EEQ 15.44  0.19%
EEP 16.08  0.19%
ENB 41.81  0.21%

Quarterly Earnings

May 10, 2017

Enbridge Energy Management, L.L.C. (NYSE: EEQ) (Enbridge Management) manages the business and affairs of Enbridge Partners, and its sole asset is an approximate 19 percent limited partner interest in Enbridge Energy Partners, L.P. (EEP)

Enbridge Management, L.L.C. declared a distribution of $0.350 per unit or $1.40 per unit on an annualized basis payable on May 15, 2017 to shareholders of record on May 8, 2017. The distribution will be paid in the form of 1.9493 additional shares of Enbridge Management valued for each 100 shares of record on May 8, 2017.

For the three months ended March 31, 2017, our equity loss from investment in the Partnership decreased by $113.7 million as compared to the same period in 2016. The decrease was due to the discontinuance of equity method accounting at March 31, 2016, which limited the amount of losses recorded during the three months ended March 31, 2017 to the amortization of the accumulated other comprehensive loss as discussed above. For the three months March 31, 2017, our income tax benefit increased by $0.8 million as compared to same period in 2016. The increase was primarily due to the tax impact of the amortization of accumulated other comprehensive loss. No similar charge was recorded during the same period in 2016.

Executive Comments

Mark Maki - Senior VP & President, EEP

"Restructuring actions taken over the quarter actions re-establish EEP with an attractive and sustainable risk-return value proposition," said Mark Maki, President for the Partnership. “EEP will be positioned as a pure-play liquids pipeline MLP with one of the lowest risk commercial profiles in the industry, generating stable and predictable cash flows over the long term, irrespective of market conditions. These benefits will flow to Enbridge Management as we move forward with EEP’s restructuring.”

Mark Maki

President, EEP