EEP: Bases Covered

GABE MOREEN, Merrill Lynch (07/27/2010)
"EEP's pipelines are exposed to increasing Canadian crude oil imports and increasing TX unconventional natural gas production. EEP's ability to pass through costs on its crude oil pipeline projects protects expected returns and should support modest cash distribution growth. EEP also has a strong general partner (GP) in Enbridge Inc. (ENB). Exposure to natural gas shale plays should offset volume declines elsewhere at EEP's natural gas pipeline segment."

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