Midcoast Energy Partners LP (Midcoast Energy Partners LP) Cash-to-Debt : 0.01 (As of Dec. 2016)

Midcoast Energy Partners LP is a Delaware limited partnership formed in 2013 to serve as Enbridge Energy Partners, L.P's primary vehicle for owning and growing its natural gas and NGL midstream business in the United States. Its business consists of gathering unprocessed and untreated natural gas from wellhead locations and other receipt points on its systems, processing the natural gas to remove NGLs and impurities at its processing and treating facilities and transporting the processed natural gas and NGLs to intrastate and interstate pipelines for transportation to various customers and market outlets. In addition it also provides marketing services of natural gas and NGLs to wholesale customers. It conducts business through two distinct reporting segments: Gathering, Processing and Transportation and Logistics and Marketing. Its gathering, processing and transportation business includes natural gas and NGL gathering and transportation pipeline systems, natural gas processing and treating facilities, condensate stabilizers and an NGL fractionation facility. It gathers natural gas from the wellhead and central receipt points on its systems, deliver it to facilities for processing and treating and deliver the residue gas to intrastate or interstate pipelines for transmission to wholesale customers such as power plants, industrial customers and local distribution companies. It delivers the NGLs produced at its processing and fractionation facilities to intrastate and interstate pipelines for transportation to the NGL market hubs in Mont Belvieu, Texas and Conway, Kansas. In addition, it delivers NGLs from certain of its facilities to the Texas Express NGL system for transportation on the Texas Express NGL mainline to Mont Belvieu, Texas. The primary role of its logistics and marketing business is to provide marketing services of natural gas, NGLs and condensate received from its gathering, processing and transportation business. It purchases and receives natural gas, NGLs and other products from pipeline systems and processing plants and sell and deliver them to wholesale customers, such as distributors, refiners, fractionators, chemical facilities, various third parties and end users. A majority of the natural gas and NGLs purchased are produced in Texas markets where it has intrastate deliverability alternatives over the past several years. It uses this connectivity to interstate pipelines to improve value for the producers by delivering natural gas into premium markets and NGLs to primary markets where it sells them to customers. It faces competition in the gathering, processing and transportation business, as well as in the marketing and logistics business. The Company's transmission and gathering pipelines, storage and processing facilities, and trucking and railcar operations are subject to extensive environmental, operational and safety regulation at federal and state levels.