April 30, 2014
Enbridge Energy Partners today declared a cash distribution of $0.5435 per unit payable May 15, 2014 to unitholders of record on May 8, 2014.
"We are very pleased with the Partnership’s first quarter performance, particularly with the strong deliveries on our Mainline and North Dakota liquids pipelines systems."
Senior VP & President, EEP
"We are very pleased with the Partnership’s first quarter performance, particularly with the strong deliveries on our Mainline and North Dakota liquids pipelines systems. In the first quarter, robust supply fundamentals in western Canada and the Bakken formation resulted in high levels of system utilization. We expect deliveries on our Lakehead system to further increase throughout 2014 as refinery expansions come on-line and as Enbridge Inc. (“Enbridge”) and the Partnership’s market access projects enter service. We expect to complete a large component of our Eastern Access program in May, including the first phase of our Line 6B replacement, the 160-mile segment between Griffith, Indiana and Stockbridge, Michigan. The remaining 50-mile segment to Sarnia, Ontario is expected to come into service later in the year. Our distribution coverage will continue to strengthen as these projects enter service, increasing distributable cash flow and supporting our 2 to 5 percent annual distribution growth target,” said Mark Maki, president for the Partnership.
"The long-term outlook for the Partnership remains strong as our multi-billion dollar organic growth program will deliver long-term, low-risk cash flow growth. During the quarter, we announced the $2.6 billion replacement of our Line 3. This project will elevate our system’s operational reliability and enhance customer flexibility, while delivering accretive growth to our unitholders. We bolstered our financing flexibility with the significant funding actions executed by the Partnership in 2013. A key component of our 2013 financing plan involved closing the Midcoast Energy Partners, L.P. (“MEP”) initial public offering (the “MEP IPO”) in November of 2013. We expect EEP to complete a further drop-down of ownership interests in its natural gas business to MEP by mid-2014. Over the next few years, we expect that EEP will sell all of its gas business ownership interests to MEP. This series of drop-downs will provide significant funding for EEP’s attractive Liquids Pipelines growth projects and will substantially satisfy our equity capital requirements,” noted Maki.
Enbridge Energy Partners, L.P. Declares Distribution and Reports Earnings for First Quarter 2014
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