MORGAN STANLEY MIDSTREAM MLP & DIVERSIFIED NATURAL GAS CORPORATE ACCESS EVENT Spectra Energy Growth from a Position of Strength March 4-5, 2014
Safe Harbor Statement Some of what well discuss today concerning future company performance will be forward-looking information within the meanings of the securities laws. Actual results may materially differ from those discussed in…
Value Creation for our Investors 6B 7B 20B Assets acquired or Projects with Enterprise value of placed into service fee-based contracts Spectra Energy Partners in 2013 secured in 2013 Growth opportunities by the end of the…
Continued Momentum New crude platform providing significant incremental 35 35B Express-Platte Twinning Power growth opportunities by the end of the decade conversions Union Gas 30 Gulf Coast LNG DCP & Western 25+B 13+B Canada…
Field Services: Growth-for-Growth Strategy 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 DPM) DPMs Distributions…
Growth from a Position of Strength Powerful asset base supports ongoing dividend and distribution growth and attractive shareholder returns Significant growth in the core natural gas businesses with rapid growth in new complementary…
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…
Example of Higher Commodity Effects on EBITDA, DCF, & Coverage (MM) 2014e 2015e 2016e Plan EBITDA 3,035 3,255 3,490 Incremental EBITDA from 1.10 NGL/4.50 gas* 130 130 130 Incremental EBITDA from stronger commodity prices at Empress…