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Q4 2018 Earnings Presentation – Enbridge Inc.

Enbridge Inc. · Feb 15, 2019 · 23 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. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 1
    Q4 2018: Financial Results & Business Update February 15, 2019 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
  2. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 2
    Agenda Recap of 2018 Priorities Business Update Financial Results 2019+ Strategic Priorities Line 3 Replacement 3 3
  3. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 3
    2018 Priorities 1 Deliver strong results 2 Focus on low risk pipeline-utility model 3 Accelerate de-leveraging 4 Streamline the business 5 Project execution NEXUS Pipeline 6 Extend growth Priorities established for 2018 to…
  4. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 4
    1 Achieved Record 2018 Financial Results For the three and 12 months ended Dec 31, millions Adjusted EBITDA DCF Adjusted Earnings 3,320 Q4 1,863 Q4 1,166 Q4 2,963 2,958 Q3 1,741 1,585 Q3 933 Q3 1,013 2,586 1,334 Q2 1,094 Q2…
  5. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 5
    2 7.8B of Non-Core Asset Sales Midcoast G&P Business Renewables Power Assets Canadian G&P Business Gas New Brunswick 49% interest in a portfolio 100% interest in Texas and 100% interest in all 100% interest in of onshore renewables…
  6. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 6
    3 Accelerated De-Leveraging & Financial Flexibility Consolidated DEBT to EBITDA1 Enbridge Inc. Sr. Unsecured Debt Ratings2 6.0x 5.5x Standard & Poors BBB+ stable 4.5x to comfortably below 5.0x 5.0x Fitch BBB+ stable 4.5x…
  7. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 7
    4 Completed 4 Sponsored Vehicle Buy-ins Eliminates complexity Before Simplification After Simplification Enhances credit profile Improves earnings and cash flow transparency Public Public Public 100% Reduces consolidated payout…
  8. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 8
    5 Secured 1.8B New Capital Projects Gray Oak AOC Lateral Gas Transmission Expansions Sabal Trail Phase 2 & 3 PERMIAN AOC Lateral Cameron Lateral Gray Oak AB EAGLE SK FORD Freeport Vito Gulfstream Corpus Christi Phase VI…
  9. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 9
    6 Executing Secured Growth Project Inventory Project Expected ISD Capital (B) AOC Lateral Acquisition 1Q19 0.3 CAD East-West Tie-Line Generation Pipeline Generation Pipeline Acquisition 1Q19 0.1 USD Port of Toledo Stratton Ridge…
  10. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 10
    Mainline Contract Offering Annual Mainline Volume (ex-Gretna throughput MMbpd) Key Features of Contract Offering 2,685 Priority Access for contracted volume 2,625 2,636 Contract term up to 20 years 2,578 2,530 2,405 Contracts…
  11. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 11
    Line 3 Replacement Project Critical energy infrastructure replacement with state of the art pipeline technology, supporting: Edmonton environmental protection Hardisty reliable local energy supply Kerrobert low energy costs jobs…
  12. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 12
    Minnesota L3R Execution Timeline Dec 2017 - FEIS Adequacy Determination by MPUC Jun 2018 - Certificate of Need / Route Permit approval by MPUC Aug 2018 - Easement Agreement with Fond Du Lac Sep - Dec 2018 - 4+ year Regulatory…
  13. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 13
    Gas Transmission Update Recorded peak pipeline deliveries Clear need for additional natural gas transmission capacity & redundancy, particularly in U.S. Canadian Gas Transmission 98% 2018 contract Northeast renewal rate New…
  14. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 14
    Gas Transmission Business Update Regulatory Update Key Cost of Service Regulated Systems Texas Eastern rate case underway Filed November 30, 2018 Potential for revenue enhancement with updated cost of service factors Texas Eastern…
  15. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 15
    Utilities Operational Update Gas Deliveries (Billions of cubic feet) Utility Amalgamation 40 11% OEB allowed ROE Actual ROE 30 10% Expected range of Actual ROE Weekly Consumption1 9% Allowed ROE 20 9% 10 8% 0 7%…
  16. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 16
    2018 Financial Performance Consolidated Adjusted EBITDA 4Q18 vs. 4Q17 Adjusted EBITDA Liquids Pipelines (C Millions, except per share amounts) 4Q17 4Q18 FY 17 FY 18 + Higher throughput and tolls on the Mainline System + Higher average…
  17. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 17
    2018 Financial Performance Consolidated DCF 4Q18 vs. 4Q17 Distributable Cash Flow + Adjusted EBITDA drivers noted in previous slide (C Millions, except per share amounts) 4Q17 4Q18 FY 2017 FY 2018 Higher proportion of maintenance…
  18. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 18
    Financial Outlook Consolidated Adjusted EBITDA1 (MM) 14,800 Through 2020 Post 2020 10% 13,000 5-7% 12,849 DCF & dividend/share DCF/share growth growth rate 2018 2019e 2020e Consolidated DCF1 (per share) 4.85 - 5.15 4.30…
  19. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 19
    Debt Funding Structure & Strategy After Sponsored Vehicle Buy-ins* Recent Restructuring Actions Exchange of Enbridge Income Fund sr. term notes for equivalent sr. term notes of Enbridge Inc. Cross guarantees of Enbridge Inc. sr.…
  20. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 20
    2019+ Strategic Priorities Continuing Priorities Reliable, growing cash flow and dividends Low risk pipeline-utility model Strong investment grade balance sheet Streamlined business Strong capital execution Extend growth Areas…
  21. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 21
    Post 2020 Future Growth Opportunities 5-6B self-funding capability 2B 2-3B 1B Liquids Gas Gas Pipelines Transmission Utilities Mainline system optimizations USGC market connections Customer additions and enhancements US S.E. and…
  22. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 22
    Investor Value Proposition Leading energy infrastructure footprint Low-risk pure regulated business model Strong investment grade credit profile 10% DCF and dividend growth through 2020 5-7% DCF growth beyond 2020 Long-life…
  23. Q4 2018 Earnings Presentation – Enbridge Inc. – slide 23
    Q&A

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