February 16, 2017
Enbridge Energy Partners, L.P. (NYSE: EEP) ("Enbridge Partners" or "the Partnership") reported fourth quarter net income and cash provided by operating activities of $80.3 million and $454.6 million, respectively. Enbridge Partners reports fourth quarter adjusted EBITDA and distributable cash flow ("DCF") of $468.8 million and $220.9 million, respectively.(1)
- Full-year Lakehead pipeline system deliveries on average increased 11 percent when compared to 2015.
- Reports full-year net loss and cash provided by operating activities of $162.4 million and $1,415.7 million, respectively
- Reports full-year adjusted EBITDA and DCF of $1,881.1 million and $942.8 million, respectively.(1)
- Recently closed acquisition of an effective 27.6 percent interest in the Bakken Pipeline System; anticipated joint funding arrangement with sponsor expected to enhance the Partnership's financing flexibility.
As the Partnership and its sponsor, Enbridge Inc. ("Enbridge"), have previously announced, a strategic review of EEP is ongoing with the objectives of improving EEP's financial position and future outlook. The review is expected to continue into the second quarter of 2017.
Net income for the fourth quarter of 2016 increased $73.4 million over the same period from the prior year predominately due to an asset impairment of $62.5 million on the Berthold rail facility during the fourth quarter of 2015. There was no similar impairment during the current period. Adjusted net income of $103.7 million for the fourth quarter of 2016 was $6.8 million higher than the same period from the prior year. Higher earnings in the liquids segment were predominately due to an increase in Lakehead system deliveries attributable to projects placed into service during 2016. Higher liquids segment earnings were partially offset by lower earnings in the natural gas segment due to lower natural gas and NGL system volumes.