Enbridge Energy Partners, L.P. Capital Link Master Limited Partnership Investing Forum Mark A. Maki, President, Enbridge Energy Partners, L.P. March 5, 2015 enbridg e p a rtn e r s . c o m
Investment Highlights Strong Investment Grade Commercially secured Enterprise Value - Low-risk transformative (S&P, Moodys, DBRS) organic growth Large-Cap MLP growth underway underway Highlights Total Unitholder Return One of…
Strength Strength ofof GPGP Enbridge Enbridge Inc. Inc. ENB: North American leader in energy delivery Owner and operator of largest crude oil pipeline system 41 billion equity market cap Strong investment grade (A-, Baa1)…
Strategic Position Competitive Advantages Refiners: Access to multiple crude streams Norman Wells Producers: Access to multiple premium markets Zama WCSB Flexible system Fort McMurray Size and scale unmatched: Will expand to…
WCSB Crude Oil Fundamentals and Outlook Long-term investment horizon of Western Canadian producers 6,000 Jan 2015: CAPP updated production forecast 5,000 4,000 Near Term Oil Sands kbpd 3,000 Near Term Projects Oil…
Bakken Crude Supply Forecast vs Take Away Capacity 3,500 3,000 2,500 Rail Transport Capacity 2,000 kbpd 1,500 1,000 3rd Party Pipelines 500 Enbridge Pipelines Local Refinery 0 2015 2016 2017 2018 2019 2020…
Rail Perspective Pipelines provide the most economical transportation to market kbpd kbpd Forecast Rail Volumes Rail Transportation Costs 800 From Western Canada 700 600 8.65 to Western Canada 500 16.05 400 300 200 16.30 100…
Strong Commercial & Fundamental Underpinnings Defensive nature of cash flows position EEP to navigate through commodity price uncertainty Low-risk business model largely mitigates volume sensitivity 2015e EBITDA Demand for crude…
Market Access Well Advanced Transformative low-risk organic growth expected to provide substantial cash flow growth Three major initiatives provide 1.7 MMbpd of increased market access and diversification +50 kbpd +250 kbpd +50…
Low Cost Expansion & Extension Opportunities Low cost phased expansions are attractive in a low crude price environment NTD: Map to Market Access Opportunities kbpd be updated 1 Eastern Gulf Coast Access 350+ 2 3 2 Flanagan…
Priority One Focus on Safety & Operational Reliability Operational Risk Management Program Third Party Damage Incident Response Avoidance and Capacity Detection Leak Detection Employee and Capability and Contractor Control…
Drop Downs Boost Distributable Cash Flow Substantial drop down opportunities from ENB supports Partnerships long-term growth outlook Initial Drop Down: 1 billion drop down from Enbridge closed 1/2/2015 66.7% interest in the U.S.…
Key Takeaways Low-risk business model Well positioned in current uncertain commodity price environment Targeting 2% 5% annual distribution growth Transformative growth underway Organic growth on-track: coverage continues to…
Supplemental Slides Enbridge Energy Partners, L.P. Investment Community Presentation March 2015
Corporate Structure Enbridge Inc. owns 43% of EEP Enbridge Inc. 11.7% of listed shares (NYSE: ENB) 100% voting interest (Baa1 / A-) Enbridge Energy Management, L.L.C. 2% GP interest (NYSE: EEQ) 38.8% LP interest (indirect)…
Enbridge Liquids Pipelines Drop-Down Potential: 10 Billion + Distributable Cash Examples: Capital Cost/ Pipeline System Upsize Option Book Value* Eastern Access 0.4 (2016/2017) 1.5 Mainline Expansion 0.4 (2016/2017) 1.4…
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