April 30, 2013
Enbridge Energy Partners today declared a cash distribution of $0.5435 per unit payable May 15, 2013 to unitholders of record on May 8, 2013.
"We expect our performance to strengthen during 2013 as new capital projects enter service..."
Senior VP & President, EEP
"Adjusted results for the first quarter 2013 were in line with our expectations as we work through an important transitional period for the Partnership. We expect our performance to strengthen during 2013 as new capital projects enter service and begin delivering earnings and cash flows. We also expect volumes on our liquids and natural gas pipeline systems will ramp up as the year progresses due to strong crude oil supply growth in Western Canada and the Bakken region, and attractive natural gas drilling economics in our liquids rich basins," said Mark Maki, president of the Partnership.
"Over the next several years, the Partnership's $8.5 billion organic growth program will deliver long-term, low-risk secured cash flow growth. There was tangible progress on our growth program this quarter and we are pleased to announce that the Bakken Pipeline Expansion Project and the Bakken Berthold Rail Project were placed into service. These projects provide incremental takeaway for growing crude oil production from the Bakken region and ultimately enhance the flexibility for our customers. Additionally, we anticipate our Bakken Access project and portions of our Eastern Access projects to enter service later in the year. We are working diligently to secure the future of the Partnership, while delivering on our commitment to achieve industry leadership in the key dimensions of system integrity and safety. For example, we will substantially enhance the integrity of our Line 6B as both the 75-mile replacement project and the full line replacement project will ladder into service beginning in the second quarter of this year, with completion by early 2014. Collectively these low-risk growth projects position the Partnership to grow distributable cash flow and support our 2 to 5 percent annual distribution growth target," noted Maki.
Enbridge Energy Partners Declares Distribution and Reports Earnings for First Quarter 2013
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