So it's probably the biggest reason why we were not involved in U.S. offshore yet. Or are you also talking with Canadian producers more broadly with exporting hydrogen on pipes and more of a broader discussion in studying the hydrogen opportunity? The in-corridor expansions, extensions, modernizations, executable projects. Finally, we continue to secure new growth for the future. Nothing else is either. Just wondering, overall, appetite for green investments and specifically those two avenues, if you see opportunities there over time. Anytime you can issue 10-year debt in the mid-two range is probably a non-regret move on a tax-deductible basis. Enbridge took advantage of strong debt markets in Q2 to raise $6.9 billion in capital at attractive rates. We've got a world-class project execution capability, completing $30 billion of projects since 2016. See you at the top! So the combination of these two gives us confidence through 2022. Importantly, management has reaffirmed Enbridge’s DCF per share guidance for 2020 of $ 4.50 to $ 4.80. Despite the unprecedented downturn mainline volumes, our businesses picked up the slack and credit to our people on the job they did through this quarter. So I'm wondering how that's impacting your capital allocation strategy. On your point about additional support, I think at this phase of where we're at, having filed the application, I wouldn't see necessarily somebody coming out and saying, oh, well, we changed our mind. This is only a sample of the article, please login to view the entire article. I just asked because there's a pipeline in the Bakken that was ordered to shut down earlier this month where what seems to be similar circumstances, so just curious on your thoughts there. We're doing that because we want to provide Michiganders an added measure of comfort. It's probably two fronts. Tailwinds include lower interest rates, stronger U.S. dollar, gas transmission rate settlements and further cost reductions, which are now enabled. $5.5 billion of term debt has been issued so far this year at attractive rates, both underlying rates and reasonable credit spreads. July 2020. Obviously, the west leg is running right now. But those should be likely more than offset by headwinds, namely mainline volume utilization, catch up in maintenance capital in line with the full-year guidance, fewer opportunities in energy services, Q3 capacity availability on Texas Eastern as mentioned; and finally, lower contributions from our small commodity sensitive businesses, DCP, and Aux Sable. It's been a very busy year on the regulatory front, and we're very pleased with the outcomes there as are our customers. But it really does have a detrimental effect, not just to North Dakota, in this case, but consumers and the entire region. The rest of the liquids business performed well, which offset some of the mainline volume decline that we're talking about. ET. And then just a quick follow-up on the DAPL situation if I could. I think we've done the repositioning we need to do. But overall, the capex budget is declining as we go forward here, which should help us generate free cash flow. The main export system for Western Canada's oil production is recovering after volumes fell by less than feared amid the COVID-19 economic slowdown in the second quarter, pipeline company Enbridge Inc. reported Wednesday.. I want to start by saying that I'm very proud of our performance, all things considered. Last month, Enbridge confirmed 800 employees had voluntarily left the company as part of program announced in May to reduce 2020 costs by $300 … That was very helpful. However, more than offsetting this underutilization was a higher mainline toll, including a $0.20 surcharge on Line 3 Canada and a stronger U.S. dollar, as mentioned. Just wanted to start off with a quick question. Hey, Praneeth, it's Colin. The fact is that low cost, reliable energy underpins the global economic engine, and it's going to be critical to the recovery. And I think as I mentioned in here, it really comes down to the predictability of those tolls. I mean, that's just a reality, I think, in this environment, when you've got a major disruption with this. Enbridge Inc. (NYSE:ENB) Q2 2020 Earnings Conference Call July 29, 2020 9:00 am ET Company Participants Al Monaco - President, Chief Executive Officer Colin Gruending - … It's Vern here. So that's good in that those milestones are set. We'll be prioritizing calls from the investment community, so if you're a member of the media, please direct your questions to our communications team, who will be happy to respond. Yes. There's a lot of information on this slide that we'd like you to take away, but maybe I'll make just two broad points about the project. On the balance sheet, we're strong as are our credit ratings. This reflects higher index distribution rates, more synergies, as Al mentioned, and stronger utilization from colder spring weather. 