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4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp

Enbridge Energy Partners Lp · Feb 14, 2020 · 23 slides

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Slides

  1. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 1
    2019 Financial Results & Business Update February 14, 2020 Al Monaco, Chief Executive Officer Colin Gruending, Chief Financial Officer
  2. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 2
    Q4 Highlights Solid performance across all businesses Delivered strong financial Achieved 1.02 DCF/share (4.57 FY); 4.5x Debt: EBITDA results & debt metric Closed 1.7B Midstream sale Delivered 100 kbpd of Mainline throughput…
  3. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 3
    2019 Financial Results Summary ( millions) Adjusted EBITDA Adjusted Earnings Distributable Cash Flow 13,271 9,224 12,849 5,341 3,186 Q4 4,568 7,618 2,051 Q4 3,320 1,228 Q4 1,166 1,863 2018 2019 2018 2019 2018 2019 Q4: 0.65/…
  4. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 4
    Projects Placed Into Service in Q4 Gray Oak Pipeline Offshore Wind - Germany Line 3 Replacement - Canada US0.7B 1.1B 5B Capital Cost Capital Cost Capital Cost Hardisty Hohe See PERMIAN Kerrobert Regina Gray Oak In-service &…
  5. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 5
    Line 3 Replacement Update - Minnesota Regulatory and permitting milestones Feb 3: MPUC Public Hearing Edmonton US3B US Environmental Impact Statement deemed adequate Hardisty Capital Cost Certificate of Need and Route Permit…
  6. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 6
    Line 3 Replacement - Minnesota Project Milestones Anticipated Sequence of Milestones Regulatory: EIS Public EIS / CN / Orders Petitions for Authorization Spill Modelling MPUC Complete Consultation RP Decision Issued Reconsideration…
  7. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 7
    Mainline Contracting Shipper & Public Interest Benefits 1. Competitive & stable tolls to the best markets Premium 2. Open access for all shippers Light Oil Markets 3. Secures long-term demand for WCSB 1 4. Establishes…
  8. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 8
    Mainline Contracting Benefits for all Shippers Striking a Balance Refiner / Benefit Producer Integrated Producer Secures Supply/Demand for Mainline contract offering balances the WCSB production diverse interests of our customers…
  9. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 9
    Mainline Contracting Competitive and Stable Tolls Hardisty to Chicago Heavy (US/bbl) 5.70 Up to 35 cents Discounts for Additional contracted 5.25 discounts for capacity & term/volume 5.11 throughput Base Contract Toll Low…
  10. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 10
    Mainline Contracting Next Steps Estimated Process Timeline: Dec 19, 2019 2Q 2021 Filed Application Regulatory: with CER Public Hearing Information Oral CER Hearings & Decisions Comment Orders Decision Requests Hearing Period (Feb…
  11. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 11
    USGC Strategy Fundamentals USGC Heavy Supply USGC Refining Capacity Exports: Crude & LNG (Canada & US) ETCO 6 By 15 30% 50+% Seaway 2040 East of St. James +3 Lake Charles (MMb/d) Canada +10 Canada St. James Port Arthur…
  12. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 12
    USGC Strategy Liquids Expanding Access to U.S. Gulf Coast Enbridge Houston Oil Terminal/SPOT Mainline Express DAPL Seaway ETCO Gray Oak Seaway Pipeline open season underway Houston Oil Terminal Bakken Pipeline System…
  13. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 13
    USGC Strategy Natural Gas/LNG U.S. Gulf Coast LA Texas Eastern and Valley Crossing well-positioned Texas Cameron Venice along the U.S. Gulf Coast Eastern Extension Extension Connected to 3 LNG facilities and 4 projects at TX various…
  14. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 14
    USGC Strategy LNG Pipeline Opportunities Rio Bravo Pipeline Valley Crossing Expansion Agua Dulce Agua Dulce Hub Hub Valley Crossing Valley Crossing Proposed Rio Bravo Pipeline VCP Expansion Rio Grande LNG terminal Annova LNG…
  15. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 15
    Gas Transmission System Modernization Penn-Jersey Opportunities across footprint System Ongoing investment to upgrade existing infrastructure Maintain long-term resiliency of asset base as demand for natural gas grows Recovered…
  16. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 16
    Utility Business Update Executing Secured Capital Reliable Demand Growth Resilient Customer Base Secured Projects ISD Capital (B) Total EGI Connections (in 1,000s) 3,800 New connections Dawn Parkway Expansion 2021 0.2 42 3,700 48…
  17. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 17
    2019 Adjusted EBITDA ( Millions, except per share amounts) 4Q18 4Q19 FY 18 FY 19 4Q19 vs. 4Q18 Mainline throughput & tolls; Strong downstream Liquids Pipelines 1,728 1.720 6,617 7,041 pipeline volume Avg. FX hedge rates on Canadian…
  18. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 18
    2019 Distributable Cash Flow ( Millions, except per share amounts) 4Q18 4Q19 FY 2018 FY 2019 4Q19 vs. 4Q18 Adjusted EBITDA 3,320 3,186 12,849 13,271 Adjusted EBITDA drivers (previous slide) Cash distributions in excess of equity…
  19. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 19
    Monetized 8B of Non-Core Assets Proceeds (B) Closed Consolidated Debt to EBITDA1 6.0x Midcoast G&P Business 1.5 Aug. 1, 2018 (US1.1B) 5.5x Target Range: North American Renewables 1.7 Aug. 1, 2018 5.0x 4.5x to 5.0x Canadian G&P…
  20. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 20
    Capital Allocation Priorities Secured Growth Inventory Capital Project Expected ISD (B) Line 3 Replacement U.S. Portion TBD1 2.9 USD 1 Preserve Financial Strength Southern Access to 1,200 kbpd 2H20 0.5 USD Target 4.5x…
  21. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 21
    Financial Outlook DCF/share 4-5% 5-7% DCF/share growth 4.50 - 4.80 1-2% 11B of secured 4.57 growth through 2022 Revenue escalators New in-franchise System optimizations growth opportunities Cost efficiencies Core rate base…
  22. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 22
    2020 Priorities Execute secured capital program Optimize the base business Grow organically Disciplined capital allocation Balance sheet strength & flexibility Maximizing shareholder value through low-risk pipeline-utility…
  23. 4Q 2019 Earnings Presentation – Enbridge Energy Partners Lp – slide 23
    Q&A

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