Fourth quarter 2019 conference call February 13, 2020
Russ Girling President & CEO 3
2019 accomplishments Generated record financial results Net income attributable to common shares was 1.18 per share in the fourth quarter, 4.28 per share for the full year Comparable earnings were 1.03 per common share in the fourth…
Financial highlights year ended December 31 (Non-GAAP) Comparable Comparable Comparable funds earnings per common share* EBITDA* generated from operations* (Dollars) (Millions) (Millions) 7% increase 9% increase 9% increase…
Common share dividend increased 8 per cent over 2019 Quarterly dividend of 0.81 per share equivalent to 3.24 per share annually Twentieth consecutive annual dividend increase * Annual rate based on first quarter dividend declared…
Canadian Natural Gas Pipelines NGTL System 0.9 billion 2023 NGTL System intra-basin expansion will add 309 MMcf/d of capacity Now advancing a 9.3 billion expansion program that will add 3.5 Bcf/d of market access Coastal GasLink…
U.S. Natural Gas Pipelines Broad national network serves 25% of U.S. natural gas demand Achieved record throughput volumes on certain pipelines ANR Pipeline US0.3 billion Alberta XPress project adds 160 MMcf/d of capacity Provides a…
Mexico Natural Gas Pipelines Five pipelines in operation Sur de Texas Tamazunchale Mazatln Guadalajara Topolobampo Two projects under development Construction continues on the Villa de Reyes pipeline project with an expected 2020…
Liquids Pipelines Assets produced strong operating results in 2019 Keystone underpinned by long-term contracts for 555,000 Bbl/d U.S. Gulf Coast volumes remained strong throughout the year Liquids marketing benefited from an increase…
Power and Storage Bruce Power Life Extension Program Unit 6 MCR outage commenced on January 17, 2020 and is expected to be completed in late 2023 2.4 billion to be invested in Unit 6 MCR and other asset management programs through…
Advancing 30 billion secured capital program through 2023 6 billion of projects expected to be completed in 2020 * Billions of dollars. Certain projects are subject to various conditions including corporate and regulatory approvals.…
Long track record of dividend growth 5-7% 8-10% Expected organic CAGR growth per year 3.24* 2021+ 30 billion secured growth program 7% Further in-corridor expansions CAGR 20+ billion development portfolio 2.08 Keystone XL…
Key takeaways Proven strategy low risk business model 95% of comparable EBITDA from regulated assets or long-term contracts Business produced record results in 2019 Results in 2020 expected to be consistent with 2019 Visible growth…
Don Marchand Executive VP, Strategy and Corporate Development and CFO 15
Consolidated results of operations (millions of dollars, except per share amounts) (1) Non-GAAP measure and excludes specific items. See the forward looking information and non-GAAP measures slide at the front of this presentation for…
Business segment results(1) (millions of dollars) Fourth quarter 2019 Comparable EBITDA decreased 138 million versus the same period in 2018. Principal variances included: Canadian Natural Gas Pipelines Lower primarily due to…
Other income statement items(1) (millions of dollars) Principal variances between fourth quarter 2019 and the same period in 2018 included: Depreciation and amortization Lower primarily in Canadian Natural Gas Pipelines which is…
Funding program continued to advance in fourth quarter Strong, predictable and growing cash flow from operations Comparable funds generated from operations of 1.8 billion in the quarter Achieved targeted Debt-to-EBITDA in the high-fours…
Funding program outlook 2020-2022 Billions Debt issuance, commercial paper, CGL Numerous levers available Dividends, equity sale and other distributions CGL project financing Strong, predictable and growing cash flow and other…
2020 Comparable earnings per share and capital spending outlook Canadian Natural Gas Higher primarily due to growth in the NGTL Systems average investment base. Pipelines U.S. Natural Gas Consistent due to increased contribution from…
Delivering long-term shareholder value Track Visible Attractive, growing Strong record growth dividend financial position 14% average annual 30 billion secured Dividend raised 8% in Numerous levers total shareholder through 2023…
Question & answer period 23
Fourth quarter 2019 conference call February 13, 2020
Appendix Reconciliation of non-GAAP measures (millions of dollars) (1) Comparable EBITDA and Comparable earnings are non-GAAP measures. See the non-GAAP measures slide at the front of this presentation for more information. 25
Appendix Reconciliation of non-GAAP measures continued (millions of dollars) (1) Funds generated from operations and comparable funds generated from operations are non-GAAP measures. See the non-GAAP measures slide at the front of…
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