Enbridge Energy Partners, L.P. Capital Link Master Limited Partnership Investing Forum Mark A. Maki, President, Enbridge Energy Partners, L.P.
|
|
- Mariah Campbell
- 6 years ago
- Views:
Transcription
1 Enbridge Energy Partners, L.P. Capital Link Master Limited Partnership Investing Forum Mark A. Maki, President, Enbridge Energy Partners, L.P. March 5, 2015 enbridgepartners.com
2 Legal Notice This presentation includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: anticipate, believe, continue, could, estimate, expect, forecast, intend, may, plan, position, projection, should, strategy, target, will and similar words. Although Enbridge Energy Partners, L.P. (the Partnership ) believes that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond the Partnership s ability to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) changes in the demand for or the supply of, forecast data for, and price trends related to crude oil, liquid petroleum, natural gas and NGLs, including the rate of development of the Alberta Oil Sands; (2) the Partnership s ability to successfully complete and finance expansion projects; (3) the effects of competition, in particular, by other pipeline systems; (4) shut-downs or cutbacks at the Partnership s facilities or refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership sells products; (5) hazards and operating risks that may not be covered fully by insurance, including those related to Line 6B and any additional fines and penalties assessed in connection with the crude oil release on that line; (6) changes in or challenges to the Partnership s tariff rates; (7) changes in laws or regulations to which the Partnership is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance; and (8) permitting at federal, state and local levels in regards to the construction of new assets. Forward-looking statements regarding drop-down growth opportunities from Enbridge Inc. are further qualified by the fact that Enbridge Inc. is under no obligation to offer to sell us interests in its U.S. projects, and we are under no obligation to buy any such interests. Similarly, any forward-looking statements regarding potential drop-down transactions of interests in Midcoast Operating to Midcoast Energy Partners are further qualified by the fact that we are under no obligation to sell to Midcoast Energy Partners, L.P. any such interests, and Midcoast Energy Partners, L.P. is under no obligation to buy any such interests. As a result, we do not know when or if any such transactions will occur. The Partnership s forward looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic conditions, interest rates and commodity prices, including but not limited to those discussed more extensively in our filings with the U.S. securities regulators. The effect of any one risk, uncertainty or factor on any particular forward looking statement is not determinable with certainty as these are independent and our future course of action depends on management s assessment of all information available at the relevant time. Except to the extent required by law, we assume no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Reference should also be made to the Partnership s filings with the U.S. Securities and Exchange Commission (the SEC ), including its Annual Report on Form 10-K for the year ended December 31, 2014, for additional factors that may affect results. These filings are available to the public over the Internet at the SEC s web site ( and at the Partnership s web site. 1 enbridgepartners.com
3 Investment Highlights One of the longest established pipeline MLPs (1991) Enterprise Value - Large-Cap MLP Strong Investment Grade (S&P, Moody s, DBRS) Highlights Track record of consistently delivering cash distributions (never reduced) Largest pipeline transporter of crude oil production growth from Western Canada Largest pipeline transporter of crude oil production growth from Bakken formation Commercially secured organic growth underway $140,000 $120,000 $100,000 $80,000 Low-risk transformative growth underway Total Unitholder Return 2014 Highlights Delivered 41% total unitholder return; increased distribution 4.9% Equity restructure to reset IDRs and establish single tier IDR structure Completed $1 billion drop-down acquisition from ENB ENB is reviewing potential restructuring plan to drop-down its U.S. liquids pipeline assets to EEP (1) ~$2.3 billion of growth capital placed in service $60,000 $40,000 $20,000 $ *Enterprise Value as of 1/30/15; **Return CAGR since inception to 12/31/2014 (nominal) 2 enbridgepartners.com (1) On December 3, 2014, Enbridge Inc. ("Enbridge" or "ENB") announced it is reviewing a potential restructuring plan that would involve the transfer of its directly held U.S. liquids pipeline assets to Enbridge Energy Partners, L.P., a U.S. affiliate of Enbridge. This review is underway and has not progressed to a conclusion.
