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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enbridge Energy, L.P. Class A Common Units (delisted) | NYSE:EEP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.43 | 0 | 01:00:00 |
|
FORM 10-Q
|
x
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
ENBRIDGE ENERGY PARTNERS, L.P.
(Exact Name of Registrant as Specified in Its Charter)
|
||
|
|
|
Delaware
|
|
39-1715850
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
PART I — FINANCIAL INFORMATION
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
PART II — OTHER INFORMATION
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited; in millions, except per unit amounts)
|
||||||||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and other services
|
$
|
595.5
|
|
|
$
|
605.9
|
|
|
$
|
1,745.2
|
|
|
$
|
1,804.4
|
|
Transportation and other services – affiliate
|
20.9
|
|
|
28.7
|
|
|
72.4
|
|
|
81.2
|
|
||||
|
616.4
|
|
|
634.6
|
|
|
1,817.6
|
|
|
1,885.6
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Environmental costs, net of recoveries
|
1.2
|
|
|
(8.7
|
)
|
|
15.0
|
|
|
8.3
|
|
||||
Operating and administrative
|
77.0
|
|
|
77.0
|
|
|
238.7
|
|
|
201.0
|
|
||||
Operating and administrative – affiliate
|
85.6
|
|
|
75.0
|
|
|
235.3
|
|
|
227.0
|
|
||||
Power
|
80.1
|
|
|
74.3
|
|
|
221.0
|
|
|
206.8
|
|
||||
Depreciation and amortization
|
111.8
|
|
|
109.4
|
|
|
328.9
|
|
|
315.7
|
|
||||
Gain on sale of assets
|
(5.5
|
)
|
|
—
|
|
|
(67.6
|
)
|
|
—
|
|
||||
Asset impairment
|
—
|
|
|
756.7
|
|
|
—
|
|
|
757.1
|
|
||||
|
350.2
|
|
|
1,083.7
|
|
|
971.3
|
|
|
1,715.9
|
|
||||
Operating income (loss)
|
266.2
|
|
|
(449.1
|
)
|
|
846.3
|
|
|
169.7
|
|
||||
Interest expense, net
|
(104.1
|
)
|
|
(103.4
|
)
|
|
(305.8
|
)
|
|
(301.2
|
)
|
||||
Allowance for equity used during construction
|
12.2
|
|
|
10.0
|
|
|
33.2
|
|
|
35.7
|
|
||||
Other income
|
21.8
|
|
|
0.6
|
|
|
33.2
|
|
|
0.9
|
|
||||
Income (loss) from continuing operations before income tax
|
196.1
|
|
|
(541.9
|
)
|
|
606.9
|
|
|
(94.9
|
)
|
||||
Income tax benefit (expense)
|
(0.1
|
)
|
|
(1.6
|
)
|
|
0.4
|
|
|
(5.2
|
)
|
||||
Income (loss) from continuing operations
|
196.0
|
|
|
(543.5
|
)
|
|
607.3
|
|
|
(100.1
|
)
|
||||
Loss from discontinued operations, net of tax
|
—
|
|
|
(31.1
|
)
|
|
(56.8
|
)
|
|
(124.4
|
)
|
||||
Net income (loss)
|
196.0
|
|
|
(574.6
|
)
|
|
550.5
|
|
|
(224.5
|
)
|
||||
Less: Net income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noncontrolling interests
|
102.9
|
|
|
(191.9
|
)
|
|
261.8
|
|
|
(52.8
|
)
|
||||
Series 1 preferred unit distributions
|
—
|
|
|
22.5
|
|
|
29.0
|
|
|
67.5
|
|
||||
Accretion of discount on Series 1 preferred units
|
—
|
|
|
1.2
|
|
|
8.5
|
|
|
3.5
|
|
||||
Net income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.
|
$
|
93.1
|
|
|
$
|
(406.4
|
)
|
|
$
|
251.2
|
|
|
$
|
(242.7
|
)
|
Net income (loss) allocable to common units and i-units:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from continuing operations
|
$
|
82.0
|
|
|
$
|
(432.7
|
)
|
|
$
|
254.1
|
|
|
$
|
(313.9
|
)
|
Income (loss) from discontinued operations
|
—
|
|
|
(19.9
|
)
|
|
(38.0
|
)
|
|
(86.9
|
)
|
||||
Net income allocable to common units and i-units
|
$
|
82.0
|
|
|
$
|
(452.6
|
)
|
|
$
|
216.1
|
|
|
$
|
(400.8
|
)
|
Net income (loss) per common unit and i-unit (basic and diluted):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income from continuing operations
|
$
|
0.19
|
|
|
$
|
(1.25
|
)
|
|
$
|
0.65
|
|
|
$
|
(0.91
|
)
|
Loss from discontinued operations
|
—
|
|
|
(0.06
|
)
|
|
(0.10
|
)
|
|
(0.25
|
)
|
||||
Net income per common unit and i-unit
|
$
|
0.19
|
|
|
$
|
(1.31
|
)
|
|
$
|
0.55
|
|
|
$
|
(1.16
|
)
|
Weighted average common units and i-units outstanding (basic and diluted)
|
421.0
|
|
|
349.1
|
|
|
391.6
|
|
|
347.0
|
|
||||
Distributions paid per limited partner unit
|
$
|
0.350
|
|
|
$
|
0.583
|
|
|
$
|
1.283
|
|
|
$
|
1.749
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(unaudited; in millions)
|
||||||||||||||
Net income (loss)
|
$
|
196.0
|
|
|
$
|
(574.6
|
)
|
|
$
|
550.5
|
|
|
$
|
(224.5
|
)
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
||||
Change in unrealized (gain) loss on cash flow hedges
|
(4.2
|
)
|
|
4.8
|
|
|
(24.5
|
)
|
|
(134.3
|
)
|
||||
Reclassification to earnings of loss on cash flow hedges
|
9.8
|
|
|
9.9
|
|
|
30.5
|
|
|
29.7
|
|
||||
Other comprehensive income (loss), net of tax
|
5.6
|
|
|
14.7
|
|
|
6.0
|
|
|
(104.6
|
)
|
||||
Comprehensive income (loss)
|
201.6
|
|
|
(559.9
|
)
|
|
556.5
|
|
|
(329.1
|
)
|
||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comprehensive income (loss) attributable to noncontrolling interests
|
102.9
|
|
|
(191.9
|
)
|
|
261.8
|
|
|
(52.8
|
)
|
||||
Net income attributable to Series 1 preferred unit distributions
|
—
|
|
|
22.5
|
|
|
29.0
|
|
|
67.5
|
|
||||
Net income attributable to accretion of discount on Series 1 preferred units
|
—
|
|
|
1.2
|
|
|
8.5
|
|
|
3.5
|
|
||||
Comprehensive income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.
|
$
|
98.7
|
|
|
$
|
(391.7
|
)
|
|
$
|
257.2
|
|
|
$
|
(347.3
|
)
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(unaudited; in millions)
|
||||||
Series 1 Preferred units:
|
|
|
|
|
|
||
Beginning balance
|
$
|
1,191.5
|
|
|
$
|
1,186.8
|
|
Redemption of preferred units (Note 11)
|
(1,200.0
|
)
|
|
—
|
|
||
Net income
|
29.0
|
|
|
67.5
|
|
||
Distribution payable
|
(29.0
|
)
|
|
(67.5
|
)
|
||
Accretion of discount on preferred units
|
8.5
|
|
|
3.5
|
|
||
Ending balance
|
$
|
—
|
|
|
$
|
1,190.3
|
|
Class D units:
|
|
|
|
|
|
||
Beginning balance
|
$
|
2,517.6
|
|
|
$
|
2,517.6
|
|
Waiver of Class D units (Note 11)
|
(2,479.1
|
)
|
|
—
|
|
||
Net income
|
—
|
|
|
115.6
|
|
||
Distributions
|
(38.5
|
)
|
|
(115.6
|
)
|
||
Ending balance
|
$
|
—
|
|
|
$
|
2,517.6
|
|
Class E units:
|
|
|
|
|
|
||
Beginning balance
|
$
|
778.2
|
|
|
$
|
778.2
|
|
Net income
|
19.0
|
|
|
31.7
|
|
||
Distributions
|
(23.2
|
)
|
|
(31.7
|
)
|
||
Ending balance
|
$
|
774.0
|
|
|
$
|
778.2
|
|
Class A common units:
|
|
|
|
|
|
||
Net income
|
$
|
141.1
|
|
|
$
|
458.6
|
|
Issuance of Class A units (Note 11)
|
1,200.0
|
|
|
—
|
|
||
Distributions
|
(381.4
|
)
|
|
(458.6
|
)
|
||
Sale of noncontrolling interest in subsidiary
|
28.5
|
|
|
—
|
|
||
Other
|
0.7
|
|
|
—
|
|
||
Ending balance
|
$
|
988.9
|
|
|
$
|
—
|
|
Class B common units:
|
|
|
|
|
|
||
Net income
|
$
|
9.1
|
|
|
$
|
13.7
|
|
Sale of noncontrolling interest in subsidiary
|
0.9
|
|
|
—
|
|
||
Distributions
|
(10.0
|
)
|
|
(13.7
|
)
|
||
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
i-units:
|
|
|
|
|
|
||
Beginning balance
|
$
|
—
|
|
|
$
|
212.6
|
|
Net loss
|
(8.9
|
)
|
|
(212.6
|
)
|
||
Sale of noncontrolling interest in subsidiary
|
8.9
|
|
|
—
|
|
||
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
Class F units:
|
|
|
|
|
|
||
Issuance of Class F units (Note 11)
|
$
|
263.0
|
|
|
$
|
—
|
|
Net income
|
11.1
|
|
|
—
|
|
||
Distributions
|
(7.4
|
)
|
|
—
|
|
||
Ending balance
|
$
|
266.7
|
|
|
$
|
—
|
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(unaudited; in millions)
|
||||||
Incentive distribution units:
|
|
|
|
|
|
||
Beginning balance
|
$
|
495.2
|
|
|
$
|
495.0
|
|
Waiver of incentive distribution units (Note 11)
|
(489.9
|
)
|
|
—
|
|
||
Net income
|
—
|
|
|
15.7
|
|
||
Distributions
|
(5.3
|
)
|
|
(15.6
|
)
|
||
Ending balance
|
$
|
—
|
|
|
$
|
495.1
|
|
General Partner:
|
|
|
|
|
|
||
Beginning balance
|
$
|
(666.8
|
)
|
|
$
|
147.4
|
|
Net income (loss)
|
79.8
|
|
|
(665.4
|
)
|
||
Waiver of Class D units and incentive distribution units
|
2,969.0
|
|
|
—
|
|
||
Issuance of Class F units (Note 11)
|
(263.0
|
)
|
|
—
|
|
||
Contributions
|
92.1
|
|
|
—
|
|
||
Sale of Midcoast assets (Note 6)
|
(2,126.5
|
)
|
|
—
|
|
||
Distributions
|
(9.5
|
)
|
|
(12.9
|
)
|
||
Sale of noncontrolling interest in subsidiary
|
0.8
|
|
|
—
|
|
||
Ending balance
|
$
|
75.9
|
|
|
$
|
(530.9
|
)
|
Accumulated other comprehensive loss:
|
|
|
|
|
|
||
Beginning balance
|
$
|
(339.3
|
)
|
|
$
|
(370.0
|
)
|
