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Enbridge Energy Partners, L.P. Closes Bakken Pipeline System Acquisition

/EINPresswire.com/ -- HOUSTON, TX--(Marketwired - Feb 15, 2017) - Enbridge Energy Partners, L.P. (NYSE: EEP) (EEP) announced today that its previously disclosed transaction to acquire an effective 27.6 percent interest in the Bakken Pipeline System (Bakken Pipeline or the System) has closed as final conditions have now been met.

The System consists of the Dakota Access Pipeline and the Energy Transfer Crude Oil Pipeline projects, both of which will be operated by Energy Transfer Partners, L.P., and connects the prolific Bakken formation in North Dakota to eastern PADD II and the U.S. Gulf Coast. Construction of the Bakken Pipeline is well advanced and approximately 95 percent complete.

EEP will initially fund the $1.5 billion acquisition through a bridge loan provided by an affiliate of Enbridge Inc. This bridge loan will remain in place until a joint funding arrangement with Enbridge and its affiliates is finalized. Joint funding terms are expected to be completed during the second quarter as part of the ongoing strategic review underway at EEP. While the terms of the joint funding arrangement are yet to be finalized, EEP's initial investment has typically been in the order of 25 percent for prior joint funding arrangements.

"We're pleased with the opportunity to add this investment to the EEP liquids pipeline portfolio," said Mark Maki, President for EEP. "The project is expected to provide attractive risk-adjusted returns and is underpinned by a significant level of take-or-pay contracts with high credit quality counterparties. In addition, the investment offers the potential for future low-cost expansions."

Forward-Looking Statements Regarding EEP
This news release includes forward-looking statements, which are statements that frequently use words such as "anticipate," "believe," "consider," "continue," "could," "estimate," "evaluate," "expect," "explore," "forecast," "intend," "may," "opportunity," "plan," "position," "projection," "should," "strategy," "target," "will" and similar words. Although we believe that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date on which it is made, and we undertake no obligation to publicly update any forward-looking statement. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) changes in the demand for or the supply of, forecast data for, and price trends related to crude oil, liquid petroleum, natural gas and NGLs, including the rate of development of the Alberta Oil Sands and shut-downs or cutbacks at refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership sells products; (2) the ability of the Partnership or its joint venture partners, as applicable, to successfully complete and finance projects, including the Bakken Pipeline acquisition; (3) the effects of competition, in particular, by other pipeline systems; (4) hazards and operating risks that may not be covered fully by insurance; (5) costs in connection with complying with the settlement consent decree related to Line 6B and Line 6A, which is still subject to court approval, and/or the failure to receive court approval of, or material modifications to, such decree; (6) changes in or challenges to the Partnership's tariff rates; (7) changes in laws or regulations to which the Partnership is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance; and (8) permitting at federal, state and local levels or renewals of rights of way..

Forward-looking statements regarding sponsor support transactions or sales of assets (to Enbridge or otherwise) are further qualified by the fact that Enbridge is under no obligation to provide additional sponsor support and neither Enbridge nor any third party is under any obligation to offer to buy or sell us assets, and we are under no obligation to buy or sell any such assets. As a result, we do not know when or if any such transactions will occur. Any statements regarding sponsor expectations or intentions are based on information communicated to us by Enbridge, but there can be no assurance that these expectations or intentions will not change in the future.

Except to the extent required by law, we assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Reference should also be made to the Partnership's filings with the U.S. Securities and Exchange Commission (the "SEC"), including its most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q or current reports on Form 8-K for additional factors that may affect results. These filings are available to the public over the Internet at the SEC's website (www.sec.gov) and at the Partnership's website.

About Enbridge Energy Partners, L.P.
Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil and, through its interests in Midcoast Energy Partners, L.P. ("Midcoast Partners") (NYSE: MEP), natural gas transportation systems in the United States. Its principal crude oil system is the largest pipeline transporter of growing oil production from western Canada and the North Dakota Bakken formation. The system's deliveries to refining centers and connected carriers in the United States account for approximately 23 percent of total U.S. oil imports. Midcoast Partners' natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast areas, deliver approximately 1.5 billion cubic feet of natural gas daily.

FOR FURTHER INFORMATION PLEASE CONTACT:

Enbridge Energy Partners, L.P.
Media
Michael Barnes
Toll-free: 1-877-496-8142
Email: michael.barnes@enbridge.com

Investment Community
Sanjay Lad, CFA
Toll-free: 1-866-337-4636 (EEP Info)
Email: eep@enbridge.com

Distribution channels: Energy