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January 2019 Corporate Presentation – Transcanada Corp.

Transcanada Corp. · Jan 14, 2019 · 47 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. January 2019 Corporate Presentation – Transcanada Corp. – slide 1
    Corporate Profile January 2019
  2. January 2019 Corporate Presentation – Transcanada Corp. – slide 2
    Key Themes Businesses Performing Very Well Demand for our services has never been greater Record financial results expected in 2018 Proven Strategy LowRisk Business Model Invested 85 billion in our core businesses since 2000 Delivered…
  3. January 2019 Corporate Presentation – Transcanada Corp. – slide 3
    TransCanada Today One of North Americas Largest Natural Gas Pipeline Networks 91,900 km (57,100 mi) of pipeline 653 Bcf of storage capacity 23 Bcf/d; 25% of continental demand Premier Liquids Pipeline System 4,900 km (3,000 mi)…
  4. January 2019 Corporate Presentation – Transcanada Corp. – slide 4
    Financial Highlights Nine Months Ended September 30 (NonGAAP) Comparable Comparable Comparable Funds Earnings per Common Share* EBITDA* Generated From Operations* (Dollars) (Millions) (Millions) 24% Increase 12% Increase 11%…
  5. January 2019 Corporate Presentation – Transcanada Corp. – slide 5
    2018 Funding Complete Billions 18 16 CGL Cost Reimbursement Debt Maturities Cartier Wind Asset Sale 9+ billion raised through an array of ATM 14 DRP competitive funding options 12 6.1 billion of longterm debt in Canadian and…
  6. January 2019 Corporate Presentation – Transcanada Corp. – slide 6
    Advancing 36 Billion Secured Capital Program Through 2023 Estimated Invested Expected Commercial Underpinning Project Project Cost* to Date* InService Date* Canadian Mainline 0.2 0.1 20182021 NGTL System 0.6 0.5 2018 2% WB XPress…
  7. January 2019 Corporate Presentation – Transcanada Corp. – slide 7
    Secured Capital Program Drives Significant Growth Comparable EBITDA Outlook (Billions) 10.0 9% CAGR Energy Liquids Pipelines 7.4 6.6 Mexico Natural Gas 6.1 Pipelines 5.9 Energy Q3 U.S. Natural Gas Pipelines Liquids…
  8. January 2019 Corporate Presentation – Transcanada Corp. – slide 8
    Continuing Long Track Record of Dividend Growth 810% CAGR 2.76 7% CAGR 2.50 2.26 2.08 1.84 1.92 1.68 1.76 1.52 1.60 1.36 1.44 1.22 1.28 1.08 1.16 1.00 0.90 0.80 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13…
  9. January 2019 Corporate Presentation – Transcanada Corp. – slide 9
    20 Billion+ of Projects Under Development Natural Gas Pipelines Expansions across our extensive network including NGTL, Columbia and other pipelines serving premium markets Liquids Pipelines Keystone XL Grand Rapids Phase II…
  10. January 2019 Corporate Presentation – Transcanada Corp. – slide 10
    Capital Expenditure Outlook 20192021 Billions 10.5 Approximately 18 billion* to be 10 invested over the next three years related to: 8 Secured growth portfolio 6.6 Maintenance capital 0.2 6.1 6 1.5 0.2 5.3 85% has…
  11. January 2019 Corporate Presentation – Transcanada Corp. – slide 11
    Funding Program Outlook 20192021 Billions 30 Numerous Levers Available to Fund Portfolio Management, Secured Capital Program 2019 DRP & Other 25 Capital Hybrid Securities Strong, predictable and growing Program Senior Debt,…
  12. January 2019 Corporate Presentation – Transcanada Corp. – slide 12
    Debt Maturity Profile 20192021 Debt Maturities in Home Currency Billions 3 Solid Liquidity and Market Access 10 billion of committed and undrawn 2 credit lines Well supported commercial paper programs Canada 2.0 billion 1…
  13. January 2019 Corporate Presentation – Transcanada Corp. – slide 13
    Deleveraging While Growing Per Share Earnings Times Debt/EBITDA Dollars Comparable EPS 8 5 4 6 Target High Fours 3 4 2 2 1 0 0 2016 2017 2018E 2019E 2016 2017 2018E 2019E On Track to Achieve and Maintain Targeted…
  14. January 2019 Corporate Presentation – Transcanada Corp. – slide 14
    North American Natural Gas Pipeline Footprint Wellpositioned assets with access to North Americas two most prolific natural gas supply basins WCSB 91,900 km (57,100 mi) of pipeline 653 Bcf of storage capacity Diversified customer…
  15. January 2019 Corporate Presentation – Transcanada Corp. – slide 15
    Substantial North American Natural Gas Resources WCSB Resource Estimate 2007 165 Tcf 2007 2017 924 Tcf 2017 Rockies / San Juan 2007 354 Tcf 2017 552 Tcf Appalachian 2007 95 Tcf 2017 1,144 Tcf MidContinent / Permian 2007 311…
  16. January 2019 Corporate Presentation – Transcanada Corp. – slide 16
