Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ENBRIDGE ENERGY PARTNERS LP | d386465d8k.htm |
| EX-99.1 - PRESS RELEASE OF ENBRIDGE ENERGY PARTNERS, L.P., - ENBRIDGE ENERGY PARTNERS LP | d386465dex991.htm |
Exhibit 99.2
ENBRIDGE ENERGY PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF INCOME
| For the three month period ended June 30, |
For the six month period ended June 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (unaudited; in millions, except per unit amounts) | ||||||||||||||||
| Operating revenue |
$ | 1,551.1 | $ | 2,372.0 | $ | 3,370.6 | $ | 4,660.9 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating expenses |
||||||||||||||||
| Cost of natural gas |
975.2 | 1,861.3 | 2,272.1 | 3,690.8 | ||||||||||||
| Environmental costs, net of recoveries |
22.7 | 23.3 | 25.9 | (11.3 | ) | |||||||||||
| Oil measurement adjustments |
(2.8 | ) | (54.1 | ) | (7.1 | ) | (58.7 | ) | ||||||||
| Operating and administrative |
209.0 | 167.6 | 410.2 | 334.7 | ||||||||||||
| Power |
37.4 | 33.9 | 78.6 | 69.5 | ||||||||||||
| Depreciation and amortization |
86.1 | 89.6 | 169.7 | 178.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 1,327.6 | 2,121.6 | 2,949.4 | 4,203.0 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
223.5 | 250.4 | 421.2 | 457.9 | ||||||||||||
| Interest expense |
81.8 | 78.5 | 165.4 | 157.9 | ||||||||||||
| Other income (expense) |
(0.3 | ) | — | (0.3 | ) | 6.0 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income tax expense |
141.4 | 171.9 | 255.5 | 306.0 | ||||||||||||
| Income tax expense |
1.7 | 0.9 | 3.8 | 3.2 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
139.7 | 171.0 | 251.7 | 302.8 | ||||||||||||
| Less: Net income attributable to noncontrolling interest |
15.1 | 14.1 | 28.1 | 28.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to general and limited partner ownership interest in Enbridge Energy Partners, L.P. |
$ | 124.6 | $ | 156.9 | $ | 223.6 | $ | 274.0 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income allocable to limited partner interests |
$ | 93.7 | $ | 130.3 | $ | 165.4 | $ | 227.0 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per limited partner unit (basic and diluted) |
$ | 0.33 | $ | 0.51 | $ | 0.58 | $ | 0.90 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average limited partner units outstanding |
285.4 | 255.2 | 285.1 | 254.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
ENBRIDGE ENERGY PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the six month | ||||||||
| period ended June 30, | ||||||||
| 2012 | 2011 | |||||||
| (unaudited; in millions) | ||||||||
| Cash provided by operating activities |
||||||||
| Net income |
$ | 251.7 | $ | 302.8 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
169.7 | 178.0 | ||||||
| Derivative fair value net gains |
(44.9 | ) | (3.3 | ) | ||||
| Inventory market price adjustments |
9.6 | 0.2 | ||||||
| Environmental costs, net of recoveries |
17.5 | 24.0 | ||||||
| Oil measurement adjustments |
— | (52.2 | ) | |||||
| Other |
7.2 | 7.2 | ||||||
| Changes in operating assets and liabilities: |
||||||||
| Receivables, trade and other |
(10.4 | ) | 3.0 | |||||
| Due from General Partner and affiliates |
(11.9 | ) | 4.7 | |||||
| Accrued receivables |
160.4 | 102.4 | ||||||
| Inventory |
(3.4 | ) | (3.5 | ) | ||||
| Current and long-term other assets |
(3.7 | ) | 1.5 | |||||
| Due to General Partner and affiliates |
6.5 | 27.8 | ||||||
| Accounts payable and other |
31.1 | 23.0 | ||||||
| Environmental liabilities |
(27.2 | ) | (140.3 | ) | ||||
| Accrued purchases |
(180.8 | ) | (12.9 | ) | ||||
| Interest payable |
— | (0.1 | ) | |||||
| Property and other taxes payable |
(14.9 | ) | (1.3 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
356.5 | 461.0 | ||||||
|
|
|
|
|
|||||
| Cash used in investing activities |
||||||||
| Additions to property, plant and equipment |
(651.7 | ) | (363.1 | ) | ||||
| Joint venture contributions |
(37.9 | ) | — | |||||
| Changes in construction payables |
27.7 | (8.3 | ) | |||||
| Asset acquisitions |
