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1Q 2018 Financial Results – Enbridge Inc.

Enbridge Inc. · May 10, 2018 · 34 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. 1Q 2018 Financial Results – Enbridge Inc. – slide 1
    Q1 2018: Financial Results & Business Update May 10, 2018 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
  2. 1Q 2018 Financial Results – Enbridge Inc. – slide 2
    Agenda First Quarter Highlights Business Update Financial Results Review Line 3 Replacement 3
  3. 1Q 2018 Financial Results – Enbridge Inc. – slide 3
    Realizing Benefits From Spectra Energy Transaction Strategic Benefits Leading North American Infrastructure Footprint Broadened asset mix and footprint Enhanced low risk value proposition Financial Benefits Earnings and cash flow…
  4. 1Q 2018 Financial Results – Enbridge Inc. – slide 4
    Q1 Highlights Solid operating performance across the businesses Strong Q1 financial results 3.2 billion of asset sales announced 3.1 billion of hybrid security issuances Advancing 7 billion of projects for 2018 in-service…
  5. 1Q 2018 Financial Results – Enbridge Inc. – slide 5
    Q1 2018 Consolidated Financial Results Summary For the 3 months ended Mar 31, millions Adjusted EBITDA DCF Adjusted Earnings 3,406 2,312 1,375 2,187 1,215 675 2017 2018 2017 2018 2017 2018 Q1: 1.03/share 1.37/share Q1:…
  6. 1Q 2018 Financial Results – Enbridge Inc. – slide 6
    Asset Sales Announced Midcoast G&P Business Sale of 100% interest in Midcoast Operating L.P. Anadarko System to ArcLight Capital Partners Texas Anadarko OK AR Express Basin Natural gas G&P assets N. Texas System Ownership…
  7. 1Q 2018 Financial Results – Enbridge Inc. – slide 7
    Asset Sales Announced Renewables Power Assets Sale of 49% interest to Canada Pension Plan: All Canadian and select US wind and solar power assets Hohe See offshore wind project in Germany Proceeds of C1.75B CPP provides C0.5B of…
  8. 1Q 2018 Financial Results – Enbridge Inc. – slide 8
    Further Asset Sales Potential 10B Non-Core Assets Considerations: 3 billion achieves 2018 target, consistent with strategic priority 3B Flexible process allows for execution of accelerated SOLD Further asset sales in 2018 Asset…
  9. 1Q 2018 Financial Results – Enbridge Inc. – slide 9
    Ahead of Schedule on Hybrid Financing Hybrid Instrument Issuances Target 4 billion in 2018 Retail Well ahead of schedule Global Institutional Canadian Institutional Strong investor demand 900 Remaining US Institutional Many…
  10. 1Q 2018 Financial Results – Enbridge Inc. – slide 10
    Line 3 Replacement Project Update ALJ Report confirms need but recommends alternate route Minnesota Public Utility Commission to vote late June Summary of Potentially Exposed Resources of Concern from Release of Crude Oil (Acres)…
  11. 1Q 2018 Financial Results – Enbridge Inc. – slide 11
    Enterprise-wide Secured Growth Project Inventory Capital Capital Project Expected ISD (B) Project Expected ISD (B) High Pine In service 0.4 CAD Stratton Ridge 1H19 0.2 USD Stampede Lateral In service 0.2 USD PennEast 2H19 0.3 USD…
  12. 1Q 2018 Financial Results – Enbridge Inc. – slide 12
    Project Execution Highlights Natural Gas: Natural Gas: Renewables: NEXUS Valley Crossing Rampion Texas Eastern TX Nueces Hub Rampion Valley NEXUS Crossing Gas Transmission Pipeline Offshore wind assets Mexico Under…
  13. 1Q 2018 Financial Results – Enbridge Inc. – slide 13
    Business Development Update Natural Gas: Liquids Pipelines: Natural Gas: Alliance Gray Oak South Texas and USGC PERMIAN TX PERMIAN Alliance Gulf Coast System TX Express Pomelo Connector EAGLE FORD Valley Mexico Mexico…
  14. 1Q 2018 Financial Results – Enbridge Inc. – slide 14
    Q1 2018 Consolidated Adjusted EBITDA Performance Adjusted EBITDA Liquids Pipelines 1Q17 1Q18 + Higher throughput and IJT on the Mainline System (C Millions, except per share amounts) + Higher average rate on Canadian Mainline FX…
  15. 1Q 2018 Financial Results – Enbridge Inc. – slide 15
    Q1 2018 Consolidated DCF Performance (C Millions, except per share amounts) 1Q17 1Q18 Consolidated Adjusted EBITDA1 2,187 3,406 1Q18 vs. 1Q17 DCF Analysis Maintenance capital (182) (165) DCF Interest expense (479) (652) + Adjusted…
  16. 1Q 2018 Financial Results – Enbridge Inc. – slide 16
    2018 Updated Quarterly Profile & FY Projection Re-allocation of FX Earnings Hedges Adjusted EBITDA Previous Quarterly Profile 2018e Guidance (% of Full Year Projection) Guidance Updated 2018 EBITDA Guidance (MM) 2018e 2018e 30%…