Changes in fair value of derivative financial instruments reclassified to earnings
|
30.5
|
|
|
29.7
|
|
||
Changes in fair value of derivative financial instruments recognized in other comprehensive loss
|
(24.5
|
)
|
|
(134.3
|
)
|
||
Ending balance
|
$
|
(333.3
|
)
|
|
$
|
(474.6
|
)
|
Noncontrolling interests:
|
|
|
|
|
|
||
Beginning balance
|
$
|
3,846.1
|
|
|
$
|
3,944.5
|
|
Capital contributions
|
1,410.4
|
|
|
79.2
|
|
||
Sale of noncontrolling interest in subsidiary
|
411.0
|
|
|
—
|
|
||
Acquisition of noncontrolling interest in subsidiary
|
(360.3
|
)
|
|
—
|
|
||
Sale of Midcoast assets (Note 6)
|
(296.6
|
)
|
|
—
|
|
||
Net income
|
261.8
|
|
|
(52.8
|
)
|
||
Distributions to noncontrolling interests
|
(376.0
|
)
|
|
(125.2
|
)
|
||
Ending balance
|
$
|
4,896.4
|
|
|
$
|
3,845.7
|
|
Total partners’ capital at end of period
|
$
|
6,668.6
|
|
|
$
|
7,821.4
|
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(unaudited; in millions)
|
||||||
Operating activities:
|
|
|
|
|
|
||
Net income from continuing operations
|
$
|
607.3
|
|
|
$
|
(100.1
|
)
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
328.9
|
|
|
315.7
|
|
||
Derivative fair value net losses
|
1.2
|
|
|
10.4
|
|
||
Environmental costs, net of recoveries
|
14.5
|
|
|
6.3
|
|
||
Distributions from investment in joint venture
|
28.1
|
|
|
—
|
|
||
Equity earnings from investment in joint venture
|
(28.1
|
)
|
|
—
|
|
||
Gain on sale of assets
|
(67.6
|
)
|
|
—
|
|
||
Allowance for equity used during construction
|
(33.2
|
)
|
|
(35.7
|
)
|
||
Amortization of debt issuance and hedging costs
|
27.4
|
|
|
30.5
|
|
||
Asset impairment
|
—
|
|
|
757.1
|
|
||
Other
|
(0.1
|
)
|
|
7.8
|
|
||
Changes in operating assets and liabilities
|
(318.5
|
)
|
|
(170.8
|
)
|
||
Net cash provided by operating activities
|
559.9
|
|
|
821.2
|
|
||
Net cash (used in) provided by discontinued operations
|
(171.1
|
)
|
|
139.9
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(417.8
|
)
|
|
(838.3
|
)
|
||
Changes in restricted cash
|
13.6
|
|
|
8.2
|
|
||
Proceeds from the sale of assets
|
318.9
|
|
|
—
|
|
||
Proceeds from the sale of Midcoast assets
|
1,310.0
|
|
|
—
|
|
||
Investments in joint venture
|
(1,577.3
|
)
|
|
—
|
|
||
Distributions from investment in joint venture in excess of cumulative earnings
|
12.0
|
|
|
—
|
|
||
Other
|
(2.9
|
)
|
|
(2.3
|
)
|
||
Net cash used in investing activities
|
(343.5
|
)
|
|
(832.4
|
)
|
||
Net cash used in discontinued operations
|
(14.0
|
)
|
|
(17.2
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
|
|
||
Redemption of Series 1 preferred units
|
(1,200.0
|
)
|
|
—
|
|
||
Payment of Series 1 preferred unit dividends
|
(357.3
|
)
|
|
—
|
|
||
Net proceeds from Class A unit issuances
|
1,224.5
|
|
|
—
|
|
||
Distributions to partners
|
(475.3
|
)
|
|
(598.6
|
)
|
||
Repayments to General Partner and affiliates
|
(1,706.0
|
)
|
|
—
|
|
||
Borrowings from General Partner and affiliates
|
1,500.0
|
|
|
—
|
|
||
Net (repayments) borrowings under credit facilities
|
(1,065.0
|
)
|
|
550.0
|
|
||
Net commercial paper borrowings (repayments)
|
685.9
|
|
|
(33.8
|
)
|
||
Acquisition of noncontrolling interest in subsidiary
|
(360.3
|
)
|
|
—
|
|
||
Sale of noncontrolling interest in subsidiary
|
450.1
|
|
|
—
|
|
||
Contributions from noncontrolling interests
|
1,390.3
|
|
|
62.4
|
|
||
Distributions to noncontrolling interests
|
(376.0
|
)
|
|
(57.2
|
)
|
||
Other
|
(0.3
|
)
|
|
(0.8
|
)
|
||
Net cash used in financing activities
|
(289.4
|
)
|
|
(78.0
|
)
|
||
Net cash (used in) provided by discontinued operations
|
229.0
|
|
|
(140.7
|
)
|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
(29.1
|
)
|
|
(107.2
|
)
|
||
Cash disposed as part of the Midcoast sale
|
(51.3
|
)
|
|
—
|
|
||
Cash and cash equivalents at beginning of year – continuing operations
|
101.3
|
|
|
130.1
|
|
||
Cash and cash equivalents at beginning of year – discontinued operations
|
7.4
|
|
|
18.0
|
|
||
Cash and cash equivalents at end of period – continuing operations
|
28.3
|
|
|
40.9
|
|
||
Cash and cash equivalents at end of period – discontinued operations
|
$
|
—
|
|
|
$
|
—
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
|
|
|
||||
|
(unaudited; in millions,
except per unit amounts)
|
||||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
28.3
|
|
|
$
|
101.3
|
|
Restricted cash
|
—
|
|
|
13.6
|
|
||
Receivables, trade and other
|
77.8
|
|
|
6.0
|
|
||
Due from General Partner and affiliates
|
79.2
|
|
|
88.4
|
|
||
Accrued receivables
|
96.7
|
|
|
18.8
|
|
||
Other current assets
|
36.9
|
|
|
34.3
|
|
||
Current assets related to discontinued operations
|
—
|
|
|
138.6
|
|
||
|
318.9
|
|
|
401.0
|
|
||
Property, plant and equipment, net
|
12,820.1
|
|
|
12,608.2
|
|
||
Equity investment in joint venture
|
1,565.3
|
|
|
—
|
|
||
Other assets, net
|
33.9
|
|
|
118.8
|
|
||
Assets held for sale
|
—
|
|
|
206.8
|
|
||
Non-current assets related to discontinued operations
|
—
|
|
|
4,775.3
|
|
||
Total Assets
|
$
|
14,738.2
|
|
|
$
|
18,110.1
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable and other
|
$
|
352.8
|
|
|
$
|
347.7
|
|
Due to General Partner and affiliates
|
55.4
|
|
|
175.2
|
|
||
Interest payable
|
109.5
|
|
|
90.1
|
|
||
Environmental liabilities
|
18.1
|
|
|
99.8
|
|
||
Property and other taxes payable
|
88.2
|
|
|
89.6
|
|
||
Current portion of long-term debt
|
399.8
|
|
|
—
|
|
||
Current liabilities related to discontinued operations
|
—
|
|
|
299.8
|
|
||
|
1,023.8
|
|
|
1,102.2
|
|
||
Long-term debt
|
6,291.1
|
|
|
7,065.9
|
|
||
Loans from General Partner and affiliate
|
544.0
|
|
|
750.0
|
|
||
Due to General Partner and affiliates
|
—
|
|
|
328.3
|
|
||
Other long-term liabilities
|
210.7
|
|
|
196.9
|
|
||
Non-current liabilities related to discontinued operations
|
—
|
|
|
844.3
|
|
||
|
8,069.6
|
|
|
10,287.6
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Partners’ capital:
|
|
|
|
|
|||
Series 1 preferred units (48,000,000 authorized and issued at December 31, 2016)
|
—
|
|
|
1,191.5
|
|
||
Class D units (66,100,000 authorized and issued at December 31, 2016)
|
—
|
|
|
2,517.6
|
|
||
Class E units (18,114,975 authorized and issued at September 30, 2017 and December 31, 2016, respectively)
|
774.0
|
|
|
778.2
|
|
||
Class A common units (326,517,110 and 262,208,428 outstanding at September 30, 2017 and December 31, 2016, respectively)
|
988.9
|
|
|
—
|
|
||
Class B common units (7,825,500 authorized and issued at September 30, 2017 and December 31, 2016, respectively)
|
—
|
|
|
—
|
|
||
i-units (87,569,475 and 81,857,168 authorized and issued at September 30, 2017 and December 31, 2016, respectively)
|
—
|
|
|
—
|
|
||
Class F units (1,000 authorized and issued at September 30, 2017)
|
266.7
|
|
|
—
|
|
||
Incentive distribution units (1,000 authorized and issued at December 31, 2016)
|
—
|
|
|
495.2
|
|
||
General Partner
|
75.9
|
|
|
(666.8
|
)
|
||
Accumulated other comprehensive loss
|
(333.3
|
)
|
|
(339.3
|
)
|
||
Total Enbridge Energy Partners, L.P. partners’ capital
|
1,772.2
|
|
|
3,976.4
|
|
||
Noncontrolling interests
|
4,896.4
|
|
|
3,543.2
|
|
||
Noncontrolling interests – discontinued operations
|
—
|
|
|
302.9
|
|
||
Total partners’ capital
|
6,668.6
|
|
|
7,822.5
|
|
||
Total Liabilities and Partners’ capital
|
$
|
14,738.2
|
|
|
$
|
18,110.1
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions, except per unit amounts)
|
||||||||||||||
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss)
|
$
|
196.0
|
|
|
$
|
(543.5
|
)
|
|
$
|
607.3
|
|
|
$
|
(100.1
|
)
|
Less: Net income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noncontrolling interest
|
102.9
|
|
|
(182.3
|
)
|
|
280.6
|
|
|
(16.9
|
)
|
||||
Series 1 preferred unit distributions
|
—
|
|
|
22.5
|
|
|
29.0
|
|
|
67.5
|
|
||||
Accretion of discount on Series 1 preferred units
|
—
|
|
|
1.2
|
|
|
8.5
|
|
|
3.5
|
|
||||
Net income (loss) attributable to general and limited partner interests in Enbridge Energy Partners, L.P. – continuing operations
|
93.1
|
|
|
(384.9
|
)
|
|
289.2
|
|
|
(154.2
|
)
|
||||
Distributions:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Incentive distributions