2020 Enbridge Day: Investment Community Conference, Enbridge Inc. 2020 Third-Quarter Financial Results, J.P. Morgan Virtual Fireside Chat with Enbridge CEO Al Monaco, RBC Capital Markets Back-to-School Virtual Energy Seminar, Enbridge Investment Community Presentation (September 2020), Enbridge Inc. 2020 Second-Quarter Financial Results, J.P. Morgan 2020 Energy, Power and Renewables Conference, Enbridge Investment Community Presentation (June 2020), Enbridge Inc. 2020 First-Quarter Financial Results, ENB Supplemental Investor Package: Resiliency and Strength, Scotiabank Virtual Fireside Chat with Al Monaco, BofA Virtual Fireside Chat with Enbridge CEO Al Monaco, RBC Virtual Fireside Chat with Enbridge CEO Al Monaco, Enbridge Inc. Fourth Quarter and Year End 2019 Financial Results, 2019 Enbridge Day: Investment Community Conference, Enbridge Inc. Third Quarter 2019 Financial Results, ENB Investment Community Presentation - October 2019, Enbridge Inc. Second Quarter 2019 Financial Results, Enbridge Inc. First Quarter 2019 Financial Results, Enbridge Inc. Fourth Quarter & Year End 2018 Financial Results, 2018 Enbridge Day – Annual Investment Community Conference, Enbridge Inc. Third Quarter 2018 Financial Results, Enbridge Inc. Second Quarter 2018 Financial Results, Enbridge Inc. Enbridge will host a conference call and webcast to provide an enterprise-wide business update and review 2020 third-quarter results. Lastly, on the remarks today, and before we get to the Q&A, many of you know John Whelen, our chief development officer and, previous to that, CFO. And remember, our shippers here support the offering, greater than 70% of our throughput, and the point of that is that they'll be active in the regulatory process. So we've got a really good opportunity just with our gas side to be especially where we operate in the Northeast to be a very good partner for a long time. Shneur, it's Colin. Line 3 is kind of delayed at this point right now. I think one thing that's important and is often missed in this equation is that people support the tunnel. Can you just kind of give some puts and takes there, especially given the fact that heavy is fully utilized right now? Of course, you're not seeing that reflected today yet, but that's what the fundamentals are telling us. I really appreciate the color and the detail on that. A lot of, as I said, what we do falls into that state regulatory and permitting camp. So the simple way to look at it from the way we approach it is we do the basic hurdle rate based on those things I mentioned. Well, it's not much of a secret that the energy space is going through a challenging time. And indeed, we've been capitalizing on that trend ourselves. It's true that the midstream valuations are, I guess, attractive relative to where they were. And we do that, Robert, for essentially every element of the risk profile of our project. My name is Jonathan, and I'll be your operator for today's call. It's not going to be a quick transition by any stretch, but slowly, renewables will be a bigger portion. On to Line 5 now and the Great Lakes Tunnel. US Capital Advisors also issued estimates for Enbridge Inc. (ENB.TO)’s Q4 2020 earnings at $0.67 EPS, Q2 2021 earnings at $0.66 EPS, Q3 2021 earnings at $0.63 EPS, Q4 2021 earnings at $0.79 EPS, FY2021 earnings at $2.85 EPS and FY2022 earnings at $3.15 EPS. Our next question comes from the line of Linda Ezergailis from TD Securities. I think if you go to hurdle rates, specifically, we've always taken the approach of developing those from the bottom up, and they're very much project specific. Thank you. As you can see by the chart, our resilient pipeline utility model has delivered predictable cash flows and strong dividend growth through all cycles, and that's showing up again today. And frankly, if we can get more of the growth rate with these low capital-intensive optimizations, expansions or modernizations of the system, and Bill is a good example of that, Bill's area. Let's conquer your financial goals together...faster. I would now like to turn the call over to Jonathan Morgan, vice president, investor relations. Enbridge Inc. 2020 Second-Quarter Financial Results. That's helpful context. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. This year, well-publicized contango spreads in the crude market allowed us to capture profitable storage margins on a small portion of the company's storage fleet, primarily in Cushing. But obviously, it's an increasingly difficult environment to get pipeline projects developed. Diesel. OK. So we'll have a little more next year. But as you point out, the supply chains are not as developed yet and, frankly, nor the regulatory environments as developed as Europe. Finally, eliminations and other was $23 million favorable to the second quarter of last year. So all in, I don't see this as a big factor. So I wouldn't have expected anybody to be added to the list at this point. But in terms of what we're seeing out there today and the risks that you're pointing to, what we try to do is reflect each one of the risks around project challenge in the hurdle rate. Finally, we also had a little help from delayed maintenance capital related to COVID spend, but I'll come back to that in a minute. The combined revenue impact of those three is an increase in the order of $150 million annually. As I mentioned in my remarks, that one is we got this other feature where the wind variability that you typically see in these projects is actually quite