We're directly connected to about 1.9 million of PADD II and Ontario demand, and nearly all of this is heavy refining capability. Enbridge Inc. (ENB.TO) has generated C$0.96 earnings per share over the last year and currently has a price-to-earnings ratio of 44.3. Oil & Gas 360® c/o EnerCom, Inc. 410 17th Street Suite 250 Denver, CO 80202 [email protected] 303-296-8834 E-mail for Advertising Information or call 303-296-8834 x 243 As discussed earlier, we currently expect as much as roughly 300,000 barrels per day on average of lower throughput on the Mainline over the last 3 quarters of this year. box here and going counterclockwise. Along with the rest of the year, as shown here, this outlook translates to throughput about 300,000 barrels per day lower than Q1 on average for the next 9 months. Shneur Gershuni from UBS is on line with a question. Each and -- each project has different permitting requirements by the Corps. And historically, you've always maintained ample liquidity, and it's no different this time around. Then I'll hand it off to Vern. Distributable cash flow was strong and exceeded our Q1 budget. I see what your point is. Sure. In the permitting category, we're seeing delays on PennEast. We don't see any material impact on the nationwide based on this decision on the Nationwide 12 permit. ET. Enbridge (TSX:ENB) Q3 Earnings Call: 3 Key Takeaways. (Operator Instructions) Rob Hope from Scotiabank is online with a question. We should be more concerned with Enbridge’s long-term outlook. First, EBITDA, on the next slide now, on 5 here. [Operator Instructions] So that's about $500 million together there, Line 3 and PennEast. Feb. 15, 2019. Obviously, we're living through an unprecedented level of demand disruption. In April, the Mainline ran at about 2,450,000 barrels on average. But its diversification, strong liquidity and healthy balance sheet should help it survive and eventually thrive again. Oil & Gas 360® c/o EnerCom, Inc. 410 17th Street Suite 250 Denver, CO 80202 [email protected] 303-296-8834 E-mail for Advertising Information or call 303-296-8834 x 243 Slide 17 shows the status of the regulatory process and the milestones. The reason for that is those customers run highly competitive and complex refineries. I'm just wondering on the supply side if you're anticipating barrels that were previously on the system to be structurally shut in. Yes, I think out of Western Canada, for sure, crude by rail will be the first to be hit. Enbridge has confirmed that its next quarterly earnings report will be published on Friday, November 6th, 2020. As per usual, this call is webcast, and I encourage those listening on the phone to follow along with the supporting slides. The reason I'm talking about all of this now is to illustrate the criticality of our Mainline and the market access pipes into those 2 critical regions. So that's unchanged by the impairment down to market value. The. That's especially true for our people who remain on the job site, like in control centers, operations, field staff and support functions. And then maybe my second question, maybe to clear up on the Mainline sensitivities and unpeeling Q2 a bit on that variance you put out there, that range, 400,000 to 600,000. On natural gas, prices improve or potentially moved to $3 at Henry Hub in 2021. That's going to allow us to weather this storm as the vast majority of our EBITDA is unaffected, and that's why we're maintaining our guidance, and we're stressing that outlook with various scenarios. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Enbridge Inc Q2 2019 Earnings Call Aug 2, 2019, 9:00 a.m. Okay. We're protected from any normal volume disruption because of the very strong supply fundamentals and the Mainline's competitive position. It wasn't easy getting there at all, but we landed on a good balance. thinking through this on the other side when we get back to like kind of a normalized world and potentially when Line 3 eventually gets online and, in fact, gets you to a full year contribution in '21, maybe I'm getting ahead of myself too much here, but just wondering what do you think the business looks like in that environment and how that compares to, I guess, some of the prior guidance you had put out there given how well things went in the first quarter. And that's where, just given where we are on throughput today, there's probably a good opportunity for them to ramp up and fully utilize that access to heavy barrels. In the case of refiners and integrated producers, contracting gives them access to reliable feedstock at stable and competitive tolls. Enbridge Inc. Slide 12 shows how we see this impacting our core markets. I think Western Canada is not expected to fill in May as well. It's designed to be a range, and our outlook would be within that range. Go ahead, Vern. You bolstered liquidity during the quarter. Do the numbers hold clues to what lies ahead for the stock? We have reached our time limit and are not able to take any further questions at this time. So that's how we see it at a high level. It plays an essential role in powering our lives and livelihoods, which ensures that Enbridge will continue to provide investors with stability, predictability and dividend income. I was trying to clarify or confirm with you guys that you guys are also feeding in that 1.5 million production shut-ins in Canada as you triangulate down to your variance for Q2. Can you put that $1 billion into buckets? Robert HopeScotiabank Global Banking and Markets, Research Division - Analyst. That sounds right. Because of that, DCF per share was about $0.05 higher than budget, which