(1)
|
(3.7
|
)
|
|
(5.3
|
)
|
|
(11.1
|
)
|
|
(15.7
|
)
|
||||
Distributed earnings attributed to our General Partner
|
(3.2
|
)
|
|
(5.2
|
)
|
|
(9.6
|
)
|
|
(15.7
|
)
|
||||
Distributed earnings attributed to Class D and Class E units
(1)
|
(6.3
|
)
|
|
(49.1
|
)
|
|
(19.0
|
)
|
|
(147.3
|
)
|
||||
Total distributed earnings to our General Partner, Class D, Class E and Class F units
|
(13.2
|
)
|
|
(59.6
|
)
|
|
(39.7
|
)
|
|
(178.7
|
)
|
||||
Total distributed earnings attributed to our common units and i-units
|
(147.7
|
)
|
|
(204.1
|
)
|
|
(441.0
|
)
|
|
(608.7
|
)
|
||||
Total distributed earnings
|
(160.9
|
)
|
|
(263.7
|
)
|
|
(480.7
|
)
|
|
(787.4
|
)
|
||||
Overdistributed earnings
|
$
|
(67.8
|
)
|
|
$
|
(648.6
|
)
|
|
$
|
(191.5
|
)
|
|
$
|
(941.6
|
)
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss
|
$
|
—
|
|
|
$
|
(31.1
|
)
|
|
$
|
(56.8
|
)
|
|
$
|
(124.4
|
)
|
Less: Net loss attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noncontrolling interest
|
—
|
|
|
(9.6
|
)
|
|
(18.8
|
)
|
|
(35.9
|
)
|
||||
Net loss attributable to general and limited partner interests in Enbridge Energy Partners, L.P. – discontinued operations
|
$
|
—
|
|
|
$
|
(21.5
|
)
|
|
$
|
(38.0
|
)
|
|
$
|
(88.5
|
)
|
Weighted average common units and i-units outstanding
|
421.0
|
|
|
349.1
|
|
|
391.6
|
|
|
347.0
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions, except per unit amounts)
|
||||||||||||||
Basic and diluted earnings per unit:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Distributed earnings per common unit and i-unit – continuing operations
(2)
|
$
|
0.35
|
|
|
$
|
0.58
|
|
|
$
|
1.13
|
|
|
$
|
1.75
|
|
Overdistributed earnings per common unit and i-unit
(3)
|
(0.16
|
)
|
|
(1.83
|
)
|
|
(0.48
|
)
|
|
(2.66
|
)
|
||||
Net income (loss) per common unit and i-unit (basic and diluted) – continuing operations
(4)
|
0.19
|
|
|
(1.25
|
)
|
|
0.65
|
|
|
(0.91
|
)
|
||||
Net loss per common unit and i-unit (basic and diluted) – discontinued operations
(4)
|
—
|
|
|
(0.06
|
)
|
|
(0.10
|
)
|
|
(0.25
|
)
|
||||
Net income (loss) per common unit and i-unit (basic and diluted)
|
$
|
0.19
|
|
|
$
|
(1.31
|
)
|
|
$
|
0.55
|
|
|
$
|
(1.16
|
)
|
(1)
|
For the
three and nine
months ended
September 30, 2017
, Class D units and incentive distribution units (IDUs) were not entitled to distributions as the wholly-owned subsidiary of our General Partner irrevocably waived its rights associated with the Class D units and IDUs; for the three and nine months ended
September 30, 2017
, incentive distributions were made to Class F units. For the three and nine months ended
September 30, 2016
, incentive distributions were made to IDUs and Class D units.
|
(2)
|
Represents the total distributed earnings to common units and i-units divided by the weighted average number of common units and i-units outstanding for the period.
|
(3)
|
Represents the common units’ and i-units’ share (
98%
) of distributions in excess of earnings divided by the weighted average number of common units and i-units outstanding for the period and overdistributed earnings allocated to the common units and i-units based on the distribution waterfall that is outlined in our partnership agreement.
|
(4)
|
For the three months ended
September 30, 2017
,
18,114,975
anti-dilutive Class E units were excluded from the if-converted method of calculating diluted earnings per share. For the
nine
months ended
September 30, 2017
and the
three and nine
months ended
September 30, 2016
,
43,201,310
anti-dilutive Preferred units and
18,114,975
anti-dilutive Class E units were excluded from the if-converted method of calculating diluted earnings per unit. Effective April 27, 2017, a wholly-owned subsidiary of our General Partner irrevocably waived all of its rights associated with the Class D units, as such for the
nine
months ended
September 30, 2017
,
66,100,000
of Class D units were excluded from the if-converted method of calculating diluted earnings per unit. For the
three and nine
months ended
September 30, 2016
,
66,100,000
anti-dilutive Class D units were excluded from the if-converted method of calculating diluted earnings per unit.
|
Distribution Targets
|
|
Portion of Quarterly
Distribution Per Unit
|
|
Percentage Distributed
to General Partner and
Class F Units
(1)
|
|
Percentage Distributed
to Limited Partners
|
Minimum Quarterly Distribution
|
|
Up to $0.295
|
|
2%
|
|
98%
|
First Target Distribution
|
|
> $0.295 to $0.35
|
|
15%
|
|
85%
|
Over First Target Distribution
|
|
> $0.35
|
|
25%
|
|
75%
|
(1)
|
For distributions in excess of the Minimum Quarterly Distribution, this percentage includes both the General Partner’s distributions of
2%
and the distribution to the Class F Units.
|
|
Three months ended September 30, 2017
|
||||||||||||||
|
Liquids
|
|
Natural Gas
|
|
Other
|
|
Consolidated
(1)
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Operating revenues:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and other services
|
$
|
616.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
616.4
|
|
|
616.4
|
|
|
—
|
|
|
—
|
|
|
616.4
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Environmental costs, net of recoveries
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||
Operating and administrative
|
160.9
|
|
|
—
|
|
|
1.7
|
|
|
162.6
|
|
||||
Power
|
80.1
|
|
|
—
|
|
|
—
|
|
|
80.1
|
|
||||
Depreciation and amortization
|
111.8
|
|
|
—
|
|
|
—
|
|
|
111.8
|
|
||||
Gain on sale of assets
|
(5.5
|
)
|
|
—
|
|
|
—
|
|
|
(5.5
|
)
|
||||
|
348.5
|
|
|
—
|
|
|
1.7
|
|
|
350.2
|
|
||||
Operating income (loss)
|
267.9
|
|
|
—
|
|
|
(1.7
|
)
|
|
266.2
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
(104.1
|
)
|
|||||||
Allowance for equity used during construction
|
|
|
|
|
|
|
12.2
|
|
|||||||
Other income
|
21.7
|
|
(3)
|
—
|
|
|
0.1
|
|
|
21.8
|
|
||||
Income before income taxes
|
|
|
|
|
|
|
196.1
|
|
|||||||
Income tax expense
|
|
|
|
|
|
|
(0.1
|
)
|
|||||||
Net income
|
|
|
|
|
|
|
$
|
196.0
|
|
(1)
|
Certain costs that are not allocated to individual segments, including Other, interest expense, allowance for equity used during construction and income taxes are included in the consolidated total.
|
(2)
|
There were no intersegment revenues for the three months ended
September 30, 2017
.
|
(3)
|
Other income includes our equity income from our investment in the Bakken Pipeline System.
|
|
Three months ended September 30, 2016
|
||||||||||||||
|
Liquids
|
|
Natural Gas
(1)
|
|
Other
|
|
Consolidated
(2)
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Operating revenues:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and other services
|
$
|
634.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
634.6
|
|
|
634.6
|
|
|
—
|
|
|
—
|
|
|
634.6
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Environmental costs, net of recoveries
|
(8.7
|
)
|
|
—
|
|
|
—
|
|
|
(8.7
|
)
|
||||
Operating and administrative
|
149.7
|
|
|
—
|
|
|
2.3
|
|
|
152.0
|
|
||||
Power
|
74.3
|
|
|
—
|
|
|
—
|
|
|
74.3
|
|
||||
Depreciation and amortization
|
109.4
|
|
|
—
|
|
|
—
|
|
|
109.4
|
|
||||
Asset impairment
|
756.7
|
|
|
—
|
|
|
—
|
|
|
756.7
|
|
||||
|
1,081.4
|
|
|
—
|
|
|
2.3
|
|
|
1,083.7
|
|
||||
Operating loss
|
(446.8
|
)
|
|
—
|
|
|
(2.3
|
)
|
|
(449.1
|
)
|
||||
Interest expense, net
|
|
|
|
|
|
|
(103.4
|
)
|
|||||||
Allowance for equity used during construction
|
|
|
|
|
|
|
10.0
|
|
|||||||
Other income
|
|
|
|
|
|
|
0.6
|
|
|||||||
Loss from continuing operations before income taxes
|
|
|
|
|
|
|
(541.9
|
)
|
|||||||
Income tax expense
|
|
|
|
|
|
|
(1.6
|
)
|
|||||||
Loss from continuing operations
|
|
|
|
|
|
|
(543.5
|
)
|
|||||||
Loss from discontinued operations
|
—
|
|
|
(20.6
|
)
|
|
(10.5
|
)
|
|
(31.1
|
)
|
||||
Net loss
|
|
|
|
|
|
|
$
|
(574.6
|
)
|
(1)
|
The operating results of our Natural Gas segment are included in discontinued operations as a result of the Midcoast sale to our General Partner. For further information refer to
Note 6 - Dispositions, Asset Impairment and Discontinued Operations
.