4 Strength of of GP GP Enbridge Inc. Inc. ENB: North American leader in energy delivery Owner and operator of largest crude oil pipeline system ~$41 billion equity market cap Strong investment grade (A-, Baa1) Proven track record: industry leading EPS and DPS growth 19% 10-year TSR CAGR 12% 10-year DPS CAGR 33% dividend increase in %-16% DPS growth forecast Strategy aligned with Partnership ~$44 billion organic growth program underway 62% 65% Note: Standard & Poor s/moody s credit ratings respectively. Market capitalization as of February 25, enbridgepartners.com
5 Strategic Position Competitive Advantages Norman Wells Refiners: Access to multiple crude streams Producers: Access to multiple premium markets Zama WCSB Flexible system Fort McMurray Size and scale unmatched: Will expand to Edmonton Hardisty ~2.85 MMb/d in 2017 Seattle Portland Salt Lake City Regina BAKKEN Casper Cromer Clearbrook Superior Flanagan St. John Montreal Ottawa Toronto Buffalo Sarnia Toledo Chicago Philadelphia Patoka Positioned for Long-Term Growth Direct connection to growing supply basins (Heavy & Light) High quality customer base Cushing Wood River ENB and EEP Strategically Aligned Houston St. James EEP Contract Storage EEP Liquids Pipelines ENB Liquids Pipelines 4 enbridgepartners.com
6 WCSB Crude Oil Fundamentals and Outlook Long-term investment horizon of Western Canadian producers 6,000 5,000 Jan 2015: CAPP updated production forecast 4,000 3,000 2,000 1,000 Near Term Oil Sands Projects in Service Near Term Oil Sands Projects in Service Sources: CAPP Crude Oil Forecast, Markets and Pipelines (June 2014) with January 2015 updates, NEB, Enbridge 5 enbridgepartners.com Actual Forecast WCSB Alternate Scenario
7 Bakken Crude Supply Forecast vs Take Away Capacity 3,500 3,000 2,500 Rail Transport Capacity 2,000 1,500 1,000 3 rd Party Pipelines 500 Enbridge Pipelines Local Refinery Enbridge 2014 Forecast NDPA Case 2 (Alternate Supply) Sources: Enbridge, North Dakota Pipeline Authority (January 9, 2015) 6 enbridgepartners.com
8 Rail Perspective Pipelines provide the most economical transportation to market Rail Transportation Costs Forecast Rail Volumes From Western Canada $8.65 to $16.05 Western Canada $8.00 to $11.00 Bakken $16.30 to $ Alternate Senario Using CAPP Supply $13.10 to $18.40 $15.60 to $21.50 $12.00 to $ Forecast Rail Volumes From Bakken $12.00 to $13.00 $15.30 to $ All prices are USD/bbl Using NDPA Case 2 Sources: CAPP, Genscape, Enbridge, North Dakota Pipeline Authority (January 9, 2015) 7 enbridgepartners.com 7
9 Strong Commercial & Fundamental Underpinnings Defensive nature of cash flows position EEP to navigate through commodity price uncertainty Low-risk business model largely mitigates volume sensitivity Demand for crude oil and pipeline capacity from Western Canada and Bakken remains strong Customer demand & connectivity Enbridge/Partnership s system is currently oversubscribed Pipelines provide the most economical transportation to market still plenty of supply moving by rail from WSCB and Bakken 2015e EBITDA EBITDA attributable to EEP (after deducting NCI) Cost of Service/Take-or-Pay. Fee-based: Commodity Sensitive: Liquids pipeline system volume outlook remains strong despite low crude oil prices 8 enbridgepartners.com
10 Market Access Well Advanced Transformative low-risk organic growth expected to provide substantial cash flow growth Three major initiatives provide 1.7 MMbpd of increased market access and diversification Organic Growth Projects: Commercially secured Low risk framework Long-term contracts Western USGC Access Eastern Access Light Oil Market Access Incremental Market Access by 2017: +1.0MMbpd of Heavy; +0.7MMbpd of Light Light Heavy 9 enbridgepartners.com
11 Low Cost Expansion & Extension Opportunities Low cost phased expansions are attractive in a low crude price environment Market Access Opportunities NTD: Map to be updated 1 Eastern Gulf Coast Access Flanagan South / Seaway Expansions Line 9 Expansion Ex-Superior Expansion Opportunities 1 Line 61 Twin SAX Expansion 150 Upstream of Superior Expansion Opportunities Sandpiper Expansion/ Bakken Interconnect Idle Line 2A/LSR Expansion Line 2B/4 Capacity Recovery Line 3 at New Build HP Upgrades 10 enbridgepartners.com
12 Priority One Focus on Safety & Operational Reliability Operational Risk Management Program Third Party Damage Avoidance and Detection Incident Response Capacity Leak Detection Capability and Control Systems Employee and Contractor Occupational Safety Integrity Management Industry Leadership Public Safety and Environmental Protection State-of-the art Liquids Pipelines control center Most extensive maintenance, integrity and inspection program in the history of the North American pipeline industry Liquids Pipelines completed 615 in-line inspections and 8,975 verification digs ( ) 11 enbridgepartners.com
13 Drop Downs Boost Distributable Cash Flow Substantial drop down opportunities from ENB supports Partnership s long-term growth outlook Initial Drop Down: $1 billion drop down from Enbridge closed 1/2/ % interest in the U.S. segment of Alberta Clipper pipeline (Line 67) Immediately accretive 2.7% distribution increase announced No public equity required by EEP Drop Down Outlook: Enbridge reviewing potential larger scale drop down plan to Partnership (1) Over $10 billion of U.S. liquids pipeline assets available Eastern Access & Mainline Expansion 15% upsize options at cost Enhances EEP s distribution growth potential Line 67 Enbridge reviewing potential larger scale drop-down plan to EEP (1) 12 enbridgepartners.com (1) On December 3, 2014, Enbridge Inc. announced it is reviewing a potential restructuring plan that would involve the transfer of its directly held U.S. liquids pipeline assets to Enbridge Energy Partners, L.P., a U.S. affiliate of Enbridge. This review is underway and has not progressed to a conclusion.
