RELIABLE ENERGY, DELIVERING VALUE.
|
|
- Tamsyn Caldwell
- 5 years ago
- Views:
Transcription
1 RELIABLE ENERGY, DELIVERING VALUE. November 2018
2 Highlights Solid performance in Third Quarter 2018 EBITDA of $113 million Solid commercial fundamentals continue to support our regionally-diverse asset portfolio Third quarter results benefited from discretionary revenues earned due to continued strong demand from shippers looking to access valuable markets Leverage decreasing as debt repayment continues Bank leverage ratio approximately 4.1X at September 30, 2018 Continued strong contracting levels Phase I of Portland XPress Project ( PXP ) in-service November 1, 2018 providing re-contracting and organic expansion Northern Border and North Baja benefiting from incremental short-term sales Seasonal and short-term sales on Great Lakes indicates shifting market fundamentals; potential for additional longer term contracting Executing regulatory strategy in response to 2018 FERC actions GTN uncontested settlement filed with FERC on October 16, 2018 Estimate of overall tax impact of FERC actions reduced to approximately negative $20 to $30 million on an annualized basis starting in 2019 Maintaining distribution of $0.65 per common unit for third quarter Preserving ongoing value and financial flexibility Financial highlights for the third quarter of 2018 (Unaudited) (Millions of dollars, except per common unit amounts) Three months ended September 30, Net income Net income attributable to controlling interests Net income per common unit basic and diluted (a) $0.79 Cash distributions paid (47) (74) Cash distribution declared per common unit $0.65 $ $0.61 Earnings before interest, taxes, depreciation and amortization (EBITDA) (b) 113 Distributable cash flow (b) 83 Weighted average common units outstanding basic and diluted (millions) (c) Common units outstanding, end of period (millions)(c) a. Net income per common unit is computed by dividing net income attributable to controlling interests, after deduction of net income attributed to PNGTS former parent and amounts attributable to the General Partner and Class B units, by the weighted average number of common units outstanding. b. EBITDA and Distributable cash flow are non-gaap financial measures. Refer to the description of these non-gaap financial measures in the section below entitled Non-GAAP Measures and the Supplemental Schedule for further detail. c. Under the ATM program, the Partnership issued 732, 973 units during the nine months ended September 30, 2018 (none during the three months ended September 30, 2018). Forward Looking Information and Non-GAAP Measures This presentation may include forward-looking statements regarding future events and the future financial performance of TC PipeLines, LP. Words such as believes, expects, intends, forecasts, projects, and similar expressions identify forward-looking statements. All forward-looking statements are based on the Partnership s current beliefs as well as assumptions made by and information currently available to the Partnership. These statements reflect the Partnership s current views with respect to future events. The Partnership assumes no obligation to update any such forward-looking statement to reflect events or circumstances occurring after the date hereof. Important factors that could cause actual results to materially differ from the Partnership s current expectations include the impact of the Tax Cuts and Jobs Act of 2017 (the Tax Act) and the FERC orders issued on March 15, 2018 and July 18, 2018 (2018 FERC Actions) on our pipelines rates and the Partnership s revenues, cash flow and cash available for distributions and debt payments and covenant compliance, ability to mitigate the impact of the Tax Act and 2018 FERC Actions, initiation of Section 5 proceedings or other acceleration of rate resets, availability of drop downs, non-renewal or replacement of expiring transportation agreements, ability to identify, negotiate and finance potential business opportunities, market conditions, and other risks inherent in an investment in us as discussed in the Partnership s filings with the Securities and Exchange Commission, including the Partnership s Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We use the non-gaap financial measures EBITDA and Distributable cash flow as a supplement to our GAAP financial statements. EBITDA is an approximate measure of our operating cash flow during the current earnings period. Distributable cash flow provides a measure of distributable cash generated during the current earnings period. These measures are performance measures presented to assist investors in the evaluation of our business performance. We believe these measures provide additional meaningful information in evaluating our financial performance and cash generating capacity. These non-gaap financial measures are provided as a supplement to GAAP financial results and are not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. The reconciliations of these measures to the most directly comparable GAAP measure, Net Income, are available on our website under the supplemental schedules published as part of our quarterly earnings releases. These measures do not have any standardized meaning prescribed by GAAP. They are, therefore, considered to be non-gaap measures and are unlikely to be comparable to similarly titled measures presented by other entities.