|
(2)
|
Certain costs that are not allocated to individual segments, including Other, interest expense, allowance for equity used during construction, other income and income taxes are included in the consolidated total.
|
(3)
|
There were no intersegment revenues for the three months ended
September 30, 2016
.
|
|
Nine months ended September 30, 2017
|
||||||||||||||
|
Liquids
|
|
Natural Gas
(1)
|
|
Other
|
|
Consolidated
(2)
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Operating revenues:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and other services
|
$
|
1,817.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,817.6
|
|
|
1,817.6
|
|
|
—
|
|
|
—
|
|
|
1,817.6
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Environmental costs, net of recoveries
|
15.0
|
|
|
—
|
|
|
—
|
|
|
15.0
|
|
||||
Operating and administrative
|
464.9
|
|
|
—
|
|
|
9.1
|
|
|
474.0
|
|
||||
Power
|
221.0
|
|
|
—
|
|
|
—
|
|
|
221.0
|
|
||||
Depreciation and amortization
|
328.9
|
|
|
—
|
|
|
—
|
|
|
328.9
|
|
||||
Gain on sale of assets
|
(67.6
|
)
|
|
—
|
|
|
—
|
|
|
(67.6
|
)
|
||||
|
962.2
|
|
|
—
|
|
|
9.1
|
|
|
971.3
|
|
||||
Operating income (loss)
|
855.4
|
|
|
—
|
|
|
(9.1
|
)
|
|
846.3
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
(305.8
|
)
|
|||||||
Allowance for equity used during construction
|
|
|
|
|
|
|
33.2
|
|
|||||||
Other income
|
28.1
|
|
(4)
|
—
|
|
|
5.1
|
|
|
33.2
|
|
||||
Income from continuing operations before income tax benefit
|
|
|
|
|
|
|
606.9
|
|
|||||||
Income tax benefit
|
|
|
|
|
|
|
0.4
|
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
607.3
|
|
|||||||
Loss from discontinued operations
|
—
|
|
|
(51.1
|
)
|
|
(5.7
|
)
|
|
(56.8
|
)
|
||||
Net income
|
|
|
|
|
|
|
$
|
550.5
|
|
(1)
|
The operating results of our Natural Gas segment are included in discontinued operations as a result of the Midcoast sale to our General Partner. For further information refer to
Note 6 - Dispositions, Asset Impairment and Discontinued Operations
.
|
(2)
|
Certain costs that are not allocated to individual segments, including Other, interest expense, allowance for equity used during construction and income taxes are included in the consolidated total.
|
(3)
|
There were no intersegment revenues for the
nine
months ended
September 30, 2017
.
|
(4)
|
Other income includes our equity income from our investment in the Bakken Pipeline System.
|
|
Nine months ended September 30, 2016
|
||||||||||||||
|
Liquids
|
|
Natural Gas
(1)
|
|
Other
|
|
Consolidated
(2)
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Operating revenues:
(3)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transportation and other services
|
$
|
1,885.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,885.6
|
|
|
1,885.6
|
|
|
—
|
|
|
—
|
|
|
1,885.6
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Environmental costs, net of recoveries
|
8.3
|
|
|
—
|
|
|
—
|
|
|
8.3
|
|
||||
Operating and administrative
|
418.6
|
|
|
—
|
|
|
9.4
|
|
|
428.0
|
|
||||
Power
|
206.8
|
|
|
—
|
|
|
—
|
|
|
206.8
|
|
||||
Depreciation and amortization
|
315.7
|
|
|
—
|
|
|
—
|
|
|
315.7
|
|
||||
Asset impairment
|
757.1
|
|
|
—
|
|
|
—
|
|
|
757.1
|
|
||||
|
1,706.5
|
|
|
—
|
|
|
9.4
|
|
|
1,715.9
|
|
||||
Operating income (loss)
|
179.1
|
|
|
—
|
|
|
(9.4
|
)
|
|
169.7
|
|
||||
Interest expense, net
|
|
|
|
|
|
|
(301.2
|
)
|
|||||||
Allowance for equity used during construction
|
|
|
|
|
|
|
35.7
|
|
|||||||
Other income
|
|
|
|
|
|
|
0.9
|
|
|||||||
Loss from continuing operations before income taxes
|
|
|
|
|
|
|
(94.9
|
)
|
|||||||
Income tax expense
|
|
|
|
|
|
|
(5.2
|
)
|
|||||||
Loss from continuing operations
|
|
|
|
|
|
|
(100.1
|
)
|
|||||||
Loss from discontinued operations
|
—
|
|
|
(96.9
|
)
|
|
(27.5
|
)
|
|
(124.4
|
)
|
||||
Net loss
|
|
|
|
|
|
|
$
|
(224.5
|
)
|
(1)
|
The operating results of our Natural Gas segment are included in discontinued operations as a result of the Midcoast sale to our General Partner. For further information refer to
Note 6 - Dispositions, Asset Impairment and Discontinued Operations
.
|
(2)
|
Certain costs that are not allocated to individual segments, including Other, interest expense, allowance for equity used during construction, other income and income taxes are included in the consolidated total.
|
(3)
|
There were no intersegment revenues for the
nine
months ended
September 30, 2016
.
|
Total Assets
|
|
September 30,
2017 |
|
December 31, 2016
(1)
|
||||
Liquids
|
|
$
|
14,721.5
|
|
|
$
|
13,030.5
|
|
Natural Gas
|
|
—
|
|
|
—
|
|
||
Other
|
|
16.7
|
|
|
165.6
|
|
||
Total
|
|
$
|
14,738.2
|
|
|
$
|
13,196.1
|
|
(1)
|
Comparative information excludes assets from discontinued operations. See
Note 6 - Dispositions, Asset Impairment and Discontinued Operations
.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Net regulatory asset (liability) balance at beginning of period
|
$
|
(23.7
|
)
|
|
$
|
29.3
|
|
|
$
|
11.9
|
|
|
$
|
29.9
|
|
Current period under recovery revenue adjustments
|
28.8
|
|
|
6.4
|
|
|
1.8
|
|
|
20.0
|
|
||||
Amortization of prior year regulatory asset
|
(1.6
|
)
|
|
(7.9
|
)
|
|
(10.2
|
)
|
|
(22.1
|
)
|
||||
Net regulatory asset balance at end of period
|
$
|
3.5
|
|
|
$
|
27.8
|
|
|
$
|
3.5
|
|
|
$
|
27.8
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity sales
|
$
|
—
|
|
|
$
|
440.7
|
|
|
$
|
1,085.0
|
|
|
$
|
1,197.9
|
|
Commodity sales – affiliate
|
—
|
|
|
1.3
|
|
|
9.4
|
|
|
7.9
|
|
||||
Transportation and other services
|
—
|
|
|
44.0
|
|
|
66.7
|
|
|
139.7
|
|
||||
|
—
|
|
|
486.0
|
|
|
1,161.1
|
|
|
1,345.5
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity costs
|
—
|
|
|
396.1
|
|
|
968.2
|
|
|
1,082.0
|
|
||||
Commodity costs – affiliate
|
—
|
|
|
7.9
|
|
|
42.1
|
|
|
29.1
|
|
||||
Operating and administrative
|
—
|
|
|
36.6
|
|
|
64.7
|
|
|
111.4
|
|
||||
Operating and administrative – affiliate
|
—
|
|
|
35.8
|
|
|
68.7
|
|
|
112.6
|
|
||||
Depreciation and amortization
|
—
|
|
|
39.2
|
|
|
74.5
|
|
|
118.7
|
|
||||
Asset impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
10.6
|
|
||||
|
—
|
|
|
515.6
|
|
|
1,218.2
|
|
|
1,464.4
|
|
||||
Operating loss
|
—
|
|
|
(29.6
|
)
|
|
(57.1
|
)
|
|
(118.9
|
)
|
||||
Interest expense, net
|
—
|
|
|
(9.0
|
)
|
|
(17.4
|
)
|
|
(25.5
|
)
|
||||
Other income
|
—
|
|
|
8.1
|
|
|
18.6
|
|
|
22.0
|
|
||||
Loss before income taxes
|
—
|
|
|
(30.5
|
)
|
|
(55.9
|
)
|
|
(122.4
|
)
|
||||
Income tax expense
|
—
|
|
|
(0.6
|
)
|
|
(0.9
|
)
|
|
(2.0
|
)
|
||||
Net loss from discontinued operations
|
$
|
—
|
|
|
$
|
(31.1
|
)
|
|
$
|
(56.8
|
)
|
|
$
|
(124.4
|
)
|
|
December 31,
2016 |
||
Current assets related to discontinued operations:
|
|
|
|
Cash and cash equivalents
|
$
|
7.4
|
|
Restricted cash
|
11.0
|
|
|
Receivables, trade and other, net of allowance for doubtful accounts
|
8.5
|
|
|
Due from General Partner and affiliates
|
2.1
|
|
|
Accrued receivables
|
20.8
|
|
|
Inventory
|
28.1
|
|
|
Other current assets
|
60.7
|
|
|
|
$
|
138.6
|
|
Non-current assets related to discontinued operations:
|
|
|
|
Property, plant and equipment, net
|
$
|
4,114.5
|
|
Equity investment in joint venture
|
360.7
|
|
|
Intangible assets, net
|
251.8
|
|
|
Other assets, net
|
48.3
|
|
|
|
$
|
4,775.3
|
|
|
December 31,
2016 |
||
Current liabilities related to discontinued operations:
|
|
|
|
Accounts payable and other
|
$
|
66.9
|
|
Due to General Partner and affiliates
|
38.8
|
|
|
Environmental liabilities
|
0.1
|
|
|
Accrued purchases
|
171.8
|
|
|
Property and other taxes payable
|
17.2
|
|
|
Interest payable
|
5.0
|
|
|
|
$
|
299.8
|
|
Non-current liabilities related to discontinued operations:
|
|
|
|
Long-term debt
|
$
|
818.5
|
|
Other long-term liabilities
|
25.8
|
|
|
|
$
|
844.3
|
|
|
Ownership
Interest
|
|
September 30,
2017 |
|
December 31,
2016 |
MarEn Bakken Company LLC
|
75.0%
|
|
$1,565.3
|
|
$—
|
|
Maturity
Dates
|
|
Total Facilities
|
|
Draws
(1)
|
|
Available
|
|
|
|
|
|
|
|
|
|
(in millions)
|
||||||
Enbridge Energy Partners, L.P.
