Third Quarter 2016 Earnings Presentation Enbridge Energy Partners, L.P. October 31, 2016
Agenda 1. Bakken Pipeline System 2. Financial Summary 3. Low-Risk Business Model 4. Question & Answer SLIDE 3
Bakken Pipeline Investment Another important link in market access strategy Strategic Fit Offers customers competitive tolls between the Bakken and USGC Joint toll opportunity with Enbridge mainline Highly contracted: secured by…
Q3 2016 Financial Summary On track to achieve near the top-end of FY adjusted EBITDA and DCF guidance FY adjusted EBITDA guidance 1.8 - 1.9 billion; FY DCF guidance 860 - 920 million Earnings 3Q16 vs. 3Q15 DCF Analysis: ( millions,…
Q3 2016 Operational Highlights Demand for our liquids pipeline systems remains strong Liquids Pipelines Volumes by System (MMbpd) Lakehead Mid-Continent North Dakota 3.50 3.00 0.40 0.38 0.17 0.38 0.36 0.34 0.33 0.36 0.37 0.22…
Capital Expenditures Adequate liquidity to fund base capital program 2016 CAPITAL EXPENDITURES Available Liquidity ( millions) ( millions) 1,400 Eastern Access1 50 1,213 1,200 41 US Mainline Expansions1 50 1,000…
Attractive Business Model Delivering stable cash flows Strong business fundamentals Connectivity to large producing basins and key North American refining centers Expanded market access underpins strong system utilization outlook Well…
Key Takeaways Core liquids pipelines business performing well On track to achieve near the top-end of previously communicated FY16 adjusted EBITDA and DCF guidance Pending acquisition of equity interest in Bakken Pipeline System…
Q&A
Supplemental Slides Third Quarter 2016 Earnings Presentation October 31, 2016
Third Quarter Earnings (GAAP) Quarter Ended September 30, Segmented and corporate operating income (loss): 2016 2015 Change - Liquids (446.8) 253.1 (699.9) - Natural Gas (28.9) 5.0 (33.9) - Corporate (3.2) (3.3) 0.1 Operating…
Third Quarter Earnings (Adjusted) Quarter Ended September 30, 2016 2015 Change Segmented operating income (loss): - Liquids (1) 304.0 295.1 8.9 - Natural Gas (1) (11.4) 9.9 (21.3) - Corporate (3.2) (3.3) 0.1 Operating income(1)…
Distribution Coverage As declared As paid As declared As paid Q3 2016 Q3 2016 YTD 2016 YTD 2016 Net loss attributable to general and limited partner ownership in EEP (406.4) (406.4) (242.7) (242.7) Noncash derivatives fair value…
Segment Operating Income (Loss) (Adjusted) Quarter Ended September 30, Liquids 2016 2015 Change Operating revenue(1) 634.2 597.4 36.8 Power(1) (74.3) (71.6) (2.7) (1) (146.5) (133.0) (13.5) Operating and administrative expenses…
Liquids Operating Income (Adjusted) Quarter Ended September 30, Liquids Adjusted Operating Income 2016 2015 Change Lakehead 252.1 242.7 9.4 Mid-Continent 20.5 16.2 4.3 North Dakota 31.4 36.2 (4.8) Liquids adjusted operating…
Lakehead Operating Income (Adjusted) Quarter Ended September 30, Lak ehead Adjusted Operating Income 2016 2015 Change Operating revenue(1) 524.8 482.9 41.9 Power (63.1) (60.4) (2.7) Operating and administrative expenses (1) (115.1)…
Mid-Continent Operating Income (Adjusted) Quarter Ended September 30, Mid-Continent Adjusted Operating Income 2016 2015 Change Operating revenue(1) 42.9 40.1 2.8 Power (2.6) (3.0) 0.4 Operating and administrative expenses (1)…
North Dakota Operating Income (Adjusted) Quarter Ended September 30, North Dak ota Adjusted Operating Income 2016 2015 Change Operating revenue(1) 66.5 74.4 (7.9) Power (8.6) (8.2) (0.4) Operating and administrative expenses (1)…
Capital Expenditures Q3 2016 YTD 2016 Maintenance Capex 18.9 46.1 (1)(2) Enhancement Capex 178.1 650.5 Ending PP&E, net 16,894.0 16,894.0 Q3 2016 Major Enhancement Expenditures Q3 2016 YTD 2016 (1) North Dakota Expansions 14.9…
Book Capitalization 9/30/2016 12/31/2015 Short-term debt 300.0 300.0 Long-term debt(1) 8,008.4 7,528.4 Total Debt 8,308.4 7,828.4 Partners' capital(1) 8,496.0 9,482.1 Total Capitalization 16,804.4 17,310.5 Total Debt / Total…
Estimated Commodity Positions (Oct Dec 2016) Gas segment commodity-based gross margin 90% hedged for 2016 2016 Commodity Hedge Value (1) Physical Hedge Hedged Weighted Avg Hedged Cash Flows (2) % Volume Hedge Price MM Natural Gas…
Non-GAAP Reconciliations Reconciliations of forward looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges with estimating some of the items, particularly with estimating non-cash…
Adjusted Earnings The foregoing presentation makes reference to adjusted net income in order to exclude the effect of non-cash and other items that are not indicative of our core operating results. A reconciliation to net income…
Adjusted Segment Operating Income (Loss) The foregoing presentation makes reference to adjusted operating income (loss), which is reconciled to nearest comparable GAAP measures as shown below. Liquids Natural Gas Q3 2016 Q3 2015 Q3…
Adjusted Gross Margin The foregoing presentation makes reference to gross margin for the Natural Gas segment, which is reconciled to nearest comparable GAAP measures as shown below. Natural Gas Q3 2016 Q3 2015 Operating revenues…
Adjusted EBITDA The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to manage the performance of the entity. A reconciliation of net income (loss) to adjusted EBITDA is…
Distributable Cash Flow The foregoing presentation makes reference to distributable cash flow, which is used as a supplemental financial measurement to assess liquidity and the ability to generate cash sufficient to pay interest costs…
Adjusted EBITDA to DCF A reconciliation of adjusted EBITDA to distributable cash flow is provided below. Three months ended Nine months ended Distributable Cash Flow September 30, September 30, (unaudited; in millions) 2016 2015…
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