Fourth Quarter 2018 Conference Call February 14, 2019
On The Call Today Russ Girling Don Marchand Tracy Robinson Stan Chapman Paul Miller Francois Poirier Glenn Menuz David Moneta 3
Russ Girling President & CEO 4
2018 Accomplishments Generated record financial results Net income attributable to common shares was 1.19 per share in the fourth quarter, 3.92 per share in 2018 Comparable earnings were 1.03 per common share in fourth quarter, 3.86…
Financial Highlights Three Months Ended December 31 (NonGAAP) Comparable Comparable Comparable Funds Earnings per Common Share* EBITDA* Generated From Operations* (Dollars) ( Millions) ( Millions) 26% Increase 29% Increase 30%…
Financial Highlights Year Ended December 31 (NonGAAP) Comparable Comparable Comparable Funds Earnings per Common Share* EBITDA* Generated From Operations* (Dollars) ( Millions) ( Millions) 25% Increase 16% Increase 16% Increase…
Common Share Dividend Increased 8.7 Percent Over 2018 Quarterly dividend of 0.75 per share equivalent to 3.00 per share annually Nineteenth Consecutive Annual Dividend Increase * Annual rate based on first quarter dividend…
Canadian Natural Gas Pipelines NGTL System Transported 12.3 Bcf/d in 2018, up from 11.4 Bcf/d in 2017 Advancing 8.6 billion capital program which adds 3.2 Bcf/d of (3.2 Bcf/d) incremental delivery capacity by the end of 2022 Canadian…
U.S. Natural Gas Pipelines Broad National Network Strategically connected to low cost supply basins Unparalleled connectivity to key markets Serves 25% of U.S. Natural Gas Demand Winter deliveries averaging 24.5 Bcf/d Set peak day…
Mexico Natural Gas Pipelines Four pipelines in operation Tamazunchale Mazatln Guadalajara Topolobampo Three new projects expected to enter service in 2019 and 2020 Sur de Texas US1.5 billion* Villa de Reyes US0.8 billion Tula…
Liquids Pipelines Assets producing strong operating results Keystone throughput averaged 590,000 Bbl/d in 2018 U.S. Gulf Coast segment capacity increased throughout 2018 Fourth quarter volumes averaged 700,000 Bbl/d Liquids…
Energy Napanee Power Plant (900 MW) Construction is substantially complete and commissioning activities are underway Expected to enter service in second quarter 2019 Bruce Power Unit 6 Major Component Replacement Work expected to…
Advancing 36 Billion Secured Capital Program Through 2023 Estimated Invested to Expected Project Capital Cost* Date* InService Date* Mountaineer XPress US 3.2 US 2.9 2019 Gulf XPress US 0.6 US 0.5 2019 Sur de Texas** US 1.5 US 1.4…
Secured Capital Program Drives Significant Growth Comparable EBITDA Outlook (Billions) 95% of Comparable EBITDA to come from Regulated Assets or LongTerm Contracts 15
Dividend Growth Outlook Annual Growth of 8 to 10 Per Cent through 2021 Supported by Expected Growth in Earnings and Cash Flow and Continued Strong Coverage Ratios * Annual rate based on first quarter dividend declared of 0.75 per…
Key Takeaways Proven Strategy Low Risk Business Model 95% of Comparable EBITDA from regulated assets or longterm contracts Businesses Produced Record Results in 2018 Strong performance expected to continue in 2019 Visible Growth…
Don Marchand Executive VP & CFO 18
Consolidated Results of Operations (millions of dollars, except per share amounts) Three months ended Three months ended Year ended December 31 Year ended December 31 December 31 December 31 2018 2017 2018 2017 2018 2017 2018 2017…
Business Segment Results(1) (millions of dollars) Three months Year ended ended December 31 December 31 2018 2017 2018 2017 Comparable EBITDA(2) Canadian Natural Gas Pipelines 818 569 2,379 2,144 U.S. Natural Gas Pipelines 812…
Other Income Statement Items(1) (millions of dollars) Three months Year ended ended December 31 December 31 2018 2017 2018 2017 Comparable EBITDA(2) 2,453 1,903 8,563 7,377 Depreciation and amortization (681) (516) (2,350)…
Comparable Distributable Cash Flow (millions of dollars, except per share amounts) Three months Year ended ended December 31 December 31 2018 2017 2018 2017 Comparable Funds Generated From Operations(1) 1,881 1,450 6,522 5,641…
Fourth Quarter 2018 Funding Activity Strong, predictable and growing cash flow from operations Comparable funds generated from operations of 1.9 billion in the quarter; 6.5 billion for the year Access to capital markets on compelling…
Funding Program Outlook 20192021 Billions Numerous Levers Available to Fund Secured Capital Program Strong, predictable and growing cash flow from operations Dividend Reinvestment Plan Access to capital markets including:…
2019 Comparable Earnings Per Share and Capital Spending Outlook Canadian Natural Gas Pipelines Higher primarily due to growth in NGTLs average investment base U.S. Natural Gas Pipelines Higher driven by Columbia Gas and Columbia Gulf…
Delivering LongTerm Shareholder Value Track Visible Attractive, Growing Strong Record Growth Dividend Financial Position 12% average annual 36 billion secured Dividend raised 8.7% Numerous levers total shareholder to 2023 in…
Question & Answer Period Russ Girling Don Marchand Tracy Robinson Stan Chapman Paul Miller Francois Poirier Glenn Menuz David Moneta
Fourth Quarter 2018 Conference Call February 14, 2019
Appendix Reconciliation of NonGAAP Measures (millions of dollars) Three months Year ended ended December 31 December 31 2018 2017 2018 2017 Comparable EBITDA(1) 2,453 1,903 8,563 7,377 Depreciation and amortization (681) (516)…
Appendix Reconciliation of NonGAAP Measures continued (millions of dollars) Three months Year ended ended December 31 December 31 2018 2017 2018 2017 Net Cash Provided by Operations 2,039 1,390 6,555 5,230 (Decrease)/Increase in…
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