3 TC PipeLines, LP 2017 Distributable Cash Flow 93% Under Long-term Contracts 21% Northern Border 9% Great Lakes 26% GTN 17% Bison 8% North Baja 4% Tuscarora 5% PNGTS 10% Iroquois GTN Bison Great Lakes Tuscarora Northern Border PNGTS Iroquois North Baja Pipeline System TC PipeLines, LP Ownership (%) Bison 100 GTN 100 Great Lakes 46.4 Iroquois 49.3 North Baja 100 Northern Border 50 PNGTS 61.7 Tuscarora 100 3
4 Key Focus Areas Execute Portland XPress Project Low-cost, brownfield compression to increase capacity to about 0.3 Bcf/d Capex approximately $80 million In-service dates phased-in over 3 years beginning November 1, 2018 Successfully navigate FERC actions in response to U.S. tax reform Developing regulatory strategies on a pipe-by-pipe basis; maintaining constructive relationships with shippers while protecting long-term value for the Partnership Maximize the benefit of market opportunities Pipeline assets well situated to benefit from short-term and interruptible sales opportunities due to connectivity to low cost supply basins (WCSB and Bakken) and to key demand markets in New England, Atlantic Canada and California Continue to evaluate alternatives for our Bison pipeline Potential alternatives include repurposing or reversing the pipeline to transport growing associated gas supplies from the Bakken or low-cost gas supplies from the WCSB 4
5 Future Opportunities Strategic connections to WCSB and Bakken supply basins offer potential growth opportunities Producer demand has sparked the development of potential expansion projects on Northern Border and GTN Capture synergies with TransCanada s natural gas pipelines in Canada and with ANR in the U.S. Additional PNGTS expansion project following from TransCanada Mainline s successful North Bay open season GTN will continue to benefit from upstream debottlenecking activities enabling increased gas supplies to flow out of Canada onto the GTN system Great Lakes positioned to benefit from additional long-term contracting as TransCanada s ANR pipeline secures expansion projects Connect to areas of new demand Potential North Baja expansion project provides the Partnership with the opportunity to benefit from LNG exports Our strategy is focused on generating long-term, steady and predictable distributions to our unitholders by investing in long-life, critical infrastructure that provides reliable delivery of energy to our customers. Nathan Brown President, TC PipeLines GP, Inc. 5
6 Gas Transmission Northwest (100% TCP Ownership) GTN Tuscarora North Baja In-service Date 1961 Length 1,377 Miles Capacity 2.9 Bcf/d Primary Supply Source Kingsgate interconnect Primary Markets Served Pacific Northwest Malin interconnect Contracts, Customers, and Details Contract Profile Approx. 2.3 Bcf/d contracted for 2018 About 7 year weighted average contract length Currently, about 95% at max firm rate and 5% at negotiated rates Customer Profile Approximately 50% of the total contract portfolio is contracted by residential/commercial LDCs and power generators Approximately 35% contracted by marketers Approximately 10% contracted by industrial load Approximately 5% contracted by producers Other Details Uncontested settlement filed with FERC on October 17, 2018 Upstream debottlenecking on TransCanada s NGTL system brought an incremental 230 MMcf/d onto the GTN system in April 2018 Potential for incremental revenue generation from ambient transport opportunities, as weather effects on demand will drive basis spread between Kingsgate and Malin Recently signed 700 MMcf/d (incremental 348 MMcf/d) for in-service dates with terms of at least 15 years, about half at negotiated rates 6 Notes: All contract data subject to change based on contract additions and expirations
7 Tuscarora Gas Pipeline Company (100% TCP Ownership) GTN Tuscarora North Baja In-service Date 1995 Length 305 Miles Capacity 230 MMcf/d Primary Supply Source Malin interconnect Primary Markets Served Northeast California Northwest Nevada Contracts, Customers, and Details Contract Profile Approximately fully contracted through 2020 Approximately 4 year weighted average contract length 100% at max firm rate Customer Profile Approximately 90% of the total contract portfolio is contracted by residential/commercial LDCs and power generators Approximately 10% contracted by industrial load and marketers Other Details Serves a stable market Notes: All contract data subject to change based on contract additions and expirations 7
8 Northern Border Pipeline Company (50% TCP Ownership) In-service Date 1982 Bison U.S. Rockies Bakken Northern Border Length 1,412 Miles Capacity 2.5 Bcf/d Primary Supply Source Monchy (Port of Morgan) interconnect Williston, Bakken, Powder River basins Primary Markets Served Ventura interconnect Chicago Citygates Contracts, Customers, and Details Contract Profile Fully contracted for 2018 and substantially contracted to 2020 About 95% firm service Approximately 3.5 year weighted average contract length, generally with 5 year ROFRs About 90% at max firm rate and 10% at negotiated rates Customer Profile Approximately 65% of the total contract portfolio is contracted by marketers Approximately 25% contracted by utilities and industrial load Approximately 10% contracted by producers Other Details WCSB production competes for pipeline capacity with the Bakken basin currently flowing about 1.1 Bcf/d of Bakken receipts Operationally available maintenance capacity (230 MMcf/d) offered through open seasons Potential for incremental revenue generation from ambient transport opportunities as weather effects on demand will drive basis spread between Port of Morgan, Ventura, and Chicago Citygates 8 Notes: All contract data subject to change based on contract additions and expirations
9 Great Lakes Gas Transmission (46.4% TCP Ownership) In-service Date 1967 Great Lakes Length 2,115 Miles Capacity 2.4 Bcf/d Primary Supply Source Emerson 2 interconnect Primary Markets Served Union Dawn interconnect Minnesota, Wisconsin, and Michigan Storage Facilities Contracts, Customers, and Details Contract Profile Highly contracted for 2018 Approximately 4 year weighted average contract length 75% at max firm rate and 25% at negotiated rates Customer Profile Approximately 90% of the total contract portfolio is contracted by transportation by others with affiliates and residential/commercial LDCs Approximately 10% contracted by marketers, producers, and industrial load Other Details Mix of shorter-term, short-haul contracts with long-term contracts including 10 year TransCanada Mainline agreement for 711 Mmcf/d (TBO for TransCanada s Long Term Fixed Price offering) Gas storage interconnections with total regional storage capacity of roughly 650 Bcf drives most demand in summer seasons Significant backhaul capabilities Multiple ANR interconnects; provides an essential link between WCSB gas and U.S. markets Notes: All contract data subject to change based on contract additions and expirations 9
