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MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Jun 19, 2014 · 12 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. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 1
  2. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 2
    Agenda 1. Equity Restructure Overview 2. Strategic Rationale 3. Equity Restructure Highlights 4. MEP Drop-Down Execution 5. Question & Answer 3
  3. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 3
    Equity Restructure Overview Equity Restructure Summary General Partner (GP) waives current right to receive incentive distribution rights (IDRs) GP interest will continue to represent 2% interest in EEP As consideration, EEP…
  4. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 4
    Strategic Rationale EEP Equity Restructuring Prospective Benefits GP Incentive Magnitude of Improves EEPs cost of Share of Growth in capital Growth in Distributable Distributable Cash Flow Increases distributable Cash Flow (1)…
  5. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 5
    Equity Restructure Highlights Before Equity Restructure After Equity Restructure Existing Incentive Distribution Rights Portion of Percentage Percentage New Incentive Distribution Units Quarterly Distributed Distributed…
  6. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 6
    Lower Partnerships Cost of Capital Enbridge is strategically aligned with and invests in EEP Alleviate Equity Overhang Enhance Prospective Cost of Capital Joint funding agreements Re-establish EEP as strong 1.2 billion preferred…
  7. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 7
    Distribution Growth Target Momentum for distribution growth outlook Momentum to 2% - 5% Annual Growth Target achieve higher end of growth target 2.7% 4.2% - 3.8% 3.6% 2.1% - 2007 2008 2009 2010 2011 2012 2013 2017e 8
  8. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 8
    Drop-Down Execution to MEP Drop-downs bolster EEP funding program 100% Natural Gas business 61% 48.4% ownership 51.6% 39% IPO IPO July 1, 2014 NTM 9/30/14 2017e 2017E Transaction Details: Sell incremental 12.6%…
  9. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 9
    Key Takeaways ENB strategically aligned with and invests in EEP EEP Equity Restructure Improves EEPs prospective cost of capital Increases distributable cash available to LP unit holders Positions EEP to grow distribution at…
  10. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 10
  11. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 11
  12. MEP DROP DOWN CONFERENCE CALL – Enbridge Energy Partners Lp – slide 12
    Pro Forma Organization Chart Before Equity Restructure After Equity Restructure(1) Enbridge Inc. Enbridge Inc. (NYSE: ENB) (NYSE: ENB) (Baa1 / A-) (Baa1 / A-) Enbridge Energy Management, Enbridge Energy Management, 2% GP interest…

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