enbridge quarterly report 2020

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 Our diversified asset base is purposefully aligned with the global energy mix and our outlook on the fundamentals. 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. Management uses adjusted earnings as another measure of the Company’s ability to generate earnings. Enbridge was expected to report … As part of Enbridge’s agreement with the State of Michigan, the Company plans to replace the existing Line 5 dual pipelines at the Straits with a single pipeline encapsulated inside a state-of-the-art tunnel under the Straits. Debt to EBITDA is expected to remain well within the target range of 4.5x to 5.0x for the full year. 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. The increase comes as Enbridge … 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. The Great Lake Tunnel Project will make a safe pipeline even safer and further demonstrates Enbridge’s ongoing commitment to protect Michigan and the Great Lakes’ natural resource, while providing a reliable source of energy to the people of Michigan. The strong core business performance was more than offset by lower contributions from Energy Services due to a significant compression of certain key regional, lower Mainline throughput related to COVID-19, and the absence of contributions from the federally regulated Canadian natural gas gathering and processing business sold on December 31, 2019. The tables below provide a reconciliation of the non-GAAP measures to comparable GAAP measures. 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. Construction on the T-South Expansion, Spruce Ridge and our modernization program continue to progress well. These hybrid notes qualify for 50% equity treatment from most rating agencies, which further reinforces the Company’s financial strength. Utilization levels in our Gas Transmission, Gas Distribution and Storage and Renewable Power businesses all remained strong and their robust commercial underpinnings continue to deliver reliable cash flows which reflect the low risk pipeline-utility business we’ve been talking about. It is generally highest in the first and fourth quarters of the year reflecting greater volumetric demand during the heating season. Enbridge will be … Enbridge has confirmed that its next quarterly earnings report will be published on Friday, November 6th, 2020. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. The bottom line also deteriorated from 42 … State and federal agencies continue to advance the necessary environmental permits in parallel. 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. Line 5 and the Great Lakes Tunnel Project. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. Changes in operating assets and liabilities, net of recoveries. “Elsewhere on our renewables strategy, we’ve just put into service our first solar self-powered compressor station on Texas Eastern and initiated work on a facility in Alberta along the Liquids Mainline, collectively delivering low-cost renewable power to our operations. In May, the CER issued a hearing order outlining the timelines for the regulatory review process which includes multiple rounds of intervenor and CER information requests, written evidence and Enbridge’s replies, concluding in April 2021. In the last-reported quarter, the company came … 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 … Gas Transmission and Midstream Rate Cases. NON-GAAP RECONCILIATION – CASH PROVIDED BY OPERATING ACTIVITIES TO DCF, Adjusted for changes in operating assets and liabilities1, Distributions to noncontrolling interests4, Other receipts of cash not recognized in revenue3, Distributions from equity investments in excess of cumulative earnings4. “Enbridge is very well-positioned for a transitioning energy mix towards lower carbon fuels over time. I hope you're all doing healthy and well. 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. 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. Adjusted EBITDA in the third quarter of 2020 decreased by $111 million compared with the same period in 2019. During the third quarter, Enbridge responded to information requests from the CER and intervenors. Included within Other are Southern Lights Pipeline, Express-Platte System, Bakken System and Feeder Pipelines & Other. In Gas Transmission, the vast majority of work has been completed on Texas Eastern to ensure safe and reliable natural gas delivery and the system has returned to its normal operating capacity for eastbound service in time for the winter heating season. synergy captures realized from the amalgamation of Enbridge Gas Distribution Inc. and Union Gas Limited; partially offset by the absence of earnings in 2020 from Enbridge Gas New Brunswick and St. Lawrence Gas Company, Inc. which were sold on, contributions from the Hohe See Offshore Wind Project, which reached full operating capacity in, partially offset by higher mechanical repair costs at certain, lower operating and administrative costs as a result of cost containment actions and timing related to the recovery of certain operating and administrative costs allocated to the business segments; and, lower realized foreign exchange settlement losses primarily due to a narrower spread between the average exchange rate of. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. 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. Non-GAAP financial measures. 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. Schedules reconciling adjusted EBITDA, adjusted earnings, adjusted earnings per common share and distributable cash flow are available as Appendices to this news release. Next year, the company says it expects between $4.70 and $5. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. 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. The MPCA contested case hearing process related to the State’s 401 Water Quality Certificate has been completed. 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. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. FINANCIAL RESULTS REVIEW AND 2020 FINANCIAL OUTLOOK. Enbridge Inc. (ENB Quick Quote ENB - Free Report) is slated to report third-quarter 2020 results on Nov 6, before the opening bell. This information may not be appropriate for other purposes. Enbridge Inc. (ENB - Free Report) reported third-quarter 2020 earnings per share of 36 cents, missing the Zacks Consensus Estimate of 40 cents. There are no Documents and Filings that meet your criteria. In addition, the Company announced today $0.2 billion of utility growth capital for the London Line Replacement Project. CALGARY, AB, Nov. 6, 2020 /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong third quarter 2020 financial results and provided a quarterly business Maintenance capital expenditures are expenditures that are required for the ongoing support and maintenance of the existing pipeline system or that are necessary to maintain the service capability of the existing assets (including the replacement of components that are worn, obsolete or completing their useful lives). 