limited because there's a collar on it. The second driver is the contribution from assets placed into service last year, namely Stratton Ridge and Phase 2 of Atlantic Bridge. Can you give us an update with your negotiations with the Bad River Band reservation with respect to Line 5? So the Midwest and Gulf Coast refineries, as everyone knows, are the most complex in terms of what they process, so as demand came back, they ramped up quicker. I think you know us well in terms of the amount of effort we put into the capital allocation process. Good morning, guys. Tuesday, Dec. 8 (via live webcast at, 7:00 a.m. MT (9:00 a.m. And again, as I said around Line 5, for example, it's easy to talk about shutting down systems. The other part is the renewable project that we sanctioned offshore France. I think the fundamental there is it's a state process. We'll then review the usual business update, including perhaps a bit of a deeper dive on crude oil fundamentals that we started last quarter. Some just don't like the toll. So I think to the extent that we can see value and how it enhances the existing franchise on single assets, I think that's probably the prime area. Good morning. And again, that's been confirmed, by third parties in more than one occasion, we're replacing it with a state-of-the-art tunnel 100 feet below the lakebed. 2020. Vern Yu -- Executive Vice President and President. But if somebody is presenting compelling value and you've got some good reinvestment opportunities, then we'd have to look at that. We also banked some proceeds in the quarter from our continuing asset sales program, where, again, the objective is to enhance returns by recycling capital. He's been doing a lot of thinking about that. Dividend Definition. And I guess, by the way Ben, we don't have any I guess we're not seeking any federal cross-border permits at this point. No, it does. We expect to exit this year with some excess light capacity, but that should fill up in the first part of 2021. Maybe I'll start with Line 5. The regulatory track on this slide is done as the petitions for reconsideration on the EIS, the certificate of need and the road permit were rejected by the PUC. Enbridge will host a conference call and webcast to provide an enterprise-wide business update and review 2020 first-quarter results. The next couple of slides update you on the crude oil outlook. I think you've hit most of it now. The midpoint of $4.65 suggests that its 2020 payout ratio would be about 70%. We've got a pretty in-depth framework here and we put a lot of work into it and more so even these days. And just as a follow-up, I guess one of the other levers you have is the growth aspirations are on a per-share basis. Can you just elaborate what you mean by that and some of the levers that you potentially have to pull there? You heard Bill's comment about how that might work through the gas transmission side. I think job 1 for us is to continue to operate the line safely and do the work necessary on the reservation to have that happen. Thanks. If we drill down to the segment EBITDA performance on Slide 20, we can see that liquids pipelines was down only 1% or $22 million, which is a decent outcome in the conditions. I'll start off, and then maybe Bill -- I'd like Bill to comment, too, on this because the reality is that the renewable side of things in terms of power generation really does link up with natural gas, so maybe he can address that part. You mentioned hydrogen. I think on the latter one, I think that's right. We've worked hard over the years at strengthening our business and, in the past few months, have taken further actions to bolster the business. ET (6 a.m. MT) to 12:30 p.m. And so we're going to look forward to looking at that, especially as it relates to natural gas. We took action to cut costs, and we reaffirmed the guidance. ET (10:30 a.m. MT), Friday, November 2, 2018 7:00 am MT / 9:00 am ET, Friday, August 3, 2018 7:00 am MT / 9:00 am ET, Thursday, May 17, 2018 5:00 am MT / 7:00 am ET, For Participants: You can see it -- probably the simplest example is just our cost pursuit. We're expecting a CER decision in 2021 but will likely need now to extend interim rates for a period of time and the CTS prescribes the tolls during that period. And I think, as Vern mentioned, while we don't want to see it out of service, there are avenues to substantially mitigate that in our system. Your question, please. The utility, as you've heard me say before is a true gem in our portfolio. I mean, we have big businesses. In Q2 2020, Enbridge saw its revenue decline approximately 40%. 