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Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Feb 13, 2014 · 17 slides

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  1. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 1
  2. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 2
    Quarter Earnings (Adjusted) Quarter Ended December 31, 2013 2012 Change Segmented operating income (loss): - Liquids* 185.8 133.0 52.8 - Natural Gas* 4.0 42.9 (38.9) - Marketing* 0.4 (1.4) 1.8 - Corporate (2.2) (0.9) (1.3)…
  3. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 3
    Distribution Coverage As declared As paid As declared As paid Q4 2013 Q4 2013 YTD 2013 YTD 2013 Net income attributable to general and limited partner ownership in EEP (16.8) (16.8) 4.7 4.7 Option premium amortization 2.7 2.7 4.7…
  4. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 4
    Segment Operating Income (Adjusted) Quarter Ended December 31, Liquids 2013 2012 Change Operating revenue* 420.1 333.4 86.7 Power* (41.9) (32.3) (9.6) Environmental costs* (2.3) (9.3) 7.0 Operating and administrative (126.2) (104.2)…
  5. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 5
    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.…
  6. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 6
    Capital Expenditures Q4 2013 FY 2013 Maintenance Capex 43.8 137.0 Enhancement Capex* 824.0 2,463.8 Ending PP&E, net 13,176.8 Q4 2013 Major Enhancement Expenditures Q4 2013 FY 2013 North Dakota Expansions 7.5 74.1 Ajax Plant 0.8…
  7. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 7
    Book Capitalization 12/31/2013 12/31/2012 Loans from affiliates 318.0 330.0 Short-term debt 200.0 200.0 Long-term debt (1) 4,577.4 5,301.7 Total Debt 5,095.4 5,831.7 Partners' capital(1) 7,974.0 5,768.4 Total Capitalization…
  8. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 8
    Volume History Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2012 2012 2012 2013 2013 2013 2013 Liquids Business - Volumes (kbpd) Lakehead 1,742 1,861 1,811 1,756 1,737 1,836 1,683 1,825 1,918 Mid-Continent 228 236 235 214 207 222 170 216…
  9. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 9
    Key 2014 Guidance Assumptions Lakehead (millions) Liquids Volumes (kbpd) Description 2014e Revenue 2013 2014e Index +/- 630 Lakehead System 1,816 2,000 2,200 SEP II +/- 160 North Dakota System 171 230 250 Southern Access +/- 315…
  10. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 10
    Estimated Commodity Positions 2014 2014 Estimated Commodity Positions* Physical Hedge Hedged Weighted Avg Value % Volume Hedge Price** MM Natural Gas 11,781 MMbtu/d 81% 9,500 MMbtu/d 3.95 /MMbtu 13.7 C2 5,114 bpd - - bpd 0.00…
  11. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 11
    Gross Margin Sensitivities to Commodity Prices Taking into Account Current Hedging NGL and Crude Price Fluctuations Natural Gas Price Fluctuations Prices: -20% Prices: +20% Prices: -20% Prices: +20% 2015 2015 2014 2014…
  12. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 12
    GAAP Reconciliation 13
  13. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 13
    Fourth Quarter Earnings (GAAP) Quarter Ended December 31, Segmented and corporate operating income (loss): 2013 2012 Change - Liquids 97.8 123.2 (25.4) - Natural Gas 10.3 40.6 (30.3) - Marketing (0.5) (1.4) 0.9 - Corporate (2.2)…
  14. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 14
    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…
  15. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 15
    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 Marketing Q4 2013 Q4 2012 Q4 2013 Q4…
  16. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 16
    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 Q4 2013 Q4 2012 Operating…
  17. Q4 2013 EARNINGS AND 2014 FINANCIAL GUIDANCE – Enbridge Energy Partners Lp – slide 17
    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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