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Enbridge Energy Partners Reported Lower 1Q17 Earnings

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Enbridge Energy Partners Reported Lower 1Q17 Earnings PART 1 OF 2

Enbridge Energy Partners Reported Lower 1Q17 Earnings

EBITDA fell 11%

Enbridge Energy Partners (EEP) reported its 1Q17 results on May 10, 2017. The company reported adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) of $414.1 million for the quarter—11% lower than its 1Q16 EBITDA. The fall in EBITDA was mainly driven by lower rates and volumes for the Liquids segment’s North Dakota system.

The company’s distributable cash flow for 1Q17 was $197.7 million—19% lower compared to 1Q16.

Enbridge Energy Partners Reported Lower 1Q17 Earnings

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Liquids segment’s volumes fell

The fall in the Liquids segment’s North Dakota system volumes was due to the expiration of two expansion surcharges on the system. At the same time, the segment’s operating and administrative costs rose partly due to environmental remediation costs associated with a release on the Ozark Pipeline system in January 2017. Enbridge Energy Partners sold the Ozark system to MPLX (MPLX) in March 2017.

Natural gas segment

Enbridge Energy Partners’ natural gas segment’s adjusted EBITDA fell year-over-year, primarily driven by lower volumes and commodity prices. The above graph compares the company’s segmental performance over the last three years.

On May 4, 2017, Targa Resources (TRGP) reported a 5% rise in its 1Q17 EBITDA. To learn more, read Targa Resources Releases 1Q17 Results: Earnings Rose 5%.

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