is a plus in terms of how we're looking at the full year. Andrew Kuske from Crédit Suisse is on line with a question. Enbridge (ENB) delivered earnings and revenue surprises of 0.00% and -32.34%, respectively, for the quarter ended June 2020. That's what goes into those numbers that you see. I think, Matthew, it will be interesting to see the LNG dynamics for one, for sure. I appreciate the detailed quarterly outlook here. In fact, we've had to turn away volumes, particularly heavy barrels, with 40% to 50% apportionment in the last 3 years. One thematic credit area that we are monitoring closely is some of the gas-producing community who ship on our interstate and provincial systems. So we feel that's fairly tight already. Yes, you've got it right there. Then I'll cover how we see the North American crude oil fundamentals and our Liquids Mainline outlook. EVENT DATE/TIME: MAY 07, 2020 / 1:00PM GMT. Combined, our approach to operating cost actions have been carefully targeted. Individual interested in listening to the company’s earnings conference call can do so using this link. We should do okay, I think. A great example of the predictability of the business is that we just recontracted 99% of available Texas Eastern capacity for term. They're pretty darn good. Thanks for the interesting details on Slide 12 detailing PADD II and PADD III dynamic over the near term; in fact, PADD III (sic) [PADD II] lacking storage while PADD III has storage and export capacity. This translates into a reduction to our 2020 EBITDA of about $300 million or about 2% of our consolidated EBITDA. Enbridge (ENB) delivered earnings and revenue surprises of 21.57% and 5.17%, respectively, for the quarter ended March 2020. The market is thawing. As always, our Investor Relations team is available to address any additional questions you may have. That's a very good result, especially given the weather drag in the utility and narrower basis differentials in Energy Services relative to last year. I hope you're all doing healthy and well. And because of some slowdowns related to COVID, about $1 billion of capital spend will be deferred into the next year. those shippers are essentially saying that the commercial deal we struck, including tolls, works for them, and they want to commit volumes in an open season. Absolutely. Right. Matthew, I think, really, our system and the demand in the near term is going to be refinery demand pull-driven. Welcome to the Enbridge … To this end, Enbridge is targeting net-zero emissions by 2050 and a 35% reduction in emissions by 2030. Because I think the rate cases are a great point, but the gas guys are working on so many other opportunities right now. And so given that we've got a lot of storage pent-up in Western Canada, I think we'll be able to utilize as much of that increased demand that refiners want through this period here. I'll go first. To be clear, we still like these assets and this business. Do the numbers hold … So maybe, Bill, can you maybe just expand on this? For example, at 500,000 barrels per day under the stress test, this is roughly 3.5% of consolidated EBITDA. (RTTNews) - Enbridge Inc.(ENB) will host a conference call at 9:00 AM ET on May 7, 2020, to discuss its Q1 20 earnings result. 2019 Fourth Quarter Earnings Webcast and Conference Call. And then the rest is pretty small. Enbridge (ENB) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.51 per share. Thomson Reuters reserves the right to make changes to documents, content, or other information on this web site without obligation to notify any person of such changes. Enbridge Inc Common Stock (ENB) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. But I'm wondering if that also includes the impact of COVID and what that might have on your -- the practical realities that has on construction. Maybe just to start on the Mainline. Finally, Eliminations and Other was $25 million favorable compared to the first quarter of last year. I'm having trouble following it. This would normally have been followed by a hearing order and time line, but the CER is addressing submissions. And so you see from the Texas Eastern rate case that that's -- that provides some -- I wouldn't -- I guess you'd call it a growth opportunity, if you want. Earnings … And again, that's dependent on whether it's 1 million to 1.5 million in overall Western Canadian basin production declines. We believe it's prudent to do so under the circumstances with the unique volume situation and given uncertain industry times. Ben Pham from BMO is on line with a question. All of the agencies assess our business risk as either A or excellent, which is among the best in our sector and reflective of our low-risk pipeline utility model. Announces Three Percent Quarterly Dividend Increase for 2021. Maybe a little bit tougher in this current environment just given some of the debt markets and so forth that are maybe less applicable for private equity these days, but we'll continue to do that. I'm just curious, your expectation for customers. So I guess just the confirmation on where your liquidity is right now. Rob, it's Colin. And Vern, they've reconfirmed that they're still interested, based on what they said in the original letters of support, in terms of more than what they're shipping? Importantly, the Mainline is flanked on the upstream end by long-term contracted pipes and on the downstream end with our contracted market access pipes. The majority of our load here is residential, plus we have long-term contracts underpinning industrial volume. I think the answer is yes. To prepare for any economic scenario and make