Lowering Enbridge Energy Partners' Fair Value Estimate on Weak Natural Gas Business
We are lowering our fair value estimate on Enbridge Energy Partners on continued weakness in its natural gas operations. The business continues to experience a decline in throughput volumes and declining earnings. Its natural gas operating areas have seen limited drilling activity as the economics associated with the operating basins compares less favorably with more premier basins, such as the Permian. As such, we expect the segment to continue to generate negative EBITDA throughout most of the...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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