Near-Term Operational Priorities Priorities Actions First cargo out of Complete construction and initiate operational phase RIPET early Q2 2019 Introduce feedstock to fill the LPG tank First cargo in May 2019 Volumes delivered to RIPET…
Near-Term Financial Priorities Priorities Actions Execute 1.5 2.0 billion of Executed on 2.2 billion in asset sales as at September 30, 20191: non-core asset sales - US280 million Stonewall asset sale - US735 million Distributed…
Delivering on the Plan Another strong quarter operationally Base business is healthy and performing in line with expectations 2019 outlook remains unchanged with expected normalized EBITDA1 guidance in the range of 1.2 - 1.3 billion…
Midstream Update 6
Our Midstream Strategy is Straightforward Maximize utilization of existing assets and pursue capital efficient high-return expansions Continue to build upon our export competency Midstream Invest Diversify and grow our customer base…
RIPET Operational Overview Strong performance positioned for growth RIPET Highlights: 40,000 Bbl/d propane receipt volumes Q4 2019e Hedged Volumes 3 million barrels or 6 ships exported Third Quarter 37 million in EBITDA…
RIPET Netback Advantage RIPET provides enhanced netbacks to producers at current propane prices1 the RIPET advantage is 80% increase in realized price Alberta3 RIPET Advantage (US/bbl) US9.29/bbl 2019 FWD AFEI1 35.39 Transport &…
Utilities Update 10
Utilities Strategy - Drive Operational Excellence Priorities Maintain safe and reliable infrastructure Enhance overall returns via complementary businesses and cost reduction initiatives Utilities Distribution Attract and retain…
Our Utility Business Operating Model Safe and reliable, high-growth competitive strategy Opportunities Improve business processes and drive down leak remediation costs, reinvesting savings into improving the customer experience…
WGL ROE Strategy Path to earning our allowed returns at WGL Strategy in place with a clear line of sight to allowed returns in 2021 Key initiatives to achieving allowed returns: Return On Equity & Expected Timeline 1. Capital…
Rate Case Update Focused on Timely Recovery of Capital ROE Requested & Equity Thickness Rate Case Revenue Requested Notes Approved Requested & Approved Rebuttal testimony filed October 18th Filed May 31, 2019, The hearing is…
Rate Case Update Virginia Financial Impact Distribution rates approved under cost of service model 1. Interim rates effective since January 2019, subject to true-up Rate case filed on July 31, 2018 seeking rate increase of or refund…
Financial Update 16
Q3 Financial Results Summary Strong Performance from Core Businesses Q3 2019 Normalized EBITDA1 of 178M Q3 2019 Normalized Net Loss1 of 58M Exceeded target with 2.2B in Asset Sales announced or completed in 2019 YTD Reduced…
Q3 Normalized EBITDA1 Walk Down 2019 Q3 Actuals vs. 2018 Q3 Actuals Normalized EBITDA1 ( millions) (12) (30) (93) +1 +16 +70 226 178 Q3 2018 Q3 2019 Midstream Power Utilities Corporate VA Rate Case Asset Sales Actual Actual…
Q3 2019 Normalized EBITDA1 Variance Strong Performance in Midstream Offset by One-Time Adjustment at WGL ( millions) Q3 2019 Normalized EBITDA1 Q3 2019 Q3 2018 Variance Q3 2019 vs. Q3 2018 Normalized EBITDA1 Drivers + WGL acquisition…
Robust Asset Sales Provide Flexibility in 2019 Funding Plan 2019 Sources and Uses1 Secured Capital Program ( billions) (Cmillions unless otherwise specified) 4.6 4.6 Expected Target Utility Capital Projects Capex2,3 In-Service1…
De-leveraging Program On Track 2.4 billion reduction in net debt1 year-to-date Net Debt1 ( billions) 3 billion in debt 2019 Plan Supports repayment 2.4 billion reduction to net debt1 to-date 10.1 Lower debt and stronger…
2019 Outlook Unchanged 2019 Normalized EBITDA1 Guidance 2020 Drivers ( millions) 1,600 1,200 - 1,300 Rate base and customer growth at Utilities 1,200 RIPET 800 Marquette Connector Pipeline Additional fractionation and gas…
2020 Outlook Drivers Significant Opportunity for Rebased Business in 2020 2020: Unlocking the growth potential of our assets Achievement of critical near-term priorities allows management to return its focus to growing the core…
Appendix 24
Normalized Net Income (Loss)1 Walk Down ( millions) Q3 2019 Q3 2018 Variance YTD 2019 YTD 2018 Variance Normalized EBITDA1 178 226 (48) 847 615 232 Add (deduct): Depreciation and amortization (104) (122) 18 (329) (268) (61)…
Impact of Asset Sales and VA Hearing Examiners Report on Normalized EBITDA1 and FFO1 EBITDA FFO ( millions) ( Millions) ( millions) ( Millions) Q3 2018 normalized EBITDA1 226 Q3 2018 normalized FFO1 117 Remove asset sales (93) Remove…
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