14 Key Takeaways Low-risk business model Well positioned in current uncertain commodity price environment Targeting 2% 5% annual distribution growth Transformative growth underway Organic growth on-track: coverage continues to strengthen as projects enter service Low cost organic growth potential Low cost bolt-on expansion and extension opportunities remain plentiful in low crude price environment Strategic alignment with Enbridge supports long-term growth outlook Enbridge reviewing potential larger scale drop down plan to EEP (1) Safety and operational reliability are cornerstones that underpin our business and growth outlook 13 enbridgepartners.com (1) On December 3, 2014, Enbridge Inc. announced it is reviewing a potential restructuring plan that would involve the transfer of its directly held U.S. liquids pipeline assets to Enbridge Energy Partners, L.P., a U.S. affiliate of Enbridge. This review is underway and has not progressed to a conclusion.
15 Supplemental Slides Enbridge Energy Partners, L.P. Investment Community Presentation March 2015
16 Corporate Structure 11.7% of listed shares 100% voting interest Enbridge Inc. (NYSE: ENB) (Baa1 / A-) Enbridge Inc. owns ~43% of EEP Public Unitholders 88.3% of listed shares Enbridge Energy Management, L.L.C. (NYSE: EEQ) 14.8% LP interest (I-units) 2% GP interest 38.8% LP interest (indirect) Enbridge Energy Partners, L.P. (NYSE: EEP) (Baa2 / BBB+) 44.4% LP interest Public Unitholders 2% GP interest 52% LP interest Public Unitholders 48.4% LP interest Midcoast Energy Partners, L.P. (NYSE: MEP) 46% LP interest 51.6% LP interest Midcoast Operating, L.P. Midcoast Operating Corporate structure as of February 13, enbridgepartners.com
17 Enbridge Liquids Pipelines Drop-Down Potential: $10 Billion + Distributable Cash Examples: Pipeline System Upsize Option Capital Cost/ Book Value* Eastern Access $0.4 (2016/2017) ~ $1.5 Mainline Expansion $0.4 (2016/2017) ~ $1.4 Line 3 Replacement** $0.4 (2018) ~ $0.9 Southern Access Extension - ~ $0.6 Flanagan South - ~ $2.8 Seaway/Seaway Twin - ~ $2.4 ~ $10B + Substantial drop-down opportunities from parent supports long-term growth outlook * Estimated capital cost or net book value of assets held by Enbridge Inc. ** Line 3 Replacement Joint Funding Agreement under consideration by a Special Committee of the independent Board of Directors., including an option to upsize EEP ownership by 15% one year after the in-service date. Capital cost assumes 50% estimated funding by Enbridge Inc.. 16 enbridgepartners.com
Enbridge Energy Partners, L.P. MLPA Investor Conference June 1-3, 2016
Enbridge Energy Partners, L.P. MLPA Investor Conference June 1-3, 2016 Legal Notice This presentation includes forward-looking statements and projections, which are statements that do not relate strictly
More informationEnbridge Energy Partners, L.P. Third Quarter 2015 Earnings Presentation
Enbridge Energy Partners, L.P. Third Quarter 2015 Earnings Presentation November 2, 2015 enbridgepartners.com Legal Notice This presentation includes forward-looking statements and projections, which are
More informationLiquids Pipeline Expansion Projects Presentation May 17, EEP Slides posted at
Liquids Pipeline Expansion Projects Presentation May 17, 2012 EEP Slides posted at www.enbridgepartners.com/q Legal Notice This presentation includes certain forward looking information ( FLI ) to provide
More informationProviding Market Access for Discounted Canadian and Bakken Crude Oil
Providing Market Access for Discounted Canadian and Bakken Crude Oil RBC Capital Markets Crude and Refined Investor Day Toronto April 4, 2013 Vern Yu Senior Vice President, Business & Market Development
More informationMarket Access - The Strategic Imperative Continues
Market Access - The Strategic Imperative Continues Al Monaco, President & CEO TD Securities - Calgary Energy Conference July 9, 2014 Agenda 1. The global energy context 2. North American crude oil fundamentals
More informationLow Risk, Sustainable Growth
Low Risk, Sustainable Growth 7 th Annual Wachovia Pipeline and MLP Symposium December 2008 #1 Legal Notice Certain information during this presentation will constitute forward-looking statements. These
More informationProviding Market Access for Discounted Canadian and Bakken Crude Oil
Providing Market Access for Discounted Canadian and Bakken Crude Oil Canadian Energy Investing in 2013 Roundtable National Bank Financial Markets April 3, 2013 Vern Yu Senior Vice President, Business &
More informationBUSINESS UNIT HEADER IMAGE GOES HERE
BUSINESS UNIT HEADER IMAGE GOES HERE 2014 Fourth Quarter Financial & Strategic Update Al Monaco President & CEO John Whelen Executive Vice President & CFO Guy Jarvis President Liquids Pipelines Legal Notice
