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Enbridge Energy Partners LP - Review & Price Target Update

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Enbridge Energy Partners (EEP) operates in the US pipeline and midstream business. They are approximately 80% owned by Enbridge Inc. (ENB) who is now one of the largest pipeline and midstream companies in North America. Enbridge Energy Partners was initially sponsored and is still controlled by Enbridge Inc. to start expansion into the US using the Master Limited Partnership business structure. Total assets for Enbridge Inc. of $171B include $19.4B of assets at Enbridge Energy Partners.

Prior to the sale of their interest in MidCoast in Apr-2017, they operated in two business segments: Liquids and Natural Gas. The Liquids segment includes the operations of the Lakehead, Mid-Continent and North Dakota systems. These systems largely consist of FERC regulated interstate crude oil and liquid petroleum pipelines, gathering systems and storage facilities. The Lakehead system, together with the Enbridge system in Canada, forms the longest liquid petroleum pipeline system in the world. The Liquids systems generate revenues primarily from charging shippers a rate per barrel to gather, transport and store crude oil and liquid petroleum.

The Natural Gas segment includes natural gas and NGL gathering and transportation pipeline systems, natural gas processing and treating facilities, condensate stabilizers and an NGL fractionation facility. The Natural Gas segment also provides supply, transmission, storage and sales services to producers and wholesale customers on natural gas gathering, transmission and customer pipelines, as well as other interconnected pipeline systems. Revenues from the Natural Gas segment are determined primarily by the volumes of natural gas gathered, compressed, treated, processed, transported and sold through their systems; the volumes of NGLs sold; and the level of natural gas, NGL and condensate prices. Segment gross margin is derived from the compensation received from customers in the form of fees or commodities received for providing services in addition to the proceeds received for sales of natural gas, NGLs and condensate to affiliates and third-parties.

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