— | (27.2 | ) | |||||
| Other |
4.6 | (7.8 | ) | |||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(657.3 | ) | (406.4 | ) | ||||
|
|
|
|
|
|||||
| Cash provided by (used in) financing activities |
||||||||
| Net proceeds from unit issuances |
— | 74.4 | ||||||
| Distributions to partners |
(318.8 | ) | (265.2 | ) | ||||
| Repayments to General Partner |
(6.0 | ) | (6.4 | ) | ||||
| Net borrowings under credit facility |
— | 75.0 | ||||||
| Net commercial paper borrowings |
395.0 | 115.1 | ||||||
| Borrowings from General Partner |
— | 7.0 | ||||||
| Contribution from noncontrolling interest |
31.1 | 3.3 | ||||||
| Distributions to noncontrolling interest |
(32.6 | ) | (43.4 | ) | ||||
|
|
|
|
|
|||||
| Net cash provided (used in) financing activities |
68.7 | (40.2 | ) | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
(232.1 | ) | 14.4 | |||||
| Cash and cash equivalents at beginning of year |
422.9 | 144.9 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
$ | 190.8 | $ | 159.3 | ||||
|
|
|
|
|
|||||
ENBRIDGE ENERGY PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| June 30, | December 31, | |||||||
| 2012 | 2011 | |||||||
| (unaudited; dollars in millions) | ||||||||
| ASSETS | ||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 190.8 | $ | 422.9 | ||||
| Receivables, trade and other, net of allowance for doubtful accounts of $1.5 in 2012 and 2011 |
195.7 | 235.3 | ||||||
| Due from General Partner and affiliates |
35.7 | 23.3 | ||||||
| Accrued receivables |
347.5 | 507.9 | ||||||
| Inventory |
87.4 | 93.6 | ||||||
| Other current assets |
92.7 | 36.4 | ||||||
|
|
|
|
|
|||||
| 949.8 | 1,319.4 | |||||||
| Property, plant and equipment, net |
9,922.9 | 9,439.4 | ||||||
| Goodwill |
246.7 | 246.7 | ||||||
| Intangibles, net |
262.3 | 265.3 | ||||||
| Other assets, net |
154.5 | 99.3 | ||||||
|
|
|
|
|
|||||
| $ | 11,536.2 | $ | 11,370.1 | |||||
|
|
|
|
|
|||||
| LIABILITIES AND PARTNERS’ CAPITAL | ||||||||
| Current liabilities |
||||||||
| Due to General Partner and affiliates |
$ | 61.1 | $ | 55.0 | ||||
| Accounts payable and other |
537.7 | 478.6 | ||||||
| Environmental liabilities |
123.2 | 172.1 | ||||||
| Accrued purchases |
322.4 | 503.2 | ||||||
| Interest payable |
69.9 | 69.9 | ||||||
| Property and other taxes payable |
44.5 | 59.4 | ||||||
| Note payable to General Partner |
12.0 | 12.0 | ||||||
| Current maturities of long-term debt |
300.0 | 100.0 | ||||||
|
|
|
|
|
|||||
| 1,470.8 | 1,450.2 | |||||||
| Long-term debt |
5,011.4 | 4,816.1 | ||||||
| Note payable to General Partner |
324.0 | 330.0 | ||||||
| Other long-term liabilities |
182.4 | 161.7 | ||||||
|
|
|
|
|
|||||
| 6,988.6 | 6,758.0 | |||||||
|
|
|
|
|
|||||
| Commitments and contingencies |
||||||||
| Partners’ capital |
||||||||
| Class A common units (238,108,428 and 238,043,964 at June 30, 2012 and December 31, 2011, respectively) |
3,274.7 | 3,386.7 | ||||||
| Class B common units (7,825,500 at June 30, 2012 and December 31, 2011) |
78.6 | 82.2 | ||||||
| i-units (39,814,280 and 38,566,334 at June 30, 2012 and December 31, 2011, respectively) |
751.6 | 728.6 | ||||||
| General Partner |
285.0 | 285.6 | ||||||
| Accumulated other comprehensive income (loss) |
(314.4 | ) | (316.5 | ) | ||||
|
|
|
|
|
|||||
| Total Enbridge Energy Partners, L.P. partners’ capital |
4,075.5 | 4,166.6 | ||||||
| Noncontrolling interest |
472.1 | 445.5 | ||||||
|
|
|
|
|
|||||
| Total partners’ capital |
4,547.6 | 4,612.1 | ||||||
|
|
|
|
|
|||||
| $ | 11,536.2 | $ | 11,370.1 | |||||
|
|
|
|
|
|||||
NET INCOME PER LIMITED PARTNER AND GENERAL PARTNER INTEREST
We allocate our net income among our general partner and limited partners using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income, including any incentive distribution rights, or IDRs, embedded in the general partner interest, to Enbridge Energy Company Inc., or our General Partner, and our limited partners according to the distribution formula for available cash as set forth in our partnership agreement. We also allocate any earnings in excess of distributions to our General Partner and limited partners utilizing the distribution formula for available cash specified in our partnership agreement. We allocate any distributions in excess of earnings for the period to our General Partner and limited partners based on their sharing of losses of 2 percent and 98 percent, respectively, as set forth in our partnership agreement as follows:
| Distribution Targets |
Portion of Quarterly Distribution Per Unit |
Percentage Distributed to General Partner |
Percentage Distributed to Limited partners | ||||||||||||
| Minimum Quarterly Distribution | Up to $0.295 | 2 | % | 98 | % | ||||||||||
| First Target Distribution | > $0.295 to $0.35 | 15 | % | 85 | % | ||||||||||
| Second Target Distribution | > $0.35 to $0.495 | 25 | % | 75 | % | ||||||||||
| Over Second Target Distribution | In excess of $0.495 | 50 | % | 50 | % | ||||||||||
We determined basic and diluted net income per limited partner unit as follows:
| For the three month period ended June 30, |
For the six month period ended June 30, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| (in millions, except per unit amounts) | ||||||||||||||||
| Net income |
$ | 139.7 | $ | 171.0 | $ | 251.7 | $ | 302.8 | ||||||||
| Less: Net income attributable to noncontrolling interest |
15.1 | 14.1 | 28.1 | 28.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income attributable to general and limited partner interests in Enbridge Energy Partners, L.P. |
124.6 | 156.9 | 223.6 | 274.0 | ||||||||||||
| Less distributions paid: |
||||||||||||||||
| Incentive distributions to our General Partner |
(28.9 | ) | (24.0 | ) | (54.8 | ) | (42.4 | ) | ||||||||
| Distributed earnings allocated to our General Partner |
(3.3 | ) | (2.8 | ) | (6.3 | ) | (5.5 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributed earnings to our General Partner |
(32.2 | ) | (26.8 | ) | (61.1 | ) | (47.9 | ) | ||||||||
| Total distributed earnings to our limited partners |
(155.3 | ) | (140.4 | ) | (307.1 | ) | (271.3 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributed earnings |
(187.5 | ) | (167.2 | ) | (368.2 | ) | (319.2 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Overdistributed earnings |
$ | (62.9 | ) | $ | (10.3 | ) | $ | (144.6 | ) | $ | (45.2 | ) | ||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted average limited partner units outstanding |
285.4 | 255.2 | 285.1 | 254.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic and diluted earnings per unit: |
||||||||||||||||
| Distributed earnings per limited partner unit (1) |
$ | 0.54 | $ | 0.55 | $ | 1.08 | $ | 1.07 | ||||||||
| Overdistributed earnings per limited partner unit (2) |
(0.21 | ) | (0.04 | ) | (0.50 | ) | (0.17 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per limited partner unit (basic and diluted) |
$ | 0.33 | $ | 0.51 | $ | 0.58 | $ | 0.90 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) |
Represents the total distributed earnings to limited partners divided by the weighted average number of limited partner interests outstanding for the period. |
| (2) |
Represents the limited partners’ share (98 percent) of distributions in excess of earnings divided by the weighted average number of limited partner interests outstanding for the period and under distributed earnings allocated to the limited partners based on the distribution waterfall that is outlined in our partnership agreement. |
SEGMENT INFORMATION
Our business is divided into operating segments, defined as components of the enterprise, about which financial information is available and evaluated regularly by our Chief Operating Decision Maker in deciding how resources are allocated and performance is assessed.
Each of our reportable segments is a business unit that offers different services and products that is managed separately, since each business segment requires different operating strategies. We have segregated our business activities into three distinct operating segments: Liquids, Natural Gas, and Marketing.
