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2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc

Enbridge Energy Management Llc · May 11, 2017 · 43 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. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 1
    First Quarter 2017 Financial Results and Strategic Update May 11, 2017 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
  2. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 2
    First Quarter 2017 Joint Financial Update Call ENB ENF SEP SEP EEP EEP 2
  3. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 3
    Excellent Progress on Strategic Priorities Successful deal close; integration progressing well Financial outlook on track Progress in growth program Enbridge Inc. balance sheet enhancement Sponsored vehicle restructuring and…
  4. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 4
    Q1 2017 Enbridge Inc. Financial Highlights Adjusted EBIT ACFFO Millions Millions, except per share amounts 1,515 1,374 1,215 1,114 2016 2017 2016 2017 1.27/ share 1.03/ share One month of contribution from new gas assets…
  5. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 5
    Financial Outlook on Track ACFFO1 per Share 4.15 3.90 3.85 3.60 2017 Guidance 2017 Annualized 2018 Outlook Annualized 2017 in line with forecast; New projects drive 2018+ growth 1Available cash flow from operations (ACFFO)…
  6. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 6
    Industry Leading 28B* Secured Project Program Project Expected ISD Capital (CB) Project Expected ISD Capital (CB) Regional Oil Sands Optimization Valley Crossing Pipeline 2H 18 1.5 USD Athabasca Twin In service 1.3 CAD Rampion Wind…
  7. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 7
    Regulatory Update Alberta Clipper Line 3 Replacement Program NEXUS Public comment period on Draft Canada: Working to comply with Commercial agreements in place SEIS closed March 27, 2017 pre-construction conditions FERC approval…
  8. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 8
    Progress on Project Backlog Probability weighted Hohe See Offshore Proposed T South project inventory C billions Wind: 1.7B Expansion: 1.0B Renewable Liquids Pipelines Power Canadian & US Midstream 48B 497 MW (50% ENB) System…
  9. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 9
    Integration Planning and Synergy Tracking Integration Update Forecast annual run rate synergies by 2019 13% Operations integrated seamlessly on Day 1 Supply chain ..optimization First wave of synergies achieved in March 12% On…
  10. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 10
    Balance Sheet Enhancement Actions taken since 2B Asset Monetization beginning of 2016 Target Exceeded (C) 2.3B Executed Raised additional 4.5B of equity 2B Target capital and 2B of hybrid financing South Prairie Region 100% equity…
  11. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 11
    Sponsored Vehicles Compelling Differentiated Minimize Strategic Stand-Alone Investor Value Cost of objectives : Simplification Businesses Propositions Capital Detail : Eliminated one Visible embedded SEP Sponsored public vehicle…
  12. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 12
    2017 Enbridge Inc. Consolidated Guidance Reflects partial year contributions from Spectra Energy assets Other Items Adjusted EBIT ACFFO per Share Maintenance capital: 1.35 1.45B Millions Cash taxes: 170 230 MM Guidance drivers:…
  13. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 13
    2017 Guidance Bridge to Ongoing Outlook Meaningful, visible increase by year-end 2017 Annualized Guidance Build-Up (ACFFO/Share) 4 4.00 1 Spectra Energy seasonality 3 2 impact (loss of Jan/Feb): 1 0.12/share 3.75 2 Wood…
  14. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 14
    2017 Guidance Bridge to 2018 Strong outlook continues through 2018 1 Full year of 2017 projects in service Preliminary 2018 ACFFO/s Direction 13B in service 2017 (ACFFO/Share) 70% of capital in service in the 3 4 second half of…
  15. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 15
    Q1 2017 Consolidated Adjusted EBIT Performance Liquids Pipelines Adjusted EBIT (C Millions) 1Q16 1Q17 Lower effective FX rate for revenues on Liquids Pipelines 1,084 970 Canadian Mainline Lower average spot rate for translation of USD…
  16. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 16
    Q1 2017 Consolidated ACFFO Performance (C Millions) 1Q16 1Q17 Consolidated Adjusted EBIT 1Q17 vs. 1Q16 ACFFO Analysis 1,374 1,515 Favorable operating performance due to Depreciation and amortization 559 672 close of Spectra transaction…
  17. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 17
    ENF & Fund Group: Q1 2017 Financial Summary (C millions, except per share amounts) 1Q16 1Q17 FY 2017 Guidance 1Q17 vs. 1Q16 Fund Group ACFFO Analysis Fund Group ACFFO 515 422 1,900 - 2,100 Lower toll and effective FX hedge Distributions…
  18. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 18
    Spectra Energy Partners: Q1 2017 Financial Summary (US millions, except per unit amounts) 1Q16 1Q17 FY 2017 Guidance 1Q17 vs. 1Q16 DCF Analysis Ongoing EBITDA 447 545 - Higher due to expansion projects in service Ongoing Distributable…
  19. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 19
    Enbridge Energy Partners: Q1 2017 Financial Summary 2017 1Q17 vs. 1Q16 DCF Analysis (US millions, except per unit amounts) 1Q16 1Q17 Pro Forma5 Expiration of Phase 5 and 6 Adjusted EBITDA 1 466 414 1,580-1,680 surcharge tolls on North…
  20. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 20
    Enterprise Wide Financial Strength and Flexibility Demonstrated access to capital; Ample liquidity to support ongoing growth Enbridge Financing Execution Committed Credit Facilities (C Billion) YTD C Billion 3 20164 2017 Equity…
  21. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 21
    Longer Term Outlook on Track Dividend / Share Outlook (2017-2024) 15% dividend increase in 20171 10-12% annual dividend growth (2018 - 2024) Conservative payout ratio of 50% - 60% Dividend growth beyond 2019 supported by:…
