February 12, 2014
Enbridge Energy Partners today declared a cash distribution of $0.5435 per unit payable February 14, 2014 to unitholders of record on February 7, 2014.
"There are two areas that management of the Partnership would like to highlight. First, we expect improved financial performance in 2014. Second, we have made substantial progress in addressing the Partnership's long-term financing needs."
Senior VP & President, EEP
"There are two areas that management of the Partnership would like to highlight. First, we expect improved financial performance in 2014. Second, we have made substantial progress in addressing the Partnership's long-term financing needs. In the second quarter of 2014, EEP will benefit from a large component of our Eastern Access project entering service. The cash flows from this phase of Eastern Access, the full year contribution from projects completed during 2013 and increasing volumes will improve our earnings and distribution coverage. As our distribution coverage improves we will be positioned to grow our distribution at our target growth rate of 2% to 5% per annum," said Mark Maki, president of the Partnership.
"Management of the Partnership also made significant progress in 2013 addressing the financing overhang that we believe is impacting the Partnership's unit price. In the fourth quarter, we closed the MEP IPO which will provide an additional source of capital for the Partnership to fund our liquids pipelines organic growth program. 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. The Partnership also sold $1.2 billion of preferred units, with an initial deferred distribution period to our general partner in May 2013. Collectively, these financing transactions have substantially reduced the equity funding needs of EEP over the next five years," noted Maki.
Enbridge Energy Partners Reports 2013 Earnings and Announces 2014 Financial Guidance
Tel: (866) EEP-INFOTel: (866) 337-4636Fax: (713) firstname.lastname@example.org@enbridge.com