10 Iroquois Gas Transmission System (49.3% TCP Ownership) In-service Date 1992 Iroquois Length 416 Miles Capacity 1.5 Bcf/d Primary Supply Source Iroquois/Waddington interconnect Primary Markets Served Iroquois Zone 2 interconnect New York/Long Island, and Connecticut Contracts, Customers, and Details Contract Profile Highly contracted for 2018 Approximately 3 year weighted average contract length About 60% at max firm rate and 40% at negotiated rates Customer Profile Approximately 70% of the total contract portfolio is contracted by residential/commercial LDCs and power generators Approximately 20% contracted by marketers Approximately 10% contracted by producers and industrial load Other Details Made a filing on October 12, 2018 with FERC requesting a waiver of its requirement to file Form 501-G based on its existing moratorium precluding rate changes prior to September 2020 Discretionary transportation opportunities can generate incremental revenue (short-term firm and interruptible transportation) Approximately 10% of revenues are from discretionary services Steel in the ground advantage 10 Notes: All contract data subject to change based on contract additions and expirations
11 Portland Natural Gas Transmission System (61.7% TCP Ownership) In-service Date 1999 Length 295 Miles PNGTS Capacity 250 MMcf/d Primary Supply Source East Hereford interconnect Primary Markets Served Dracut interconnect New England, Vermont, and New Hampshire Contracts, Customers, and Details Contract Profile Highly contracted for 2018 Currently approximately 6.5 year weighted average contract length, trending to longer average term when Portland XPress contracts come into service Currently about 75% at max firm rate and 25% at negotiated rates, trending to 100% negotiated rates Customer Profile 50% of the total contract portfolio is contracted by residential/commercial LDCs and power generators 45% contracted by marketers 5% contracted by industrial load Other Details Filed Form 501-G with FERC on October 11, 2018 and explained why no further action was required Continent-to-coast commitments commenced December 1, 2017 maturing in 2032; all negotiated contracts Portland XPress capacity expansion (~70 MMcf/d) in-service dates will be phased in over three years commencing November 1, 2018; 100% negotiated rates 107 miles of PNGTS is jointly owned with MN&E extending south to Dracut interconnect Steel in the ground advantage in Northeast US; also serves Atlantic Canada s gas needs Notes: All contract data subject to change based on contract additions and expirations 11
12 Bison Pipeline (100% TCP Ownership) In-service Date 2011 Bison U.S. Rockies Bakken Northern Border Length 303 Miles Capacity 407 MMcf/d Primary Supply Source Powder River Basin - Wyoming Primary Markets Served Ventura interconnect - via NBPL Chicago Citygates - via NBPL Contracts, Customers, and Details Contract Profile Highly contracted for 2018 Contracted until January % at negotiated rates Customer Profile 4 credit-worthy shippers with active contracts Other Details Natural gas is currently not flowing on this pipeline in response to relative cost advantages in the WCSB and Bakken basins Revenues are fully contracted on a take or pay basis through January of 2021 Business development activities underway to determine the best use for Bison in future, including if the asset can be reversed, re-directed or re-purposed Filed Form 501-G with FERC on November 8, 2018 and explained why no further action was required 12 Notes: All contract data subject to change based on contract additions and expirations
13 North Baja Pipeline (100% TCP Ownership) GTN Tuscarora North Baja In-service Date 2002 Length 86 Miles Capacity 600 MMcf/d North 500 MMcf/d South Primary Supply Source El Paso Pipeline interconnect Gasoducto pipeline interconnect Primary Markets Served Southwest California - SoCal LDC Contracts, Customers, and Details Contract Profile Highly contracted for 2018 About 8.5 year weighted average contract length About 90% at negotiated rates and 10% at max firm rates Customer Profile Approximately 75% of the total contract portfolio is contracted by marketers Approximately 20% contracted by industrial load Approximately 5% contracted by utilities Other Details Filed Form 501-G with FERC on October 11, 2018 and elected to make a limited Section 4 filing to reduce recourse rates and eliminate deferred income tax balances; less than 20 percent of North Baja s contracts will be impacted as majority of contracts are negotiated rate contracts Opportunities to capture incremental revenue generation as make-up transportation is required in the region Sources supply from U.S. basins and Mexican LNG imports Notes: All contract data subject to change based on contract additions and expirations 13
14 MLP of TransCanada Corporation (TSX, NYSE:TRP) CANADA UNITED STATES Natural Gas Pipeline Liquids Pipeline In Development/Construction MEXICO Power Generation Natural Gas Storage Liquids Tank Terminal One of North America s largest natural gas pipeline networks 57,100 miles of pipeline 653 Bcf of storage capacity Transports approximately 25% of North America s natural gas demand 60 year history of safe, reliable operatorship Premier liquids pipeline system 3,000 miles of pipeline Transports approximately 20% of Western Canadian exports One of the largest private sector power generators in Canada 11 power plants, 6,600 MW Enterprise value ~ C$100 billion 14
15 TC PipeLines, LP Key Takeaways WORKING TO MAXIMIZE THE LONG-TERM VALUE OF OUR ASSETS AND GENERATE STABLE, PREDICTABLE RESULTS Critical Energy Infrastructure Assets Generate Strong Cash Flows Current distributions stable due to our geographically diverse portfolio of assets substantially backed by long-term, ship-or-pay contracts with creditworthy shippers Strong competitive position Healthy Financial Position Maximizes Value Over the Long Term Leverage ratio targeted in the low 4.0 times range Distribution coverage ratio trending to approximately 1.5 times Investment-grade MLP with low IDRs No plans to access equity capital markets Executing strategies to mitigate effects of FERC pronouncements without a corporate restructuring Organic Growth Opportunities Past dropdowns from TransCanada provide steel-in-the-ground advantage in critical markets and serve as a strong platform for future growth Assets highly connected to TransCanada s asset portfolio and benefit from TransCanada projects up and downstream Working to secure the next wave of growth opportunities by developing compression-only projects on PNGTS and North Baja, with larger projects being explored on other assets such as GTN and Northern Border in response to shipper demand Low-risk, value-creating projects supported by long-term contracts Disciplined approach to growth, with near-term opportunities sized and sequenced to meet goal to self-fund 15
