Enbridge Energy Partners L.P. (EEP, Financial) filed Quarterly Report for the period ended 2009-06-30.
Enbridge Energy Partners L.P. owns the U.S. portion of the world's longest liquid petroleum pipeline. Enbridge Energy Company Inc. an indirect wholly owned subsidiary of Enbridge Inc. of Calgary Alberta holds an effective 14.5% interest in the Partnership. (Press Release) Enbridge Energy Partners L.P. has a market cap of $3.49 billion; its shares were traded at around $45.91 with a P/E ratio of 16.4 and P/S ratio of 0.4. The dividend yield of Enbridge Energy Partners L.P. stocks is 8.6%. Enbridge Energy Partners L.P. had an annual average earning growth of 0.4% over the past 10 years.
The operating results of our Marketing segment for the three and six month periods ended June 30, 2009 were positively affected by unrealized, non-cash, mark-to-market net gains of $17.5 million and $10.6 million, respectively, associated with derivative financial instruments that do not qualify for hedge accounting treatment under SFAS No. 133. The non-cash, mark-to-market net gains during the three and six months ended June 30, 2009 resulted from narrower transportation differentials and the settlement of derivatives associated with our park and loan activities. Additionally, our Marketing business continues to benefit from improved access to downstream natural gas pipelines provided by the natural gas system expansions and initiatives we completed in 2008, namely the Clarity project, which it can use to transport natural gas to primary markets where it can be sold at more favorable prices.
For the three and six month periods ended June 30, 2008, our Marketing business was negatively impacted by unrealized, non-cash, mark-to-market losses of $22.0 million and $34.9 million, respectively, which resulted from wider transportation differentials associated with the increases in the forward and daily market prices of natural gas from March 31, 2008 and December 31, 2007, respectively.
Our Liquids segment accounted for $104.8 million of operating income during the three months ended June 30, 2009, an increase of $15.1 million from the $89.7 million generated during the same period in 2008. The favorable results are primarily attributable to transportation rate increases that went into effect during 2008 and 2009, partially offset by higher operating and administrative costs, and depreciation.
Operating revenue for the three months ended June 30, 2009 increased by $39.4 million to $228.4 million from $189.0 million for the same period in 2008. The increase in operating revenue is due to the following:
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Enbridge Energy Partners L.P. owns the U.S. portion of the world's longest liquid petroleum pipeline. Enbridge Energy Company Inc. an indirect wholly owned subsidiary of Enbridge Inc. of Calgary Alberta holds an effective 14.5% interest in the Partnership. (Press Release) Enbridge Energy Partners L.P. has a market cap of $3.49 billion; its shares were traded at around $45.91 with a P/E ratio of 16.4 and P/S ratio of 0.4. The dividend yield of Enbridge Energy Partners L.P. stocks is 8.6%. Enbridge Energy Partners L.P. had an annual average earning growth of 0.4% over the past 10 years.
Highlight of Business Operations:
For the six month period ended June 30, 2009, in addition to the factors discussed above, we had $13.0 million of unrealized, non-cash mark-to-market losses compared with $4.8 million of gains we experienced in the same period of 2008.The operating results of our Marketing segment for the three and six month periods ended June 30, 2009 were positively affected by unrealized, non-cash, mark-to-market net gains of $17.5 million and $10.6 million, respectively, associated with derivative financial instruments that do not qualify for hedge accounting treatment under SFAS No. 133. The non-cash, mark-to-market net gains during the three and six months ended June 30, 2009 resulted from narrower transportation differentials and the settlement of derivatives associated with our park and loan activities. Additionally, our Marketing business continues to benefit from improved access to downstream natural gas pipelines provided by the natural gas system expansions and initiatives we completed in 2008, namely the Clarity project, which it can use to transport natural gas to primary markets where it can be sold at more favorable prices.
For the three and six month periods ended June 30, 2008, our Marketing business was negatively impacted by unrealized, non-cash, mark-to-market losses of $22.0 million and $34.9 million, respectively, which resulted from wider transportation differentials associated with the increases in the forward and daily market prices of natural gas from March 31, 2008 and December 31, 2007, respectively.
Our Liquids segment accounted for $104.8 million of operating income during the three months ended June 30, 2009, an increase of $15.1 million from the $89.7 million generated during the same period in 2008. The favorable results are primarily attributable to transportation rate increases that went into effect during 2008 and 2009, partially offset by higher operating and administrative costs, and depreciation.
Operating revenue for the three months ended June 30, 2009 increased by $39.4 million to $228.4 million from $189.0 million for the same period in 2008. The increase in operating revenue is due to the following:
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