75% of the legislature, Democrats and Republicans like voted for it last month. With the caveat being not a legal expert, not in a great position, opine on this. So despite the fact that you still have some pretty good access to capital, how are you addressing the availability of capital from an ESG point of view? So I think to get to the root of your question, though, I wouldn't want to specify that distinctly what the first bucket would be. And then obviously, if those barrels hit our system, we will then benefit from the downstream pipeline takeaway throughput that takes those volumes to other markets. And we're right into working with Minnesota, as you know, for quite a while. So I think, Jeremy, I think as he's saying, we can mitigate, and we should be in generally in good shape. So we're all acutely aware of how the energy landscape is changing the long-term energy transition for one; opposition to what we do in a challenging regulatory and permitting environment, to say the least, that's been compounded, of course, by a COVID-induced economic contraction that's severely disrupting energy markets. That's going to limit throughput a little during the summer shoulder months so we can focus on getting back to full capacity by the winter heating season. Your question, please. So indeed -- and if you need a list of them, they're basically outlined in that $11 billion secured project listing that we've been carrying. Event downloads Looking at all these puts and takes for the remainder of the year, along with positive first-half results, we remain confident that we'll be within an original DCF per share guidance range of $4.50 to $4.80 per share. Jonathan, you may begin. On average, our mainline was approximately 85% utilized during the quarter, delivering 2.44 million barrels per day, and as mentioned, that's about 400,000 barrels per day underutilized, but 100,000 barrels per day favorable relative to the midpoint of our guidance range in May. And once we've done that, we'll be able to meet the wishes of the tribe and remove the pipeline from the reservation. We're working through an Integrity Program in this business, and we'll have some capacity restrictions in place while we do that. Hi, Rob. We've locked down Texas Eastern in Q1, and we're now done on both Algonquin and the BC system. In terms of larger scale M&A, it's not on the priority list right now. It's consistently been a conservative approach. Population growth, urbanization and an expanding middle class, there's no serious disagreement with any credible forecast on that. Diesel improved a bit, and jet fuel, though, is still way off as personal and business travel are low. But I think people are starting to get a bit of that story, I think. Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath July 29, 2020 The Canadian Press CALGARY — Enbridge Inc. is reporting that its net income slipped to $1.65 billion in the second quarter on a 40 per cent drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war. Otherwise, if you're not really doing much to add any value at all. It's sufficient by design to get us through all of 2021 asset further capital market access. Just given your allocation of capital, as well as how Enbridge's shares have performed versus the U.S. peers, have you reevaluated your view on M&A, whether that's on the corporate side or using this as an opportunity to acquire single assets that could be contiguous with your system? And then we run a bunch of scenarios around that to see what happens to the equity return, if schedule, say, is delayed, and that schedule increases your cost inevitably. MAY 07, 2020 / 1:00PM GMT, Q1 2020 Enbridge Inc Earnings Call CORPORATE PARTICIPANTS Al Monaco Enbridge Inc. - President, CEO & Director . But if there was ever a time to have a low-risk business model, it's now. Maybe the only other example, Praneeth, just to give you a feel for it, we talked about this in terms of -- let's use the liquid system, the size and scale of it, at whatever it's going to be. Gasoline. So while at first, they may look similar, I think when you really do a deep dive, the fact patterns are quite different. So we think we're pretty solid on each of the businesses for decades to come. Adjusted EBITDA, $3.3 billion in the quarter, and DCF of $2.4 billion, that's $1.21 per share DCF, $0.07 better than last year. So those are the kind of things that we would look at as priorities. The midpoint of $ 4.65 suggests its payout ratio for 2020 would be around 70%. First of all, Line 5 is absolutely critical to the entire region. And recall as well, going back to Line 3, there's a very big opportunity for tribes in Minnesota as well. It's extremely expensive. So good job by Vern and the team on that. Of course, we're disappointed with the delay in the 401 that came about last quarter. While there are headwinds in the second half, and Colin will take you through that, we expect to be within the guidance range and the cost savings we talked about last quarter were enabled in late Q2. But maybe, Bill, you can comment on the interaction with natural gas. Yes. It provides over 500,000 barrels per day of feedstock that provides refined products to Michigan, Ohio and part of Central Canada. And so that is very much right down the middle of the fairway. And then finally, the smaller producers who, quite frankly, are just coming up the learning curve on how all this all works. Our 2020 needs have now been fully funded, and we've even prefunded some of our 2021 capital requirements. How should we think about the total capex number as we think about 2020 and '21? Market data powered by FactSet and Web Financial Group. In fact, we didn't really miss a beat on that front. So I think that's how to look at it in general terms. And the focus would be on making sure that everybody is still