    Connecting Growing Natural Gas Supply to Market North American Natural Gas Demand Growth Outlook Bcf/d 160 140 120 100 Electric Generation 80 60 Industrial 40 Commercial 20 Residential 0 Fuels Source: TransCanada…
  17. January 2019 Corporate Presentation – Transcanada Corp. – slide 17
    NGTL System Average Volumes (Bcf/d) NGTL Field and Interconnect IntraBasin Receipts Deliveries 2018 2017 Change 2018 2017 Change 12.2 11.4 +0.8 5.2 4.6 +0.6 Net Storage 2018 2017 Change .01 .02 0.3 NGTL System Deliveries up…
  18. January 2019 Corporate Presentation – Transcanada Corp. – slide 18
    NGTL Capital Program Continues to Add Delivery Capacity 9.1 billion capital program through 2022 supported by longterm firm receipt and delivery contracts 1,400 km (875 mi) of 16 to 48 inch pipe 23 compressor units (650 MW) 1.3…
  19. January 2019 Corporate Presentation – Transcanada Corp. – slide 19
    West Coast LNG First Direct Access to World Market for WCSB Production West Coast LNG 2.1 Bcf/d Coastal GasLink Pipeline Project 6.2 billion project to begin construction in 2019 Initial capacity of 2.1 Bcf/d expandable to 5 Bcf/d…
  20. January 2019 Corporate Presentation – Transcanada Corp. – slide 20
    Canadian Mainline Critical Conduit to Eastern Markets Average Investment Base Billions 4 3 2 1 0 2018E 2021E Eastern Triangle Western Mainline Mainline Western Receipts Flow & Contracts Enabling competitive access for…
  21. January 2019 Corporate Presentation – Transcanada Corp. – slide 21
    Canadian Natural Gas Pipelines Financial Outlook Average Investment Base Net Income NGTL Canadian Mainline Foothills NGTL Canadian Mainline Foothills Billions Billions 20 1.0 8% CAGR 8% CAGR 16 12 0.5 8 4 0 0.0 2015…
  22. January 2019 Corporate Presentation – Transcanada Corp. – slide 22
    Premier U.S. System Connects Prolific Gas Supplies to High Growth Markets Broad National Network 31,000 miles (50,000 km) of FERCregulated pipelines with operations across 40 states WCSB 535 Bcf of regulated storage 183 miles…
  23. January 2019 Corporate Presentation – Transcanada Corp. – slide 23
    Columbia Premium Natural Gas Pipeline Network Competitively positioned over Appalachian basin 96% of revenues are derived from firm transportation contracts TCO pool provides access to liquid trading hub Advancing growth program…
  24. January 2019 Corporate Presentation – Transcanada Corp. – slide 24
    Key Focus Areas and Future Opportunities in the U.S. Execution of nearterm growth program Mountaineer XPress and Gulf XPress nearing completion Optimization of existing assets Synergies with Canada Gas increase utilization and provide…
  25. January 2019 Corporate Presentation – Transcanada Corp. – slide 25
    Mexico Solid Position and Growing Four revenuegenerating pipelines Tamazunchale Guadalajara Mazatln Topolobampo Three new projects expected to enter service which will increase portfolio to US5 billion Tula US0.7 billion Villa de…
  26. January 2019 Corporate Presentation – Transcanada Corp. – slide 26
    Liquids Pipelines Overview Keystone pipeline system Transports 20% of Western Canadian crude oil exports Market access to 6 million bbl/d of refining capacity Significantly contracted IntraAlberta pipelines Entered service in second…
  27. January 2019 Corporate Presentation – Transcanada Corp. – slide 27
    Connecting Growing Crude Oil Supply to Market North American Crude Oil Supply Outlook Million Bbl/d 18 16 14 12 10 8 6 4 2 0 2015 2030E U.S. Canada Source: CAPP, EIA
  28. January 2019 Corporate Presentation – Transcanada Corp. – slide 28
    Keystone XL Commercial support confirmed Secured 20year commitments underpinning return of and on total capital Significantly contracted Return on total capital consistent with similar projects Commercial model largely unchanged…
  29. January 2019 Corporate Presentation – Transcanada Corp. – slide 29
    Additional Opportunities Related to Keystone XL Keystone XL could facilitate further development: Grand Rapids Phase II Heartland Pipeline Keystone Hardisty Terminal Market interconnects
  30. January 2019 Corporate Presentation – Transcanada Corp. – slide 30
    Energy A Proven Platform Portfolio underpinned primarily by longterm contracts with solid counterparties 11 power plants, 6,615 MW of power generation Includes four merchant natural gasfired cogeneration plants with total capacity…
  31. January 2019 Corporate Presentation – Transcanada Corp. – slide 31
    Significant Power Generation Investment Opportunity North American Generating Capacity Outlook* GW 1,600 1,400 Coal 1,200 Other 1,000 Oil/Gas 800 Nuclear Hydro 600 Wind 400 Solar 200 Gas 0 2015 2020E 2030E * EIA…
  32. January 2019 Corporate Presentation – Transcanada Corp. – slide 32
