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MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp

Spectra Energy Partners, Lp · Nov 13, 2014 · 90 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 1
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Supplemental Information Appendix November 13, 2014
  2. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 2
    We go where the lights are First and last mile advantage Growth from a position of strength Bank of America Merrill Lynch 2014 Energy Conference 9
  3. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 3
    Our Strong Portfolio of Assets Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300 Bcf Natural Gas Gathering Pipe: 70,000 mi Crude Transmission Pipe: 1,700 mi NGL Transmission Pipe: 1,500 mi SE Gas…
  4. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 4
    Spectra Energy Asset Structure Reporting Segment Assets in Segment U.S. Transmission Saltville Gas Storage Algonquin Gas Transmission Texas Eastern Transmission Big Sandy Pipeline Maritimes & Northeast, US Bobcat Gas Storage…
  5. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 5
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE 3Q14 Financial Results
  6. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 6
    3Q14 Results EBITDA Ongoing Segment EBITDA (MM) 3Q13 3Q14 YTD 3Q13 YTD 3Q14 Spectra Energy Partners (1) 366 422 1,071 1,225 Distribution 83 82 418 420 Western Canada 174 156 521 504 Field Services 137 63 271 247 Other (2) (19) (45)…
  7. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 7
    Spectra Energy Partners: 3Q14 Results - EBITDA YTD YTD Ongoing EBITDA by Segment (MM) 3Q13 3Q14 3Q13 3Q14 U.S. Transmission 310 352 957 1,046 Liquids 44 60 91 169 Other (4) (11) (9) (48) Ongoing EBITDA(1)(2) 350 401 1,039…
  8. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 8
    3Q14 Results DCF and Cash Contributions YTD YTD YTD DCF (MM) 3Q13 3Q14 3Q13 3Q14 SEP Distributions* (MM) 3Q14 3Q14 SE DCF 226 236 977 1,144 General Partner 44 123 Note: Full year SE coverage expected to be 1.5x Limited Partner…
  9. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 9
    Spectra Energy: 3Q14 Results Distributable Cash Flow YTD YTD Distributable Cash Flow (MM) 3Q13 3Q14 3Q13 3Q14 EBITDA 735 692 2,213 2,324 ADD: Equity in earnings of unconsolidated affiliates (163) (91) (345) (337) Distributions…
  10. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 10
    Spectra Energy Partners: 3Q14 Results Distributable Cash Flow YTD YTD Distributable Cash Flow (MM) 3Q13 3Q14 3Q13 3Q14 EBITDA 344 401 1,033 1,167 ADD: Equity in earnings of unconsolidated affiliates (23) (36) (65) (93)…
  11. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 11
    DCP Midstream, LLC: 3Q14 Results Distributable Cash Flow (50%) YTD YTD Distributable Cash Flow (MM) 3Q13 3Q14 3Q13 3Q14 EBITDA from DCP Midstream, LLC standalone(2) 150 72 296 278 ADD (LESS)(2): Unrealized MTM on hedges (23) 3 (1)…
  12. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 12
    Spectra Energy Strong Investment Grade Balance Sheet Credit Metrics Summary 9/30/14 Debt / Capitalization(1) 57.4% Credit Ratings Spectra Energy Capital Baa2 / BBB- / BBB* * Moodys / S&P / Fitch senior unsecured ratings…
  13. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 13
    Spectra Energy Partners Strong Investment Grade Balance Sheet Credit Metrics Summary 9/30/14 Debt / EBITDA(1) 3.9x Credit Ratings Spectra Energy Partners Baa2 / BBB / BBB* * Moodys / S&P / Fitch senior unsecured ratings…
  14. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 14
    Liquidity Positions (Millions) Total SE Union SEC-WEI- Total As of 9/30/14 Capital Westcoast Gas UGL SEP Enterprise Revolving Credit Commitments 1,000 268 357 1,625 2,000 3,625 Less: Commercial Paper (377) (103) (119) (599) (813)…
  15. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 15
    SE Corp Consolidated Debt Maturity Profile as of 9/30/14 USD Millions 2,500 30 Express-Platte 25 SE Capital 20 SE Partners 2,000 M&N - Can 15 M&N - US 10 Union Gas 5 1,500 Westcoast 0 East Tenn Oct-14 Nov-14 Dec-14…
  16. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 16
    SEP Consolidated Debt Maturity Profile as of 9/30/14 20 USD Millions 15 Express-Platte 1,800 SE Partners 10 1,600 M&N - US 5 East Tenn 1,400 Algonquin 0 TETLP Oct-14 Nov-14 Dec-14 1,200 1,000 800…
  17. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 17
    Customer Credit Exposure as of 9/30/14 Spectra Energys customer mix is made up of primarily high quality credits 30% 34% A or Higher BBB 7% Non-Investment 18% Grade - Unsecured Investment Grade- 11% Equivalent…
  18. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 18
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE U.S. Transmission Overview
  19. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 19