The following tables present financial information about our business segments and corporate activities:
| For the three month period ended June 30, 2012 | ||||||||||||||||||||
| Liquids | Natural Gas | Marketing | Corporate (1) | Total | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Total revenue |
$ | 363.5 | $ | 1,098.8 | $ | 286.8 | $ | — | $ | 1,749.1 | ||||||||||
| Less: Intersegment revenue |
0.9 | 192.3 | 4.8 | — | 198.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating revenue |
362.6 | 906.5 | 282.0 | — | 1,551.1 | |||||||||||||||
| Cost of natural gas |
— | 691.7 | 283.5 | — | 975.2 | |||||||||||||||
| Environmental costs, net of recoveries |
22.7 | — | — | — | 22.7 | |||||||||||||||
| Oil measurement adjustments |
(2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||
| Operating and administrative |
96.3 | 110.6 | 1.6 | 0.5 | 209.0 | |||||||||||||||
| Power |
37.4 | — | — | — | 37.4 | |||||||||||||||
| Depreciation and amortization |
52.4 | 33.7 | — | — | 86.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 206.0 | 836.0 | 285.1 | 0.5 | 1,327.6 | ||||||||||||||||
| Operating income (loss) |
156.6 | 70.5 | (3.1 | ) | (0.5 | ) | 223.5 | |||||||||||||
| Interest expense |
— | — | — | 81.8 | 81.8 | |||||||||||||||
| Other expense |
— | — | — | (0.3 | ) | (0.3 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from continuing operations before income tax expense |
156.6 | 70.5 | (3.1 | ) | (82.6 | ) | 141.4 | |||||||||||||
| Income tax expense |
— | — | — | 1.7 | 1.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) |
156.6 | 70.5 | (3.1 | ) | (84.3 | ) | 139.7 | |||||||||||||
| Less: Net income attributable to the noncontrolling interest |
— | — | — | 15.1 | 15.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P. |
$ | 156.6 | $ | 70.5 | $ | (3.1 | ) | $ | (99.4 | ) | $ | 124.6 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) |
Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments. |
| For the three month period ended June 30, 2011 | ||||||||||||||||||||
| Liquids | Natural Gas | Marketing | Corporate (1) | Total | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Total revenue |
$ | 310.2 | $ | 1,893.9 | $ | 569.2 | $ | — | $ | 2,773.3 | ||||||||||
| Less: Intersegment revenue |
0.3 | 395.8 | 5.2 | — | 401.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating revenue |
309.9 | 1,498.1 | 564.0 | — | 2,372.0 | |||||||||||||||
| Cost of natural gas |
— | 1,299.7 | 561.6 | — | 1,861.3 | |||||||||||||||
| Environmental costs, net of recoveries |
23.3 | — | — | — | 23.3 | |||||||||||||||
| Oil measurement adjustments |
(54.1 | ) | — | — | — | (54.1 | ) | |||||||||||||
| Operating and administrative |
73.3 | 91.7 | 1.7 | 0.9 | 167.6 | |||||||||||||||
| Power |
33.9 | — | — | — | 33.9 | |||||||||||||||
| Depreciation and amortization |
48.8 | 40.8 | — | — | 89.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 125.2 | 1,432.2 | 563.3 | 0.9 | 2,121.6 | ||||||||||||||||
| Operating income (loss) |
184.7 | 65.9 | 0.7 | (0.9 | ) | 250.4 | ||||||||||||||
| Interest expense |
— | — | — | 78.5 | 78.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from continuing operations before income tax expense |
184.7 | 65.9 | 0.7 | (79.4 | ) | 171.9 | ||||||||||||||
| Income tax expense |
— | — | — | 0.9 | 0.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) |
184.7 | 65.9 | 0.7 | (80.3 | ) | 171.0 | ||||||||||||||
| Less: Net income attributable to the noncontrolling interest |
— | — | — | 14.1 | 14.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P. |
$ | 184.7 | $ | 65.9 | $ | 0.7 | $ | (94.4 | ) | $ | 156.9 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) |
Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments. |
| As of and for the six month period ended June 30, 2012 | ||||||||||||||||||||
| Liquids | Natural Gas | Marketing | Corporate (1) | Total | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Total revenue |
$ | 686.1 | $ | 2,486.3 | $ | 623.2 | $ | — | $ | 3,795.6 | ||||||||||
| Less: Intersegment revenue |