    Napanee Generating Station 900 MW natural gasfired combined cycle plant 20 year firm PPA contract with the Ontario IESO Construction progressing Expect inservice in the first quarter of 2019 Capital cost of 1.6 billion Adds…
  33. January 2019 Corporate Presentation – Transcanada Corp. – slide 33
    Bruce Power Critical Component of Ontarios Electricity Market 6,400 MW or 30% of Ontarios needs 48.3% ownership interest Power sales contracted through 2064 with the Ontario IESO Spent fuel and decommissioning liabilities are the…
  34. January 2019 Corporate Presentation – Transcanada Corp. – slide 34
    Refurbishment Readiness Comprehensive plant condition and scoping exercise complete Significant project governance in place Improved processes, systems, people and project controls Unit condition assessments undertaken on all six…
  35. January 2019 Corporate Presentation – Transcanada Corp. – slide 35
    Life Extension Program The Life Extension Program, Major Component Replacement (MCR) and Asset Management (AM), remain on schedule and on budget Bruce Power submitted the Final Basis of Estimate for the Unit 6 MCR on September 28,…
  36. January 2019 Corporate Presentation – Transcanada Corp. – slide 36
    Financial Strategy Invest in lowrisk, highquality assets that generate predictable and enduring growth in earnings and cash flow Balance prudent and sustainable dividend growth with reinvestment in our businesses focusing on per…
  37. January 2019 Corporate Presentation – Transcanada Corp. – slide 37
    Stability and Longevity of Core Asset Base Comparable EBITDA* (Billions) 10 Uncontracted Liquids Pipelines, Alberta Power & Storage 8 Contracted Power Contracted Liquids Pipelines 6 Contracted Mexico Gas Pipelines 4…
  38. January 2019 Corporate Presentation – Transcanada Corp. – slide 38
    Delivering on Columbia Pipeline Acquisition Commitments Commitments Action Acquire Columbia Pipeline Group (CPG) Closed acquisition on July 1, 2016 Achieved targeted US250 million of annual synergies Realize CPG Synergies Developing…
  39. January 2019 Corporate Presentation – Transcanada Corp. – slide 39
    Executed Balanced Program to Fund 57 Billion of Capital Needs Billions 20162018E 60 Portfolio Management 7 Acquisitions 50 Discrete Equity 15 U.S. Northeast Power 8 Ontario Solar ATM Cartier Wind Hybrid Securities & DRP 1…
  40. January 2019 Corporate Presentation – Transcanada Corp. – slide 40
    Diversified North American Portfolio 2018E Comparable EBITDA* Multiple platforms that cannot Diversified across business lines be replicated 9% Canadian Natural Gas Pipelines 27% U.S. Natural Gas Pipelines Highly utilized…
  41. January 2019 Corporate Presentation – Transcanada Corp. – slide 41
    Portfolio Generates HighQuality, LongLife Cash Flows 2018E Comparable EBITDA* 1% 4% Approximately 95% of Minimal Variability Comparable EBITDA from Regulated regulated assets or longterm Contracted contracts Commodity Risk…
  42. January 2019 Corporate Presentation – Transcanada Corp. – slide 42
    Dividend Growth Outlook Annual Growth of 8 to 10 Percent Expected Through 2021 2.76 2.50 2.26 2.08 2015 2016 2017 2018 2019E 2020E 2021E Supported by Expected Growth in Earnings and Cash Flow and Continued Strong…
  43. January 2019 Corporate Presentation – Transcanada Corp. – slide 43
    Proven Business Model Through All Points of Business Cycle Longterm Contracted Assets Prudently Funded with Longterm Capital Platforms that cannot be replicated Internal cash flow and numerous financing levers Simple and…
  44. January 2019 Corporate Presentation – Transcanada Corp. – slide 44
    Corporate Profile January 2019
  45. January 2019 Corporate Presentation – Transcanada Corp. – slide 45
    Appendix Reconciliation of NonGAAP Measures (unaudited) (millions of dollars, except per share amounts) Three months Nine months ended September 30 ended September 30 2018 2017 2018 2017 Net Income Attributable to Common Shares…
  46. January 2019 Corporate Presentation – Transcanada Corp. – slide 46
    Appendix Reconciliation of NonGAAP Measures continued (unaudited) (millions of dollars) Three months Nine months ended September 30 ended September 30 2018 2017 2018 2017 Comparable EBITDA(1) 2,056 1,667 6,110 5,474 Depreciation…
  47. January 2019 Corporate Presentation – Transcanada Corp. – slide 47
    Appendix Reconciliation of NonGAAP Measures continued (unaudited) (millions of dollars) Three months Nine months ended September 30 ended September 30 2018 2017 2018 2017 Net Cash Provided by Operations 1,299 1,185 4,516 3,840…

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