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Enbridge Energy, Limited Partnership (EEP) |
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WIKI ANALYSIS
Houston, Texas-based Enbridge Energy Partners, LP, (EEP), a master limited partnership (MLP), is engaged in the gathering, processing, and transmission of natural gas and crude oil. The partnership is best known for its ownership of the Lakehead system, one of the world's longest petroleum pipeline systems. This system is the U.S. portion of the main artery for delivery of crude oil supply from Western Canada to refining centers in the U.S. Upper Midwest and Ontario, Canada. The partnership structure involves two other publicly traded entities: Enbridge Energy Management, LLC, (EEQ), and Enbridge, Inc., (ENB). Enbridge Energy Management has an 18% limited partnership interest in EEP and manages the partnership's business on behalf of the general partner, ENB. Enbridge Inc. is a Canadian energy infrastructure company, which has an effective stake of roughly 13% in EEP, including its ownership interest in EEQ.
Enbridge Energy Partners divides its operations in three segments: Liquid Transportation (accounted for roughly 60% of the partnership's 2006 operating earnings), Natural Gas Transportation (43%), and Marketing (generated an operating loss last year). The Liquid Transportation segment includes the Lakehead system, the North Dakota system, and Mid-Continent system. Natural Gas Transportation primarily consists of the East Texas system, the Northeast Texas system, and the Anadarko system. In addition, the partnership has four FERC-regulated natural gas interstate pipeline systems, namely the KPC pipeline, the Midla pipeline, the AlaTenn pipeline, and the UTOS pipeline. The Marketing unit is engaged in natural gas purchases and sales to wholesale customers. Other assets in the partnership's current portfolio include 4,900 miles of crude oil gathering and transportation lines and 24.5 million barrels of crude oil storage and terminaling capacity, 11,000 miles of natural gas gathering and transportation lines, 9 natural gas treating and 17 natural gas processing units with an aggregate capacity of approximately 1,800 million cubic feet per day (MMcf/d), and other facilities required for oil and gas transportation. During 2006, crude oil and natural gas volumes transported by the partnership's systems were 1.85 million barrels per day and 2,501 MMBtu per day, respectively.
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