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. 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. On October 16, 2020, Enbridge received a favourable recommendation from the ALJ on all five of the issues considered, which further supports the extensive regulatory record and the critical nature of this integrity project. Earnings before interest, taxes, depreciation and amortization next year are forecast to be between $13.9 billion and $14.3 billion. higher interest expense due to debt issued to fund new growth capital as well as a reduction in capitalized interest associated with the Canadian portion of Line 3 which has been partially offset by lower rates on short-term debt and newly issued long-term notes; offset by lower income taxes primarily due to lower earnings. Click to remove it from your list. And, each business is underpinned by low risk commercial models that assure the durability of our cash flows over the long term. GAAP SEGMENT EBITDA AND CASH FLOW FROM OPERATIONS, (unaudited, millions of Canadian dollars), Earnings attributable to common shareholders. and depreciation and amortization, Earnings/(loss) before interest, income taxes and The contract offering reflects two years of negotiations with shippers and has the support of shippers transporting 75%+ of mainline volumes. Enbridge’s media and investor relations teams will be available after the call for any additional questions. 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; 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$1.32/US$). Gas Transmission and Midstream Pressure Restrictions. Thank you, Patrice. (all financial figures are unaudited and in Canadian dollars unless otherwise noted), CEO COMMENT – Al Monaco, President and Chief Executive Officer. Proceeds were used to redeem US$300 million senior notes due December 2020. On November 3, 2020, the Company's Board of Directors declared the following quarterly dividends. Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong third quarter 2020 financial results and provided a quarterly business update. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. 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 … ABOUT ENBRIDGE INC. Gas Transmission and Midstream adjusted EBITDA increased $1 million compared to the third quarter of 2019 primarily due to: Number of active customers is the number of natural gas consuming customers at the end of the reported period. 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. “Each of our core businesses performed well in the third quarter. The Company finalized three rate proceedings in the first half of the year on the Texas Eastern, Algonquin and B.C. lower maintenance capital due to timing of spend in light of COVID-19 mobility restrictions; higher interest expense due to a combination of additional debt incurred to fund capital expenditures as well as a reduction in capitalized interest associated with the Canadian portion of Line 3 placed into service in, higher cash distributions in excess of equity earnings due new assets placed into service, including, higher receipts of cash not recognized in revenue due to approximately, higher depreciation and amortization expense as a result of new assets placed into service throughout 2019, primarily on the Canadian portion of Line 3 which entered service in. “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. Normal weather is the weather forecast by EGI in its legacy rate zones, using the forecasting methodologies approved by the Ontario Energy Board. 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). depreciation and amortization, APPENDIX C 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. APPENDIX A 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. Enbridge Inc. 2020 Second-Quarter Financial Results Wednesday, July 29, 2020 7 a.m. MT / 9 a.m. Management also uses DCF to assess the performance of the Company and to set its dividend payout target. GAAP earnings of $990 million or $0.49 earnings per common share, compared with GAAP earnings of $949 million or $0.47 per common share in 2019. 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. For financial performance of Spectra Energy prior to the merger with Enbridge, please see Spectra’s archived reports and filings on EDGAR. 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. Adjusted earnings in the third quarter of 2020 decreased by $163 million and on a per share basis by $0.08. CALGARY - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong third quarter 2020 financial results and provided a quarterly business update.. Third Quarter 2020 Highlights. These factors are discussed in detail under Distributable Cashflow. Management believes the presentation of these metrics gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company. These targets represent a natural evolution of our approach and once again demonstrate our commitment to industry leadership. The offsetting impact of settlements made under the Company’s enterprise foreign exchange hedging program are captured in this segment. Its quarterly dividend payment of $0.81 would be rising by 3% up to $0.835. 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. The amount of the dividend is consistent with the September 1, 2020 dividend. Good morning, and welcome to the Enbridge Inc. earnings call for the first quarter 2020. 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. 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. With a share price of around $43, that gives the stock a dividend yield of around 7.8% annually. Recent financial statements for Spectra Energy Corp can be found here. GAAP earnings attributable to common shareholders for the third quarter of 2020 increased by $41 million or $0.02 per share compared with the same period in 2019. Realized foreign exchange hedge settlements. 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. Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. The Canadian portion of the Mainline represents approximately 45% of total Mainline System revenue and the average effective FX rate for the Canadian portion of the Mainline during the third quarter of 2020 was C$1.20/US$ (Q3 2019: C$1.19/US$). 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. 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