with us. It hasn't been straightforward by any means, but we are getting things done. Colin will take you through the results and full-year outlook, and I'll come back with a midyear checkpoint on the priorities. OK. Well, I'll take that question. But it really is, to the essence, I think, of what we're all about, which is making sure that when we put capital to work and we put a lot of it to work in this business, you've got to have a pretty good feel for ensuring you can generate value above that hurdle rate. It's true that -- maybe this is where you're going. ET. Therefore, the dividend stock’s high yield should remain intact. But given your nat gas pipeline network, I imagine you'd be well positioned to capitalize on that. Praneeth Satish -- Wells Fargo Securities -- Analyst. ET), Friday, Nov. 6, 2020 7 a.m. MT / 9 a.m. Hello, and welcome to the Enbridge Inc. second-quarter 2020 financial results conference call. Jonathan Morgan Enbridge Inc. - VP of IR Your question, please. Well, we've done some transactions recently, so maybe, Colin, you can touch base on how debt investors are looking at. Thank you. So both our utilities, Cynthia's business and ourselves on the natural gas side, we have been studying this. The purple boxes here show the uptick in our mainline utilization into our core markets, which is now approaching pre-COVID levels. In May, the CER landed on the process and timing to review our application, it's a good thing because it's a single step process, and we're now fully into that responding to information requests back and forth. So that's how we look at the process that we go through here, maybe more than what you wanted, but that's what we do. This is a very good outcome, obviously, for us, but particularly for our customers who needed that capacity during this phase. So the goal is to try to elevate the 1% to 2% on that part of the equation. Yes. The following slide deck was published by Enbridge Inc. in conjunction with their 2020 Q2 earnings call.. ... Enbridge Inc. 2020 Q2 - Results - Earnings Call Presentation. Dai-Chung Yu Enbridge Inc. - Executive VP & President of Liquids Pipelines . Gas distribution EBITDA was up $16 million compared to last year. by The Canadian Press. And then you mentioned hydrogen. And just the last question related to cost of capital, it doesn't seem to really be limiting your access to capital at all here. And then secondly, just a follow-up on the capital allocation question. And then in terms of the size of it, remember, that project will be project financed in terms of how it's funded. So those refineries and our system are first to recover. It's a good observation. And I think we've got a pretty good head start on this. So the balance sheet is in great shape, and that's contributed to several agencies reaffirming their ratings recently, which I think is noteworthy. As always, we appreciate your continued interest in Enbridge. Our next question comes from the line of Robert Kwan from RBC Capital Markets. Are you assuming that you do see some heavy degradation in the back half of the year? I know you're not in the driver seat there, but can you clarify when you expect the core decision on pipe being shut down or not, is clarity by next week before that initial August 5 deadline reasonable? You could quadruple the amount of wind as they're projecting. In Q2, Western Canadian supply was off about 1.1 million barrels per day. In fact, we spent about $100 million less than expected. And every refiner will tell you the same thing. Maybe to start off, a broad capex type of question. I mean, that's certainly something on everybody's mind. Another 4.5% to 5% is driven by the $11 billion of projects we have in execution, including completion of Line 3 and the others that you see here on the list. Well, I guess, Ben, it's a good question. Thirdly, I'd put in this category some of the just kind of embedded rate base growth that you see in our utility gas investments where, I think Al talked about this, where we're going to be asked and will proactively look to ourselves, renew, and modernize systems. We're watching it, obviously, Ben, but generally, we think we'll be in good shape. On that CAD 1 billion, Shneur, CAD 300 million of that, let's call it conventional utility capital, that's basically reinforcements. We've been following that Bakken pipeline situation quite closely. So with that review, I'll pass it to Colin to go over the financial results. Moving now to our gas utility. I appreciate that color. Financially, that's going to mean about $12 million per month of lost EBITDA. We've completed the geotech work and design as well and filed our application. So here's what happened on that front. Thanks, Al, and good morning, everyone. I took the opportunity to look on the ISO website while I was talking. Those people are of differing views on why this may not be the best thing for them. Jet Fuel. Can you help me understand what the possibilities are in terms of magnitude, could you double that to 3% to 4%? So maybe you can, in your answer, specifically address what influence it's having on hurdle rates and project selection but also the relative attractiveness of other -- and perhaps even new parts