    Spectra Energy Partners: U.S. Transmission Natural Gas Transmission Pipe 13,700 mi System Compression 2.5MM HP Natural Gas Storage Capacity 150 Bcf Regulated gas storage Access to multiple supply sources Market-based gas storage…
  20. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 20
    U.S. Transmission: Asset Strength & Flexibility Value of capacity increases with changing supply and demand dynamics Future Growing supply along the system Flows Increasing demand in all areas where our pipelines reach New…
  21. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 21
    U.S. Transmission: Texas Eastern Supply & Delivery Evolution By 2017, Texas Eastern will be delivering 2.4 Bcf/d to Gulf Coast & Midwest markets via bi-directional flows while retaining full capacity to Northeast markets Project…
  22. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 22
    U.S. Transmission: Execution Projects Atlantic Bridge Salem Lateral NEXUS Project (1) Est. CapEx (MM) In-Service OPEN AIM Kingsport 120 4Q13/1Q15 PennEast OPEN 500 2H15 U2GC U2GC 60 2H15 Adair Southwest Ozark Conversion 50…
  23. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 23
    U.S. Transmission: Development Projects New England Power Gen Opportunity In Service New England Power Gen 2017-2019 Gulf LNG / Industrials 2016-2020 Exports to Mexico 2015-2018 Mid-Atlantic Midwest, Southeast, and Midwest…
  24. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 24
    Spectra Energy Partners: U.S. Transmission Contract Portfolio 95% of U.S. Transmission revenue comes from demand charges 2013 TETLP Firm Demand Revenues by 2013 TETLP Firm Demand Revenues by Service Provided Customer Type LDCs 62%…
  25. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 25
    Spectra Energy Partners: Solid Fee-Based Businesses Average Contract Term for Major U.S. Transmission Pipelines (years) 0 5 10 15 20 Texas Eastern 7.2 Algonquin 6.6 East Tennessee 8.1 Maritimes & Northeast (US) 18.1…
  26. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 26
    Spectra Energy Partners: U.S. Transmission Revenue Stability Based on Transmission Revenues for 12 months ended 12/31/13 100% 90% 95% 98% 97% 98% 98% 98% 93% 80% 70% 60% 50% 40% 30% 20% 2013 Reservation Revenue 2013…
  27. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 27
    U.S. Transmission: 2014 Priorities Pursue 7B dollars of opportunities; sign 3B in 2014 at 10% ROCE Safely and successfully advance execution projects Ensure re-contracting of base Place Team 2014, TEAM South, and revenue…
  28. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 28
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Liquids Overview
  29. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 29
    Spectra Energy Partners: Liquids Hardisty Crude Pipelines Express Platte Express Size: 776 mile, 24 pipe 938 mile, 20 pipe Pipeline Casper, WY Guernsey WY Express-Platte Nameplate 280 mbpd 164 mbpd Pipeline System Capacity:…
  30. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 30
    Liquids: Maximizing Revenue from Existing Assets Express Pipeline (Bbl/d) Optimization Strategy: 300,000 250,000 Capacity Express Receipts Maximize capacity utilization 200,000 Connect to rail and barge to expand New Committed…
  31. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 31
    Liquids: Financial Growth Exceeding Expectations As presented 2/5/14 Liquids EBITDA 350 (MM) 32% 305 Total Liquids CAGR 300 275 Southern Hills 250 85 Sand Hills 75 200 210 19% 40 Express-Platte CAGR 150 132…
  32. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 32
    Liquids: Opportunities Abound From a solid base, accessing growth opportunities across North America Synergy Wyoming to Providing access to Eastern & Pipeline Illinois Crude Gulf Coast light crude markets 2017 Pipeline Synergy…
  33. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 33
    Liquids: 2014 Priorities Continue to ramp up Express-Platte contracted Ramp existing contracts on volumes and EBITDA Sand Hills & Southern Hills Price-advantaged crude oil Connecting growing NGL supply transportation to Rockies to…
  34. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 34
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Distribution Overview
  35. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 35
    Spectra Energy: Distribution Retail Customers 1.4 million Distribution Pipe 39,700 mi Union Gas 2nd largest Natural Gas Storage Capacity 160 Bcf natural gas distributor in Pipeline Capacity Natural Gas Transmission Pipe 6.4 Bcf/d…
  36. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 36
    Distribution: New 5-Year Regulatory Framework Comprehensive 5-year negotiated settlement Ontario Energy Board (OEB) approval of agreement and new incentive regulation mechanism (IRM) for 2014 2018 64/36 debt/equity capital…
  37. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 37