More informationMarket Access for Land Locked North American Crude Oil
Market Access for Land Locked North American Crude Oil TD London Energy Conference January 14, 2013 J. Richard Bird Executive Vice President, Chief Financial Officer & Corporate Development Legal Notice
More informationNorth America s Energy Infrastructure Renaissance. Al Monaco President & Chief Executive Officer. CIBC Whistler Institutional Investor Conference
North America s Energy Infrastructure Renaissance CIBC Whistler Institutional Investor Conference January 23, 2014 Al Monaco President & Chief Executive Officer Legal Notice This presentation includes
More information2014 Second Quarter Financial & Strategic Update
2014 Second Quarter Financial & Strategic Update August 1, 2014 Al Monaco President & CEO J. Richard Bird Executive Vice President, CFO and Corporate Development John Whelen Senior Vice President, Finance
More informationMidcoast Energy Partners, L.P. Stephen J. Neyland, Vice President, Finance
Midcoast Energy Partners, L.P. Stephen J. Neyland, Vice President, Finance NAPTP Annual Investor Conference May 20-22, 2015 Forward Looking Statement This presentation includes forward-looking statements,
More informationEnbridge Income Fund Holdings Inc.
Enbridge Income Fund Holdings Inc. Annual General Meeting of Shareholders May 11, 2017 Perry Schuldhaus President Forward Looking Statements This presentation includes certain forward looking statements
More informationLiquids Pipelines. Excellent Foundation for Continued Growth. ~25% of all crude oil produced in N. America. ~2/3 rds of Canadian crude exports
Liquids Pipelines Guy Jarvis President & EVP, Liquids Pipelines Excellent Foundation for Continued Growth Transports ~2/3 rds of Canadian crude exports Transports ~25% of all crude oil produced in N. America
More informationMidcoast Energy Partners, L.P. Investment Community Presentation. March 2014
Midcoast Energy Partners, L.P. Investment Community Presentation March 2014 Forward Looking Statement This presentation includes forward-looking statements, which are statements that frequently use words
More informationMidcoast Energy Partners, L.P. NGSET Pipeline Roundtable Presentation. March 2014
Midcoast Energy Partners, L.P. NGSET Pipeline Roundtable Presentation March 2014 Forward Looking Statement This presentation includes forward-looking statements, which are statements that frequently use
More informationPipeline Operational Risk Management. August 20, 2014 Camisea 10 years conference
Pipeline Operational Risk Management August 20, 2014 Camisea 10 years conference Who is Enbridge? North American leader in energy delivery, with over 80,000 km of pipeline and distribution networks Liquids
More information2006 Annual Review. Enbridge Energy Management, L.L.C. Enbridge Energy Partners, L.P Annual Report
Enbridge Energy Partners 2006 Annual Report 2006 Annual Review Enbridge Energy Partners, L.P. Enbridge Energy Management, L.L.C. Adjusted Earnings * Annual Distributions 2.83 3.60 3.70 3.70 3.70 3.70 1.76
More informationInvestment Community Presentation March 2009
Investment Community Presentation March 2009 ENBRIDGE ENERGY PARTNERS, L.P. 1 ENBRIDGE ENERGY MANAGEMENT, L.L.C. Legal Notice Certain information during this presentation will constitute forwardlooking
More informationENBRIDGE ENERGY PARTNERS LP
ENBRIDGE ENERGY PARTNERS LP FORM 10-Q (Quarterly Report) Filed 05/01/15 for the Period Ending 03/31/15 Address 1100 LOUISIANA ST SUITE 3300 HOUSTON, TX 77002-5217 Telephone 713-821-2000 CIK 0000880285
More informationEnbridge Pipelines Inc. Infrastructure Solutions for the Bakken and Three Forks
Enbridge Pipelines Inc. Infrastructure Solutions for the Bakken and Three Forks Guy Jarvis Sr. Vice President, Business Development Williston Basin Petroleum Conference and Expo Bismarck, North Dakota
More informationFourth Quarter 2016: Supplemental Package
Fourth Quarter 2016: Supplemental Package (unaudited) LEGAL NOTICE This Supplemental Package has been prepared and is presented solely for the purpose of providing readers with certain financial information
More informationFourth Quarter 2017: Supplemental Package
Fourth Quarter : Supplemental Package (unaudited) respective entities Fourth Quarter news release and on their respective websites. LEGAL NOTICE This Supplemental Package has been prepared and is presented
More informationThird Quarter 2017: Supplemental Package
Third Quarter 2017: Supplemental Package (unaudited) LEGAL NOTICE This Supplemental Package has been prepared and is presented solely for the purpose of providing readers with certain financial information
More informationSecond Quarter 2018: Supplemental Package