|
2019 – 2020
|
|
$2,625.0
|
|
$1,345.8
|
|
$1,279.2
|
(1)
|
Includes facility draws, letters of credit and commercial paper issuances that are back-stopped by the credit facility and excludes the our credit agreement with EUS (the EUS 364-day Credit Facility.)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Eastern Access Interests
|
$
|
37.6
|
|
|
$
|
48.3
|
|
|
$
|
113.9
|
|
|
$
|
153.0
|
|
U.S. Mainline Expansion Interests
|
39.1
|
|
|
39.0
|
|
|
108.3
|
|
|
99.7
|
|
||||
North Dakota Pipeline Company Interests
|
1.8
|
|
|
(269.6
|
)
|
|
18.6
|
|
|
(269.6
|
)
|
||||
Line 3 Replacement Interests
|
8.1
|
|
|
—
|
|
|
18.7
|
|
|
—
|
|
||||
Enbridge Holdings (DakTex) L.L.C. Interests
|
16.3
|
|
|
—
|
|
|
21.1
|
|
|
—
|
|
||||
Midcoast Energy Partners, L.P. – Discontinued Operations
|
—
|
|
|
(9.6
|
)
|
|
(18.8
|
)
|
|
(35.9
|
)
|
||||
Total
|
$
|
102.9
|
|
|
$
|
(191.9
|
)
|
|
$
|
261.8
|
|
|
$
|
(52.8
|
)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
|
|
|
||||
|
(in millions)
|
||||||
Other current assets
|
$
|
0.1
|
|
|
$
|
—
|
|
Accounts payable and other
|
(162.8
|
)
|
|
(145.4
|
)
|
||
Other long-term liabilities
|
(22.9
|
)
|
|
(21.3
|
)
|
||
|
$
|
(185.6
|
)
|
|
$
|
(166.7
|
)
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
|
|
|
||||
|
(in millions)
|
||||||
Counterparty Credit Quality
(1)
|
|
|
|
|
|
||
AA
|
$
|
(83.8
|
)
|
|
$
|
(79.2
|
)
|
A
|
(65.1
|
)
|
|
(58.4
|
)
|
||
Lower than A
|
(36.7
|
)
|
|
(29.1
|
)
|
||
|
$
|
(185.6
|
)
|
|
$
|
(166.7
|
)
|
(1)
|
As determined by nationally-recognized statistical ratings organizations.
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
|
|
|
||||
|
(in millions)
|
||||||
United States financial institutions and investment banking entities
|
$
|
(132.4
|
)
|
|
$
|
(121.7
|
)
|
Non-United States financial institutions
|
(53.2
|
)
|
|
(45.0
|
)
|
||
|
$
|
(185.6
|
)
|
|
$
|
(166.7
|
)
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
|
|
|
Fair Value at
|
|
Fair Value at
|
||||||||||||
|
Financial Position
Location
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2017 |
|
December 31,
2016 |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
(in millions)
|
||||||||||||||
Derivatives designated as hedging instruments:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
Accounts payable and other
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(162.2
|
)
|
|
$
|
(144.0
|
)
|
Interest rate contracts
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
(22.8
|
)
|
|
(21.1
|
)
|
||||
|
|
|
—
|
|
|
—
|
|
|
(185.0
|
)
|
|
(165.1
|
)
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
Other current assets
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commodity contracts
|
Accounts payable and other
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
(1.4
|
)
|
||||
Commodity contracts
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
||||
|
|
|
0.1
|
|
|
—
|
|
|
(0.7
|
)
|
|
(1.6
|
)
|
||||
Total derivative instruments
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
(185.7
|
)
|
|
$
|
(166.7
|
)
|
(1)
|
Includes items currently designated as hedging instruments. Excludes the portion of de-designated hedges which may have a component remaining in accumulated other comprehensive income (AOCI).
|
Derivatives in Cash Flow Hedging Relationships
|
|
Amount of Gain
(Loss) Recognized
in AOCI on
Derivative
(Effective Portion)
|
|
Location of Gain
(Loss) Reclassified from
AOCI to Earnings
(Effective Portion)
|
|
Amount of Gain
(Loss) Reclassified
from AOCI
to Earnings
(Effective Portion)
|
|
Location of Gain (Loss)
Recognized in Earnings on
Derivative (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing)
(1)
|
|
Amount of Gain
(Loss) Recognized in
Earnings on
Derivative (Ineffective
Portion and Amount
Excluded from
Effectiveness
Testing)
(1)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
(in millions)
|
|
|
|
|
||||||||
Three months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(1.9
|
)
|
|
Interest expense
|
|
$
|
(9.8
|
)
|
|
Interest expense
|
|
$
|
(0.3
|
)
|
Total
|
|
$
|
(1.9
|
)
|
|
|
|
$
|
(9.8
|
)
|
|
|
|
$
|
(0.3
|
)
|
Three months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
6.9
|
|
|
Interest expense
|
|
$
|
(10.0
|
)
|
|
Interest expense
|
|
$
|
—
|
|
Commodity contracts
|
|
—
|
|
|
Commodity costs
|
|
0.1
|
|
|
Commodity costs
|
|
—
|
|
|||
Total
|
|
$
|
6.9
|
|
|
|
|
$
|
(9.9
|
)
|
|
|
|
$
|
—
|
|
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(17.7
|
)
|
|
Interest expense
|
|
$
|
(30.5
|
)
|
|
Interest expense
|
|
$
|
(2.2
|
)
|
Total
|
|
$
|
(17.7
|
)
|
|
|
|
$
|
(30.5
|
)
|
|
|
|
$
|
(2.2
|
)
|
Nine months ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(128.3
|
)
|
|
Interest expense
|
|
$
|
(29.9
|
)
|
|
Interest expense
|
|
$
|
(3.4
|
)
|
Commodity contracts
|
|
—
|
|
|
Commodity costs
|
|
0.2
|
|
|
Commodity costs
|
|
—
|
|
|||
Total
|
|
$
|
(128.3
|
)
|
|
|
|
$
|
(29.7
|
)
|
|
|
|
$
|
(3.4
|
)
|
(1)
|
Includes only the ineffective portion of derivatives that are designated as hedging instruments and does not include net gains or losses associated with derivatives that do not qualify for hedge accounting treatment.
|
|
Cash Flow Hedges
|
||||||
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in millions)
|
||||||
Balance at January 1
|
$
|
(339.3
|
)
|
|
$
|
(370.0
|
)
|
Other comprehensive loss before reclassifications
|
(24.5
|
)
|
|
(134.3
|
)
|
||
Amounts reclassified from AOCI
(1)
|
30.5
|
|
|
29.7
|
|
||
Net other comprehensive income (loss)
|
6.0
|
|
|
(104.6
|
)
|
||
Balance at September 30
|
$
|
(333.3
|
)
|
|
$
|
(474.6
|
)
|
(1)
|
For additional details on the amounts reclassified from AOCI, reference the
Reclassifications from Accumulated Other Comprehensive Income
table below.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
(in millions)
|
|
|
||||||||||
Losses on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Rate Contracts
(1)
|
$
|
9.8
|
|
|
$
|
10.0
|
|
|
$
|
30.5
|
|
|
$
|
29.9
|
|
Commodity Contracts
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Total Reclassifications from AOCI
|
$
|
9.8
|
|
|
$
|
9.9
|
|
|
$
|
30.5
|
|
|
$
|
29.7
|
|
(1)
|
Loss reported within “Interest expense, net” in the consolidated statements of income.
|
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||||||
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Derivatives Not Designated
as Hedging Instruments
|
|
Location of Gain or (Loss)
Recognized in Earnings
|
|
Amount of Gain or (Loss)
Recognized in Earnings
(1)(2)
|
|
Amount of Gain or (Loss)
Recognized in Earnings
(1)(2)
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
(in millions)
|
|
|
|||||||||||
Commodity contracts
|
|
Transportation and other services
|
(3)
|
|
$
|
(1.3
|
)
|
|
$
|
1.0
|
|
|
$
|
1.8
|
|
|
$
|
(2.1
|
)
|
Total
|
$
|
(1.3
|
)
|
|
$
|
1.0
|
|
|
$
|
1.8
|
|
|
$
|
(2.1
|
)
|
(1)
|
Does not include settlements associated with derivative instruments that settle through physical delivery.
|
(2)
|
Includes only net gains or losses associated with those derivatives that do not receive hedge accounting treatment and does not include the ineffective portion of derivatives that are designated as hedging instruments.
|
(3)
|
Includes settlement gains of
$0.4 million
and
$1.2 million
for the three months ended
September 30, 2017
and
2016
, respectively, and settlement gains of
$0.8 million
and
$4.9 million
for the
nine
months ended
September 30, 2017
and
2016
, respectively.
|
|
September 30, 2017
|
||||||||||||||||||
|
Gross
Amount of
Recognized
Assets
|
|
Gross
Amount
Offset in the
Statement of
Financial Position
|
|
Net Amount
of Assets
Presented in
the Statement of
Financial Position
|
|
Gross Amount
Not Offset in the
Statement of
Financial Position
|
|
Net Amount
|
||||||||||
|
|
|
|
|
(in millions)
|
|
|
|
|
||||||||||
Description:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
December 31, 2016
|
||||||||||||||||||
|
Gross
Amount of
Recognized
Assets
|
|
Gross
Amount
Offset in the
Statement of
Financial Position
|
|
Net Amount
of Assets
Presented in
the Statement of
Financial Position
|
|
Gross Amount
Not Offset in the
Statement of
Financial Position
|
|
Net Amount
|
||||||||||
|
|
|
|
|
(in millions)
|
|
|
|
|
||||||||||
Description:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
September 30, 2017
|
||||||||||||||||||
|
Gross
Amount of
Recognized
Liabilities
|
|
Gross Amount
Offset in the
Statement of
Financial Position
|
|
Net Amount of Liabilities
Presented in
the Statement of
Financial Position
|
|
Gross Amount
Not Offset in the
Statement of
Financial Position
|
|
Net Amount
|
||||||||||
|
|
|
|
|
(in millions)
|
|
|
|
|
||||||||||
Description:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives
|
$
|
(185.7
|
)
|
|
$
|
—
|
|
|
$
|
(185.7
|
)
|
|
$
|
0.1
|
|
|
$
|
(185.6
|
)
|
|
December 31, 2016
|
||||||||||||||||||
|
Gross
Amount of
Recognized
Liabilities
|
|
Gross Amount
Offset in the
Statement of
Financial Position
|
|
Net Amount of
Liabilities
Presented in
the Statement of
Financial Position
|
|
Gross Amount
Not Offset in the
Statement of
Financial Position
|
|
Net Amount
|
||||||||||
|
|
|
|
|
(in millions)
|
|
|
|
|
||||||||||
Description:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derivatives
|
$
|
(166.7
|
)
|
|
$
|
—
|
|
|
$
|
(166.7
|
)
|
|
$
|
—
|
|
|
$
|
(166.7
|
)
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
|
|
Level 2
|
|
Level 2
|
||||
|
|
|
|
|
||||
|
|
|
|
|
||||
Interest rate contracts
|
|
$
|
(185.0
|
)
|
|
$
|
(165.1
|
)
|
Commodity contracts:
|
|
|
|
|
|
|
||
Financial
|
|
(0.6
|
)
|
|
(1.6
|
)
|
||
Total
|
|
$
|
(185.6
|
)
|
|
$
|
(166.7
|
)
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||||||||||||||||||||||
|
Commodity
|
|
Notional
(1)
|
|
Wtd. Average Price
(2)
|
|
Fair Value
(3)
|
|
Fair Value
(3)
|
|||||||||||||||||||
|
Receive
|
|
Pay
|
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
(in millions)
|
|||||||||||||||||||
Portion of contracts maturing in 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed/pay variable
|
Crude Oil
|
|
123,832
|
|
|
$
|
51.91
|
|
|
$
|
51.98
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(1.6
|
)
|
Portion of contracts maturing in 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Receive fixed/pay variable
|
Crude Oil
|
|
498,955
|
|
|
$
|
50.71
|
|
|
$
|
51.85
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Volumes of crude oil are measured in Bbl.