16 TC PipeLines, LP Supplemental Schedule Non-GAAP Measures Reconciliations of Net income to Distributable Cash Flow (Unaudited) (Millions of dollars) Three months ended September 30, Nine months ended September 30, Net income Add: Interest expense (a) Depreciation and amortization Income taxes EBITDA Add: Distributions from equity investments (b) Northern Border Great Lakes Iroquois (c) Less: Equity earnings: Northern Border (16) (16) (49) (50) Great Lakes (9) (2) (45) (24) Iroquois (9) (9) (35) (13) Less: (34) (27) (129) (87) Interest expense (a) (23) (23) (71) (60) Income taxes - - (1) (1) Distributions to non-controlling interests (d) (3) (2) (12) (10) Distributions to TransCanada as PNGTS former parent (e) (1) Maintenance capital expenditures (f) (11) (9) (21) (26) (37) (34) (105) (98) Total Distributable Cash Flow General Partner distributions declared (g) (1) (5) (7) (13) Distributions allocable to Class B units (h) (4) (8) (4) (8) Distributable Cash Flow a. Interest expense as presented includes net realized loss related to the interest rate swaps and amortization of realized loss on PNGTS derivative instruments. b. Amounts are calculated in accordance with the cash distribution policies of each of our equity investments. Distributions from our equity investments represent our respective share of these entities quarterly distributable cash during the current reporting period. c. This amount represents our proportional percent share of the distribution declared by our equity investee Iroquois during the current reporting period and includes our percent share of the Iroquois unrestricted cash distribution amounting to approximately $2.6 million and $7.8 million, repsectively, for the three and nine months ended September 30, 2018 ( $2.6 million and $5.2 million). d. Distributions to non-controlling interests represent the respective share of our consolidated entities distributable cash not owned by us during the periods presented. e. Distributions to TransCanada as PNGTS former parent represent TransCanada s respective share of PNGTS distributable cash not owned by us during the periods presented. f. The Partnership s maintenance capital expenditures include cash expenditures made to maintain, over the long term, the operating capacity, system integrity and reliability of our pipeline assets. This amount represents the Partnership s and its consolidated subsidiaries maintenance capital expenditures and does not include the Partnership s share of maintenance capital expenditures for our equity investments. Such amounts are reflected in Distributions from equity investments as those amounts are withheld by those entities from their quarterly distributable cash. g. Distributions declared to the General Partner for the three and nine months ended September 30, 2018 did not warrant or include any incentive distributions (2017 $3 million and $5 million). h. During the nine months ended September 30, 2018, $4 million was allocated to the Class B units as the annual threshold, adjusted for the Class B reduction, was exceeded ( $8 million and the Class B reduction was not required). For Information: investor_relations@tcpipelineslp.com NYSE: TCP Rhonda Amundson rhonda_amundson@transcanada.com
RELIABLE ENERGY, DELIVERING VALUE.
RELIABLE ENERGY, DELIVERING VALUE. May 2018 Highlights Solid performance in First Quarter 2018 Record EBITDA of $150 million Assets well positioned to benefit from weather-driven demand Strong demand from
More informationRELIABLE ENERGY, DELIVERING VALUE.
RELIABLE ENERGY, DELIVERING VALUE. September 2018 Highlights Solid performance in Second Quarter 2018 EBITDA of $124 million Assets well positioned to benefit from weatherdriven demand Strong demand from
More informationThird Quarter 2018 Conference Call November 9, 2018
Third Quarter 2018 Conference Call November 9, 2018 TC PipeLines, LP Third Quarter 2018 Conference Call Nathan Brown, President Janine Watson, VP and General Manager Chuck Morris, Principal Financial Officer
More informationSecond Quarter 2018 Conference Call. August 2, 2018
Second Quarter 2018 Conference Call August 2, 2018 TC PipeLines, LP Second Quarter 2018 Conference Call Nathan Brown, President Janine Watson, VP and General Manager Chuck Morris, Principal Financial Officer
More informationPartnership Profile. December 2017
Partnership Profile December 2017 Forward-Looking Information and Non-GAAP Measures This presentation may contain forward-looking statements within the meaning of securities laws. Forward-looking statements
More informationPartnership Profile. June 2017
Partnership Profile June 2017 Forward-Looking Information and Non-GAAP Measures This presentation may contain forward-looking statements within the meaning of securities laws. Forward-looking statements
More informationPartnership Profile. February 2018
Partnership Profile February 2018 Forward-Looking Information and Non-GAAP Measures This presentation may contain forward-looking statements within the meaning of securities laws. Forward-looking statements
More informationTC PipeLines, LP Annual Report 2017 ANNUAL REPORT 2017
ANNUAL REPORT 2017 FINANCIAL HIGHLIGHTS CASH DISTRIBUTIONS 116% Growth in Annual Cash Distribution Paid per Common Unit Since Inception 2017 DISTRIBUTABLE CASH FLOW $3.88 10% Iroquois 5% PNGTS 26% GTN
More information23% Northern Border. 8% Great Lakes. 4% Tuscarora. Year Ended December (2) 2012 (2) (millions of dollars, except unit amounts)
Annual Report 2016 FINANCIAL HIGHLIGHTS CASH DISTRIBUTIONS 103% Growth in Annual Cash Distribution Paid per Common Unit Since Inception 2016 DISTRIBUTABLE CASH FLOW $3.66 6% PNGTS 23% Northern Border 35%
More informationST ABILITY & & RELIABILITY
STABILITY & RELIABILITY 2015 Annual Report HIGHLIGHTS CASH DISTRIBUTIONS 92% Growth in Annual Cash Distribution Paid per Common Unit Since Inception 3.46 2015 DISTRIBUTABLE CASH FLOW 9% 5% 11% 32% 18%
More informationTC PipeLines, LP Announces Fourth Quarter 2013 Financial Results
NewsRelease TC PipeLines, LP Announces Fourth Quarter 2013 Financial Results HOUSTON, Texas February 7, 2014 TC PipeLines, LP (NYSE: TCP) (the Partnership) today reported fourth quarter 2013 Partnership
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationTC PipeLines, LP (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationTC PipeLines, LP (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationTC PipeLines, LP Reports 2009 First Quarter Results
NewsRelease TC PipeLines, LP Reports 2009 First Quarter Results CALGARY, Alberta April 30, 2009 (Nasdaq: TCLP) TC PipeLines, LP (the Partnership or PipeLP) today reported first quarter 2009 net income
More informationFourth Quarter 2018 Conference Call February 14, 2019
Fourth Quarter 2018 Conference Call February 14, 2019 Forward Looking Information and Non GAAP Measures This presentation includes certain forward looking information, including future oriented financial
More informationManagement s discussion and analysis
Management s discussion and analysis February 12, 2015 This management s discussion and analysis (MD&A) contains information to help the reader make investment decisions about TransCanada PipeLines Limited.
