enbridge quarterly report 2020
I hope you're all doing healthy and well. The Board also declared the following quarterly dividends for Enbridge Inc. To gather documents in a group, use the checkboxes. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. Our non-GAAP measures described above are not measures that have standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Schedules reconciling adjusted EBITDA and DCF are available as Appendices to this news release. Mainline System throughput volume represents mainline system deliveries ex-Gretna, Manitoba which is made up of United States and eastern Canada deliveries originating from Western Canada. Gas Distribution and Storage adjusted EBITDA will typically follow a seasonal profile. The reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.05. The bottom line also deteriorated from 42 … Please modify the filters above. ABOUT ENBRIDGE INC. The next step will be for the MPCA Commissioner to issue the 401 Water Quality Certificate, which we anticipate by November 14th, and will support the finalization of the remaining Federal permit. Adjusted earnings decreased $163 million and adjusted earnings per share decreased $0.08 compared with the third quarter in 2019. Recent financial statements for Spectra Energy Corp can be found here. Our strong performance over the first nine months gives us confidence that we’ll be near the mid-point of the DCF per share guidance range of $4.50 to $4.80. All dividends are payable on December 1, 2020, to shareholders of record on November 13, 2020. Adjusted EBITDA generated from U.S. dollar denominated businesses was translated at a higher average Canadian dollar exchange rate in the third quarter of 2020 (C$1.33/US$) when compared with the corresponding 2019 period (C$1.32/US$). The Board of Directors of Enbridge Inc. (TSX: ENB) (NYSE: ENB) has declared a quarterly dividend of $0.81 per common share, payable on September 1, 2020 to shareholders of record on August 14, 2020. Adjusted profit came in at $1.13 billion or 56 cents per share, compared with $1.35 billion or 67 cents per share in the second quarter of 2019. DCF for the third quarter was $2,088 million, a decrease of $17 million over the third quarter of 2019 driven largely by the net impact of the operating factors noted above, partially offset by lower maintenance capital due to timing of spend in light of COVID-19 and higher cash receipts not recognized in EBITDA for contracts with make-up rights on certain assets within Liquids Pipelines. Tables incorporating these adjustments follow below. “In the near term, completion of our secured capital program, and embedded growth within each business, is expected to generate 5% to 7% DCF per share through 2022, and support growing free cash flow, net of capital and dividend requirements. This outlook reflects our strong performance over the first nine months of 2020, the $300 million of enabled full year costs savings, as well as certain offsetting headwinds anticipated within the fourth quarter. FINANCIAL RESULTS REVIEW AND 2020 FINANCIAL OUTLOOK. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. Click to remove it from your list. The Company continues to secure debt financings at attractive rates and proceeds from these offerings were used primarily to reduce existing indebtedness and partially fund capital projects. Schedules reconciling adjusted EBITDA are available as Appendices to this news release. Enbridge’s forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects and transactions, successful execution of our strategic priorities, operating performance, the Company’s dividend policy, regulatory parameters, changes in regulations applicable to the Company’s business, litigation, acquisitions and dispositions and other transactions, project approval and support, renewals of rights-of-way, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, political decisions, exchange rates, interest rates, commodity prices, supply of and demand for commodities and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in this and in the Company’s other filings with Canadian and United States securities regulators. Enbridge Inc. (ENB.TO) last posted its quarterly earnings data on November 6th, 2020. Our diversified asset base is purposefully aligned with the global energy mix and our outlook on the fundamentals. additional EBITDA contributions due to strong utilization in our Gas Transmission and Gas Distribution businesses, incremental earnings from positive rate settlements on Texas Eastern, lower operating and administrative costs as a result of cost containment actions and contributions from new assets that were placed into service in the fourth quarter of 2019 and the first half of 2020; more than offset by a decrease in adjusted EBITDA due to lower Mainline throughput related to COVID-19, the absence of contributions from the federally regulated Canadian natural gas gathering and processing businesses sold on. Normal weather is the weather forecast by EGI in its legacy rate zones, using the forecasting methodologies approved by the Ontario Energy Board. This news release contains references to adjusted EBITDA, adjusted earnings, adjusted earnings per common share and DCF. These factors are discussed in detail under Distributable Cashflow. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: Enbridge’s corporate vision and strategy, including strategic priorities and enablers; 2020 financial guidance; the COVID-19 pandemic and the duration and impact thereof; anticipated reductions in operating costs and deferrals of secured growth capital spend; emissions reduction targets; diversity and inclusion goals; the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; anticipated utilization of our existing assets, including throughput on the Mainline; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) and adjusted earnings/(loss) per share; expected DCF and DCF per share; expected future cash flows; expected performance of the Company’s businesses; expected debt-to-EBITDA ratio; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected costs related to announced projects and projects under construction and for maintenance; expected in-service dates for announced projects and projects under construction; expected capital expenditures and capital allocation priorities; expected future growth and expansion opportunities, including self-power projects; expectations about the Company’s joint ventures and our partners’ ability to complete and finance announced projects and projects under construction; expected closing of acquisitions and dispositions and the timing thereof; expected benefits of transactions, including the realization of efficiencies and synergies; expected future actions of regulators and courts; toll and rate case discussions and filings, including Mainline Contracting and the anticipated benefits thereof; Line 3 Replacement Program; Line 5 dual pipelines, Great Lakes Tunnel Project and related matters; Line 10 of the Texas Eastern system; interest rates; and exchange rates. Enbridge Inc. (ENB Quick Quote ENB - Free Report) is slated to report third-quarter 2020 results on Nov 6, before the opening bell. Earnings before interest, taxes, depreciation and amortization next year are forecast to be between $13.9 billion and $14.3 billion. This recommendation will inform the MPCA Commissioner’s decision on the 401 Water Quality Certificate, which the Company anticipates by the statutory deadline of November 14, 2020. Construction on the T-South Expansion, Spruce Ridge and our modernization program continue to progress well. The quarterly dividend per share paid on Series 15 was decreased to $0.18644 from $0.275 on September 1, 2020, due to the reset of the annual dividend on September 1, 2020, and every five years thereafter. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof. In the near-term, our capital allocation priorities remain centered on executing our secured growth and preserving balance sheet strength and flexibility. slightly lower Regional Oil Sands contributions despite the larger decrease in delivered volumes which reflects the fixed fee obligations of shippers under the take-or-pay arrangements which underpin the majority of these assets; higher contributions from the Gulf Coast and Mid-Continent System on higher Flanagan South Pipeline throughput and the collection of revenue on volumes nominated but not shipped, offset by lower light volume throughput on the Seaway Crude Pipeline driven by the impact of COVID-19 on the Gulf Coast demand; and. “We look forward to sharing our outlook on energy fundamentals and our approach to the business going forward at our virtual Investor Day scheduled for December 8, 2020,” concluded Mr. Monaco. The offsetting hedge settlements are reported within Eliminations and Other. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For … The following table summarizes the Company’s GAAP reported results for segment EBITDA, earnings attributable to common shareholders and cash provided by operating activities for the third quarter of 2020. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected adjusted EBITDA, expected earnings/(loss), expected adjusted earnings/(loss), expected DCF and associated per share amounts, and estimated future dividends. Our long-lived pipeline and distribution assets are absolutely essential to the global economy and strategically connected to the largest demand centers and export markets, which pull volumes through our systems. “Enbridge is very well-positioned for a transitioning energy mix towards lower carbon fuels over time. Three additional rate proceedings on East Tennessee, Alliance and the Maritimes & Northeast US systems were filed in the second quarter and are progressing on schedule. Adjusted earnings increased $28 million and adjusted earnings per share increased $0.02 compared with the first quarter in 2019. Material assumptions include assumptions about the following: the COVID-19 pandemic and the duration and impact thereof; anticipated reductions in operating costs and deferrals of secured growth; the expected supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy, including the current weakness and volatility of such prices; anticipated utilization of our existing assets; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Company’s projects; anticipated in-service