Enbridge Energy Partners, L.P. (Enbridge Partners) have recently announced that its board of directors of the delegate of the Enbridge Partners’ general partner has declared a quarterly cash distribution of US$0.583 per unit or US$2.332 per unit on an annualised basis. This is applicable on all of the Partnership's outstanding units for the quarter that ended 30 September 2016.
The approved distribution remains unchanged from 2Q16 and the distribution is payable on 14 November 2016 to unitholders on record at the close of business on 7 November.
Enbridge has preported a 3Q16 net loss, with cash provided by operating activities of US$406.4 million and US$414.6 million, respectively. The company has also reported 3Q16 adjusted EBITDA and distributable cash flow of US$456.8 million and US$214.7 million, respectively.
"The Partnership's core liquids pipelines business continues to perform well," said Mark Maki, President of the Partnership. "Deliveries on our Lakehead system have strengthened following the wildfires that impacted crude oil production in northeastern Alberta in May. With seasonal refinery turnarounds largely complete, deliveries are expected to remain strong through the end of the year with our heavy crude oil lines continuing to be oversubscribed."
Also covered in the announcement is its recent agreement to acquire an equity interest in the Bakken pipeline system and a tentative joint funding arrangement with general partner.
"The Bakken pipeline system provides another important link to our liquids pipeline market access strategy," Maki said. "The system includes a significant level of take-or-pay contracts with high credit quality customers and the potential for expansion opportunities. The tentative joint funding arrangement with our general partner enhances the Partnership's financing flexibility and strengthens our credit profile."
Read the full announcement here.
Read the article online at: https://www.worldpipelines.com/business-news/31102016/enbridge-energy-partners-declares-3q16-results/