More informationJ.P. Morgan Energy Equity Conference. June 26, 2017 Don Marchand Executive Vice-President & Chief Financial Officer
J.P. Morgan Energy Equity Conference June 26, 2017 Don Marchand Executive Vice-President & Chief Financial Officer Forward Looking Information and Non-GAAP Measures This presentation includes certain forward
More informationTC PipeLines, LP (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationNewsRelease. TC PipeLines, LP Reports First Quarter 2010 Results
NewsRelease TC PipeLines, LP Reports First Quarter 2010 Results HOUSTON, Texas April 28, 2010 (NASDAQ: TCLP) TC PipeLines, LP (the Partnership) today reported a $3.5 million increase in first quarter 2010
More informationTABLE OF CONTENTS TRANSCANADA OVERVIEW
6 MANAGEMENT S DISCUSSION AND ANALYSIS TABLE OF CONTENTS TRANSCANADA OVERVIEW 7 TRANSCANADA S STRATEGY 10 CONSOLIDATED FINANCIAL REVIEW 12 Selected Three-Year Consolidated Financial Data 12 Highlights
More informationCorporate Presentation. July 2015
Corporate Presentation July 2015 Forward-Looking and Non-GAAP Information Advisory Certain information contained in this presentation constitutes forward-looking information under applicable Canadian securities
More informationTC PipeLines, L.P. (TCP-NYSE)
February 16, 2015 TC PipeLines, L.P. (TCP-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 09/23/2014 Current Price (02/13/15) $68.99 Target Price $72.00 SUMMARY
More informationTD Securities Calgary Energy Conference. July 7, 2015 Don Marchand, Executive VP & CFO
TD Securities Calgary Energy Conference July 7, 2015 Don Marchand, Executive VP & CFO Forward Looking Information and Non-GAAP Measures This presentation includes certain forward looking information to
More informationCOMPARABLE EARNINGS PER COMMON SHARE 1 (dollars) COMPARABLE EARNINGS 1. (millions of dollars) 1,715 1,755 2,108 2,690
ANNUAL REPORT 2018 Financial Highlights NET INCOME/(LOSS) PER COMMON SHARE (dollars) COMPARABLE EARNINGS PER COMMON SHARE 1 (dollars) DIVIDENDS DECLARED PER COMMON SHARE (dollars) 2014 2.46 2014 2.42 2014
More informationQuarterlyReport to Shareholders
QuarterlyReport to Shareholders TransCanada Reports Strong Second Quarter 2017 Financial Results Performance Highlights Diversified, Low Risk Business Strategy CALGARY, Alberta July 28, 2017 TransCanada
More informationFourth Quarter 2014 Conference Call. February 13, 2015
Fourth Quarter 2014 Conference Call February 13, 2015 Forward Looking Information and Non-GAAP Measures This presentation includes certain forward looking information to help current and potential investors
More informationManagement s Discussion and Analysis and Audited Consolidated Financial Statements. TransCanada PipeLines Limited
2008 Management s Discussion and Analysis and Audited Consolidated Financial Statements TransCanada PipeLines Limited executive officers PIPELINES Natural Gas Pipelines 1 2 3 4 5 6 7 8 9 10 11 12 13 14
More informationQuarterly Report to Shareholders
TRANSCANADA PIPELINES LIMITED THIRD QUARTER 2012 Quarterly Report to Shareholders Management's Discussion and Analysis This Management's Discussion and Analysis (MD&A) dated October 29, 2012 should be
More informationPerspectives on North American Pipeline Infrastructure Opportunities
Perspectives on North American Pipeline Infrastructure Opportunities IPLOCA September 2009 Don Wishart, EVP Operations & Major Projects TransCanada Corporation Forward-Looking Information This presentation
More informationINVESTOR PRESENTATION MAY 2018
INVESTOR PRESENTATION MAY 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning of
More informationWilliams and Williams Partners Fourth Quarter 2017 Earnings Call
WE MAKE ENERGY HAPPEN Williams and Williams Partners Fourth Quarter 2017 Earnings Call February 15, 2018 NYSE: WMB NYSE: WPZ williams.com Atlantic Sunrise Expansion Project FOURTH QUARTER 2017 EARNINGS
More informationCONSOLIDATED FINANCIAL REVIEW
The Management s Discussion and Analysis dated February 24, 2004 should be read in conjunction with the audited Consolidated Financial Statements of TransCanada PipeLines Limited (TCPL or the company)
More informationForward Looking Information and Non-GAAP Measures
Forward Looking Information and Non-GAAP Measures This presentation includes certain forward looking information, including future oriented financial information or financial outlook, which is intended
More informationINVESTOR PRESENTATION JANUARY 2018
INVESTOR PRESENTATION JANUARY 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning
More informationCIBC 2018 Whistler Institutional Investor Conference January 25, Russ Girling, President & CEO
CIBC 2018 Whistler Institutional Investor Conference January 25, 2018 Russ Girling, President & CEO Forward Looking Information and Non-GAAP Measures This presentation includes certain forward looking
More informationCrestwood Announces First Quarter 2018 Financial and Operating Results
NEWS RELEASE Crestwood Announces First Quarter 2018 Financial and Operating Results 5/1/2018 Adjusted EBITDA increased 12% year-over-year driven by a 23% increase in G&P segment EBITDA Increased year-over-year
More informationInvestor Presentation: May 2016
Investor Presentation: May 2016 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward looking statements within the meaning of
More informationPeters & Co. 22 nd Annual Energy Conference. September 12, 2018 Karl Johannson, President, Canada and Mexico Natural Gas Pipelines and Energy