1.2 | 410.6 | 13.2 | — | 425.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating revenue |
684.9 | 2,075.7 | 610.0 | — | 3,370.6 | |||||||||||||||
| Cost of natural gas |
— | 1,657.3 | 614.8 | — | 2,272.1 | |||||||||||||||
| Environmental costs, net of recoveries |
25.9 | — | — | — | 25.9 | |||||||||||||||
| Oil measurement adjustments |
(7.1 | ) | — | — | — | (7.1 | ) | |||||||||||||
| Operating and administrative |
177.8 | 228.2 | 3.3 | 0.9 | 410.2 | |||||||||||||||
| Power |
78.6 | — | — | — | 78.6 | |||||||||||||||
| Depreciation and amortization |
102.9 | 66.8 | — | — | 169.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 378.1 | 1,952.3 | 618.1 | 0.9 | 2,949.4 | ||||||||||||||||
| Operating income (loss) |
306.8 | 123.4 | (8.1 | ) | (0.9 | ) | 421.2 | |||||||||||||
| Interest expense |
— | — | — | 165.4 | 165.4 | |||||||||||||||
| Other expense |
— | — | — | (0.3 | ) | (0.3 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from continuing operations before income tax expense |
306.8 | 123.4 | (8.1 | ) | (166.6 | ) | 255.5 | |||||||||||||
| Income tax expense |
— | — | — | 3.8 | 3.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) |
306.8 | 123.4 | (8.1 | ) | (170.4 | ) | 251.7 | |||||||||||||
| Less: Net income attributable to the noncontrolling interest |
— | — | — | 28.1 | 28.1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P. |
$ | 306.8 | $ | 123.4 | $ | (8.1 | ) | $ | (198.5 | ) | $ | 223.6 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 6,474.4 | $ | 4,791.9 | $ | 135.1 | $ | 134.8 | $ | 11,536.2 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Capital expenditures (excluding acquisitions) |
$ | 423.2 | $ | 221.0 | $ | — | $ | 7.5 | $ | 651.7 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) |
Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments. |
| As of and for the six month period ended June 30, 2011 | ||||||||||||||||||||
| Liquids | Natural Gas | Marketing | Corporate (1) | Total | ||||||||||||||||
| (in millions) | ||||||||||||||||||||
| Total revenue |
$ | 612.4 | $ | 3,695.9 | $ | 1,120.3 | $ | — | $ | 5,428.6 | ||||||||||
| Less: Intersegment revenue |
0.7 | 748.1 | 18.9 | — | 767.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating revenue |
611.7 | 2,947.8 | 1,101.4 | — | 4,660.9 | |||||||||||||||
| Cost of natural gas |
— | 2,593.5 | 1,097.3 | — | 3,690.8 | |||||||||||||||
| Environmental costs, net of recoveries |
(10.9 | ) | (0.4 | ) | — | — | (11.3 | ) | ||||||||||||
| Oil measurement adjustments |
(58.7 | ) | — | — | — | (58.7 | ) | |||||||||||||
| Operating and administrative |
144.1 | 185.3 | 3.3 | 2.0 | 334.7 | |||||||||||||||
| Power |
69.5 | — | — | — | 69.5 | |||||||||||||||
| Depreciation and amortization |
97.3 | 80.7 | — | — | 178.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 241.3 | 2,859.1 | 1,100.6 | 2.0 | 4,203.0 | ||||||||||||||||
| Operating income (loss) |
370.4 | 88.7 | 0.8 | (2.0 | ) | 457.9 | ||||||||||||||
| Interest expense |
— | — | — | 157.9 | 157.9 | |||||||||||||||
| Other income |
— | — | — | 6.0 | 6.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from continuing operations before income tax expense |
370.4 | 88.7 | 0.8 | (153.9 | ) | 306.0 | ||||||||||||||
| Income tax expense |
— | — | — | 3.2 | 3.2 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) |
370.4 | 88.7 | 0.8 | (157.1 | ) | 302.8 | ||||||||||||||
| Less: Net income attributable to the noncontrolling interest |
— | — | — | 28.8 | 28.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P. |
$ | 370.4 | $ | 88.7 | $ | 0.8 | $ | (185.9 | ) | $ | 274.0 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 5,722.0 | $ | 4,508.9 | $ | 231.1 | $ | 168.5 | $ | 10,630.5 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Capital expenditures (excluding acquisitions) |
$ | 201.7 | $ | 156.4 | $ | — | $ | 5.0 | $ | 363.1 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) |
Corporate consists of interest expense, interest income, allowance for equity during construction, noncontrolling interest and other costs such as income taxes, which are not allocated to the business segments. |