sure we stay ahead of the game, we're taking further bolstering actions. I'll run through the results in an abbreviated manner. Those tailwinds and headwinds are about the same, so overall, kind of still tracking roughly to the midpoint of guidance. Further, we continue to grow the utility rate base through customer growth in the area of 40,000 to 50,000 new customers per year, and we're achieving our target synergies from the amalgamation. We filed our contracting application late last year, including letters of strong support from shippers who make up about 75% of throughput. And specifically, I'm wondering if there might be some sort of a shift in how you approach your U.S. Gulf Coast and export strategy. The company, Enbridge Inc., is set to host investors and clients on a conference call on 11/6/2020 4:06:25 AM. The biggest concern has been the political stand against pipelines. We have over 40 different sources of EBITDA, diversified by business line, commodity, size and geography. In the conference calls upon which Event Briefs are based, companies may make projections or other forward-looking statements regarding a variety of items. And as Jonathan said, we'll be a bit longer to get through our remarks today because there's a lot to cover. Michael Jay LapidesGoldman Sachs Group Inc., Research Division - VP. In Q1, we've taken additional actions to further bolster excess liquidity. That's what our corporate development people get charged with. For example, for COVID-related matters, a deferral of our utility customer adds until next year due to temporary housing construction pause in the GTA. Additional information on non- GAAP measures may be found in Enbridge’s earnings news releases on Enbridge’s website and on EDGAR at . We had a pretty good Q1, continuing all the trends that you've seen. Analysts expect Enbridge to post earnings of $0.41 per share for the quarter. This concludes today's conference. We're reducing costs by $300 million. For us, I think like many storage operators, we have, as Al mentioned previously, operational storage and merchant storage. So that gives us more flexibility for our customers. Again, we don't expect to see much impact from COVID, and the utility should perform in line with our expectations, weather adjusted. You've seen other large players in renewable use similar models. Thanks, Jonathan. And that's the 3 million barrels a day that we were talking about that is directly connected or as downstream pull. And for the last 6 years, we've increased capacity and maximized utilization even in the 2009 financial crisis and the 2015 commodity downturn. Okay. So we don't have a lot of choice in that one. But I think -- so it's not so much the construction. Our estimate is that 1 million to 1.5 million barrels of production comes off in Q2; April was about 1 million, as you can see here; followed by gradual recovery. This is now on Slide 8. In fact, all of them have reconfirmed, and most of them did provide commentary at the CER on April 24 to that effect, saying that they would like the Mainline contracting hearing process to continue and pick up pace. The market expects Enbridge (ENB) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2020. It's not huge for us. Enbridge Inc. is … Thank you, Patrice, and thank you to everyone for your time and joining us this morning. So in this outlook, production lags recovery in demand, perhaps into 2021 before it's restored to previous levels, at least that's our view. Virtually all of our cash flows come from reservation-based revenue contracts, and over 90% of our customers are investment grade, mostly utilities. My name is Patrice, and I'll be your operator for today's call. Let's now move to another subject of interest, which is Mainline contract offering on the next slide. We'll see how that progresses. Enbridge’s mainline volumes were once again negatively affected by reduced demand due to the pandemic, but Enbridge is expecting a gradual recovery. We have a range. All Rights Reserved. Individual interested in listening to the company's earnings conference call can do so using this link. As you can see on the slide here, diesel has actually fared slightly better as large transport vehicles, rail and shipping are still moving, which is why heavy and medium crude demand has held up better than light. I think we are, as we always are, on a proportionate basis, moving more heavy than light, and we expect that to continue over time. Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group. As the largest pipeline out of the basin, not much of a surprise we're affected with the scale of demand disruption. That's probably $200 million. I think it's a good point. Its oil and gas assets and operations in North America make up a big chunk of the energy infrastructure. Got it. So consider this about a $300 million refinement down to $1.7 billion for Line 3 U.S., for example. In April, the Chicago area and Minnesota refineries were still running near their normal heavy crude slate or about 90% of their normal Mainline take. Enbridge Inc (ENB) Q1 2020 Earnings Call Transcript ENB earnings call for the period ending March 31, 2020. As the company prepares for a slow and gradual transition to clean energy, it will continue to benefit from its highly diversified asset and revenue base. We certainly look at the 3-year plan, and we always evaluate whether we can bring in financial partners. I want to thank our people for their sheer dedication they've shown to their work, our customers and to the people that consume energy every day. But the uniqueness and depth of this downturn means everybody is affected. Enbridge also has renewable assets in North America and Europe, and these assets ensure Enbridge’s long-term health and viability. 