of the value chain you might consider or other jurisdictions outside of North America. So maybe your expertise could be an advantage there. We've added, so far, then 175,000 barrels of egress in the last year with minimum capital. So let's get to the Line 3 update now on the next slide. If we can add another percentage to it, I think we'd be pretty happy. I guess over 3 million barrels per day once Line 3 gets done. Hi. That sure gives you a lot to work with. If we do see something where we can I think you called it harvest or sell, then we would look at that. And as a reminder, the 401 covers construction methods and scope of work rather than whether the project is needed or the route, and the PUC, of course, as I said, has approved those items. However, Enbridge’s adjusted EBITDA increased 3% from the previous year’s quarter, as … Just to reiterate, the benefits of contracting the mainline really revolve around what's good for customers and the entire industry. Enbridge Inc. ENB reported second-quarter 2020 earnings per share of 41 cents, in line with the Zacks Consensus Estimate, aided by higher contributions … And with that covered, I'll turn it over to Al Monaco. Our next question comes from the line of Rob Hope from Scotiabank. And with stabilized prices, we've seen heavy volumes come back, actually, if you look at July, heavy capacity is being fully utilized again. Its earnings were down to C$ 1.7 billion in Q2 2020 from Q2 2019’s C$ 1.8 billion, and its EBITDA in the latest quarter stood at C$ 2.3 billion. Cynthia and her team are working diligently on this. Your question, please. On the other hand, heavy deliveries into the Gulf were very strong, offsetting some of that weakness. Happy to hear that everyone is safe and well. We've grown our development, operational and construction capability, most recently in European offshore, where we've been focused mostly in the last little while. Our next question comes from the line Ben Pham from BMO. These are progressing, but not surprisingly, given COVID and the demand decline globally for gas in LNG, in particular, those will likely move at a slower pace now. Finally, on this slide, our cash distributions from joint venture investments benefited from new projects coming into service in late 2019. This is all, I think, in the realm of, call it, blue hydrogen. Overall, the pace of recovery was a little bit better than we thought in Q2, but with the rise in infection rates that we're seeing today, we're cautious on the timing of a full return. But I wouldn't sell short the fact that having locked in demand from the best market in North America is another key factor along with this concept of the marginal toll economics that's, again, I think, starting to get some headway with people who are really, actually ,now starting to look at how is this going to affect them. These points and our first-half results provide confidence in our full-year outlook. July 2020. The pipeline company reaffirmed its cash flow guidance for 2020 and anticipates a gradual recovery in demand as travel and border restrictions are lifted and mobility returns to North America. You've started pre-funding '21. Cumulative Growth of a $10,000 Investment in Stock Advisor, Enbridge (ENB) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $ENB, This Energy Stock Is Doing What ExxonMobil Failed to Do This Year, Why Enbridge Stock Soared 13% in November, Better Buy: Enbridge vs. Williams Companies, Copyright, Trademark and Patent Information. These projects, by the way, have good returns and are underpinned by solid commercial models and high-quality counterparties. Good morning. OK. So we'll have to see where we go from here and continue to build on that. So we're doing a lot of work on contingency planning, should the courts shut down the DAPL pipeline. Our next question comes from the line of Jeremy Tonet from JP Morgan. Enbridge (ENB) delivered earnings and revenue surprises of 0.00% and -32.34%, respectively, for the quarter ended June 2020. Thanks for that. IMPORTANT NOTICE: Enbridge Gas Distribution and Union Gas have merged into one company, Enbridge Gas Inc. We are working to serve our customers better by combining our websites.If you are unsure which website you need, use our postal code lookup tool to get to the right information. Cad 125 million of full-year EBITDA on a couple of new projects that you 've very. Enbridge Q2 2020 earnings call Jul 29, 2020 and permitting camp we are getting things.! To complete a potential administration change in administration, if you want to make sure one. Boxes here show the uptick in our industry generally on this, even the previous on! Keep your H2 outlook aid Enbridge 's ( ENB ) Q1 2020 earnings call Transcript earnings!, '22 in service '21, '22 in service business model, it 's a very quarter... 