Second Quarter 2018: Supplemental Package (unaudited) LEGAL NOTICE This Supplemental Package has been prepared and is presented solely for the purpose of providing readers with certain financial information
More informationStrategic Overview. North America s Leading Energy Infrastructure Company. Premium portfolio of strategically positioned franchises
Strategic Overview Al Monaco President & CEO North America s Leading Energy Infrastructure Company Enbridge % of N.A. Inland Flows ~28% ~20% ~12% Crude Oil Transported Natural Gas Transported Natural Gas
More informationEnbridge Income Fund Holdings Inc Annual Report
Enbridge Income Fund Holdings Inc. 2016 Annual Report Enbridge Income Fund Holdings Inc. 2016 Annual Report A low-risk business model delivering reliable, predictable cash flows and stable dividend growth
More informationEnbridge Inc. Investment Community Presentation September 2018
Enbridge Inc. Investment Community Presentation September 2018 Legal Notice Forward Looking Information This presentation includes certain forward looking statements and information (FLI) to provide potential
More informationInvestor Presentation
Investor Presentation MLPA Conference 2017 1 Cautionary Statements This presentation contains forward-looking statements within the meaning of U.S. federal securities laws, including statements related
More informationSecond Quarter 2017: Supplemental Package
Second Quarter : Supplemental Package (unaudited) LEGAL NOTICE This Supplemental Package has been prepared and is presented solely for the purpose of providing readers with certain financial information
More informationFourth Quarter 2017 Financial Results and Business Update. February 16, 2018 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
Fourth Quarter 2017 Financial Results and Business Update February 16, 2018 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer Legal Notice Forward Looking Information This presentation
More informationEnbridge Inc. Investment Community Presentation August 2018
Enbridge Inc. Investment Community Presentation August 2018 Legal Notice Forward Looking Information This presentation includes certain forward looking statements and information (FLI) to provide potential
More informationThird Quarter 2017 Financial Results and Business Update. November 2, 2017 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
Third Quarter 2017 Financial Results and Business Update November 2, 2017 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer Legal Notice Forward Looking Information This presentation
More informationEnbridge Announces 33% Dividend Increase, Financial Restructuring Plans, Revised Payout Policy and 2015 Adjusted Earnings Guidance
NEWS RELEASE Enbridge Announces 33% Dividend Increase, Financial Restructuring Plans, Revised Payout Policy and 2015 Adjusted Earnings Guidance 33% dividend increase, payable March 1, 2015 Plans to transfer
More informationEnbridge Inc. (ENB) Investment Community Presentation March 2019
Enbridge Inc. (ENB) Investment Community Presentation March 2019 Legal Notice Forward Looking Information This presentation includes certain forward looking statements and information (FLI) to provide
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 informationAttachment 1 to IOL-Enbridge 131(a)
Attachment 1 to IOL-Enbridge 131(a) Rating Report November 27, 2009 Previous Report: November 28, 2008 Analysts Michael R. Rao, CFA +1 416 597 7541 mrao@dbrs.com Esther M. Mui, MBA, CMA +1 416 597 7595
More informationEnbridge Income Fund Holdings Inc. reports strong third quarter financial results; Declares Monthly Dividend and Amendments to DRIP
NEWS RELEASE Enbridge Income Fund Holdings Inc. reports strong third quarter financial results; Declares Monthly Dividend and Amendments to DRIP HIGHLIGHTS (all financial figures are unaudited and in Canadian
More informationThe Shape I m In - Western Canadian Crude Price Collapse
A RBN Energy Drill Down Report Copyright 2018 RBN Energy The Shape I m In - Western Canadian Crude Price Collapse Rising Production, Pipeline Takeaway Constraints and Huge WCS Price Discounts Western Canadian
More informationSeptember 1, 2016 VIA ELECTRONIC FILING
September 1, 2016 VIA ELECTRONIC FILING Mr. Daniel P. Wolf Executive Secretary Minnesota Public Utilities Commission 121 Seventh Place East, Suite 350 Saint Paul, MN 55101-2147 Honorable James LaFave Office
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 informationENBRIDGE INC. MANAGEMENT S DISCUSSION AND ANALYSIS
ENBRIDGE INC. MANAGEMENT S DISCUSSION AND ANALYSIS December 31, 2017 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS INTRODUCTION The following discussion and analysis
More informationEnbridge Income Fund Holdings Inc.