Peters & Co. 22 nd Annual Energy Conference September 12, 2018 Karl Johannson, President, Canada and Mexico Natural Gas Pipelines and Energy Forward Looking Information and Non-GAAP Measures This presentation
More informationINVESTOR PRESENTATION DECEMBER 2018
INVESTOR PRESENTATION DECEMBER 2018 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward-looking statements within the meaning
More informationQuarterlyReport to Shareholders
QuarterlyReport to Shareholders TransCanada Reports Solid Third Quarter 2017 Financial Results Diversified, Low-Risk Business Strategy Continues to Drive Performance CALGARY, Alberta November 9, 2017 TransCanada
More informationFirst Quarter 2018 Conference Call. April 27, 2018
First Quarter 2018 Conference Call April 27, 2018 Forward Looking Information and Non-GAAP Measures This presentation includes certain forward looking information, including future oriented financial information
More informationInvestor Presentation: UBS MLP Conference January 2016
Investor Presentation: UBS MLP Conference January 2016 Safe Harbor Disclosure Statement Statements made during the course of this presentation that are not historical facts are forward looking statements
More informationfocus discipline RESULTS 2002 ANNUAL REPORT
focus discipline RESULTS 2002 ANNUAL REPORT TC PipeLines, LP is a United States limited partnership that offers investors stable cash flow and growth prospects through participation in the natural gas
More informationDeutsche Bank 2008 Energy & Utilities Conference. Fred Fowler President and CEO
Deutsche Bank 2008 Energy & Utilities Conference Fred Fowler President and CEO May 28-29, 2008 Safe Harbor Statement Some of the statements in this document concerning future company performance will be
More informationInvestor Overview November 2016
Investor Overview November 2016 1 About This Presentation This presentation contains certain forward-looking statements that management believes to be reasonable as of today s date only. Actual results
More informationJames C. Yardley. President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference
James C. Yardley President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference January 17, 2008 Forward Looking Statements This release includes forward-looking statements
More informationSpectra Energy Western Canada Transmission and Processing A Western Canadian Growth Story
Spectra Energy Western Canada Transmission and Processing A Western Canadian Growth Story April 6, 2009 Douglas P. Bloom President, Spectra Energy Transmission - West Contents Western Canada Operations:
More informationSpectra Energy Partners: Moving Ahead, Building Value. June 26-27, 2013 New York, New York
Credit Suisse MLP and Energy Logistics Conference Spectra Energy Partners: Moving Ahead, Building Value June 26-27, 2013 New York, New York Safe Harbor Statement Some of the statements in this document
More informationUnderstanding North Dakota s Natural Gas Production and Midstream Infrastructure
Understanding North Dakota s Natural Gas Production and Midstream Infrastructure Justin J Kringstad Geological Engineer Director North Dakota Pipeline Authority May 24, 2016 28 Rigs and 690 NC Wells: May
More informationWachovia Pipeline and MLP Symposium. John Arensdorf Chief Communications Officer
Wachovia Pipeline and MLP Symposium John Arensdorf Chief Communications Officer December 10, 2008 Safe Harbor Statement Some of the statements in this document concerning future company performance will
More informationANNUAL REPORT THE VALUEof ENERGY
ANNUAL REPORT 2001 THE VALUEof ENERGY FINANCIAL HIGHLIGHTS Year ended Year ended May 28 1 December 31 December 31 December 31 (thousands of dollars, except per unit amounts) 2001 2000 1999 Income Statement
More informationTC PipeLines, LP Announces 2004 Third Quarter Results
Media Inquiries: Hejdi Feick/Kurt Kadatz (403) 590-7859 (800) 608-7859 Unitholder and Analyst Inquiries: David Moneta/Debbie Stein (877) 290-2772 NewsRelease TC PipeLines, LP Announces 2004 Third Quarter
More informationALLIANCE PIPELINE LIMITED PARTNERSHIP
ALLIANCE PIPELINE LIMITED PARTNERSHIP Managment's Discussion and Analysis Operating and Financial Highlights Three Months Ended Nine Months Ended September 30 2017 2016 2017 2016 ($ millions, except where
More informationWilliams and Williams Partners 2 nd Quarter Earnings Call August 2, 2018
WE MAKE ENERGY HAPPEN NYSE: WMB NYSE: WPZ williams.com Williams and Williams Partners 2 nd Quarter Earnings Call August 2, 2018 ATLANTIC SUNRISE CONSTRUCTION Transco Pipeline, Pennsylvania ATLANTIC SUNRISE
More informationInvestor Presentation. January 4, 2017
Investor Presentation January 4, 2017 Forward-Looking Statements Cautionary Statement Regardng Forward-Looking Statements This presentation contains or incorporates by reference forward-looking statements
More informationRBC Capital Markets MLP Conference
RBC Capital Markets MLP Conference November 18, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationF O U R T H - Q U A R T E R A N D F U L L - YEAR R E S U LT S. F e b. 2 6, 2018
F O U R T H - Q U A R T E R A N D F U L L - YEAR 2 0 1 7 R E S U LT S F e b. 2 6, 2018 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations
More informationRENEWAL ANNUAL INFORMATION FORM
TRANSCANADA PIPELINES LIMITED RENEWAL ANNUAL INFORMATION FORM for the year ended December 31, 2002 February 25, 2003 TABLE OF CONTENTS Page Page TABLE OF CONTENTS... i Power... 11 Date of Information...