|
(2)
|
Weighted-average prices received and paid are in $/Bbl for crude oil.
|
(3)
|
The fair value is determined based on quoted market prices at
September 30, 2017
and
December 31, 2016
, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values exclude credit valuation adjustment gains of
nil
at
September 30, 2017
and
December 31, 2016
, as well as cash collateral received.
|
|
|
|
|
|
|
Average
Fixed
Rate
(1)
|
|
Fair Value
(2)
at
|
||||||
Date of Maturity & Contract Type
|
|
Accounting Treatment
|
|
Notional
|
|
September 30,
2017 |
|
December 31,
2016 |
||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
(dollars in millions)
|
|
|
||||||
Contracts maturing in 2017
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Rate Swaps – Pay Fixed
|
|
Cash Flow Hedge
|
|
$500
|
|
2.21%
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
Contracts maturing in 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Rate Swaps – Pay Fixed
|
|
Cash Flow Hedge
|
|
$810
|
|
2.24%
|
|
$
|
(2.1
|
)
|
|
$
|
(9.4
|
)
|
Contracts maturing in 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Rate Swaps – Pay Fixed
|
|
Cash Flow Hedge
|
|
$620
|
|
2.96%
|
|
$
|
(7.8
|
)
|
|
$
|
(7.3
|
)
|
Contracts settling prior to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||
2017 – Pre-issuance Hedges
|
|
Cash Flow Hedge
|
|
$1,000
|
|
4.07%
|
|
$
|
(156.0
|
)
|
|
$
|
(136.2
|
)
|
2018 – Pre-issuance Hedges
|
|
Cash Flow Hedge
|
|
$350
|
|
3.08%
|
|
$
|
(19.4
|
)
|
|
$
|
(13.1
|
)
|
(1)
|
Interest rate derivative contracts are based on the one-month or three-month London Interbank Offered Rate (LIBOR).
|
(2)
|
The fair value is determined from quoted market prices at
September 30, 2017
and
December 31, 2016
, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values are presented in millions of dollars and exclude credit valuation adjustment gains of approximately
$0.3 million
and
$1.2 million
at
September 30, 2017
and
December 31, 2016
, respectively.
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
|
|
|
|
||||
|
(in millions)
|
||||||
Total capital expenditures (excluding “Investment in joint venture”)
|
$
|
417.6
|
|
|
$
|
655.4
|
|
Decrease in construction payables
|
0.2
|
|
|
182.9
|
|
||
Cash used for capital expenditures
|
$
|
417.8
|
|
|
$
|
838.3
|
|
Distribution
Declaration Date
|
|
Distribution
Payment Date
|
|
Amount Paid to
EEP
|
|
Amount Paid to
Noncontrolling
Interest
|
|
Total MEP
Distribution
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
(in millions)
|
|
|
||||||
January 26, 2017
|
|
February 14, 2017
|
|
$
|
8.9
|
|
|
$
|
7.6
|
|
|
$
|
16.5
|
|
Distribution
Declaration Date
|
|
Distribution
Payment Date
|
|
Amount Paid to
EEP
|
|
Amount Paid to
Noncontrolling
Interest
|
|
Total DakTex
Distribution
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
(in millions)
|
|
|
||||||
September 25, 2017
|
|
September 29, 2017
|
|
$
|
10.2
|
|
|
$
|
30.7
|
|
|
$
|
40.9
|
|
Distribution
Declaration Date
|
|
Distribution
Payment Date
|
|
Amount Paid to
EEP
|
|
Amount Paid to
Noncontrolling Interest
|
|
Total Series EA
Distribution
|
||||||
|
|
|
|
|
|
(in millions)
|
|
|
||||||
July 28, 2017
|
|
August 14, 2017
|
|
$
|
33.2
|
|
|
$
|
49.8
|
|
|
$
|
83.0
|
|
April 27, 2017
|
|
May 15, 2017
|
|
29.3
|
|
|
62.0
|
|
|
91.3
|
|
|||
January 26, 2017
|
|
February 14, 2017
|
|
22.9
|
|
|
68.8
|
|
|
91.7
|
|
|||
|
|
|
|
$
|
85.4
|
|
|
$
|
180.6
|
|
|
$
|
266.0
|
|
Distribution
Declaration Date
|
|
Distribution
Payment Date
|
|
Amount Paid to
EEP
|
|
Amount Paid to
Noncontrolling
Interest
|
|
Total Series ME
Distribution
|
||||||
|
|
|
|
|
|
(in millions)
|
|
|
||||||
July 28, 2017
|
|
August 14, 2017
|
|
$
|
13.8
|
|
|
$
|
41.3
|
|
|
$
|
55.1
|
|
April 27, 2017
|
|
May 15, 2017
|
|
12.7
|
|
|
38.0
|
|
|
50.7
|
|
|||
January 26, 2017
|
|
February 14, 2017
|
|
14.2
|
|
|
42.7
|
|
|
56.9
|
|
|||
|
|
|
|
$
|
40.7
|
|
|
$
|
122.0
|
|
|
$
|
162.7
|
|
•
|
The reduction of our quarterly distribution from $0.583 per unit to $0.35 per unit or from $2.33 per unit to $1.40 per unit on an annualized basis;
|
•
|
The sale of all of our interests in our Midcoast gas gathering and processing business which closed on June 28, 2017, to our General Partner for $2.26 billion, including cash consideration of $1.31 billion and $953.0 million of existing outstanding indebtedness at MEP. A portion of these proceeds were used for other restructuring actions including the repayment of deferred distributions on our Series 1 Preferred Units, as discussed below;
|
•
|
The finalization of the joint funding arrangement for our investment in the Bakken Pipeline System in which our General Partner now owns a 75% interest, and we own a 25% interest with an option to acquire an additional 20% interest from our General Partner at net book value. Refer to
Other Developments — Bakken Pipeline System
for further information;
|
•
|
The redemption of our outstanding Series 1 Preferred Units held by the General Partner at face value of $1.2 billion which was funded with the proceeds from the issuance of Class A common units to our General Partner;
|
•
|
Subsequent to the Midcoast sale on June 28, 2017, we repaid $357.3 million in deferred distribution balance owed to our General Partner with the proceeds from the Midcoast sale; and
|
•
|
The restructuring of our capital structure and modification of our incentive distribution rights through the irrevocable waiver by a wholly-owned subsidiary of our General Partner of all of that subsidiary’s 66.1 million Class D units and 1,000 IDUs in consideration for issuance of a new class of units, Class F units. These units are entitled to (i) 13% of all distributions of available cash in excess of $0.295 per unit, but less than or equal to $0.35 per unit, and (ii) 23% of all distributions of available cash in excess of $0.35 per unit.
|
•
|
We entered into a joint funding arrangement with our General Partner for the U.S. L3R Program whereby our General Partner paid approximately $450 million for a 99% interest in the project, including our share of the construction costs to date and other incremental amounts. Refer to
Expansion Projects — Commercially Secured Projects — U.S. Line 3 Replacement Program.
|
•
|
We acquired an additional 15% interest in the Eastern Access Project, at its book value of approximately $360 million, which is now in service. We utilized the funds received from the joint funding arrangement for the U.S. L3R Program to exercise our option under the Eastern Access joint funding arrangement.
|
•
|
MEP entered into the merger agreement with our General Partner, whereby, on April 27, 2017, our General Partner acquired, for cash, all the outstanding publicly held Class A common units of MEP.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Operating income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liquids
|
$
|
267.9
|
|
|
$
|
(446.8
|
)
|
|
$
|
855.4
|
|
|
$
|
179.1
|
|
Other
|
(1.7
|
)
|
|
(2.3
|
)
|
|
(9.1
|
)
|
|
(9.4
|
)
|
||||
Total operating income (loss)
|
266.2
|
|
|
(449.1
|
)
|
|
846.3
|
|
|
169.7
|
|
||||
Interest expense, net
|
(104.1
|
)
|
|
(103.4
|
)
|
|
(305.8
|
)
|
|
(301.2
|
)
|
||||
Allowance for equity used during construction
|
12.2
|
|
|
10.0
|
|
|
33.2
|
|
|
35.7
|
|
||||
Other income
|
21.8
|
|
|
0.6
|
|
|
33.2
|
|
|
0.9
|
|
||||
Income (loss) before income taxes
|
196.1
|
|
|
(541.9
|
)
|
|
606.9
|
|
|
(94.9
|
)
|
||||
Income tax benefit (expense)
|
(0.1
|
)
|
|
(1.6
|
)
|
|
0.4
|
|
|
(5.2
|
)
|
||||
Income (loss) from continuing operations
|
196.0
|
|
|
(543.5
|
)
|
|
607.3
|
|
|
(100.1
|
)
|
||||
Loss from discontinued operations, net of tax
|
—
|
|
|
(31.1
|
)
|
|
(56.8
|
)
|
|
(124.4
|
)
|
||||
Net income (loss)
|
196.0
|
|
|
(574.6
|
)
|
|
550.5
|
|
|
(224.5
|
)
|
||||
Less: Net income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Noncontrolling interest
|
102.9
|
|
|
(191.9
|
)
|
|
261.8
|
|
|
(52.8
|
)
|
||||
Series 1 preferred unit distributions
|
—
|
|
|
22.5
|
|
|
29.0
|
|
|
67.5
|
|
||||
Accretion of discount on Series 1 preferred units
|
—
|
|
|
1.2
|
|
|
8.5
|
|
|
3.5
|
|
||||
Net income (loss) attributable to general and limited partner ownership interests in Enbridge Energy Partners, L.P.