Enbridge Income Fund Holdings Inc. Positioned for the Future 2014 Annual & Special Meeting of Shareholders Perry Schuldhaus, President May 5 th, 2014 FORWARD LOOKING STATEMENTS This presentation includes
More informationQ2 2018: Financial Results & Business Update
Q2 2018: Financial Results & Business Update August 3, 2018 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer Legal Notice Forward Looking Information This presentation includes certain
More informationNEWS RELEASE. Enbridge Reports 2014 Results. HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted)
NEWS RELEASE Enbridge Reports 2014 Results HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Fourth quarter earnings were $88 million; earnings for the full
More informationUBS One-on-One MLP Conference
UBS One-on-One MLP Conference January 13, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationEnbridge. Investment Community Presentation
Enbridge Investment Community Presentation Legal Notice Forward Looking Information This presentation includes certain forward looking statements and information (FLI) to provide potential investors and
More informationCiti One-On-One MLP / Midstream Infrastructure Conference. August 20, 2014 Strong. Innovative. Growing.
Citi One-On-One MLP / Midstream Infrastructure Conference August 20, 2014 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning
More informationInter Pipeline Fund Announces Very Strong First Quarter 2010 Results. Attractive payout ratio before sustaining capital* of 67%
News Release Inter Pipeline Fund Announces Very Strong First Quarter 2010 Results CALGARY, ALBERTA, MAY 6, 2010: Inter Pipeline Fund ( Inter Pipeline ) (TSX: IPL.UN) announced today its financial and operating
More informationEnbridge Inc. Investment Community Presentation July 2018
Enbridge Inc. Investment Community Presentation July 2018 Legal Notice Forward Looking Information This presentation includes certain forward looking statements and information (FLI) to provide potential
More informationEnbridge reports second quarter adjusted earnings of $328 million or $0.40 per common share
NEWS RELEASE Enbridge reports second quarter adjusted earnings of $328 million or $0.40 per common share HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted)
More informationSupplementary Financial Information Package
Supplementary Financial Information Package 2012-2014 (unaudited) This Supplementary Financial Information Package should be read in conjunction with the management s discussion and analysis, consolidated
More informationBuckeye Partners, L.P. Master Limited Partner Conference February 2005
Buckeye Partners, L.P. Master Limited Partner Conference February 2005 Forward Looking Statements This presentation may include forward-looking statements within the meaning of Section 27A of the Securities
More informationEnbridge s economic impact on Indiana
Enbridge s economic impact on Enbridge, a North American energy delivery leader, was established in 1949 and exists to fuel people s quality of life. We move a very large slice of North America s oil,
More informationConsistent Continental Growth
Consistent Continental Growth 2003 Annual Report Page 1 of 88 * Page 2 of 88 Enbridge is an energy delivery company: as such, we provide an essential service for our customers. We deliver crude oil and
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 informationQ3 2018: Financial Results & Business Update
Q3 2018: Financial Results & Business Update November 2, 2018 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer Legal Notice Forward Looking Information This presentation includes
More informationGRANT MARTIN. Forum. Impact of the Economic Downturn on the Development of the Canadian Oil Sands
Forum Impact of the Economic Downturn on the Development of the Canadian Oil Sands GRANT MARTIN Director Supply Chain Management Commercial Support TransCanada TransCanada Keystone Pipeline Canadian Market
More informationInter Pipeline Fund Announces Very Strong Second Quarter 2010 Results
News Release Inter Pipeline Fund Announces Very Strong Second Quarter 2010 Results CALGARY, ALBERTA, AUGUST 5, 2010: Inter Pipeline Fund ( Inter Pipeline ) (TSX: IPL.UN) announced today its financial and
More informationSecond Quarter 2017 Financial Results and Strategic Update. August 3, 2017 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer
Second Quarter 2017 Financial Results and Strategic Update August 3, 2017 Al Monaco, Chief Executive Officer John Whelen, Chief Financial Officer Legal Notice Forward Looking Information This presentation
More informationLIFE IN THE HEARTLAND
PEMBINA PIPELINE CORPORATION LIFE IN THE HEARTLAND May 7 th, 2014 Presenter: Jason Fydirchuk, Communications FORWARD-LOOKING STATEMENTS & INFORMATION This presentation is for information purposes only
More informationEnbridge Inc. First Quarter Interim Report to Shareholders For the three months ended March 31, 2015
Enbridge Inc. First Quarter Interim Report to Shareholders For the three months ended March 31, 2015 NEWS RELEASE Enbridge reports first quarter adjusted earnings of $468 million or $0.56 per common share
More informationEnbridge s economic impact on British Columbia
Enbridge s economic impact on British Columbia Enbridge, a North American energy delivery leader, was established in 1949 and exists to fuel people s quality of life. We move a very large slice of North
More informationENBRIDGE INCOME PARTNERS LP MANAGEMENT S DISCUSSION AND ANALYSIS
ENBRIDGE INCOME PARTNERS LP MANAGEMENT S DISCUSSION AND ANALYSIS 2018 GLOSSARY Adjusted EBITDA ASU Canadian L3R Program DCF EBITDA ECT EEP EIPLP Enbridge ENF EPI FERC Fund Units IDR IJT MD&A MNPUC the
More informationInvestor Presentation. March 2-4, 2015 Strong. Innovative. Growing.