More informationEL PASO PIPELINE PARTNERS REPORTS QUARTERLY DISTRIBUTION OF $0.65 PER UNIT
EL PASO PIPELINE PARTNERS REPORTS QUARTERLY DISTRIBUTION OF $0.65 PER UNIT Distribution Up 5 Percent Versus First Quarter 2013 HOUSTON, April 16, 2014 El Paso Pipeline Partners, L.P. (NYSE: EPB) today
More informationF O U R T H - Q U A R T E R A N D F U L L - YEAR R E S U LT S F E B. 2 5,
F O U R T H - Q U A R T E R A N D F U L L - YEAR 2 0 1 8 R E S U LT S F E B. 2 5, 2 0 1 9 FORWARD-LOOKING STATEMENTS Statements contained in this presentation that include company expectations or predictions
More informationFORM 10-K. El Paso Pipeline Partners, L.P. - EPB. Filed: March 02, 2009 (period: December 31, 2008)
FORM 10-K El Paso Pipeline Partners, L.P. - EPB Filed: March 02, 2009 (period: December 31, 2008) Annual report which provides a comprehensive overview of the company for the past year 10-K - FORM 10-K
More informationCreating Superior Value Go for Extraordinary
Creating Superior Value Go for Extraordinary Mizuho Energy Summit April 9-10, 2018 Forward Looking Statements This presentation (and oral statements made regarding the subjects of this presentation) includes
More informationQuarterly Report to Shareholders
Quarterly Report to Shareholders TransCanada Reports Record Third Quarter Financial Results Funding Complete for 2018 Capital Program CALGARY, Alberta November 1, 2018 TransCanada Corporation (TSX, NYSE:
More informationUBS MLP One-on-One Conference
UBS MLP One-on-One Conference January 12-13 Park City, UT Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A
More informationBuckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company April 23, 2009
Buckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company April 23, 2009 1 Buckeye Partners, L.P. Buckeye GP Holdings L.P. Forward Looking Statement Certain statements contained
More informationQuarterly Report. Management's Discussion and Analysis. Results of Operations TRANSCANADA PIPELINES LIMITED FIRST QUARTER 2005
TRANSCANADA PIPELINES LIMITED FIRST QUARTER 2005 Quarterly Report Management's Discussion and Analysis Management s discussion and analysis (MD&A) dated April 29, 2005 should be read in conjunction with
More informationEL PASO PIPELINE PARTNERS REPORTS QUARTERLY DISTRIBUTION OF $0.65 PER UNIT
EL PASO PIPELINE PARTNERS REPORTS QUARTERLY DISTRIBUTION OF $0.65 PER UNIT Distribution Up 7 Percent From Fourth Quarter 2012 HOUSTON, Jan. 15, 2014 El Paso Pipeline Partners, L.P. (NYSE: EPB) today reported
More information2/11/2014. A Leading North American Energy Infrastructure Company. $38 billion of Commercially-Secured Projects. In-Service by 2015
Buffalo Cleveland Oil Sands Seminars February 2014 Peter Jaskoski, Stakeholder Relations Forward-Looking Information and Non-GAAP Measures This presentation includes certain forward looking information
More informationGoldman Sachs Power, Utilities, MLP & Pipeline Conference. August 11, 2015 Strong. Innovative. Growing.
Goldman Sachs Power, Utilities, MLP & Pipeline Conference August 11, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationWest Coast Seminar. Max Myers Managing Director, Finance and Business Development December 10, West Coast Seminar 1
Max Myers Managing Director, Finance and Business Development December 10, 2008 1 (A2, BBB+, AA-) Largest electric utility in Oklahoma Over 768,000 customers Rates 28% below the national average Partner
More informationWilliams and Williams Partners Fourth Quarter Earnings Call
Williams and Williams Partners Fourth Quarter Earnings Call February 16, 2017 2016 Review and Recent Accomplishments > Strong operating and financial performance; Cash Flow from Operations up significantly,
More informationInvestor Presentation. Third Quarter 2015
Investor Presentation Third Quarter 2015 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities
More informationThird Quarter 2018 Conference Call November 1, 2018
Third Quarter 2018 Conference Call November 1, 2018 Forward Looking Information and Non GAAP Measures This presentation includes certain forward looking information, including future oriented financial
More informationTransCanada Investor Day November 13, 2018
TransCanada Investor Day November 13, 2018 Forward Looking Information and Non GAAP Measures This presentation includes certain forward looking information, including future oriented financial information
More informationWilliams and Williams Partners Third Quarter Earnings Call
WE MAKE ENERGY HAPPEN Williams and Williams Partners Third Quarter Earnings Call November 2, 2017 NYSE: WMB NYSE: WPZ williams.com Atlantic Sunrise Pipe Yard 3Q 2016 3Q 2017 THIRD QUARTER EARNINGS CALL
More informationBuckeye Partners, L.P. Wachovia Pipeline and MLP Symposium - December 2008
Buckeye Partners, L.P. Wachovia Pipeline and MLP Symposium - December 2008 1 Buckeye Partners, L.P. Forward Looking Statement Certain statements contained in this presentation or made by representatives
More informationBuckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company Annual LP Conference April 21, 2010
Buckeye GP Holdings L.P. (NYSE: BGH) Buckeye Partners, L.P. (NYSE: BPL) Kelso & Company Annual LP Conference April 21, 2010 Forward Looking Statement Certain statements contained in this presentation or
More informationDoug Foshee. Bank of America Investment Conference September 19, President & Chief Executive Officer
Doug Foshee President & Chief Executive Officer Bank of America Investment Conference September 19, 2006 the place to work the neighbor to have the company to own Cautionary Statement Regarding Forward-looking