|
$
|
93.1
|
|
|
$
|
(406.4
|
)
|
|
$
|
251.2
|
|
|
$
|
(242.7
|
)
|
•
|
Liquids segment commodity-based derivatives — “Transportation and other services”
|
•
|
Interest rate derivatives — “Interest expense, net”
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Liquids segment:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-qualified hedges
|
$
|
(1.7
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
1.0
|
|
|
$
|
(7.0
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate hedge ineffectiveness
|
(0.3
|
)
|
|
—
|
|
|
(2.2
|
)
|
|
(3.4
|
)
|
||||
Derivative fair value net losses
|
$
|
(2.0
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(10.4
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Operating Results:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating revenues
|
$
|
616.4
|
|
|
$
|
634.6
|
|
|
$
|
1,817.6
|
|
|
$
|
1,885.6
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Environmental costs, net of recoveries
|
1.2
|
|
|
(8.7
|
)
|
|
15.0
|
|
|
8.3
|
|
||||
Operating and administrative
|
160.9
|
|
|
149.7
|
|
|
464.9
|
|
|
418.6
|
|
||||
Power
|
80.1
|
|
|
74.3
|
|
|
221.0
|
|
|
206.8
|
|
||||
Depreciation and amortization
|
111.8
|
|
|
109.4
|
|
|
328.9
|
|
|
315.7
|
|
||||
Gain on sale of assets
|
(5.5
|
)
|
|
—
|
|
|
(67.6
|
)
|
|
—
|
|
||||
Asset impairment
|
—
|
|
|
756.7
|
|
|
—
|
|
|
757.1
|
|
||||
Total operating expenses
|
348.5
|
|
|
1,081.4
|
|
|
962.2
|
|
|
1,706.5
|
|
||||
Operating income (loss)
|
$
|
267.9
|
|
|
$
|
(446.8
|
)
|
|
$
|
855.4
|
|
|
$
|
179.1
|
|
Operating Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lakehead system:
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States
(1)
|
1,982
|
|
|
1,909
|
|
|
2,008
|
|
|
1,957
|
|
||||
Canada
(1)
|
638
|
|
|
586
|
|
|
649
|
|
|
601
|
|
||||
Total Lakehead system delivery volumes
(1)
|
2,620
|
|
|
2,495
|
|
|
2,657
|
|
|
2,558
|
|
||||
Barrel miles (billions)
|
188
|
|
|
178
|
|
|
563
|
|
|
536
|
|
||||
Average haul (miles)
|
782
|
|
|
774
|
|
|
776
|
|
|
765
|
|
||||
Mid-Continent system delivery volumes
(1)
|
—
|
|
|
217
|
|
|
33
|
|
|
200
|
|
||||
North Dakota system delivery volumes
(1)
|
303
|
|
|
363
|
|
|
330
|
|
|
382
|
|
||||
Total Liquids segment delivery volumes
(1)
|
2,923
|
|
|
3,075
|
|
|
3,020
|
|
|
3,140
|
|
(1)
|
Average Bpd in thousands.
|
•
|
A decrease in operating revenue from the Mid-Continent system which was due primarily to the sale of the Ozark Pipeline system on March 1, 2017.
|
•
|
While the North Dakota Pipeline is near capacity, lower operating revenue from the North Dakota system was primarily due to the expiration of Phase 5 and Phase 6 expansion surcharges and lower spot volumes on the Bakken Pipeline which is a component of the North Dakota system that delivers volume into Cromer, Manitoba.
|
•
|
Partially offset by an increase in operating revenue from the Lakehead system due to increased flow-through of recoverable operating costs attributable to higher throughput on the Lakehead system.
|
•
|
The absence of asset impairment charges in 2017. In third quarter 2016 the Sandpiper Project in North Dakota was impaired when the project's regulatory application was withdrawn.
|
•
|
Gain on sale of unnecessary pipe related to the Sandpiper Project.
|
•
|
Partially offset by higher environmental costs, net of recoveries, due to the Romeoville insurance recovery recognized in third quarter 2016.
|
•
|
Higher operating and administrative expenses predominately attributable to the write-off of an office lease due to consolidation of the Houston office facilities and higher property taxes, which were partially offset by lower expenses on the Ozark Pipeline system as it was sold on March 1, 2017.
|
•
|
Higher power expenses due to an increase in throughput volumes on the Lakehead system.
|
•
|
Lower operating revenue from the North Dakota system due to the expiration of Phase 5 and Phase 6 expansion surcharges, as well as lower rail revenues to our Berthold rail facility as contracts on the facility expired.
|
•
|
A decrease in operating revenue from the Mid-Continent system due primarily to the sale of the Ozark Pipeline system on March 1, 2017 and lower storage and terminalling revenue for our Cushing system due to reduced activity that attracts volume dependent fee revenue.
|
•
|
Partially offset by an increase in operating revenue from the Lakehead system due to increased flow-through costs attributable to higher throughput. This increase was partially offset by lower average toll rates, as surcharges recognized in 2016 related to the recovery of hydrostatic testing costs on Line 2B expired in 2016.
|
•
|
The absence of asset impairment charges in 2017. In third quarter 2016 the Sandpiper Project was impaired.
|
•
|
Gains on asset disposals in 2017 including unnecessary pipe from the Sandpiper project and the Ozark Pipeline system.
|
•
|
An increase in environmental costs, net of recoveries due to environmental remediation costs related to a release on the Ozark Pipeline system on January 14, 2017 and the Romeoville insurance recovery recognized in third quarter 2016. The increase was partially offset by a cost accrual for estimated fines and penalties associated with the Line 6B crude oil release in the first quarter of 2016.
|
•
|
An increase in operating and administrative expenses due to higher property taxes, the write-off of a lease for the Houston office, lower capital expenditures in the current period resulting in less capitalization of project overhead associated with a smaller capital program, and Line 5 hydrostatic testing costs, partially offset by lower expenses on the Ozark Pipeline system as it was sold on March 1, 2017.
|
•
|
Increase in power expenses primarily due to higher throughput on the Lakehead system.
|
•
|
Increase in depreciation expense directly attributable to additional assets placed into service in 2016.
|
|
Estimated Capital
Costs
(1)
|
|
Expenditures to
Date
(2)
|
|
Expected
In-Service Date
|
|
Status
|
Lakehead System Mainline Expansion:
|
|
|
|
|
|
|
|
Line 61
(3),(4)
|
0.4 billion
|
|
0.4 billion
|
|
2019
|
|
Substantially complete
|
U.S. Line 3 Replacement Program
(5)
|
2.9 billion
|
|
0.6 billion
|
|
2019
|
|
Under construction
|
(1)
|
These amounts are estimates and are subject to upward or downward adjustment based on various factors.
|
(2)
|
Expenditures to date reflect total cumulative expenditures incurred from inception of the project up to
September 30, 2017
.
|
(3)
|
Jointly funded 25% by us and 75% by our General Partner under the Mainline Expansion Joint Funding Arrangement. Estimated capital costs are presented at 100% before our General Partner’s contributions.
|
(4)
|
Estimated in-service date will be adjusted to coincide with the in-service date of the U.S. L3R Program.
|
(5)
|
As discussed under
U.S.
Line 3 Replacement Program
below, the Conflicts Committee and Board of Directors approved a joint funding arrangement with the General Partner for the U.S. Line 3 Replacement Program. The General Partner will fund 99% and we will fund 1% of the capital cost of the U.S. L3R Program.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions)
|
||||||||||||||
Net loss from discontinued operations
|
$
|
—
|
|
|
$
|
(31.1
|
)
|
|
$
|
(56.8
|
)
|
|
$
|
(124.4
|
)
|
Operating Statistics (MMBtu/d):
|
|
|
|
|
|
|
|
|
|
|
|
||||
East Texas
|
—
|
|
|
894,000
|
|
|
877,000
|
|
|
924,000
|
|
||||
Anadarko
|
—
|
|
|
606,000
|
|
|
514,000
|
|
|
632,000
|
|
||||
North Texas
|
—
|
|
|
192,000
|
|
|
174,000
|
|
|
202,000
|
|
||||
Total
|
—
|
|
|
1,692,000
|
|
|
1,565,000
|
|
|
1,758,000
|
|
||||
NGL Production (Bpd)
|
—
|
|
|
67,588
|
|
|
63,389
|
|
|
70,932
|
|
•
|
Net losses decreased due to the absence of three months of losses from our discontinued operations as a result of the sale of our Midcoast gas gathering and processing business to our General Partner on June 28, 2017.
|
•
|
Operating revenues decreased period over period due to a decrease in processing and storage margins, reduced natural gas throughput, and reduced NGL production volumes. These decreases were attributable to the continued low commodity price environment and reductions in drilling activity by producers in the areas we operated. The decrease in operating revenue was offset by changes in unrealized fair value gains and losses related to the revaluation of financial derivatives used to manage the profitability of transportation and storage transactions and exposure to movements in commodity prices on the value of inventory.
|
•
|
Net losses from discontinued operations included a loss attributable to an asset impairment charge incurred on certain trucking assets in
2016
. No similar charge was recorded during the same period in
2017
.
|
•
|
Operating and administrative costs decreased due to cost savings in the
2017
period as a result of workforce reductions, lower property taxes, and other cost reduction efforts.