dates; weather; the timing and closing of acquisitions and dispositions; the realization of anticipated benefits and synergies of transactions; governmental legislation; litigation; impact of the Company’s dividend policy on its future cash flows; credit ratings; capital project funding; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and expected future DCF and DCF per share; and estimated future dividends. The quarterly dividend per share paid on Series 11 was decreased to $0.24613 from $0.275 on March 1, 2020, due to the reset of the annual dividend on March 1, 2020, and every five years thereafter. For purposes of evaluating performance, the Company makes adjustments for unusual, infrequent or other non-operating factors to GAAP reported earnings, segment EBITDA, and cash flow provided by operating activities, which allow Management and investors to more accurately compare the Company’s performance across periods, normalizing for factors that are not indicative of underlying business performance. In addition, lower margins in Energy Services, lower equity distributions from DCP related to its previously executed distribution cut and higher integrity costs in Gas Transmission are expected to negatively impact fourth quarter results relative to full year guidance. Enbridge continues to prioritize the execution of its comprehensive Gas Transmission integrity program, which will ensure the continued safe and reliable operation of its pipeline network, and plans to have southbound service returned to operation within the next month. Analysts, members of the media and other interested parties can access the call toll free at (877) 930-8043 or within and outside North America at (253) 336-7522 using the access code of 9737258#. This action substantially completes the regulatory review process. Enbridge has filed for all major regulatory and environmental permits necessary to construct the tunnel and the review processes for each of these continue to advance on schedule. If a replacement agreement is not in place by June 30, 2021, the CTS tolls will continue on an interim basis. Increased the quarterly dividend by 9.8% for 2020 to 81 cents per share, reflecting strong operating and financial performance and the Company's outlook Delivered 100 thousand barrels per day (kbpd) of planned Mainline optimizations, providing much needed egress capacity for … number of shares in millions), GAAP Earnings attributable to common shareholders, Weighted average common shares outstanding. The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. The quarterly dividend per share paid on Series C was increased to $0.25458 from $0.25305 on March 1, 2020, was decreased to $0.16779 from $0.25458 on June 1, 2020 and was decreased to $0.15975 from $0.16779 on September 1, 2020, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares. The bottom line also deteriorated from 42 cents a year ago. Debt to EBITDA is expected to remain well within the target range of 4.5x to 5.0x for the full year. Enbridge has long been a leader in the areas of environmental, social and governance (ESG) matters and our practices have been fully integrated within our business operations and our existing strategies to grow the business. Enbridge said it expects its distributable cash flow per share for this year to be near the midpoint of its $4.50 to $4.80 guidance range. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company’s services. None of the information contained in, or connected to, Enbridge’s website is incorporated in or otherwise part of this news release. Pipeline systems, resulting in good outcomes for both Enbridge and shippers, further advancing the Company’s strategy to ensure fair and timely cost recovery. This project will replace two parallel pipelines connecting the Dawn Hub to residential and commercial markets in southern Ontario that have reached the end of their useful lives. These will be the first of many self-power projects we are moving forward on in the months and years to come to ensure we minimize our environmental footprint. Mainline volumes are recovering in line with the outlook issued in May and are projected to be 100-300kbpd lower than the Company’s pre-COVID19 expectations for the fourth quarter. The decrease was primarily driven by lower Adjusted EBITDA as well as a reduction in capitalized interest and higher depreciation from new assets placed into service throughout 2019, primarily on the Canadian Line 3 replacement program. These hybrid notes qualify for 50% equity treatment from most rating agencies, which further reinforces the Company’s financial strength. The amount of the dividend is consistent with the September 1, 2020 dividend. Liquids Pipelines adjusted EBITDA decreased $94 million compared to the third quarter of 2019 primarily due to: US Gas Transmission includes the Canadian portion of the Maritimes & Northeast Pipeline which was previously included in Canadian Gas Transmission. The Company expects to generate DCF per share near the mid-point of its original guidance range of $4.50 to $4.80. This page has been added to your list of favorites. There are no Documents and Filings that meet your criteria. The increase comes