More informationQuarterly Report to Shareholders
TRANSCANADA PIPELINES LIMITED FIRST QUARTER 2011 Quarterly Report to Shareholders Management's Discussion and Analysis Management's Discussion and Analysis (MD&A) dated April 28, 2011 should be read in
More informationRenee Zemljak Executive Vice-President, Midstream, Marketing & Fundamentals. Natural Gas Fundamentals
Renee Zemljak Executive Vice-President, Midstream, Marketing & Fundamentals Natural Gas Fundamentals The New Encana: the clear energy choice Calgary March 16, 2010 New York March 18, 2010 North American
More informationEl Paso Pipeline Partners, L.P. (Exact Name of Registrant as Specified in Its Charter)
(Mark One) R UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended
More informationFirst Quarter 2016 Conference Call. April 29, 2016
First Quarter 2016 Conference Call April 29, 2016 Forward Looking Information This presentation includes forward-looking information and forward-looking statements (collectively, forward-looking information
More informationInvestor Relations Presentation
Investor Relations Presentation EQT Midstream Partners-EQT GP Holdings June 2017 1 Cautionary Statements Disclosures in this presentation contain certain forward-looking statements. Statements that do
More informationSimplification Overview and
Simplification Overview and Q1 Presentation 2015 Financial Title & Operating Results Presentation Subtitle 5/5/2015 May 6, 2015 Crestwood Midstream Partners LP Crestwood Equity Partners LP Forward-Looking
More informationCasper Terminal Acquisition
Casper Terminal Acquisition October 2015 Cautionary Statements This presentation may contain forward-looking statements within the meaning of U.S. federal securities laws, including statements related
More informationEL PASO PIPELINE PARTNERS INCREASES QUARTERLY DISTRIBUTION TO $0.63 PER UNIT
EL PASO PIPELINE PARTNERS INCREASES QUARTERLY DISTRIBUTION TO $0.63 PER UNIT Distribution Up 15 Percent From Second Quarter 2012 HOUSTON, July 17, 2013 El Paso Pipeline Partners, L.P. (NYSE: EPB) today
More informationThird Quarter 2006 Financial & Operational Update
Third Quarter 2006 Financial & Operational Update November 6, 2006 the place to work the neighbor to have the company to own Cautionary Statement Regarding Forward-looking Statements This presentation
More informationThird Quarter 2015 Conference Call. November 3, 2015
Third Quarter 2015 Conference Call November 3, 2015 Forward Looking Information and Non-GAAP Measures This presentation includes certain forward looking information to help current and potential investors
More informationMay 9, First Quarter 2018 Results Earnings Conference Call
May 9, 2018 Earnings Conference Call Non-GAAP Financial Measures SemGroup s non-gaap measures, Adjusted EBITDA and Total Segment Profit, are not GAAP measures and are not intended to be used in lieu of
More informationEQM & EQGP Investor Presentation
EQM & EQGP Investor Presentation July 2015 Cautionary Statements Disclosures in this presentation contain certain forward-looking statements. Statements that do not relate strictly to historical or current
More informationMay 24, 2018 MLP & Energy Conference
May 24, 2018 MLP & Energy Conference Carlin Conner, CEO Non-GAAP Financial Measures SemGroup s non-gaap measures, Adjusted EBITDA and Total Segment Profit, are not GAAP measures and are not intended to
More informationUBS MLP One-on-One Conference. January 2014
UBS MLP One-on-One Conference January 2014 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities
More informationWilliams and Williams Partners First Quarter Earnings Call
WE MAKE ENERGY HAPPEN Williams and Williams Partners First Quarter Earnings Call May 4, 2017 NYSE: WMB NYSE: WPZ williams.com FIRST QUARTER EARNINGS CALL WPZ First Quarter 2017 Results: Delivered Continued
More informationHubert Eldridge. System Design Director Kinder Morgan Midstream GULF COAST EXPRESS PIPELINE
Hubert Eldridge System Design Director Kinder Morgan Midstream GULF COAST EXPRESS PIPELINE January 31, 2018 Cautionary Language Regarding Forward-Looking Statements This presentation contains forward-looking
More informationTRANSCANADA PIPELINES LIMITED ANNUAL INFORMATION FORM
TRANSCANADA PIPELINES LIMITED ANNUAL INFORMATION FORM for the year ended December 31, 2001 February 26, 2002 TABLE OF CONTENTS REFERENCE INFORMATION... ii FORWARD-LOOKING INFORMATION... ii THE COMPANY...
More informationCiti MLP/ Midstream Conference August 19-20, 2015
Citi MLP/ Midstream Conference 2015 August 19-20, 2015 Cautionary Statements This presentation contains forward-looking statements. These forward-looking statements are identified as any statement that
More informationAcquisition of Columbia Pipeline Group, Inc. March 17, 2016
Acquisition of Columbia Pipeline Group, Inc. March 17, 2016 Prospectus Information An amended and restated preliminary short form prospectus containing important information relating to the securities
More informationS E C O N D - Q U A R T E R R E S U LT S. J u l y 3 1,
S E C O N D - Q U A R T E R 2 0 1 8 R E S U LT S J u l y 3 1, 2 0 1 8 F O RWA R D - L O O K I N G S TAT E M E N T S Statements contained in this presentation that include company expectations or predictions
More informationCredit Suisse MLP & Energy Logistics Conference
Credit Suisse MLP & Energy Logistics Conference June 23, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal
More information