Operator: Good day, ladies and gentlemen and welcome to the Fourth Quarter 2010 Enbridge Energy Partners LP Earnings Conference Call. My name is Fab and I'll be your operator for today. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. (Operator Instructions) As a reminder this conference is being recorded for replay purposes.
I would now like to turn the call over to Mr. Douglas Montgomery, Director of Investor Relations. Please proceed.
Douglas Montgomery - Director, IR: Thank you Fab. Welcome to a 2010 fourth quarter earnings conference call for Enbridge Energy Partners. This call is being webcast and a copy of the presentation, slides, supplemental slides, condensed financial statements and new release associated with it can be downloaded from our website at enbridgepartners.com/q. A replay will be available later today and a transcript will be posted to our website shortly thereafter. As a reminder the partnership results are also relevant to Enbridge Energy Managements or EEQ.
I will be available after the call for any follow-up questions you may have.
Our speakers today are Mark Maki, President and Steve Neyland, Vice President, Finance. Available for Q&A session, we also have Steve Wuori, President, Liquids Pipelines, Enbridge Inc.; Terry McGill, Senior Vice President, Natural Gas Operations and Engineering, Enbridge Inc.; Dave Wudrick, Treasurer; and Bill Ramos, Controller.
This presentation will include forward-looking statements. The risks associated with forward-looking statements have been outlined in the earnings release and the Partnership's SEC filings, and we incorporate those by reference for this call. This presentation also contains certain non-GAAP financial measures. The reconciliation schedules for these non-GAAP measures to comparable GAAP measures can be found in the Investor section of our website.
Please turn to slide three and I'll turn the conference over to Mark Maki. Mark?
Mark A. Maki - President and Principal Executive Officer, Enbridge Energy Management: Thank you Douglas, and good morning everybody. First thing I want to do is apologize for my voice. I am struggling with a seasonal bug and I am sorry for the sound today.
We had a challenging year in 2010, but we also had a successful year on many fronts. To start with my remarks, I'd like to address the status of the clean-up related to the crude oil spill on Line 6B in Marshall, Michigan. We have completed a significant portion of the clean-up, remediation and restoration activities associated with the oil spill, and we continue to work in close cooperation with federal and state authorities to ensure that the clean-up is done to their and our satisfaction.
As most of you are aware, we revised our estimate charges related to the incident from $430 million to $550 million in January. This revised estimate was the result of the review of costs and commitments incurred in 2010 as well as additional information concerning the requirements for environmental restoration, remediation and long-term monitoring of the affected area.
I'll now take a few minutes to review the significant progress we made in 2010 and our outlook for 2011. We raised our distribution in the second and third quarters from $3.96 to $4.01 a unit and then to $4.11 per unit on an annualized basis. For more entry rate per quarter at the beginning of year, this was a 3.8% increase in our quarterly distribution and in line with our targeted 2% to 5% growth in distributions.