as Enbridge … During the third quarter, the necessary construction stormwater permit was issued by the MPCA and subsequent to the third quarter, Enbridge received two of its required permits from the Minnesota Department of Natural Resources (DNR). Upon completion of our secured growth, we will maintain our prudent approach to low risk, low capital intensity utility-like growth and disciplined capital allocation including return of capital to shareholders. NON-GAAP RECONCILIATION – SEGMENTED EBITDA TO ADJUSTED EBITDA, Change in unrealized derivative fair value gain/(loss), Equity earnings adjustment – DCP Midstream, (unaudited; millions of Canadian dollars), Change in unrealized derivative fair value gain, Adjusted earnings/(loss) before interest, income taxes, The U.S. portion of the Mainline System is subject to FX translation similar to the Company’s other U.S. based businesses, which are translated at the average spot rate for a given period. The Company continues to advance the development of its approximately $11 billion inventory of secured growth projects with approximately $5 billion of growth capital remaining to be spent through 2022, net of anticipated project level financing provided by third parties. Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. Therefore, these measures may not be comparable with similar measures presented by other issuers. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. Enbridge’s media and investor relations teams will be available after the call for any additional questions. Proceeds were used to redeem US$300 million senior notes due December 2020. Reports & Filings: Download the latest financial reports and investor documents from Enbridge Inc. The quarterly dividend per share paid on Series 13 was decreased to $0.19019 from $0.275 on June 1, 2020, due to the reset of the annual dividend on June 1, 2020, and every five years thereafter. Realized foreign exchange hedge settlements. Third quarter 2020 DCF decreased $17 million compared with the same period of 2019 primarily due to: For further detail on business performance refer to Adjusted EBITDA by Segments. Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly certain contingent liabilities, and non-cash unrealized derivative fair value losses and gains which are subject to market variability. “We’ve continued to make excellent progress on our strategic priorities. CALGARY, May 7, 2020 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported first quarter 2020 financial results and provided a quarterly business update. The contract offering reflects two years of negotiations with shippers and has the support of shippers transporting 75%+ of mainline volumes. The evidence further supports our view that the proposed tolls meet the regulators fair return standards and that the contract offering will serve the public interest. Once Enbridge receives all necessary permits and the Authorization to Construct from the MPUC, the Company expects Minnesota construction to take 6 to 9 months. Enbridge will be … Consists of cash received net of revenue recognized for contracts under make-up rights and similar deferred revenue arrangements. The business benefited from incremental earnings from a positive rate settlement on Texas Eastern, contributions from new assets that were placed into service in late 2019 and the first half of 2020 and customer growth and synergy realizations in Gas Distribution and Storage. higher revenues in US Gas Transmission due to the recent rate settlement on Texas Eastern and Algonquin, and higher contributions from the second phase of the Atlantic Bridge project which was put into service fourth quarter of 2019, offset by lower revenues on Texas Eastern due to pressure restrictions; and, the absence of earnings in Canadian Gas Transmission in 2020 from the federally-regulated portion of the Canadian natural gas gathering and processing assets that were sold on, higher distribution charges resulting from increases in rates and customer base growth; and. Buttons to download the selected documents are at the top and bottom of the document list. lower throughput on the Bakken Pipeline System, included in Other, driven by the impact of lower prices and COVID-19 on supply and demand for oil and products. NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS, Earnings attributable to noncontrolling interests, Change in unrealized derivative fair value (gain)/loss – Foreign exchange, Change in unrealized derivative fair value (gain)/loss – Commodity prices, Asset write-down loss – US Gas Transmission, Equity investment asset and goodwill impairment – DCP Midstream, Net inventory adjustment – Energy Services, Texas Eastern re-establishment of EDIT regulated liability, Employee severance, transition and transformation costs, APPENDIX B Non-GAAP financial measures. In the last-reported quarter, the company came … The call will be audio webcast live at https://edge.media-server.com/mmc/p/youisrgo. Gas Distribution and Storage adjusted EBITDA increased $60 million compared to the third quarter of 2019 primarily due to: 1 Schedules reconciling adjusted EBITDA are available as Appendices to this news release. The magnitude of the seasonal EBITDA fluctuations will vary from year-to-year reflecting the impact of colder or warmer than normal weather on distribution volumes. Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong third quarter 2020 financial results and provided a quarterly business update. Gas Transmission and Midstream Pressure Restrictions. “While we are encouraged by the economic activity and recovery in energy demand, we are assuming a gradual pace of recovery over the balance of 2020 and into 2021. This support reflects the competitiveness of the offering, which will support the best netbacks for shippers and secure long-term demand for Western Canadian crude oil. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within 24 hours. Adjusted earnings/(loss) before interest, income taxes, Adjusted for changes in operating assets and liabilities, Distributions from equity investments in excess of cumulative earnings, https://edge.media-server.com/mmc/p/youisrgo, Prairie Provident announces election of directors, Tourmaline completes strategic acquisition of Jupiter, U.S. drillers add oil and gas rigs for 4th week in a row, Work stops on Trans Mountain pipeline over safety concerns, Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of, Reaffirmed 2020 financial guidance range for 2020 of, Advancing Line 3: Minnesota Pollution Control Agency (MPCA) contested case hearing concluded with a positive recommendation from the Administrative Law Judge (ALJ) in advance of, Commenced construction of the 500 MW Fécamp offshore wind farm and 480 MW Saint Nazaire offshore wind farm construction remains on track for late 2022 in-service date, Completed 2020 debt funding plan and prefunded a portion of 2021 external debt requirements, Announced emissions reduction targets, including a 35% reduction in energy intensity by 2030 and net-zero by 2050, Announced diversity and inclusion goals to increase representation of diverse groups within our workforce by 2025, Completed installation of first of its kind solar self-powered compressor station on Texas Eastern and initiated construction on a second facility along the Liquids Mainline System. Enbridge Inc. (ENB.TO) (TSE:ENB) Earnings Information. Good morning, and welcome to the Enbridge Inc. earnings call for the first quarter 2020. The decrease in adjusted EBITDA was driven by the same factors impacting business performance and adjusted EBITDA as discussed under Distributable Cash Flow above, as well as the following factors: Adjusted EBITDA by segment is reported on a Canadian dollar basis. The MPCA contested case hearing process related to the State’s 401 Water Quality Certificate has been completed. Financial results for three and nine months ended September 30, 2020, are summarized in the table below: (unaudited, millions of Canadian dollars, except per share amounts; Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release. The $9 billion Line 3 Replacement Project is a critical integrity project that will enhance the continued safe and reliable operations of our Mainline System well into the future reflecting Enbridge’s commitment to protecting the environment. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. In the third quarter, the Minnesota Public Utilities Commission (MPUC) issued its final order to approve the final environmental impact statement (FEIS) and reinstate the Certificate of Need and Route Permit and subsequently denied all related petitions for reconsideration. With a share price of around $43, that gives the stock a dividend yield of around 7.8% annually. Energy infrastructure provider Enbridge reported third-quarter 2020 earnings per share of 36 cents, missing the Zacks Consensus Estimate of 40 cents and decreasing from the year-ago quarter… Enbridge Inc. 2020 Second-Quarter Financial Results Wednesday, July 29, 2020 7 a.m. MT / 9 a.m. For the fiscal quarter endingDec 2020, the consensus EPS* forecast has remained the same over the past week at 0.48 and decreased over the past month from 0.49 to 0.48 (2.04%). The Company finalized three rate proceedings in the first half of the year on the Texas Eastern, Algonquin and B.C. In May, Enbridge Gas Inc. (EGI) received a positive decision on its 2020 rate filing from the Ontario Energy Board which included approval of 2020 rates and the funding of two discrete incremental capital investments through the incremental capital funding (ICM) mechanism with a … Aux Sable Bakken Enbridge Podcast Regulatory, Distributions to noncontrolling interests, Cash distributions in excess of equity earnings, Other receipts of cash not recognized in revenue. A portion of the U.S. dollar earnings is hedged under the Company’s enterprise-wide financial risk management program. Our strategic priorities and federal agencies continue to advance the necessary environmental permits in parallel media and investor teams... $ 4.80 information requests from the CER and intervenors $ 9.11 billion for full! To gather documents in a group, use the PDF links enbridge quarterly report 2020 to the Enbridge Inc. is! A share price of around 7.8 % annually foreign exchange hedging program are captured in this.... 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