    Distribution: Rapidly Changing Supply Dynamics in E. Canada Ontario reduction in supply ON from Western Canada: 3Bcf/d Supplies from the Marcellus/ Utica are increasingly needed in TORONTO Ontario NY Parkway Two options to move…
  38. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 38
    Distribution: Union Gas Growth Projects Transmission Capacity Growth ON Dawn to Parkway Expansions 2015 Dawn-Parkway 2015 - 430MM, in execution Expansion 2016 - 400MM, in execution TORONTO 2017 - under development 2016-17…
  39. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 39
    Distribution: 2014 Priorities Build off strength and stability of base assets Execute 2015 Advance 2016-17 Dawn Parkway expansion Dawn-Parkway expansion File OEB application Distribution business delivers strong cash…
  40. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 40
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Western Canada Transmission & Processing Overview
  41. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 41
    Spectra Energy: Western Canada Transmission & Processing Western Canadian G&P BC AB SK MB BC Pipeline QC Empress Maritimes & ON Northeast, Canada NB NS Gathering & BC Pipeline Natural Gas Liquids Empress System Processing…
  42. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 42
    Western Canada: Strong Base Portfolio Horn River Consistent growth in earnings from core assets Liard Cordova Gathering & Processing British 1 gas processor in British Columbia Columbia Processing capacity: 3.8 Bcf/d Montney…
  43. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 43
    Western Canada: Unconventional Reserves Driving Opportunities Marketable Reserves in British Columbia (Tcf) Producers are realizing 430 attractive returns in developing unconventional Cordova 40 160+ reserves Liard 40 years Horn…
  44. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 44
    Western Canada: Business Development Opportunities Infrastructure to support domestic Horn River and LNG export markets Liard Multinationals leading LNG Cordova development Large scale incremental G&P and Westcoast pipeline…
  45. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 45
    Western Canada: 2014 Priorities Substantially de-risk Empress Place North Montney project commodity exposure into service in 2Q14 Advance regulatory approvals and obtain Secure G&P, pipeline and NGL environmental permits on…
  46. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 46
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Field Services Overview
  47. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 47
    Field Services: Ownership Structure 50% 50% 22% LP & GP Interest Public Unitholders 78% LP Interest Growth from a position of strength Bank of America Merrill Lynch 2014 Energy Conference 54
  48. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 48
    Field Services: DCP Midstream is a Leader in Key Basins Natural Gas Processing1 (MMcf/d) DCP Midtream enterprise Enterprise Products 1 Williams DJ Basin2 Midcoast Energy DPM standalone 5 MarkWest Energy Wattenburg EnLink Energy…
  49. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 49
    Field Services: Significant Progress Achieved DCP 2010 DCP 2016e Top tier gatherer and processor Midstream logistics services leader Executing ahead of schedule Significant progress achieved toward 2015 goal nearly there now…
  50. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 50
    Field Services: 2013-16e EBITDA and Net Income As presented 2/5/14 DCP EBITDA(1) (100%, MM) DCP Net Income(1) (100%, MM) 11% 4% CAGR 555 CAGR 1,595 2013-2016 545 2013-2016 1,535 491 510 1,330 1,157 2013e 2014e 2015e 2016e…
  51. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 51
    Field Services: Growth-for-Growth Strategy As presented 2/5/14 4-6B 3-5B 33% 2014-2016 self-funded 2014-2016 potential CAGR 2013-2016 capital program dropdowns to DPM DCP GP/LP from DPM DPM Dropdowns (B, consolidated, includes…
  52. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 52
    Field Services: Delivering Value to Owners As presented 2/5/14 Significant valuation uplift by 2016 with increasing DPM GP/LP distributions DPM GP/LP Distributions to SE & PSX (100%, MM) 275 DPM GP DPM LP 225 100 17x/5.9% yield…
  53. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 53
    DCP Midstream: 2014 Financial Summary As presented 2/5/14 DCP Midstream Earnings (100%) (MM) 2014e 2015e 2016e EBITDA 1,330 1,535 1,595 Net Income 510 545 555 Distributions to Owners 465 520 520 Commodity Sensitivities…
  54. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 54
    2014 Plan- DCP Midstream: Margin / Volume By Contract As presented 2/5/14 2014e Margin by Contract Type(1) 2014e G&P Volumes & Margin(1) Margins Volumes ( /MMBtu) (TBtu/d)(3) Keepwhole 10% Percent of 0.50 6.0 Other(2)…
  55. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 55
