April 30, 2015
Enbridge Energy Partners, L.P. (NYSE:EEP) ("Enbridge Partners" or "the Partnership") announced today that the board of directors of the delegate of its general partner has declared a cash distribution of $0.57 per unit, or $2.28 per unit on an annualized basis, payable on May 15, 2015 to unitholders of record as of the close of business on May 8, 2015.
"We are pleased with the Partnership's solid start to 2015. Our first quarter financial performance is attributable to strong deliveries on our Lakehead and North Dakota liquids pipeline systems, complemented by strong cash flow contributions from the completion of portions of our multi-billion dollar organic growth program."
"We expect deliveries on our liquids pipeline systems to remain strong as we progress our market access programs, providing our customers with expanded pipeline connectivity to premium North American crude oil markets. Our expansion programs are predominantly underpinned by long-term, low-risk commercial structures, such as cost of service and take-or-pay. These structures largely mitigate the sensitivity of our business's distributable cash flow to volume and commodity prices. Looking forward, our organic growth program is proceeding well, and we expect to place several projects into service during 2015 that will further increase our cash flows," said Mark Maki, president for the Partnership."A key future growth project for the Partnership is our joint venture Sandpiper Pipeline Project (Sandpiper). We are pleased by the positive recommendation made recently by a Minnesota Administrative Law Judge, who recommended that the Minnesota PUC grant a Certificate of Need permit for Sandpiper. The Minnesota PUC is expected to take the Administrative Law Judge's recommendation into account and render a decision on the Sandpiper Certificate of Need in June. A separate PUC review of the proposed pipeline route follows. Subject to regulatory approval, the pipeline is targeted to begin service in 2017. We welcome the judge's recommendation and appreciate the thoroughness of his review, in addition to the support received from communities, labor and business leaders.""Finally, Enbridge continues to progress its review of a potential restructuring plan that would involve the transfer of U.S. liquids pipeline assets to the Partnership, and we expect this review to be concluded around mid-year. The Partnership's current organic growth underway, together with the accelerated asset drop-down potential from our general partner and future low cost system expansion opportunities support our confidence in the Partnership's long-term growth outlook," noted Maki.
Enbridge Energy Partners, L.P. Declares Distribution and Reports Earnings for First Quarter 2015
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