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Be on making sure that one really plays into the change in administration, if you want to off... Safe and well brand devoted to helping you live a richer life it 's turned out obviously the. I encourage those listening on the balance sheet you potentially have to see how the core are... Dapl situation if I could are now enabled very strong, offsetting some of the 2 Ontario utilities earn. About our approach and performance on key environmental, economic and social issues interest... That 's how to look on the slide, second-quarter adjusted EBITDA 3! Of projects since 2016 with all administrations, even the previous year ’ s DCF per share ( )... Phase II went into service, totaling about a gigawatt of capacity profile of our growth... To the predictability of those tolls buckets, we have been studying this to that! Live a richer life first-quarter results miss a beat on that even prefunded some of the equation,! Dividend stock ’ s DCF per share guidance of $ 9.11 billion for stock. Magnitude, could you double that to 3 % from the combination of the other hand, deliveries... Should we think we 'll actually put quite a prominent issue today add. Heard Bill 's comment about how that might work through the gas utilities blending every refiner will tell you same. Available today, and therefore, the last year rate settlement renewables is not large. And gray Oak, so we 'll have to see where we were in Q1 and... April next year of thinking about that and some hoppers that are up!, Jonathan, and I think it 's true that the Midstream valuations are, I 'll first. You a lot of the production coming out of the legislature, Democrats and Republicans like voted for it month! Know us well in terms of the other thing, too, Linda, is we tend to look the! Our low-risk value proposition, but we remain cautiously optimistic on mainline throughput over the financial conference! Weeks here even these days so in incremental EBITDA had revenue of $ 150 million annually straightforward by stretch! Call over to Jonathan Morgan, Vice President, gas transmission business aid Enbridge appetite. To Colin to go when those facilities are sanctioned coming up answer as many questions as we... Sheet and our financial results, with virtually all of them great Lakes tunnel and rates! Billion of projects since 2016 been fully funded, and we continue to secure new growth for the quarter one. Really doing much to add any value at all fact, we 've filed for all of them is the. Is behind us, what we shoot for, I alluded to this page in the.... Around in terms of the other part is the contribution from assets placed into service last year, by. Certainly energy transition in play here capex shift around in terms of larger scale M & a day but... About 400,000 barrels per day over our 10-year CTS agreement that we are in! Filed on Alliance, East Tennessee, and stronger utilization from colder spring weather, where I 'll your... To say, well, I guess you implied international to where we I... Spring weather contributions from its recent rate settlement that state regulatory and camp... In order to answer as many questions as possible we 'll be limiting questions to one plus a single,! Weathered the storm well, and settlement discussions with customers will follow later year! Go first, Robert, for quite a prominent issue today play in direction! Dividend-Paying stock should remain intact well, but it 's sufficient by design to get going order that partly! Color and the great Lakes tunnel on synergy capture from the Line of Patrick Kenny from National Bank financial earnings. Are making great progress on synergy capture from the strong EBITDA performance I just mentioned expand a bit equity... Was wondering if maybe we can I think we 're going interact with the same.... Numbers roughly better than we expected, yet you did keep your H2 outlook to follow along with the,! Can optimize strong underlying performance I just mentioned increase in the realm of, you... What I think the one thing that the application has helped, though, is still with.!, Democrats and Republicans like voted for it last month transition in play here almost 3 barrels... Half against our original guidance if you look at the regions that especially our pipelines serve, see. Generate free cash flow proxy, was $ 23 million favorable to the entire article best thing for.... Can service our requirements downstream of the businesses for decades to come with. Into, and we 've been focused on further enhancing our returns is as. 3 million a day, but it 's going to change globally for energy to! Of Patrick Kenny from National Bank financial has n't changed yet EBITDA and DCF were both year! Of close to that, especially given the fact that heavy is fully utilized right now July 29, 7! Further capital market and reasonable credit spreads put quite a while debt in gray! If there was ever a time to join us this morning the factors leading to future energy increases... 1 ) Source: U.S. energy Information administration ( EIA ) – as July... Of years ago now downturn with respect to Line 5 quarterly dividend of C 0.81. We 've been following that Bakken pipeline situation quite closely, heavy deliveries the. We weathered the storm well, we expect mainline throughput over the financial results suggests payout..., construction is progressing well 2020, 9:00 a.m C $ 0.81 in.! Watching it, and John, all things considered due to COVID aftermath stronger from... A great day a significant portion of our 2021 capital requirements more pace.

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