HOUSTON, TX -- (MARKET WIRE) -- 01/25/12 -- Enbridge Energy Partners, L.P. (EEP) ("Enbridge Partners" or "the Partnership") previously announced that it expected to review its fourth quarter 2011 results of operations and discuss its business outlook on Tuesday, January 31, 2012. The Partnership will defer the portion of that review related to the financial results until it files its Annual Report on Form 10-K for the year ended December 31, 2011 in the normal course. The Partnership will discuss its business outlook review and present its 2012 earnings guidance on January 31, 2012.
The Partnership is delaying its review of the 2011 results while it concludes an investigation into accounting misstatements, which include both overstatements and understatements, at its trucking and natural gas liquids marketing subsidiary over a period of several years. This operation currently represents approximately 2 percent of the Partnership's recurring operating income.
Although the investigation is not concluded, at this time the accounting misstatements are believed to have occurred over a period from at least 2005 through 2011 and to have resulted in an overstatement of the Partnership's earnings through September 30, 2011 by a cumulative aggregate amount of approximately $17 million. The maximum cumulative overstatement of earnings is believed to have been approximately $26 million at December 31, 2009. These amounts are subject to adjustment as the investigation proceeds. The Partnership's net cash provided by operating activities was not misstated during these periods, and these misstatements are not expected to have an effect on the Partnership's future earnings, cash flows or distributions to its unitholders.
MANAGEMENT PRESENTATION OF 2012 GUIDANCE
Enbridge Partners will present its 2012 earnings guidance and provide an update on its business outlook in an Internet presentation, commencing at 10 a.m. Eastern Time on January 31, 2012. Interested parties may watch the live webcast at the link provided below. A replay will be available shortly afterward. Presentation slides will also be available at the link below.
EEP Events and Presentations: www.enbridgepartners.com
Alternative Webcast link:
The audio portion of the presentation will be accessible by telephone at (866) 831-6247 (Passcode: 44004220) and can be replayed until April 30, 2012 by calling (888) 286-8010 (Passcode: 51121072). An audio replay will also be available for download in MP3 format from either of the website addresses above.
About Enbridge Energy Partners, L.P.
Enbridge Energy Partners, L.P. (www.enbridgepartners.com) owns and operates a diversified portfolio of crude oil and liquid petroleum transportation and storage assets and natural gas gathering, treatment, processing, transportation and marketing assets in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 13 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 70 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 2.5 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. manages the business and affairs of the Partnership and its sole asset is an approximate 13 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE: ENB) (TSX: ENB) (www.enbridge.com) is the general partner and holds an approximate 23 percent interest in the Partnership.
This news release includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: "anticipate," "believe," "continue," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "strategy" or "will." Forward-looking 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. Many of the factors that will determine these results are beyond Enbridge Partners' 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; (2) Enbridge Partners' ability to successfully complete and finance expansion projects; (3) the effects of competition, in particular, by other pipeline systems; (4) shut-downs or cutbacks at facilities of Enbridge Partners or refineries, petrochemical plants, utilities or other businesses for which Enbridge Partners transports products or to whom Enbridge Partners sells products; (5) hazards and operating risks that may not be covered fully by insurance; (6) changes in or challenges to Enbridge Partners' tariff rates; (7) changes in laws or regulations to which Enbridge Partners is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance.
Reference should also be made to Enbridge Partners' filings with the U.S. Securities and Exchange Commission; including its most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, for additional factors that may affect results. These filings are available to the public over the Internet at the SEC's web site (www.sec.gov) and at the Partnership's web site.
Investor Relations Contact: Sanjay Lad Toll-free: (866) EEP INFO or (866) 337-4636 E-mail: Email Contact Media Contact: Terri Larson Telephone: 1-877-496-8142 E-mail: Email Contact
Source: Enbridge Energy Partners, L.P.