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Q2 Financial Results and Business Update – Enbridge Inc.

Enbridge Inc. · Jul 29, 2020 · 25 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. Q2 Financial Results and Business Update – Enbridge Inc. – slide 1
    Q2 Financial Results & Business Update July 29, 2020 Al Monaco, Chief Executive Officer Colin Gruending, Chief Financial Officer
  2. Q2 Financial Results and Business Update – Enbridge Inc. – slide 2
    Agenda ENB Pipeline-Utility Value Proposition Industry perspectives Business update Financial review Mid-year checkpoint 3
  3. Q2 Financial Results and Business Update – Enbridge Inc. – slide 3
    A Changing Energy Landscape Global Oil Demand Outlook1 (MMb/d) 10 MMb/d There are challenges but, fundamentals intact Increase to 2030 Adapting to long-term Growing global energy energy transition demand; all forms of energy…
  4. Q2 Financial Results and Business Update – Enbridge Inc. – slide 4
    Enbridge Positioned to Win Resilient through all market cycles Large integrated network Financial Commodity Alberta COVID-19 Crisis Price Forest 16,000 Collapse Fires 100 Deliver to the best markets 14,000 WTI 12,000 75…
  5. Q2 Financial Results and Business Update – Enbridge Inc. – slide 5
    Transparency to Near-Term Growth 4-5% 5-7% Executing 11B Secured Growth DCF/share 1-2% growth Optimizing the Base Liquids Pipelines U.S. Line 3 replacement 4.50 - 4.80 Southern Access expansion T-South expansion 4.57 Embedded toll…
  6. Q2 Financial Results and Business Update – Enbridge Inc. – slide 6
    Q2 Highlights Robust response to Ongoing safe and reliable delivery of energy COVID-19 ongoing Ensuring health and safety of our workforce Strong Q2 business Achieved 1.21 DCF per share performance Enabled 300M of cost…
  7. Q2 Financial Results and Business Update – Enbridge Inc. – slide 7
    Demand Outlook N. America Refined Product Demand1 N. America Crude Oil Demand Outlook2 (kbpd) (Rystad July 2020; kbpd) 12,000 25,000 2019 Demand 10,000 20,000 8,000 -9% July Avg: YoY 15,000 6,000 18 mbpd 4,000 -44% 10,000 YoY…
  8. Q2 Financial Results and Business Update – Enbridge Inc. – slide 8
    ENB Core Market Deliveries Recovering Faster PADD II Refining Margins vs. PADD I2 Western (US/BBL) Canada 15 PADD II PADD I 75% 73% 12 9 Eastern Canada 6 70% 86% April July 3 PADD IV PADD II 0 April July April July April…
  9. Q2 Financial Results and Business Update – Enbridge Inc. – slide 9
    Mainline Outlook WCSB Blended Supply Outlook1 2020 Mainline Throughput Outlook (kbpd) (Ex-Gretna throughput) 5,000 3000 Avg. 2020 Pre-COVID Planned Throughput : 2.85mbpd 200-400 100-300 1.1 mbpd 2500 Actual kbpd kbpd 4,000 2.84…
  10. Q2 Financial Results and Business Update – Enbridge Inc. – slide 10
    Liquids Pipelines Secured Growth Projects Update WCSB egress additions Attractive risk-adjusted returns on investment Edmonton Support additional volumes as demand recovers Hardisty 2019 Mainline Optimizations1 100 kbpd AB…
  11. Q2 Financial Results and Business Update – Enbridge Inc. – slide 11
    Liquids Pipelines Line 3 Replacement: Minnesota Update Regulatory and Permitting Milestones Regulatory: July 20: MPUC written order denying petitions EIS for reconsideration on Environmental Impact Public EIS / CN / Orders Petitions…
  12. Q2 Financial Results and Business Update – Enbridge Inc. – slide 12
    Liquids Pipelines Great Lakes Tunnel Project Critical infrastructure Making a safe pipeline even safer ON State-of-the-art tunnel Superior Extensive geotechnical review confirmed feasibility and engineering design underway MN…
  13. Q2 Financial Results and Business Update – Enbridge Inc. – slide 13