    Field Services: 2014 Priorities Place projects into service Drop down of at least 1B in Goliad Plant in Eagle Ford OConnor Plant Expansion in DJ assets to DPM Front Range NGL pipeline in service Targeting dropdown of 1/3…
  56. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 56
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Financial Information: 2014e 2016e Plan (as presented 2/5/14)
  57. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 57
    Ongoing Objectives for Long-term Value Creation Continue to Exercise prudent Deliver solid dividend Execute on financial & distribution growth growth plan management Attractive, sustainable 35B in expansions through Disciplined…
  58. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 58
    Spectra Energy 2014e-16e EBITDA EBITDA by Segment (MM) 2014e 2015e 2016e Spectra Energy Partners (1) 1,560 1,750 1,915 Distribution 555 575 605 Western Canada Transmission & Processing 690 715 730 Field Services (2) 305 295 310…
  59. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 59
    Spectra Energy 2014e-16e Distributable Cash Flow Distributable Cash Flow (MM) 2014e 2015e 2016e EBITDA 3,035 3,255 3,490 ADD: Net cash from equity investments (35) 5 (15) Other 5 15 10 LESS: Interest expense 730 730 760 Equity…
  60. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 60
    2014 Plan Key Assumptions & Sensitivities Annual Assumption Price Change Sensitivity DCP Midstream NGL: +/- 6 MM +/- 0.01/gal 0.94/gal EBITDA Represents Spectra Energys 50% interest in DCP Midstream Natural Gas: +/- 4 MM +/-…
  61. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 61
    Spectra Energy Partners 2014e-16e Distributable Cash Flow Distributable Cash Flow (MM) 2014e 2015e 2016e EBITDA by segment: U.S. Transmission (1) 1,340 1,450 1,600 Liquids 210 275 305 Other (65) (60) (65) TOTAL EBITDA 1,485 1,665…
  62. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 62
    Spectra Energy Partners 2014e-16e Distributions as Paid SEP Distributions Per LP Unit (1) SEP Distributions to SE (MM) 2.75 8-9% 1,000 CAGR 910 2.50 900 2.57 810 2.25 2.41 800 2.25 715 2.00 700 2.02 1.75 +11% 600 620…
  63. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 63
    Spectra Energy Ongoing Net Income and EPS (MM) 2013 2014e 2015e 2016e EBITDA 3,034 3,035 3,255 3,490 - DD&A 772 815 855 890 - Interest and other 650 730 730 760 Earnings before income taxes 1,612 1,490 1,670 1,840 - Income tax…
  64. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 64
    Ongoing EBITDA by Segment ( US MM) 3,490 3,500 3,255 310 3,035 295 2,900 305 605 575 555 2,300 730 715 690 1,700 1,100 1,750 1,915 1,560 500 -100 -75 -80 -70 2014e 2015e 2016e Spectra Energy Partners Western Canada…
  65. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 65
    Total Capital Expenditures Maintenance Capex Expansion Capex (US MM) ( US MM) 2,750 2,550 755 750 2,500 800 175 735 2,270 50 45 2,250 40 340 2,000 600 220 210 205 1,750 1,275 1,390 580 1,500 400 195 1,250 230 215 205…
  66. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 66
    Spectra Energy: Strong Investment Grade Balance Sheet Projected Financial & Credit Metrics Summary 12/31/13 12/31/14 Total Debt 14.7B 15.5B Debt / Ongoing EBITDA 4.9x 5.1x Credit Ratings Spectra Energy Capital Baa2 / BBB- /…
  67. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 67
    Spectra Energy Partners: Strong Investment Grade Balance Sheet Projected Financial & Credit Metrics Summary 12/31/13 (1) 12/31/14 Total Debt 6.0B 6.3B Debt / Ongoing EBITDA 4.3x 4.2x Credit Ratings Spectra Energy Partners…
  68. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 68
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Major SE and SEP Projects
  69. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 69
    SE and SEP Current Projects in Execution (1) Expansion Project Segment Est. CapEx (MM) In-Service Kingsport U.S. Trans 120 4Q13-1Q15 Spraberry SE…
  70. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 70
    Kingsport Projects Purpose: Provides additional firm transportation capacity to support supply diversity for Eastman Chemical Companys power generation facility in Kingsport, TN Project Scope: Phase 1: 25 Mmcf/d of firm capacity…
  71. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 71
    Spraberry Zia II Purpose: Extend the existing Rawhide lateral to the NM Sand Hills main line to accommodate Fullerton growing production Project Scope: RED LAKE LATERALS Goldsmith Rawhide 100,000 bpd lateral connecting the…
  72. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 72
    2015 Dawn-Parkway Expansion Purpose: Capacity increase to meet market Enbridge GTA Project interest for supply access at Dawn TCPL Kings North and other eastern receipt points on Project the TCPL system Parkway West Increase…
  73. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 73