  22. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 22
    Committed to Best in Class IR Outreach Investor Outreach Plan Second Quarter 2017 Fourth Quarter 2017 Mid-Year Investor Update, June 8 9 Enbridge Days investor conference, early December - Business unit updates - Roll-out of…
  23. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 23
    Key Takeaways Successful deal close; integration progressing well Financial outlook on track Progress in growth program Enbridge Inc. balance sheet enhancement Sponsored vehicle restructuring and simplification 24
  24. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 24
    Q&A
  25. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 25
    Enbridge Income Fund Holdings Inc. First Quarter 2017 Supplemental Slides Investor Relations Adam McKnight 403-266-7922 adam.mcknightenbridge.com
  26. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 26
    Fund Group: Available Cash Flow from Operations (C Millions) 1Q16 1Q17 Liquids Pipelines 447 361 Gas Pipelines 49 57 Green Power 37 39 Eliminations and Other 20 7 Adjusted earnings before interest and tax 553 464 Depreciation and…
  27. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 27
    Fund Group: 2017 Outlook Fund Group 2017 ACFFO Secured Growth Projects in Execution C millions PROJECTS EST. COST (B) 2,100 0.2 JACOS Hangingstone 1,900 Norlite Diluent Pipeline 0.9 2017 Regional Oilsands Optimization 2.6…
  28. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 28
    Fund Group: Key Balance Sheets Metrics & Funding Progress April 2016 03/31/17 0.6 billion ENF common share offering Consolidated Fund Group Leverage 42.4% December 2016 Consolidated Fund Group Debt/EBITDA 6.0x 1.075 billion sale of…
  29. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 29
    Significant Dividend Income Dividend per Share Growth Beyond 2019 2014 2019e Low cost, phased expansions of 2.50 the Mainline Alliance pipeline expansion 2.00 2.05 Expression of interest underway 1.87 1.50 1.59 Right of first offer…
  30. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 30
    Investor Value Proposition Premier Canadian Energy Infrastructure Income Investment Outstanding Low risk Visible growth Strong sponsor asset footprint business model High quality, strategically Minimal commodity price 10% annual…
  31. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 31
    Spectra Energy Partners First Quarter 2017 Supplemental Slides Investor Relations Roni Cappadonna 713-627-4778 Roni.Cappadonnaenbridge.com
  32. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 32
    Spectra Energy Partners: Ongoing Distributable Cash Flow (US Millions) 1Q16 1Q17 US Transmission 411 499 Liquids Other 56 (20) 68 (22) 9 years of consecutive quarterly Ongoing EBITDA 447 545 distribution increases ADD: Earnings…
  33. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 33
    Spectra Energy Partners: 2017 Distributable Cash Flow Outlook1 (US Millions) Low Mid High US Transmission 2,020 1.05x to 1.15x Liquids 260 Other (80) EBITDA 2,200 Coverage ratio ADD: Earnings from equity investments (200)…
  34. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 34
    Spectra Energy Partners: Key Balance Sheets Metrics 03/31/17 Total Debt 7.7B Financial Covenant Metrics 4.1x Debt/EBITDA(1) Credit Ratings Baa2 / BBB / BBB(2) Available Liquidity 1.7B (1) Calculated in accordance with the credit…
  35. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 35
    4+B Projects in Execution, 75% Demand Pull Continue to pursue development projects Est. CapEx In-Service Counterparties (USD MM) Sabal Trail 1H17 1,600 Gulf Markets Phase II 2H17 110 Access South, 2017 Adair Southwest &…
  36. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 36
    Investor Value Proposition Stable. Disciplined. Reliable. We go where the lights are connecting diverse supply basins with regional demand markets last mile competitive advantage Attractive Stable Outstanding Prudent financial…
  37. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 37
    Enbridge Energy Partners First Quarter 2017 Supplemental Slides Investor Relations Adam McKnight 403-266-7922 Adam.McKnightenbridge.com
  38. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 38
    Enbridge Energy Partners: Adjusted EBITDA to Distributable Cash Flow (US Millions) 1Q16 1Q17 Adjusted EBITDA 466.2 414.1 Interest Expense (Net)1 (104.4) (99.9) Income Tax Expense (2.5) (1.5) Distributions in excess of equity…
  39. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 39
    EEP Unit Structure Rationalized and Simplified (Millions of units) BEFORE AFTER Unit Class1 ENB5 Public TOTAL Unit Class1 ENB5 Public TOTAL Cash Paying LP units2 Cash Paying LP units2 A 46.5 215.7 262.2 A 110.8 215.7 326.5 B 7.8 -…
  40. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 40
    Significantly Enhanced Balance Sheet Committed to strong investment-grade credit rating Sources & Uses of Transaction Proceeds1 (USB) Consolidated Debt/EBITDA2 (2017-2020) Sources Uses 6.0x 5.3x 5.3 Line 3 Step Down 0.45 EA Step Up…
  41. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 41
    Low-Risk Utility-Like Business Reliable Business Model Provides Highly Predictable Cash Flows Investment Grade Direct Commodity Stable Business Exposure (CFaR)* Customers 96%…
  42. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 42
    DCF/unit Growth Outlook Embedded growth supports longer term distribution growth. Embedded Growth Opportunities (DCF/unit) 3% secured DCF/unit growth to 2020 1,600 Southern Access to 1,200MMbpd L3 call option 1,400 BPL call option…
  43. 2017 First Quarter Financial Results and Strategic Update – Enbridge Energy Management Llc – slide 43
    Investor Value Proposition Attractive long term risk-return proposition Low risk, pure-play liquids pipeline MLP provides attractive risk-adjusted returns for unitholders Pure-play liquids Low risk Prudent financial Moderate…

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