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2Q 2022 Earnings Presentation – Enbridge Inc.

Enbridge Inc. · Aug 24, 2022 · 27 slides

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Slides

  1. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 1
    Al Monaco Vern Yu President & EVP, Corporate Development & Q2 2022 Financial Results & Business Update Chief Executive Officer Chief Financial Officer
  2. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 2
    Agenda Mid-Year Priorities Check-in Business Update Financial Results & Outlook ESG Performance Accelerating Our Natural Gas Strategy 3
  3. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 3
    Enbridges Two-Pronged Strategy Global Demand & Supply Outlook1 (IEA Announced Pledges Scenario, Exajoules) STEPS2 Conventional Growth Optimize existing capacity and throughput Biofuels Expand and modernize assets NZE2 Develop export…
  4. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 4
    Mid-Year Priorities Check In Safely Running Strong safety performance across the company our systems Serving Record gas pipeline delivery days & strong renewable performance Customers Well Successful re-contracting of Alliance and…
  5. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 5
    Business Update Liquids Gas Gas Distribution Renewables Pipelines Transmission & Storage 30% of N. Americas oil 20% of natural gas consumed 2 Tcf of natural gas delivered; 2.2 GW3 renewable energy transported and exported in the…
  6. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 6
    Oil Fundamentals Improving Supply Robust N.A. refinery demand1 WCSB 93% ENB Strategy Implications utilization WCSB 40 30 3 Year Average Cushing Supports mainline utilization 20 50 3 Year Average 10 40 0 Inventories 30…
  7. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 7
    Liquids Mainline Commercial Update Mainline Negotiation Timeline Dec 2021 Mid 2022 Late 2022 Mid 2023 Late 2023 Stakeholder Consultation, Information Sharing & Shipper Negotiation Evaluate best path forward 1) Incentive Tolling…
  8. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 8
    Enbridge LNG Positioning & Strategy Growing N.A. LNG1 Exports Potential Enbridge Strategic positioning (Bcf/d) LNG Export Volumes2 (Bcf/d) Large scale integrated system 9 Bcf/d Cost competitive 30 10 Last mile demand pull…
  9. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 9
    USGC LNG Position and Strategy USGC Market Pull TETCO expansion Strong incumbent network Greenfield pipeline 1. Venice Extension1 New connections Plaquemines LNG TX Visible organic growth US0.4B TETCO expansion Reached positive…
  10. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 10
    T-North Pipeline Expansions Secured Project WCSB Supply Growth1 Low cost Montney basin provides economic supply (Bcf/d) N-4…
  11. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 11
    T-South Pipeline Expansion T-North Existing Enbridge Pipelines T-South Pipeline 300 mmcf/d expansion requirement Enbridge Compressor Station Fort Taylor STATION 2 St.John Fortis Pipeline CS-2B Chetwynd Capacity Existing long-term…
  12. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 12
    Woodfibre LNG Investment T-North N-2 N-3 Investment Overview2 Strategic Fit BC N-4 N-5 Fort Taylor 30% preferred equity interest Direct connection to STATION 2 CS-2B St.John pipeline assets McLeod Lake CS-3 Chetwynd…
  13. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 13
    Woodfibre LNG Project Overview Indigenous Engagement Overview: Extensive, meaningful consultation Liquefaction Plant with Indigenous peoples 2.1 mtpa production Unique and innovative relationship capacity with the Squamish Nation…
  14. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 14
    Woodfibre LNG Fundamentals Growing Asian LNG Demand1 Advantaged Shipping Costs2 LNG Export Breakevens3 MMtpa Delivered to Asia Breakevens (/mmbtu) 570 Estimated 600 500 50% 5-6 weeks cost range reduction in shipping 400…
  15. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 15
    Woodfibre LNG Execution Plan Construction Overview Execution Timeline Modular plant construction Squamish EA2 certificate Pre- Federal EA approval Lump sum turn-key received 2022 Provincial EA certificate EPC contract approved Key…
  16. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 16
    Low-Carbon Development Wabamun Carbon Hub 4+ MtCO2 under MOU Utility H2 and RNG Ireland Strategy & Investment Awarded further 50+ projects in UK Criteria development rights development Testing geology Walker/Comcor Germany…
  17. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 17
    Resiliency in all Market Cycles Predictable & Growing Cash Flows Pipeline-Utility Model Financial Commodity Alberta COVID 19 Crisis Price Forest Collapse Fires Contracted; 98% contracted or cost-of-service WTI Strong counter-party…
  18. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 18
    Capital Allocation Priorities Growing Free Cash Flow Balance Sheet Ratings Reaffirmed Adjusted EBITDA1 Baa1 Moodys May 4.7x Stable S&P Global BBB+ March Stable DBRS BBB High July Stable 2021 2022e on track to achieve…
  19. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 19
    Q2 Financial Results Q2 YTD ( Millions, except per share amounts) 2022 2021 2022 2021 Quarterly Drivers Liquids Pipelines 2,095 1,844 4,312 3,725 Gas Transmission & Midstream 1,084 935 2,142 1,942 Operational performance Gas…
  20. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 20
    2022 Financial Outlook EBITDA Guidance1 DCF/share Guidance1 (Billions) 5.20 5.50 Tailwinds/Headwinds to 15.0 15.6 Full-Year Guidance 4.96 14.0 Strong operating performance & system utilization Energy Services Rising interest…
  21. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 21
    Secured Capital Program Project Expected ISD Capital (B) Modernization Program 2022-2025 2.2 USD Other Expansions 2022-2025 0.5 USD Gas Transmission Venice Extension1 2023-2024 New 0.4 USD T-North Expansion 2026 New 1.2 CAD…
  22. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 22
    Visible Growth DCF/share1 3-Year Outlook 5-7% CAGR through 2024 Deploy Excess Capacity Revenue Inflators Execute Secured & Productivity Capital Program Enhancements 2021e 2024e Growth through 2024 on track (1) DCF and…
  23. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 23
    Annual Investment Capacity Opportunity Set 5-6B of Annual Investment Capacity Gas Transmission Gas Distribution up to 2.0B/year up to 1.5B/year 3-4B of ratable organic growth System modernization System modernization Capital…
  24. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 24
    ESG Leadership Environment Social Governance Goal: Lower emissions Goal: Gender diversity Goal: Board Gender intensity 35% by 2030 40% by 2025 diversity 40% by 2025 2020 Set Targets Goal: Achieve Net-zero Goal: Ethnic & Racial Goal:…
  25. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 25
    2021 ESG Performance GHG emissions over 29% -20 % 6B 27% Improvement in Methane Invested Intensity TRIF1 rate over emissions in pipeline 2018 35% three-year average 1.65 tCO2e to 1.32 tCO2e integrity in last 3 years Diversity &…
  26. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 26
    Takeaways On track to achieve 2022 financial guidance Two-pronged strategy validated Advancing North American export strategy Secured 4.5B of new projects year to date Prudent capital allocation Progressing low-carbon & ESG…
  27. 2Q 2022 Earnings Presentation – Enbridge Inc. – slide 27
    Q&A

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