Enbridge Energy Partners, L.P. (EEP) has announced that the board of directors of the delegate of the Partnership's general partner has declared a 4Q16 quarterly cash distribution of US$0.583 per unit. On an annualised basis, this is US$2.332 per unit.
The approved distribution remains unchanged from the previous quarter and will apply to all of the Partnership's outstanding units for the quarter ending on 31 December 2016. The distribution is payable on 14 February to unitholders of record at the close of business on 7 February.
Following a review of EEP's near term financial outlook, the Partnership expects to meet its 2016 adjusted EBITDA and distributable cash flow (DCF) guidance of US$1.8 - US$1.9 billion and US$860 - US$920 million, respectively. The full 2016 results are expected to be reported on 16 February.
Management expects 2017 adjusted EBITDA and DCF to be US$1.7 - US$1.8 billion and US$750 - US$800 million, respectively. EEP’s expected financial performance for 2017 reflects further weakening of its natural gas gathering and processing business due to lower realised commodity prices and volume flows.
Moreover, a reduction in drilling activity in the Bakken region has resulted in reduced revenue projections from portions of EEP's existing North Dakota liquids assets and in the previously announced deferral of the Sandpiper pipeline.
Read the article online at: https://www.worldpipelines.com/business-news/27012017/enbridge-energy-partners-declares-4q16-distribution/