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Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Feb 19, 2015 · 16 slides

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Slides

  1. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 1
    Supplemental Slides Enbridge Energy Partners, L.P. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation February 19, 2015
  2. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 2
    Quarter Earnings (Adjusted)* Quarter Ended December 31, 2014 2013 Change Segmented operating income (loss): - Liquids 306.4 185.8 120.6 - Natural Gas 5.1 4.4 0.7 - Corporate (3.7) (2.2) (1.5) Operating income 307.8 188.0 119.8…
  3. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 3
    Distribution Coverage As declared As paid As declared As paid Q4 2014 Q4 2014 YTD 2014 YTD 2014 Net income attributable to general and limited partner ownership in EEP 214.1 214.1 371.8 371.8 Option premium amortization (0.9) (0.9)…
  4. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 4
    Segment Operating Income (Adjusted)* Quarter Ended December 31, Liquids 2014 2013 Change Operating revenue 603.8 420.1 183.7 Power (62.6) (41.9) (20.7) Environmental costs (3.0) (2.3) (0.7) Operating and administrative (147.7)…
  5. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 5
    Impact of Line 6B Incident Estimated Costs* As of Booked in Q4 September 30, Total to Date 2014 2014 Total Costs 1,208 1 1,209 Less: Insurance Recoveries 547 0 547 Total Normalized 661 1 662 Unaudited, in millions.…
  6. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 6
    Capital Expenditures Q4 2014 FY 2014 Maintenance Capex 38.8 129.8 (1)(2) Enhancement Capex 737.7 2,669.6 Ending PP&E, net 15,692.7 Q4 2014 Major Enhancement Expenditures Q4 2014 FY 2014 (1) North Dakota Expansions 219.0 366.4…
  7. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 7
    Book Capitalization 12/31/2014 12/31/2013 Loans from affiliates 306.0 318.0 Short-term debt - 200.0 Long-term debt (1) 6,475.2 4,577.4 Total Debt 6,781.2 5,095.4 Partners' capital(1) 9,140.8 7,974.0 Total Capitalization 15,922.0…
  8. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 8
    Volume History Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 2013 2013 2013 2014 2014 2014 2014 Liquids Business - Volumes (kbpd) Lakehead 1,737 1,836 1,683 1,825 1,918 2,000 2,088 2,172 2,187 Mid-Continent 207 222 170 216 195 211 176 191…
  9. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 9
    Key 2015 Guidance Assumptions Liquids Volumes (kbpd) Lakehead (millions) 2014 2015e Description 2015e Revenue Lakehead System 2,113 2,250 2,450 Index +/- 685 North Dakota System* 318 335 355 Southern Access +/- 310 Mid-Continent…
  10. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 10
    Estimated Commodity Positions (January December 2015) (1) 2015 Estimated Commodity Positions Hedged Physical Hedge Hedged Weighted Avg Cash Flows (2) % Volume Hedge Price MM Natural Gas (9,714) MMbtu/d 0% 0 MMbtu/d 0.00 /MMbtu…
  11. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 11
    GAAP Reconciliation 11 en b r i d gep ar tn ers. com
  12. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 12
    Fourth Quarter Earnings (GAAP) Quarter Ended December 31, Segmented and corporate operating income (loss): 2014 2013 Change - Liquids 321.6 97.8 223.8 - Natural Gas 132.8 9.8 123.0 - Corporate (3.7) (2.2) (1.5) Operating income…
  13. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 13
    Adjusted Earnings The foregoing presentation makes reference to adjusted net income in order to exclude the effect of non-cash derivative fair value gains and losses and other non-recurring items. A reconciliation to net income per…
  14. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 14
    Adjusted Segment Operating Income The foregoing presentation makes reference to adjusted operating income (loss), which combines certain GAAP measures as shown below. Liquids Natural Gas Q4 2014 Q4 2013 Q4 2014 Q4 2013 Operating…
  15. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 15
    Adjusted Gross Margin The foregoing presentation makes reference to gross margin for the Natural Gas segment, which combines certain GAAP measures as shown below. Natural Gas Q4 2014 Q4 2013 Operating revenues 1,451.2 1,120.3…
  16. Fourth Quarter 2014 Earnings & 2015 Financial Guidance Presentation – Enbridge Energy Partners Lp – slide 16
    Adjusted EBITDA The foregoing presentation makes reference to adjusted EBITDA which is used as a supplemental financial measurement to assess liquidity and the ability to generate cash sufficient to pay interest costs and make cash…

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