Enbridge Energy Partners (NYSE: EEP) posted earnings Monday for the first time since we recommended it in late August. Given the MLP sector’s weakness since we’ll certainly take its solid if dull results, and an ensuing price drop that didn’t erase all of the units’ modest outperformance for the last two months.

The wildfires that disrupted  Canadian crude production in the spring led to extended turnarounds that still crimped Enbridge’s pipeline flows a bit during the quarter. But volumes have already recovered enough for management to say that EBITDA and distributable cash flow for the year will come in at the upper end of prior guidance.

So while the coverage ratio for the third quarter dipped well below 1x as a result of elevated summer maintenance expenses, the fourth quarter should push it back above what would be needed to fully cover the current 9.5% annualized yield even if EEP proxy Enbridge Energy Management (NYSE: EEQ) paid distributions in cash instead of additional shares.

In other non-news, parent Enbridge (NYSE: ENB) continues its review of what to do with EEP, EEQ and their affiliated Midcoast Energy Partners (NYSE: MEP) MLP following Enbridge’s pending merger with Spectra Energy (NYSE: SE), which is bringing its own MLP to the party.

But whether or not EEP is ultimately merged with Spectra Energy Partners (NYSE: SEP), its cash flow from crude shipping reservations remains secured by long-term contracts with price escalators. And there is upside to the flows as Canadian oil sands projects ramp up to full capacity over the next few years. Conservative pick EEP remains a buy below $30, while EEQ is a buy below $29, also in the Conservative basket.