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Q3 2018 Earnings Results – Enbridge Inc.

Enbridge Inc. · Nov 2, 2018 · 30 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. Q3 2018 Earnings Results – Enbridge Inc. – slide 1
    Q3 2018: Financial Results & Business Update November 2, 2018 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
  2. Q3 2018 Earnings Results – Enbridge Inc. – slide 2
    Agenda Progress on strategic priorities and Q3 Business update Financial results review Line 3 Replacement 3 3
  3. Q3 2018 Earnings Results – Enbridge Inc. – slide 3
    Progress on Strategic Priorities in 2018 First Half Q3 Strong operating and financial results Strong Q3 results 7.5B non-core asset sales announced 5.7B asset sales proceeds received Issued 3B hybrids 4.7x Debt/EBITDA vs 5.0x target…
  4. Q3 2018 Earnings Results – Enbridge Inc. – slide 4
    Q3 2018 Consolidated Financial Results Summary For the 3 and 9 months ended Sep 30, millions Adjusted EBITDA DCF Adjusted Earnings 1,585 Q3 933 Q3 2,958 Q3 2,586 1,334 1,858 Q2 1,094 Q2 3,165 Q2 632 2,581 1,324 662 3,406 Q1…
  5. Q3 2018 Earnings Results – Enbridge Inc. – slide 5
    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…
  6. Q3 2018 Earnings Results – Enbridge Inc. – slide 6
    New Projects in Service Natural Gas: Natural Gas: NEXUS/TEAL - US1.5B Valley Crossing - US1.6B ON TORONTO PERMIAN TX Parkway Gulf Coast NY Express MI Dawn Hub Texas Eastern PA Pomelo Vector Connector Texas Eastern Mexico…
  7. Q3 2018 Earnings Results – Enbridge Inc. – slide 7
    Line 3 Replacement Project Update Critical 9B infrastructure replacement project Edmonton Canadian construction program well underway 850 km of pipeline now laid (over 80%) Hardisty Wisconsin segment complete and in-service…
  8. Q3 2018 Earnings Results – Enbridge Inc. – slide 8
    Liquids Pipelines Business Update WCSB Crude Oil Market Fundamentals Western Canada Oil WCSB Oil Price Enbridges Potential Supply Forecasts (KBPD) Differentials (US/bbl) Pipeline Solutions 6,000 0 Restoring Capacity 2H2019…
  9. Q3 2018 Earnings Results – Enbridge Inc. – slide 9
    Utilities Business Update Proceeding with Amalgamation OEB Approved Incentive Framework One of the Largest Utility Franchises in North America Provides regulatory certainty Allows control and flexibility over operations ON QC Union…
  10. Q3 2018 Earnings Results – Enbridge Inc. – slide 10
    Gas Transmission Business Update FERC Update and Outlook US Gas Transmission FERC Filings No material financial impact from FERC policy actions Does not impact pipelines in corporate structures Does not impact negotiated rate…
  11. Q3 2018 Earnings Results – Enbridge Inc. – slide 11
    Sponsored Vehicles Executing on Plan to Simplify Structure Targeted Timeline Benefits for SV Shareholders Direct ownership in largest energy infrastructure Company in North America Enhanced dividend coverage Diverse opportunity set…
  12. Q3 2018 Earnings Results – Enbridge Inc. – slide 12
    Q3 2018 Consolidated Adjusted EBITDA Performance Adjusted EBITDA Liquids Pipelines 3Q17 3Q18 + Higher throughput and IJT on the Mainline System (C Millions, except per share amounts) + Higher average rate on Canadian Mainline FX…
  13. Q3 2018 Earnings Results – Enbridge Inc. – slide 13
    Q3 2018 Consolidated DCF Performance (C Millions, except per share amounts) 3Q17 3Q18 Consolidated Adjusted EBITDA1 2,586 2,958 3Q18 vs. 3Q17 DCF Maintenance capital (360) (324) + Adjusted EBITDA drivers noted in previous slide…
  14. Q3 2018 Earnings Results – Enbridge Inc. – slide 14
    Financial Guidance Reiteration 1 2018 EBITDA & DCF/share Guidance 2 10% Dividend CAGR through 2020 Consolidated EBITDA 3. 2018 DCF/share 68 Outlook (MM) Outlook 4.15 - 4.45 12,500 3.68 Q3 Q3 YTD YTD 2017a 2018e…