|
|
EEP
|
||
|
(in millions)
|
||
Cash and cash equivalents
|
$
|
28.3
|
|
Total commitments under the Credit Facilities
|
2,625.0
|
|
|
Total commitments under the EUS 364-day Credit Facility
|
750.0
|
|
|
Less: Amounts outstanding under the Credit Facilities
|
200.0
|
|
|
Amounts outstanding under the EUS 364-day Credit Facility
|
544.0
|
|
|
Principal amount of commercial paper outstanding
|
1,080.5
|
|
|
Letters of credit outstanding
|
65.3
|
|
|
Total
|
$
|
1,513.5
|
|
|
Amounts
attributable
to us
|
|
Amounts
attributable to
the General
Partner interest
|
|
Total Forecasted Expenditures
(1)
|
||||||
|
(in millions)
|
|
(in millions)
|
|
(in millions)
|
||||||
Liquids Projects
|
|
|
|
|
|
|
|||||
Eastern Access Projects
|
$
|
8
|
|
|
$
|
12
|
|
|
$
|
20
|
|
U.S. Mainline Expansions
|
20
|
|
|
60
|
|
|
80
|
|
|||
Line 3 Replacement
|
3
|
|
|
307
|
|
|
310
|
|
|||
Liquids Integrity Program
|
120
|
|
|
—
|
|
|
120
|
|
|||
Expansion Capital
|
180
|
|
|
—
|
|
|
180
|
|
|||
Maintenance Capital Expenditures
|
55
|
|
|
—
|
|
|
55
|
|
|||
Total
|
$
|
386
|
|
|
$
|
379
|
|
|
$
|
765
|
|
(1)
|
Amounts do not include forecasted Allowance for Funds Used During Construction (AFUDC).
|
Distribution Declaration Date
|
|
Record Date
|
|
Distribution
Payment Date
|
|
Distribution
per Unit
|
|
Cash
Available for
Distribution
|
|
Amount of
Distribution
of i-units
to i-unit
Holders
(1)
|
|
Retained
from
General
Partner
(2)
|
|
Distribution
of Cash
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
(in millions, except per unit amounts)
|
|
|
||||||||||||||
July 28, 2017
|
|
August 7, 2017
|
|
August 14, 2017
|
|
$
|
0.3500
|
|
|
$
|
160.2
|
|
|
$
|
30.0
|
|
|
$
|
0.6
|
|
|
$
|
129.6
|
|
April 27, 2017
|
|
May 8, 2017
|
|
May 15, 2017
|
|
$
|
0.3500
|
|
|
$
|
159.6
|
|
|
$
|
29.4
|
|
|
$
|
0.6
|
|
|
$
|
129.6
|
|
January 26, 2017
|
|
February 7, 2017
|
|
February 14, 2017
|
|
$
|
0.5830
|
|
|
$
|
264.8
|
|
|
$
|
47.7
|
|
|
$
|
1.0
|
|
|
$
|
216.1
|
|
(1)
|
We issued 1,000 i-units to Enbridge Management, the sole owner of our i-units, during 2017 in lieu of cash distributions.
|
(2)
|
We retained an amount equal to 2% of the i-unit distribution from our General Partner to maintain its 2% general partner interest in us.
|
|
Notional
(1)
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021 & Thereafter
|
|
Total
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
(in millions)
|
|||||||||||||||||||||||||
Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Crude Oil
|
622,787
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
Totals
|
622,787
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
(1)
|
Notional amounts for crude oil are recorded in Bbl.
|
|
Notional
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Total
(1)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||
Interest Rate Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Floating to Fixed
|
$
|
1,430
|
|
|
$
|
(0.9
|
)
|
|
$
|
(7.2
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(9.8
|
)
|
Pre-issuance hedges
|
1,350
|
|
|
(156.1
|
)
|
|
(19.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(175.5
|
)
|
|||||||
Totals
|
$
|
2,780
|
|
|
$
|
(157.0
|
)
|
|
$
|
(26.6
|
)
|
|
$
|
(1.7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(185.3
|
)
|
(1)
|
Fair values exclude credit valuation adjustment gains of approximately
$0.3 million
at
September 30, 2017
.
|
|
Nine months ended September 30,
|
|
Variance
2017 vs. 2016
|
||||||||
|
2017
|
|
2016
|
|
|||||||
|
|
|
|
|
|
||||||
|
(in millions)
|
||||||||||
Total cash provided by (used in):
|
|
|
|
|
|
|
|
|
|||
Operating activities
|
$
|
559.9
|
|
|
$
|
821.2
|
|
|
$
|
(261.3
|
)
|
Investing activities
|
(343.5
|
)
|
|
(832.4
|
)
|
|
488.9
|
|
|||
Financing activities
|
(289.4
|
)
|
|
(78.0
|
)
|
|
(211.4
|
)
|
|||
Net decrease in cash and cash equivalents
|
(73.0
|
)
|
|
(89.2
|
)
|
|
16.2
|
|
|||
Cash and cash equivalents at beginning of year – continuing operations
|
101.3
|
|
|
130.1
|
|
|
(28.8
|
)
|
|||
Cash and cash equivalents at end of period – continuing operations
|
$
|
28.3
|
|
|
$
|
40.9
|
|
|
$
|
(12.6
|
)
|
•
|
Net repayments on sources of short-term financing of
$895.3 million
;
|
•
|
Net repayments of
$206.0 million
under the EUS 364-day Credit Facility;
|
•
|
Cash outflow of
$1,557.3 million
used in the redemption of the Series 1 preferred units and payment of the deferred distribution on these units as we had no such redemptions for the nine months ended September 30, 2016;
|
•
|
Cash outflow of
$360.3 million
as a result of the acquisition of additional 15% interest in the Eastern Access Projects as we had no such acquisitions on projects under joint funding arrangements for the nine months ended September 30, 2016; and
|
•
|
Increased cash distributions to noncontrolling interest of
$318.8 million
due to suspension of cash distributions to our General Partner on the Series EA and ME during the nine months ended September 30, 2016. Distributions resumed during the nine months ended September 30, 2017.
|
•
|
Net proceeds of
$1,224.5 million
received from the issuance of Class A units as we had no such issuances for the nine months ended September 30, 2016; and
|
•
|
Increased contributions from NCI of
$1,327.9 million
as a result of the finalization of the joint funding arrangement with our General Partner with respect to our investment in the Bakken Pipeline System whereby our General Partner acquired 75% of DakTex and contribution from our General Partner to fund their equity portion of construction cost in relation to various joint funding arrangements.
|
Date of Maturity & Contract Type
|
|
Accounting Treatment
|
|
Notional
|
|
Average Fixed Rate
(1)
|
|
Fair Value
(2)
|
||||||
September 30,
2017 |
|
December 31,
2016 |
||||||||||||
|
|
|
|
|
|
(dollars in millions)
|
|
|
||||||
Contracts maturing in 2017
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Rate Swaps – Pay Fixed
|
|
Cash Flow Hedge
|
|
$500
|
|
2.21%
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
Contracts maturing in 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Rate Swaps – Pay Fixed
|
|
Cash Flow Hedge
|
|
$810
|
|
2.24%
|
|
$
|
(2.1
|
)
|
|
$
|
(9.4
|
)
|
Contracts maturing in 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest Rate Swaps – Pay Fixed
|
|
Cash Flow Hedge
|
|
$620
|
|
2.96%
|
|
$
|
(7.8
|
)
|
|
$
|
(7.3
|
)
|
Contracts settling prior to maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
||
2017 – Pre-issuance Hedges
|
|
Cash Flow Hedge
|
|
$1,000
|
|
4.07%
|
|
$
|
(156.0
|
)
|
|
$
|
(136.2
|
)
|
2018 – Pre-issuance Hedges
|
|
Cash Flow Hedge
|
|
$350
|
|
3.08%
|
|
$
|
(19.4
|
)
|
|
$
|
(13.1
|
)
|
(1)
|
Interest rate derivative contracts are based on the one-month or three-month LIBOR.
|
(2)
|
The fair value is determined from quoted market prices at
September 30, 2017
and
December 31, 2016
, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values are presented in millions of dollars and exclude credit valuation adjustment gains of approximately
$0.3 million
and $1.2 million at
September 30, 2017
and
December 31, 2016
, respectively.
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||||||||||||||||||||||
|
|
|
|
|
Wtd. Average Price(2)
|
|
Fair Value(3)
|
|
Fair Value(3)
|
|||||||||||||||||||
|
Commodity
|
|
Notional(1)
|
|
Receive
|
|
Pay
|
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
|||||||||||||
|
|
|
|
|
|
|
|
|
(in millions)
|
|||||||||||||||||||
Portion of contracts maturing in 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Receive fixed/pay variable
|
Crude Oil
|
|
123,832
|
|
|
$
|
51.91
|
|
|
$
|
51.98
|
|
|
$
|
0.1
|
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(1.6
|
)
|
Portion of contracts maturing in 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Receive fixed/pay variable
|
Crude Oil
|
|
498,955
|
|
|
$
|
50.71
|
|
|
$
|
51.85
|
|
|
$
|
—
|
|
|
$
|
(0.6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Volumes of crude oil are measured in Bbl.
|
(2)
|
Weighted-average prices received and paid are in $/Bbl for crude oil.
|
(3)
|
The fair value is determined based on quoted market prices at
September 30, 2017
and
December 31, 2016
, respectively, discounted using the swap rate for the respective periods to consider the time value of money. Fair values exclude credit valuation adjustment gains of nil at
September 30, 2017
and
December 31, 2016
, as well as cash collateral received.
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Counterparty Credit Quality
(1)
|
|
|
|
|
|
||
AA
|
$
|
(83.8
|
)
|
|
$
|
(79.2
|
)
|
A
|
(65.1
|
)
|
|
(58.4
|
)
|
||
Lower than A
|
(36.7
|
)
|
|
(29.1
|
)
|
||
|
$
|
(185.6
|
)
|
|
$
|
(166.7
|
)
|
(1)
|
As determined by nationally-recognized statistical ratings organizations.
|
|
Enbridge Energy Partners, L.P.
(Registrant)
|
|
|
|
|
|
By:
|
Enbridge Energy Management, L.L.C.
as delegate of
Enbridge Energy Company, Inc.
as General Partner
|
|
|
|
Date: November 1, 2017
|
By:
|
/s/ Mark A. Maki
|
|
|
Mark A. Maki
President
(Principal Executive Officer)
|
|
|
|
Date: November 1, 2017
|
By:
|
/s/ Christopher J. Johnston
|
|
|
Christopher J. Johnston
Vice President, Finance
(Principal Financial Officer)
|
Exhibit Number
|
|
Description
|
|
||
|
||
|
||
|
||
|
||
|
||
101.INS
*
|
|
XBRL Instance Document.
|
101.SCH
*
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
*
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
*
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
1 Year Enbridge Energy Chart |
1 Month Enbridge Energy Chart |
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