Investor Presentation March 2-4, 2015 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws.
More informationENBRIDGE INC. ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2016
ENBRIDGE INC. ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2016 February 17, 2017 Enbridge Inc. 2016 Annual Information Form TABLE OF CONTENTS DOCUMENTS INCORPORATED BY REFERENCE As of the date
More informationThird Quarter. INTERIM REPORT TO SHAREHOLDERS For the nine months ended SEPTEMBER 30, 2013
Third Quarter INTERIM REPORT TO SHAREHOLDERS For the nine months ended SEPTEMBER 30, 2013 HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars) Third quarter earnings were $421 million
More informationNEWS RELEASE. Enbridge Reports 2015 Results. HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted)
NEWS RELEASE Enbridge Reports 2015 Results HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) Fourth quarter earnings were $378 million and full year loss was
More informationSpectra Energy Partners: Moving Ahead, Building Value
FIRST QUARTER 2013 EARNINGS REVIEW Spectra Energy Partners: Moving Ahead, Building Value May 3, 2013 Safe Harbor Statement Some of the statements in this document concerning future company performance
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 informationENBRIDGE INCOME FUND MANAGEMENT S DISCUSSION AND ANALYSIS
ENBRIDGE INCOME FUND MANAGEMENT S DISCUSSION AND ANALYSIS June 30, 2018 GLOSSARY Adjusted EBITDA DCF EBITDA ECT EEP EIPLP Enbridge ENF FERC Fund Units IJT MD&A MTN the Fund the Fund Group the Manager or
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 informationNEB No. 435 FERC No Cancels NEB No. 424 Cancels FERC No ENBRIDGE PIPELINES INC. ENBRIDGE ENERGY, LIMITED PARTNERSHIP
Cancels NEB No. 424 Cancels FERC No. 1.10.0 ENBRIDGE PIPELINES INC. IN CONNECTION WITH ENBRIDGE ENERGY, LIMITED PARTNERSHIP INTERNATIONAL JOINT RATE TARIFF APPLYING ON CRUDE PETROLEUM, FROM POINTS IN THE
More informationAll amounts in U.S. dollars unless otherwise noted. Kinder Morgan and Terasen August 2005
All amounts in U.S. dollars unless otherwise noted. Kinder Morgan and Terasen August 2005 The enclosed materials are provided for information purposes only, and are not intended to be proxy solicitation
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 informationEnergy Business Unit & Marketing. March 31, 2015 Ray Reipas, Senior Vice President, Energy
March 31, 2015 Ray Reipas, Senior Vice President, Energy Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning
More informationExpanding Market Access for Alberta s Oil Resources
Expanding Market Access for Alberta s Oil Resources Presentation for the Crude Markets & Rail Take Away Summit Richard Masson, CEO Alberta Petroleum Marketing Commission (APMC) Agenda Alberta s Challenge
More informationPresentation to the Crude Oil Quality Group. Norm Rinne Director, Business Development
Presentation to the Crude Oil Quality Group Norm Rinne Director, Business Development November 9, 2006 Kinder Morgan Assets 2 2 Pacific Trans Mountain Northern TransColorado CALNEV 2 Pacific 3 Corridor
More informationNATIONAL ENERGY BOARD HEARING ORDER OH TRANSCANADA KEYSTONE PIPELINE GP LTD. ( KEYSTONE ) KEYSTONE XL PIPELINE APPLICATION
File OF-Fac-Oil-T-00-0 0 NATIONAL ENERGY BOARD HEARING ORDER TRANSCANADA KEYSTONE PIPELINE GP LTD. ( KEYSTONE ) KEYSTONE XL PIPELINE APPLICATION WRITTEN EVIDENCE OF ENBRIDGE PIPELINES INC. ( ENBRIDGE )
More informationENBRIDGE INC. MANAGEMENT S DISCUSSION AND ANALYSIS
ENBRIDGE INC. MANAGEMENT S DISCUSSION AND ANALYSIS December 31, 2018 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS INTRODUCTION The following discussion
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 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 informationIPL Energy Inc. annual report Brought to you by Global Reports
IPL Energy Inc. annual report 1996 corporate Profile IPL Energy Inc. Pipeline Canada Interprovincial Pipe Line Inc. Interprovincial Pipeline (NW) Ltd. Producers Pipeline Inc. United States Lakehead Pipeline
More informationENBRIDGE INCOME FUND HOLDINGS INC. Designed and Managed for Strength and Stability
ENBRIDGE INCOME FUND HOLDINGS INC. Designed and Managed for Strength and Stability TD Energy Conference July 9, 2013 John Whelen President 1 FORWARD LOOKING STATEMENTS This presentation includes certain
More informationEnbridge Inc. First Quarter. Interim Report to Shareholders For the three months ended March 31, 2017
Enbridge Inc. First Quarter Interim Report to Shareholders For the three months ended March 31, 2017 Q1 HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise noted) First
More informationMidstream Oil Market Update IPAA/TIPRO Luncheon
Midstream Oil Market Update IPAA/TIPRO Luncheon Willie Chiang, EVP & COO U.S. September 13 th, 2017 1 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure This presentation contains forward-looking
More informationEnbridge Income Fund Holdings Inc.