    Red Lake Zia II Purpose: LEA COUNTY Expands Sand Hills reach into fast NM growing production areas; positions Fullerton Sand Hills for future growth Project Scope: RED LAKE LATERALS Goldsmith Rawhide Two 60,000 bpd laterals…
  74. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 74
    Ohio Pipeline Energy Network OPEN Project Purpose: Attach emerging Ohio Marcellus and Utica natural gas supplies to new markets Project Scope: 550 MMcf/d expansion of Texas Eastern CapEx: 500 MM Customers (15+ year terms):…
  75. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 75
    Uniontown to Gas City U2GC Project Purpose: Expansion of Texas Eastern from Appalachian area receipts to markets at Gas City, Indiana Project Scope: Capacity: 425 MMcf/d CapEx: 60 MM Customers (10+ year terms): CONSOL Energy…
  76. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 76
    Ozark Partial Conversion Purpose: Line remains natural gas Repurpose a portion of the existing Ozark line from natural gas service to refined products service Project Scope: Line to be converted 75,000 bpd conversion of OGT…
  77. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 77
    Salem Lateral Purpose: Provide natural gas service to a new power plant development on the site of Algonquin Gas Transmission an existing coal-fired plant Project Scope: 115 MMcf/d expansion connecting AGT Hubline and MNE to the…
  78. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 78
    Algonquin Incremental Market AIM Expansion Purpose: Provide growing New England demand with access to abundant regional natural gas supplies Project Scope: Providing 340 MMcf/d of additional capacity to move Marcellus production…
  79. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 79
    2016 Dawn-Parkway Expansion TCPL 2016 Purpose: Expansion Capacity increase to meet market interest for supply access at Dawn and other eastern receipt points on the TCPL system for 2016 in-service Hamilton- Milton Loop Project…
  80. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 80
    Gulf Markets Expansion Purpose: Provides Texas Eastern transportation service for Gulf Coast markets Project Scope: 350 MMcf/d expansion from Marcellus (M2) to Louisiana (WLA) 150 MMcf/d expansion from Eagle Ford (STX) to…
  81. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 81
    Sabal Trail Transmission Purpose: New interstate pipeline into Florida providing access to reliable onshore natural gas supply Project Scope: 1+ Bcf/d of capacity connecting Transco Station 85 supply to Florida power generation…
  82. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 82
    Access South & Adair Southwest Projects Purpose: The Access South and Adair Southwest Berne projects provide shippers with a firm transportation service from the Appalachian Uniontown Shale Supply basin to markets in the Adair…
  83. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 83
    PennEast SEP will have 10% equity ownership in PennEast pipeline PA Transco PennEast AGT Purpose: New, direct connection to Northeast Pennsylvania production Texas Eastern Opportunity to work with some of our biggest customers…
  84. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 84
    NEXUS Purpose: The new pipeline will serve local distribution companies, power generators and industrial users in Ohio, Michigan, Chicago and Ontario markets Project Scope: 36-inch diameter, 250 mile greenfield pipeline starting…
  85. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 85
    Atlantic Bridge Purpose: Increased pipeline capacity will allow abundant, economic supplies of natural gas from regional production to flow to the New England and Atlantic Canada markets Project Scope: Further expansion of the…
  86. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 86
    Stratton Ridge Purpose: The Stratton Ridge Project provides shippers with a firm transportation service to deliver 100 new incremental production from the growing shale plays to the Gulf Coast Project Scope: 142 Capacity: 322,000…
  87. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 87
    BANK OF AMERICA MERRILL LYNCH 2014 ENERGY CONFERENCE Sustainability Recognition
  88. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 88
    Sustainability For Spectra Energy, Sustainability means: Providing natural gas, liquids and crude oil pipelines and midstream infrastructure to meet North Americas energy needs in a way that is economically, environmentally and…
  89. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 89
    Awards and Recognition Environmental Social Governance Performance Dow Jones Sustainability 5th time on the World Index and 7th consecutive time Indexes on North America Index Member of the CDPs S&P 500 Climate Disclosure and CDP…
  90. MERRILL LYNCH 2014 ENERGY CONFERENCE – Spectra Energy Partners, Lp – slide 90

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