Gas-Focused Operations Liquids-Focused Operations Current State Enhances Strategic Focus of Each Partnership Dual Funding Sources to Support Growth Creates…
Executing on our Financing Plan Manageable funding outlook 2013 Financing Actions 1.2 Billion Preferred Unit Private Placement Enhanced financing flexibility Exercise Joint Funding Option +720MM Matches timing of permanent…
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…
Key Takeaways Top priorities: system integrity, safety and project execution Liquids growth projects collectively transform the Partnership to lower risk business model Minimal equity funding requirements First drop-down post-IPO to…
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…
Delivering Prudent Growth Organic growth secured by long-term low risk commercial structures Growth Net Capital Target (MM) Capital EEP In-Service Risk Profile Bakken Growth Projects Bakken Expansion 300 300 1Q13 10 year ship-or-pay…
Bakken Expansion Program EEP pipeline takeaway will reach 580 kbpd with next phase of expansion Enbridge Mainline System Regional Pipeline Takeaway: Capital = 3.1B Alliance Pipeline EEP North Dakota Pipeline Capacity Saskatchewan…
Eastern Access Growth Projects Linking North American crude supply growth to eastern refining centers Montreal Clearbrook EEP/ENB joint funded ENB Superior Refining center 1 5 Westover EEP Eastern Access Projects (2.5B) 5 1…
Western U.S. Gulf Coast Access Linking North American crude supply growth to USGC refining centers EEP US Mainline Expansion (1.9B) 4 Line 67 Expansion 4 +350 kbpd capacity increase to 800 kbpd expanded to full hydraulic capacity 5…
North American Crude Oil Supply Growth (2013 2025) + 7 MMbpd by 2025 MMbpd 4.0 Cardium, Viking, Duvernay 3.5 Niobrara 3.0 Other 2.5 Permian Basin 2.0 Oil Sands Eagle Ford 1.5 1.0 0.5 Bakken 0.0 Heavy Light Sources:…
North American Crude Oil Demand Light Markets East Coast Eastern PADD II PADD III Heavy Markets PADD II PADD III 34 34 Source: StatsCan, EIA, Enbridge Internal Forecasts
Impact of Line 6B Incident Estimated Costs* As of September Booked in Q4 Total to Date 30, 2013 2013 Total Costs 1,035 87 1,122 Less: Insurance Recoveries 547 0 547 Total Normalized 488 87 575 Unaudited amounts, in millions.…
Major Canadian and US Crude Oil Pipelines and Refineries 36 36
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