ENBRIDGE ENERGY PARTNERS LP

CIK:0000880285|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating revenues:
Revenues	$ 560	$ 616	$ 1,689	$ 1,817
Operating expenses:
Environmental costs, net of recoveries	4	1	(18)	15
Power	83	81	235	221
Depreciation and amortization	111	112	330	329
Impairment of long-lived asset (Note 6)	1	0	37	0
Gain on sale of assets (Note 6)	(22)	(6)	(22)	(68)
Total operating expenses	303	350	955	971
Operating income	257	266	734	846
Interest expense, net	102	104	307	306
Allowance for equity used during construction	16	12	48	33
Income from equity investment in joint venture (Note 7)	37	22	93	28
Other income (expense)	0	0	(1)	5
Income from continuing operations before income taxes	208	196	567	606
Income tax benefit (expense)	(1)	0	(1)	1
Income from continuing operations	207	196	566	607
Loss from discontinued operations, net of taxes (Note 6)	0	0	0	(57)
Net income	207	196	566	550
Noncontrolling interests (Note 10)	(103)	(103)	(293)	(262)
Series 1 Preferred unit distributions	0	0	0	(29)
Accretion of discount on Series 1 Preferred units	0	0	0	(8)
Net income - controlling interests	104	93	273	251
Net income allocable to common units and i-units:
Income from continuing operations	92	82	237	254
Loss from discontinued operations (Note 4)	0	0	0	(38)
Net income allocable to common units and i-units	$ 92	$ 82	$ 237	$ 216
Net income per common unit and i-unit (basic and diluted):
Income from continuing operations (in dollars per share)	$ 0.21	$ 0.19	$ 0.55	$ 0.65
Loss from discontinued operations (in dollars per share)	0.00	0.00	0.00	(0.10)
Net income per common unit and i-unit (in dollars per share)	$ 0.21	$ 0.19	$ 0.55	$ 0.55
Weighted average common units and i-units outstanding (basic and diluted) (in shares)	431	421	428	392
Distributions paid per limited partner unit (in dollars per share)	$ 0.350	$ 0.350	$ 1.050	$ 1.283
Third Party [Member]
Operating expenses:
Operating and administrative	$ 62	$ 77	$ 198	$ 239
Affiliated Entity [Member]
Operating expenses:
Operating and administrative	64	85	195	235
Oil And Gas Service [Member] \| Third Party [Member]
Operating revenues:
Revenues	527	596	1,586	1,745
Oil And Gas Service [Member] \| Affiliated Entity [Member]
Operating revenues:
Revenues	$ 33	$ 20	$ 103	$ 72

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Income from continuing operations	$ 566	$ 607
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	330	329
Changes in unrealized loss on derivative instruments, net	8	1
Environmental costs, net of recoveries	(23)	15
Distributions from equity investment in joint venture	93	28
Income from equity investment in joint venture (Note 7)	(93)	(28)
Gain on sale of assets (Note 6)	(22)	(68)
Allowance for equity used during construction	(48)	(33)
Amortization of debt issuance and hedging costs	27	27
Impairment of long-lived asset (Note 6)	37	0
Other	1	0
Changes in operating assets and liabilities	62	(319)
Net cash provided by operating activities	938	559
Net cash used in discontinued operations	0	(171)
Investing activities:
Capital expenditures	(467)	(418)
Proceeds from the sale of assets (Note 6)	15	319
Proceeds from the sale of Midcoast assets (Note 6)	0	1,310
Equity investment in joint venture	(9)	(1,577)
Distributions from equity investment in joint venture in excess of cumulative earnings	57	12
Other	0	(3)
Net cash used in investing activities	(404)	(357)
Net cash used in discontinued operations	0	(25)
Financing activities:
Redemption of Series 1 Preferred units (Note 11)	0	(1,200)
Payment of Series 1 Preferred unit dividends (Note 11)	0	(357)
Net proceeds from Class A common unit issuances (Note 11)	0	1,225
Distributions to partners	(390)	(475)
Repayments to General Partner and affiliates	(157)	(1,706)
Borrowings from General Partner and affiliates	297	1,500
Net borrowings (repayments) under credit facilities (Note 8)	238	(1,065)
Net commercial paper borrowings (Note 8)	19	686
Repayment of long-term debt (Note 8)	(400)	0
Acquisition of noncontrolling interest in subsidiary (Note 12)	0	(360)
Sale of noncontrolling interest in subsidiary (Note 12)	0	450
Contributions from noncontrolling interests	205	1,390
Distributions to noncontrolling interests	(364)	(376)
Other	(2)	(1)
Net cash used in financing activities	(554)	(289)
Net cash provided by discontinued operations	0	229
Net decrease in cash and cash equivalents and restricted cash - continuing operations	(20)	(87)
Net increase in cash and cash equivalents and restricted cash - discontinued operations	0	33
Cash disposed as part of the Midcoast sale	0	(51)
Cash and cash equivalents and restricted cash at beginning of year - continuing operations	35	115
Cash and cash equivalents and restricted cash at beginning of year - discontinued operations	0	18
Cash and cash equivalents and restricted cash at end of period - continuing operations	15	28
Cash and cash equivalents and restricted cash at end of period - discontinued operations	$ 0	$ 0

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 15	$ 35
Receivables, trade and other	76	65
Due from General Partner and affiliates	84	101
Accrued receivables	87	105
Other current assets	24	24
Assets, Current, Total	286	330
Property, plant and equipment, net	13,104	12,896
Equity investment in joint venture (Note 7)	1,517	1,565
Other assets, net	43	37
Total assets	14,950	14,828
Current liabilities:
Accounts payable and other	224	173
Due to General Partner and affiliates	34	48
Interest payable	88	85
Environmental liabilities	16	23
Property and other taxes payable	83	106
Current portion of long-term debt	600	500
Liabilities, Current	1,045	935
Long-term debt	6,126	6,366
Loans from General Partner and affiliate	750	610
Other long-term liabilities	244	178
Liabilities, Total	8,165	8,089
Commitments and contingencies (Note 13)
Partners’ capital:
General Partner	321	68
Accumulated other comprehensive loss	(171)	(199)
Total Enbridge Energy Partners, L.P. partners’ capital	1,682	1,770
Noncontrolling interests	5,103	4,969
Total Partners’ capital	6,785	6,739
Total Liabilities and Partners’ capital	14,950	14,828
Class E Units [Member]
Partners’ capital:
Common units	774	774
Class A Common Units [Member]
Partners’ capital:
Common units	491	860
Class B Common Units [Member]
Partners’ capital:
Common units	0	0
i-Units [Member]
Partners’ capital:
Common units	0	0
Class F Units [Member]
Partners’ capital:
Common units	267	267
Total Partners’ capital	$ 267	$ 267