Investment Proposition Strong Business Fundamentals: Strength & Stability Migrating to a Much Lower Risk Business Model Strong General Partner Stable Distributions & Prudent Growth Attractive Yield 3 3
Investment Highlights Commercially Enterprise Value - Strong Investment Grade (S&P, Moodys, DBRS) secured organic Low-risk transformative Large-Cap MLP growth underway growth underway Highlights Total Shareholder Return One of…
Strength of GP Enbridge Inc. ENB: North American leader in energy delivery Owner and operator of largest crude oil pipeline system 45 billion equity market cap Strong investment grade (A-, Baa1) Proven track record: industry…
Strategic Position Competitive Advantages Refiners Norman Wells Access to multiple crude streams Producers WCSB Access to multiple premium markets Zama Fort McMurray Flexible system Edmonton Hardisty Size and scale unmatched…
WCSB Supply Forecast vs. Pipeline Takeaway Capacity* MMb/d 9.0 Keystone XL Supply Forecast ENB Northern Gateway 8.0 TransMountain Expansion Energy East 7.0 6.0 5.0 4.0 3.0 ENB 2.0 1.0 OTHER 0.0 2014 Enbridge Forecast…
Bakken Crude Supply and Pipeline Takeaway Capacity Kbpd 2,500 Range of External Forecasts 2,000 3rd-Party Proposed 1,500 1,000 Enbridge - Sandpiper Enbridge - Bakken 500 3rd Party Pipes 0 Local Refining High Case…
Market Access Well Advanced Three major initiatives provide 1.7 MMbpd of increased market access and diversification +50 kbpd +250 kbpd +50 kbpd +250 +80 kbpd kbpd +50 kbpd Western USGC Access Eastern Access +300 Light Oil…
Project Execution 2014 In-Service Eastern Access: Ln 6B Replacement 160 miles of Line 6B replacement entered service in May Remaining 50 mile replacement entered service October 2014 2.1 billion capital Mainline Expansions Line…
Bakken Expansion Sandpiper Pipeline Hardisty Regina Gretna Montreal Clearbrook Superior Scope: 610 mile, 24/30 pipeline Capacity: 225 kbpd/375 kbpd Target in-service: 2017 Westover Marathon Funding: Sarnia 37.5% of construction…
Line 3 Replacement Increases system reliability and flexibility ENB Funded EEP/ENB Joint Funded EEP Capital Investment: border to Superior 2.6 billion capital to be joint funded with ENB Expected Completion: 2nd Half of…
Priority One Focus on Safety & Operational Reliability Operational Risk Management Program Third Party Damage Incident Response Avoidance and Capacity Detection Leak Detection Employee and Capability and Contractor Control…
Drop Downs Boost Distributable Cash Flow Initial Drop Down: 900 million drop down proposal from Enbridge 66.7% interest in the U.S. segment of Alberta Clipper pipeline (Line 67) Immediately accretive to DCF/unit 3% No public…
ENB Liquids Pipelines Drop-Down Potential: 10 Billion + Distributable Cash Examples: Capital Cost/ Pipeline System Upsize Option Book Value* Eastern Access 0.4 (2016/2017) 1.5 Mainline Expansion 0.4 (2016/2017) 1.4 Alberta…
Key Takeaways Strategic position supported by strong business fundamentals Secured Liquids projects collectively transform the Partnership to an even lower risk business model Minimal equity funding requirements Enbridge reviewing…
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