Enbridge Income Fund Holdings Inc. Second Quarter Interim Report to Shareholders For the six months ended June 30, 2017 HIGHLIGHTS (all financial figures are unaudited and in Canadian dollars unless otherwise
More informationMorgan Stanley MLP Bus Tour
Morgan Stanley MLP Bus Tour January 26, 2016 Strong. Innovative. Growing. 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities
More informationFort Hills Sanctioning Investor Conference Call & Webcast
Fort Hills Sanctioning Investor Conference Call & Webcast October 31, 2013 Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements
More informationTar Sands US Infrastructure Development
Plains Justice Environmental Justice for the Great Plains Tar Sands US Infrastructure Development Paul Blackburn, J.D. Staff Attorney, Plains Justice 100 First Street Southwest Cedar Rapids, IA 52404 Tel.
More informationENBRIDGE INCOME FUND MANAGEMENT S DISCUSSION AND ANALYSIS
ENBRIDGE INCOME FUND MANAGEMENT S DISCUSSION AND ANALYSIS December 31, 2017 GLOSSARY DCF EBITDA ECT EIPLP Enbridge ENF Fund Units MD&A MTN the Fund the Fund Group the Manager or EMSI U.S. GAAP Distributable
More informationENBRIDGE INCOME FUND HOLDINGS INC.
ENBRIDGE INCOME FUND HOLDINGS INC. Designed and Managed for Strength and Stability National Bank Pipeline and Midstream Conference September 5, 2012 John Whelen President FORWARD LOOKING STATEMENTS This
More informationWells Fargo Wells Fargo 2014 Energy Symposium Annual Energy Symposium
Wells Fargo Wells Fargo 2014 Energy Symposium Annual Energy Symposium New York City Dec. 2014 New York City Dec. 2015 1 Forward-Looking Statements Portions of this document constitute forward-looking statements
More informationAsphalt Supply 101. David C. Punnett Manager Business Development Asphalt and Fuel Supply, LLC
Asphalt Supply 101 David C. Punnett Manager Business Development Asphalt and Fuel Supply, LLC Always Consider Your Surroundings Always Consider Your Surroundings, The Sequel Gluts and disconnects Glut
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 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 informationShea Snyder. Devon Energy and Crosstex Energy to Create New Midstream Business
News Release Devon Investor Contacts Scott Coody Shea Snyder 405 552 4735 405 552 4782 Devon Media Contact Chip Minty 405 228 8647 Crosstex Investor & Media Contact Jill McMillan 214 721 9271 Devon Energy
More informationNEB No. 441 FERC No Cancels NEB No. 436 Cancels FERC No ENBRIDGE PIPELINES INC. ENBRIDGE ENERGY, LIMITED PARTNERSHIP
Cancels NEB No. 436 Cancels FERC No. 45.15.1 ENBRIDGE PIPELINES INC. IN CONNECTION WITH ENBRIDGE ENERGY, LIMITED PARTNERSHIP INTERNATIONAL JOINT RATE TARIFF APPLYING ON CRUDE PETROLEUM, CONDENSATES AND
More informationTSX: VSN TSX: PPL; NYSE: PBA
TSX: VSN TSX: PPL; NYSE: PBA Forward-looking statements and information This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to
More informationMaster Limited Partnership Association Annual Investor Conference. Orlando June 2016
Master Limited Partnership Association Annual Investor Conference Orlando June 2016 1 Forward-Looking Statements Portions of this document constitute forward-looking statements as defined by federal law.
More information