    Liquids Pipelines Mainline Contracting Regulatory Process Estimated Process Timeline: Contracting Benefits: 70% of volumes Dec 19, 2019 support Filed application Priority access offering with CER Toll certainty Regulatory: Secures…
  14. Q2 Financial Results and Business Update – Enbridge Inc. – slide 14
    Gas Transmission Successfully Executing on Rate Proceedings Texas Eastern Algonquin BC Pipeline Other rate cases in progress: East Tennessee Alliance 2019 Rate Base1 US6.0B US2.2B C2.9B Timeframe Effective Jun 2019…
  15. Q2 Financial Results and Business Update – Enbridge Inc. – slide 15
    Gas Transmission Secured Growth Projects Update Spruce Ridge In Execution 2020+ T-South Expansion Atlantic Bridge - Phase 2 US0.1 2020 System Modernization US0.8 2020 T-South Expansion 1.0 2021 Atlantic Bridge Spruce Ridge 0.5…
  16. Q2 Financial Results and Business Update – Enbridge Inc. – slide 16
    Gas Distribution and Storage Secured Utility Growth Update Synergy capture ongoing Supports ability to realize returns in excess of 1B+ ONTARIO St. Laurent Replacement 2021 of annual the Allowed ROE capital spend1 Customer…
  17. Q2 Financial Results and Business Update – Enbridge Inc. – slide 17
    Renewable Power Offshore Wind Growth Update Local operational and development expertise Hohe See & Albatros In Operation 3 large projects in operations (1 GW1) Sanctioned 2 additional offshore wind [Location] Albatros projects…
  18. Q2 Financial Results and Business Update – Enbridge Inc. – slide 18
    Strong First Half Financial Performance ( millions) Adjusted EBITDA Adjusted Earnings Distributable Cash Flow 5,068 5,143 6,977 7,075 2,989 2,801 2,310 2,437 Q2 3,208 3,312 Q2 1,349 1,133 Q2 Q1 Q1 Q1 2019 2020 2019 2020…
  19. Q2 Financial Results and Business Update – Enbridge Inc. – slide 19
    Q2 2020 Adjusted EBITDA ( Millions) 2Q20 2Q19 2Q20 vs. 2Q19 Mainline throughput and other light volume deliveries (Seaway/Bakken) Liquids Pipelines 1,744 1,766 Higher IJT toll & L3R Canada Surcharge, stronger U.S. dollar Texas…
  20. Q2 Financial Results and Business Update – Enbridge Inc. – slide 20
    Q2 2020 DCF per share ( Millions, except per share amounts) 2Q20 2Q19 2Q20 vs. 2Q19 Adjusted EBITDA 3,312 3,208 New assets placed into service Cash distributions in excess of equity earnings 210 189 DCP distribution cut announced in…
  21. Q2 Financial Results and Business Update – Enbridge Inc. – slide 21
    Strong Financial Position 2020 Funding Plan Complete (B) Industry Leading Credit Ratings2 1.8 - 2.3B 1.4B 2021 Prefunding Hybrid Securities Standard & Poors BBB+ Reaffirmed rating on: stable Dec 2019 4B 5.5B BBB+ Debt Maturities…
  22. Q2 Financial Results and Business Update – Enbridge Inc. – slide 22
    Re-affirming 2020 Financial Outlook 2020 Distributable Cashflow Per Share1 4.50 4.80 Tailwinds/Headwinds to Full Year Guidance Strong 1H performance 4.42 4.57 Stronger USD 4.42 Cost reductions Low interest rates 3.68 Mainline…
  23. Q2 Financial Results and Business Update – Enbridge Inc. – slide 23
    2020 Mid-year Check Point Priorities YTD Progress 1. Safety & operational reliability Strong operations; health and safety response to COVID-19 Comprehensive Gas Transmission integrity program in execution 2. Financial position…
  24. Q2 Financial Results and Business Update – Enbridge Inc. – slide 24
    Executive Leadership Changes John Whelen Matthew Akman Allen Capps Retiring - EVP & SVP, Strategy and Power SVP, Corporate Development Chief Development Officer and Energy Services 25
  25. Q2 Financial Results and Business Update – Enbridge Inc. – slide 25
    Q&A

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