  17. 1Q 2018 Financial Results – Enbridge Inc. – slide 17
    Spectra Energy Partners (SEP) Financial Results FY 2018 (US millions, except per unit amounts) Q1 2017 Q1 2018 Guidance 1Q18 vs. 1Q17 DCF Analysis Ongoing EBITDA 545 571 + Increased earnings from expansion projects placed into…
  18. 1Q 2018 Financial Results – Enbridge Inc. – slide 18
    Enbridge Energy Partners (EEP) Financial Results FY 2018 Q1 2017 Q1 2018 Guidance 1Q18 vs. 1Q17 DCF Analysis (US millions, except per unit amounts) Adjusted EBITDA 414 430 + Recognition of the ROE component of DCF 198 212 650-…
  19. 1Q 2018 Financial Results – Enbridge Inc. – slide 19
    ENF & Fund Group Financial Results FY 2018 1Q18 vs. 1Q17 Fund Group (C millions) Q1 2017 Q1 2018 Guidance DCF Analysis Fund Group DCF 422 691 2,450 - 2,650* + Higher residual toll and higher Distributions Paid 403 498 throughput on…
  20. 1Q 2018 Financial Results – Enbridge Inc. – slide 20
    Funding Progress 2018 Financing Plan Execution 2018 2020 Funding Plan*(C billions) C Billion1,4,5 Market Amount3 45 ENB Follow-on Common Equity (Pre-funding) CAD/US Private 1.5 40 ENF Follow-on Common Equity (Pre-funding) CAD…
  21. 1Q 2018 Financial Results – Enbridge Inc. – slide 21
    Executing on Our Strategic Priorities in Q1 2018 2020 Strategic Priorities 1. Move to pure regulated pipelines / utility model 3.2 billion of asset sales announced 2. Accelerate de-leveraging 3.1 billion of hybrid security…
  22. 1Q 2018 Financial Results – Enbridge Inc. – slide 22
    Q&A
  23. 1Q 2018 Financial Results – Enbridge Inc. – slide 23
    Enbridge Income Fund Holdings Inc. First Quarter 2018 Supplemental Slides Investor Relations Nafeesa Kassam 403-266-8325 nafeesa.kassamenbridge.com
  24. 1Q 2018 Financial Results – Enbridge Inc. – slide 24
    Fund Group Distributable Cash Flow (C Millions) 1Q17 1Q18 Liquids Pipelines 493 751 Gas Pipelines 57 63 Green Power 66 81 Eliminations and Other 7 12 Adjusted EBITDA 623 907 Cash distributions less than equity earnings (11) (5)…
  25. 1Q 2018 Financial Results – Enbridge Inc. – slide 25
    Fund Group: Key Balance Sheet Metrics 3/31/18 Consolidated Fund Group Leverage 42.1% Consolidated Fund Group Debt/EBITDA 4.8x Enbridge Income Fund Credit Ratings BBB+ / Baa3 / BBB (High)(2) Enbridge Pipelines Inc. Credit Ratings…
  26. 1Q 2018 Financial Results – Enbridge Inc. – slide 26
    Investor Value Proposition Providing investors with predictable and growing cash flow Premier Canadian energy infrastructure income investment 1. 2. 3. 4. Outstanding Low risk Visible growth Strong sponsor asset footprint…
  27. 1Q 2018 Financial Results – Enbridge Inc. – slide 27
    Spectra Energy Partners First Quarter 2018 Supplemental Slides Investor Relations Roni Cappadonna 713-627-4778 Roni.Cappadonnaenbridge.com
  28. 1Q 2018 Financial Results – Enbridge Inc. – slide 28
    Spectra Energy Partners (SEP): Distributable Cash Flow (US Millions) 1Q17 1Q18 US Transmission 499 504 Liquids 68 68 Other (22) (1) Ongoing EBITDA 545 571 ADD: Earnings from equity investments (38) (58) Distributions from…
  29. 1Q 2018 Financial Results – Enbridge Inc. – slide 29
    Spectra Energy Partners: Key Balance Sheet Metrics 3/31/18 Total Debt 8.6B Financial Covenant Metrics(1) 4.1x Debt/EBITDA Credit Ratings(2) Baa2 / BBB+ / BBB Available Liquidity 1.0B (1) Calculated in accordance with the credit…
  30. 1Q 2018 Financial Results – Enbridge Inc. – slide 30
    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…
  31. 1Q 2018 Financial Results – Enbridge Inc. – slide 31
    Enbridge Energy Partners First Quarter 2018 Supplemental Slides Investor Relations Roni Cappadonna 713-627-4778 Roni.Cappadonnaenbridge.com
  32. 1Q 2018 Financial Results – Enbridge Inc. – slide 32
    Enbridge Energy Partners (EEP): Distributable Cash Flow (US Millions) 1Q17 1Q18 Liquids 396 432 Other 18 (2) Adjusted EBITDA 414 430 ADD: Distributions in excess of equity earnings 1 7 Other 1 1 LESS: Interest expense, net…
  33. 1Q 2018 Financial Results – Enbridge Inc. – slide 33
    Enbridge Energy Partners (EEP): Key Balance Sheet Metrics 03/31/18 Total Debt 6.7B Financial Covenant Metrics(1) 4.3x Debt/EBITDA Credit Ratings(2) Baa3 / BBB / BBB Available Liquidity 1.4B (1) As reported, after internal…
  34. 1Q 2018 Financial Results – Enbridge Inc. – slide 34
    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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