  15. Q3 2018 Earnings Results – Enbridge Inc. – slide 15
    Spectra Energy Partners (SEP) Financial Results 3Q18 vs. 3Q17 DCF Analysis (US millions, except per unit amounts) Q3 2017 Q3 2018 + Increased earnings from expansion Ongoing EBITDA 554 561 projects placed into service - Higher…
  16. Q3 2018 Earnings Results – Enbridge Inc. – slide 16
    Enbridge Energy Partners (EEP) Financial Results 3Q18 vs. 3Q17 DCF Analysis (US millions, except per unit amounts) Q3 2017 Q3 2018 + Increased throughput on Bakken Pipeline Adjusted EBITDA 426 403 System - Reduced income tax…
  17. Q3 2018 Earnings Results – Enbridge Inc. – slide 17
    Enbridge Income Fund Holdings (ENF) & Fund Group Financial Results 3Q18 vs. 3Q17 Fund Group (C millions) Q3 2017 Q3 2018 DCF Analysis Fund Group DCF 488 716 + Higher residual toll and higher throughput on Canadian Mainline…
  18. Q3 2018 Earnings Results – Enbridge Inc. – slide 18
    Funding Plan Execution 2018 2020 Further Funding Progress Secured Funding Plan1(C billions) Strong YTD financial performance 35 5.7B cash proceeds from non-core assets Increased Internally generated equity now sufficient to support…
  19. Q3 2018 Earnings Results – Enbridge Inc. – slide 19
    Q3 Summary Executing on our 2018-2020 Strategic Priorities Priorities YTD Actions 1. Move to pure regulated pipelines/ utility model 7.5B of non-core asset sales announced in 2018 Original target 3B 5.7 billion of asset sales…
  20. Q3 2018 Earnings Results – Enbridge Inc. – slide 20
    21
  21. Q3 2018 Earnings Results – Enbridge Inc. – slide 21
    Q&A
  22. Q3 2018 Earnings Results – Enbridge Inc. – slide 22
    Enbridge Income Fund Holdings Inc. Third Quarter 2018 Supplemental Slides
  23. Q3 2018 Earnings Results – Enbridge Inc. – slide 23
    Fund Group: Distributable Cash Flow (C Millions) 3Q17 3Q18 Liquids Pipelines 548 805 Gas Pipelines 49 52 Green Power 48 52 Eliminations and Other 13 14 Adjusted EBITDA 658 923 Cash distributions in excess of equity earnings 6…
  24. Q3 2018 Earnings Results – Enbridge Inc. – slide 24
    Fund Group: Key Balance Sheet Metrics 9/30/18 Consolidated Fund Group Leverage 40.2% Consolidated Fund Group Debt/EBITDA 3.8x Enbridge Income Fund Credit Ratings BBB/ Baa3 / BBB (High)(2) Enbridge Pipelines Inc. Credit Ratings…
  25. Q3 2018 Earnings Results – Enbridge Inc. – slide 25
    Spectra Energy Partners Third Quarter 2018 Supplemental Slides
  26. Q3 2018 Earnings Results – Enbridge Inc. – slide 26
    Spectra Energy Partners (SEP): Distributable Cash Flow (US Millions) 3Q17 3Q18 US Transmission 505 504 Liquids 67 59 Other (18) (2) Ongoing EBITDA 554 561 ADD: Earnings from equity investments (55) (81) Distributions from…
  27. Q3 2018 Earnings Results – Enbridge Inc. – slide 27
    Spectra Energy Partners (SEP): Key Balance Sheet Metrics 9/30/18 Total Debt 8.9B Financial Covenant Metrics(1) 4.1x Debt/EBITDA Credit Ratings(2) Baa2 / BBB+ / BBB Available Liquidity 1.1B (1) Calculated in accordance with the…
  28. Q3 2018 Earnings Results – Enbridge Inc. – slide 28
    Enbridge Energy Partners Third Quarter 2018 Supplemental Slides
  29. Q3 2018 Earnings Results – Enbridge Inc. – slide 29
    Enbridge Energy Partners (EEP): Distributable Cash Flow (US Millions) 3Q17 3Q18 Liquids 428 402 Other (2) 1 Adjusted EBITDA 426 403 ADD: Distributions in excess of equity earnings, net of NCI 3 4 LESS: Interest expense, net 97…
  30. Q3 2018 Earnings Results – Enbridge Inc. – slide 30
    Enbridge Energy Partners (EEP): Key Balance Sheet Metrics 09/30/18 Total Debt 7.3B Financial Covenant Metrics(1) 4.5x Debt/EBITDA Credit Ratings(2) Baa3 / BBB / BBB Available Liquidity 0.9B (1) As reported, after internal…

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