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2Q 2019 Earnings Presentation – Enbridge Inc.

Enbridge Inc. · Aug 2, 2019 · 18 slides

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Slides

  1. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 1
    Q2 2019: Financial Results & Business Update August 2, 2019 Al Monaco, Chief Executive Officer Colin Gruending, Chief Financial Officer
  2. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 2
    Agenda ENB Value Proposition Second quarter highlights Business update Financial performance Mid-year priorities recap 3
  3. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 3
    Strong Q2 and 1H 2019 Financial Results For the 3 and 6 months ended June 30, millions Adjusted EBITDA Adjusted Earnings DCF 3,208 Q2 2,310 3,165 1,349 Q2 Q2 1,094 1,858 3,406 3,769 1,640 2,758 Q1 Q1 2,312 Q1 1,375 2018…
  4. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 4
    Liquids Business Update Near-Term Optimizations/Expansions Bakken Pipeline System 2019 Mainline Optimizations Express Pipeline Open Season Open Season BAKKEN Edmonton Hardisty Hardisty 50kbpd Expansion Kerrobert DAPL Regina…
  5. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 5
    Liquids Business Update Mainline Contract Offering Mainline Contracting Timeline Key Offering Features Open Season launched on Aug 2 Priority access for contracted volume Offering open for 60 days Contract terms 8 to 20 years Toll…
  6. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 6
    Liquids Business Update Line 3 Replacement Project U.S. Minnesota EIS court appeal decision found one deficiency - 8 other items dismissed Update Minnesota Supreme Court to determine whether to hear appeals of items dismissed (by Sept…
  7. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 7
    Liquids Business Update Line 5 Developments Operating the pipeline reliably for over 65 years Lake Superior ON Critical energy infrastructure Safety and integrity continually MN Line 5 Lake validated by the regulator (PHMSA)…
  8. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 8
    Gas Transmission Business Update LNG US Gulf Coast US Gulf Coast Markets Cameron Extension Venice Leveraging our footprint Cameron LNG Extension TX Stratton Plaquemines Serving existing and developing LNG facilities Ridge LA LNG…
  9. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 9
    Utility Business Update In-franchise Expansion ONTARIO 0.2B modernization and reinforcement projects OTTAWA in Windsor and Owen Sound 0.2B expansion of Dawn to Parkway system Owen Sound Reinforcement Customer additions/community…
  10. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 10
    Offshore Wind Business Update Renewable Power Declining Costs for Aligns with Enbridge Fundamentals (Electricity Capacity, GW) 125 Renewables (/KWh) Value Proposition 6,000 Source: IEA Liquids Offshore Increasingly & Gas Wind…
  11. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 11
    European Offshore Wind Projects European Fundamentals Growing Asset Footprint (facility est. ISD) Higher barriers to entry Hohe See 3Q19 Few well-capitalized players Expansion 4Q19 Mega-scale projects Saint Nazaire Late 2022…
  12. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 12
    Enterprise-wide Secured Growth Project Inventory Project Expected ISD Capital (B) AOC Lateral Acquisition In-service 0.3 CAD Stratton Ridge In-service 0.2 USD 2019 Generation Pipeline Acquisition 2H19 0.1 USD Hohe See Wind &…
  13. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 13
    Q2 2019 Financial Performance Consolidated Adjusted EBITDA Q2 2019 vs. Q2 2018 Adjusted EBITDA Liquids Pipelines (C Millions) Q2 2018 Q2 2019 + Higher throughput and tolls on Mainline System + Higher volumes FSP and Seaway pipelines +…
  14. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 14
    Q2 2019 Financial Performance Consolidated DCF Q2 2019 vs. Q2 2018 Distributable Cash Flow + Adjusted EBITDA drivers noted in previous slide (C Millions, except per share amounts) Q2 2018 Q2 2019 + Lower maintenance capital…
  15. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 15
    Re-affirming 2019 Financial Outlook Q1-Q2 STRENGTH 2019 Distributable Cash Flow (Consolidated DCF/share ) 1 Energy Services Liquids Pipelines 4.42 4.30 4.60 Gas Distribution Q3-Q4 GUIDANCE VARIANCES: 3.68 Line 3 delay GTM…
  16. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 16
    Financial Strength & Flexibility Consolidated DEBT to EBITDA1 Enbridge Inc. Sr. Unsecured Debt Ratings 6.0x 5.5x Standard & Poors BBB+ stable Target Range: 4.5x to 5.0x 5.0x Fitch BBB+ stable 4.5x 4.0x DBRS BBB High…
  17. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 17
    2019 Mid- year assessment Priorities YTD Status 1. Achieve 2019 DCF guidance range of 4.30 4.60/share Strong operating performance across the businesses Expect to be around the midpoint of the range Canadian construction…
  18. 2Q 2019 Earnings Presentation – Enbridge Inc. – slide 18
    Q&A

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