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Q2 2015 Earnings Call – Enbridge Inc.

Enbridge Inc. · Jul 31, 2015 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2015 Earnings Call – Enbridge Inc. – slide 1
    BUSINESS UNIT HEADER IMAGE GOES HERE 2015 Second Quarter Financial & Strategic Update Al Monaco President & CEO John Whelen Executive Vice President & CFO Guy Jarvis President Liquids Pipelines
  2. Q2 2015 Earnings Call – Enbridge Inc. – slide 2
    Agenda Second Quarter Highlights Financial Review Financial Optimization Update Business Update & Outlook 3
  3. Q2 2015 Earnings Call – Enbridge Inc. – slide 3
    Importance of ACFFO* to Enbridge Available Cash Flow From Operations (ACFFO) - Increases transparency into Enbridges cash flow generating capability - Facilitates comparisons with peers 18% ACFFO CAGR (2014-2018) - Superior dividend…
  4. Q2 2015 Earnings Call – Enbridge Inc. – slide 4
    Financial Highlights Adjusted Earnings* and ACFFO* (millions) Adjusted Earnings ACFFO 1,610 1,287 Q2 808 973 516 820 505 328 Q2 771 Q1 802 492 Q1 468 2014 2015 2014 2015 /Share Q2 0.40 0.60 0.63 0.96 YTD 1.00 1.15 1.57…
  5. Q2 2015 Earnings Call – Enbridge Inc. – slide 5
    Q2 Segmented Adjusted Earnings* Variance Millions Adjusted Earnings Q2 2014 Adjusted Earnings* 328 Liquids Pipelines +20 Gas Distribution +30 Gas Pipelines, Processing & Energy Services +47 Sponsored Investments +43 Corporate…
  6. Q2 2015 Earnings Call – Enbridge Inc. – slide 6
    2015 ACFFO* Variance Millions Q2 2014 ACFFO 516 Operating Cash Flow +317 Maintenance Capital +55 Preferred Dividends (14) Distributions to NCI (43) Change in Non-Recurring Items (23) Total Variance +292 2015 ACFFO 808…
  7. Q2 2015 Earnings Call – Enbridge Inc. – slide 7
    2015e Adjusted EPS* Guidance Outlook 2015 Guidance Unchanged Headwinds 2.35 Line 9 Aux Sable 2.05 Tailwinds Energy Services FX, Financing Costs Cost Management 2015 Guidance Range *Adjusted earnings is a non-GAAP measure.…
  8. Q2 2015 Earnings Call – Enbridge Inc. – slide 8
    ACFFO* Outlook/Guidance 2015 ACFFO Guidance highlights significant growth over 2014 and strong dividend coverage 2015 Growth Drivers Growth Capital Projects In Service +++ 4.00/share Mainline Capacity and Toll Increases ++…
  9. Q2 2015 Earnings Call – Enbridge Inc. – slide 9
    Financing Flexibility Strong investment grade credit ratings Billions - Stable after recent 20 rating actions 20 18 Cash Diversified sources of Unutilized 9 Billion funding 15 Capacity Available - Multiple issuers -…
  10. Q2 2015 Earnings Call – Enbridge Inc. – slide 10
    Financial Optimization Update Canadian Liquids Business Sets the stage for extended growth Accelerate DPS Enhanced Transform ENF Extend ENB growth growth funding cost beyond 2018 competitiveness On track to close Q3 2015 Dec…
  11. Q2 2015 Earnings Call – Enbridge Inc. – slide 11
    Growth Capital Program* (2014 2018) Billions 44 Risked 34B commercially secured by in service date unsecured 10 2014 9.8 2015 8.7 2016 0.9 Commercially secured 34 2017 14.2 In service 2018 0.4 In execution *…
  12. Q2 2015 Earnings Call – Enbridge Inc. – slide 12
    Project Execution 2015 Projects Completed 9 Billion in-service in 2015 Estimated Cost Projects ( Billion) Liquids Pipelines (Alberta Regional Infrastructure): AOC Hangingstone 0.2 Sunday Creek Terminal Expansion 0.2 Woodland…
  13. Q2 2015 Earnings Call – Enbridge Inc. – slide 13
    Other Project Updates Continued progress on regulatory aspects of capital program Project Status Update Next Steps Line 9 Reversal & NEB approved the LTO in Complete testing and Expansion June requiring hydrostatic submit results to…
  14. Q2 2015 Earnings Call – Enbridge Inc. – slide 14
    Alliance Pipeline New services offering begins December 2015 Successful re-contracting NEB & FERC approved toll applications in July 15
  15. Q2 2015 Earnings Call – Enbridge Inc. – slide 15
    Liquids Mainline Performance & Outlook WCSB fundamentals remain strong and continue to support growth on our Mainline Quarterly Throughput ex-Gretna WCSB Crude Oil Production Outlook* 3.0 6,000 2.5 5,000 2.0 4,000 MMbpd…
  16. Q2 2015 Earnings Call – Enbridge Inc. – slide 16
    Low Cost System Expansion and Extension Opportunities Low cost phased expansions are attractive in a low price environment Market Access Opportunities kbpd 1 Eastern Gulf Coast Access 350+ 2 Flanagan South / Seaway Expansions 200 3 Line…
  17. Q2 2015 Earnings Call – Enbridge Inc. – slide 17
    Outlook Strong EPS and ACFFO growth drives superior DPS growth through 2018 and beyond / share 3.02 1.78 1.86 2013 2018 2014 2018 2015 2018 Adjusted EPS* ACFFO* per Share DPS 10% - 12% CAGR 18% CAGR 14% - 16% CAGR (5…
  18. Q2 2015 Earnings Call – Enbridge Inc. – slide 18
    Summary Strong Q2 and first half results On track to achieve full year guidance range - ACFFO*: 3.30 - 4.00/share - Adjusted EPS*: 2.05 - 2.35/share Strong Mainline volume and growth outlook Execution of capital program…
  19. Q2 2015 Earnings Call – Enbridge Inc. – slide 19
    BUSINESS UNIT HEADER IMAGE GOES HERE Question & Answer Period
  20. Q2 2015 Earnings Call – Enbridge Inc. – slide 20
    Supplemental Slides 21
  21. Q2 2015 Earnings Call – Enbridge Inc. – slide 21
    ACFFO Per Share Actuals 2015 2014 ACFFO Per Share Definition (millions) Q2 Q1 Q2 Q1 Cash provided by operating activities 1,350 1,510 812 314 +/- Changes in working capital (94) (136) 127 870 - Distributions to non-controlling…

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