First Half 2014 Highlights Distribution Increase Record Liquids System Deliveries Equity Restructure Project Execution Drop-Down to MEP 3
Equity Restructure EEP Equity Restructuring Prospective Benefits Improves EEPs cost of capital Increases distributable cash available to LP unit holders Establishes momentum for distribution growth Enhances acquisition…
Distribution Growth Target Organic growth platform supports distribution growth Momentum to 2% - 5% Annual Growth Target achieve higher end of growth target 2.7% 4.2% - 3.8% 3.6% 2.1% - 2.1% 2007 2008 2009 2010 2011 2012…
Project Execution 2014 In-Service Eastern Access: Ln 6B Replacement 160 miles of Line 6B replacement entered service May 1st Remaining 50 mile replacement construction underway (early 4Q 2014 in service) 2.1 billion* capital…
Market Access Programs Market Access Programs Bolster Lakehead System Utilization Fort 2013 McMurray Bakken Pipeline Expansion+ Berthold Rail - EEP Line 5 Expansion (+50 kbpd) - EEP Line 62 Expansion (+105 kbpd) - EEP Edmonton Line…
Executed Drop-Down to MEP Drop-Downs Bolster Funding Program Drop-down proceeds mitigate equity funding requirements Executed Drop-Down to MEP July 1, 2014 o Sold 12.6% interest in Midcoast Operating for 350 million Drop-down…
Financial Summary Financial Results Second Quarter 2014 Highlights (millions, except per unit amounts) 2Q 2014 2Q 2013 Adjusted EBITDA1 362.3 284.6 Record Lakehead System Deliveries Adjusted Net Income2 107.1 74.7 Adjusted Net Income…
Liquids Segment Results Adjusted Operating Income Volumes 250 Lakehead Mid-Continent North Dakota 232.8 2.50 0.31 200 205.2 0.25 0.20 0.18 0.21 0.21 185.8 0.20 2.00 0.15 0.22 Volume by System (mmbpd) 167.9 150 0.17…
Natural Gas Segment Adjusted Operating Income * Volumes / Rig Count 20 Anadarko East Texas North Texas Rig Count 3,000 400 (mmbtu/d in thousands) 350 Volume by System 2,500 Average Rig Count EEP Main Regions 333…
Delivering Cash Flow Growth* (unconsolidated) EBITDA ramps up in 2H14: project in-service + increasing system utilization 1,600 Line 61 Expansion In-service 3Q14 Lakehead Volume/Rate Growth Eastern Access Line 6B Replacement…
Forecasted Capital Expenditures 2014 Capital Expenditures Available Liquidity* Eastern Access1 235 Credit Facilities Cash 3,000 US Mainline Expansions1 180 2,434 2,500 Sandpiper1 245 2,064 89 Line 6B 75-mile Replacement 10…
Key Takeaways Record Lakehead and North Dakota system deliveries Coverage strengthens as organic growth projects enter service Drop-downs to MEP minimize equity funding requirements Targeting 2% to 5% annual distribution growth…
Loading...
