Best Idea Enbridge Agrees to Acquire Enbridge Energy Partners
Narrow-moat Enbridge Energy Partners reported third-quarter adjusted EBITDA of $380 million, a decrease of 5% from the year-ago quarter. Decreased performance was a result of the tax disallowance regulation established by the Federal Energy Regulatory Commission. However, adjusted EBITDA was ahead of our expectations and up 6% sequentially owing to a continued strong performance on the Lakehead system. Distributable cash flow also decreased 5% from the year-ago quarter to $184 million for the sa...Enbridge Energy Partners owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the U.S. The company's Liquids segment includes the Lakehead, North Dakota and the Mid-Continent crude oil systems. The company's Lakehead system consists of a series of interstate common carrier crude oil and liquid petroleum pipelines, and storage assets. The company's Natural Gas segment consists of natural gas and natural gas liquids (NGL), rail and liquid marketing services, gathering and transportation pipeline systems, natural gas processing and treating facilities and NGL fractionation facilities.
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