3 min read Enbridge (ENB) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.51 per … That's great. That expectation stems from the resiliency of our business I referred to. And most of our areas, be it Gulf export, whether it's Mexico or LNG, even some of the Northeast utilities where it's challenging to build anything new, small increments of growth crop up. It's being driven by a severe pullback in product consumption from the lockdown, virtually no air travel, significantly reduced miles driven and negative economic growth. I think as you're pointing out, Line 3 is a big part of that because it generates a lot of EBITDA. And the explanation about rail being impacted first and coming back last definitely makes sense, but trying to navigate these unprecedented environment for North American crude markets. by woorr. So we're now into the Q&A. This return assumes that various measures put in place are lifted over the balance of the year and a staged reopening of retail and services in Q2, lifting border restrictions by the fall. The Motley Fool owns shares of and recommends Enbridge. You got to keep in mind, these all pale in size and scope by comparison to Texas Eastern. In fact, our U.S. Gulf Coast tolls should be the lowest tolls available. Terrific. You've tracked those through the years. Enbridge Inc. is one of Canada’s energy transportation and distribution giants. Although the companies may indicate and believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. What I heard from the comments is there's a little bit of a mechanical shift in the CapEx for 2020, seemingly based on the permitting time lines. Access to energy is essential if economies are to return to pre-COVID levels. Yes. All that to illustrate the diversification and strength across the business, including other parts of liquids, makes the impact to the Mainline manageable. Okay. I'm not sure we see much of a construction impact. COVID has threatened millions of people, and it's hit fast and wide. And Michael, just as a reminder, that spot capacity, the 10%, for example, that's usually by regulatory requirements. Yes. They are all things that are dear to us and central to how we run the business. The utility, through additions and expansions of the communities, is there and then, of course, on the liquids side. for each of our refineries. Probably think of it as a shift out into June. I'm going to open this up with a few comments on the COVID crisis and how we're approaching it. Is that something that, after write-downs here, is something to kind of exit at this point? and travel restrictions by year-end. So what you're effectively saying is that it wouldn't be an impediment and you have a very good offering for your shippers? Once in service, this secured growth will add an incremental $2.5 billion of highly reliable cash flows and advance our strategic priorities. How do you think about using that? I'll go first. Well, I wouldn't want to front run any of them, Michael. Enbridge Q2 2020 Earnings Call Jul 29, 2020, 9:00 a.m. That's great to hear. We've sold another $400 million of assets this year as we continue to recycle or high grade our capital. Individual interested in listening to the company's earnings conference call can do so using this link . Those have been divested. Okay. Enbridge (NYSE:ENB) (TSE:ENB) will post its quarterly earnings results before the market opens on Friday, November 6th. Overall, refinery utilization is down sharply, as you know, by about 30% to 50% since January, but this is not a homogenous refinery market. And the deal benefits everybody: producers, integrated companies and refiners. So we're at $14 billion. I would say, though, Jeremy, that at this point, we're very supportive of management's actions. Just on the DCP position itself, is there any tax benefit that you anticipate rolling off that at this point in time? I'm trying to understand how that impacts or colors your outlook for Mainline volumes for this year. Enbridge (ENB) Beats Earnings and Revenue Estimates in Q1 finance.yahoo.com May 18, 2020 Enbridge Inc. (ENB) CEO Al Monaco on Q1 2019 Results - Earnings Call Transcript (Operator Instructions) And as always, our Investor Relations team is available for your detailed follow-up questions afterwards. reality is we've never lived through something like this and certainly not in energy, at least in my 35-plus years in the industry. So while many haven't historically been shippers, the offering allows them to balance the playing field with refiners, which is usually the issue that we hear about. As you look through the rest of these drivers, they can consist of a number of smaller puts and takes. And on this recent initiative to store barrels down the Mainline, any other near-term opportunities for downstream storage? When you add it all up, we remain very confident that we'll generate DCF within our original guidance range of $4.50 to $4.80 per share. So let me speak briefly to that on Slide 6. The global demand for energy will rise, driven by population growth and urbanization. And then the business, even in this environment, Jeremy, we're only down maybe 5% on a demand basis. A Nationwide permit has confirmed that its next quarterly earnings report date for Enbridge common... Basically as of today those submissions on May 7, before the opening bell could to... You seen dramatic volume changes on DAPL or in Gray Oak walkup will. That yet on how you can address that, after write-downs here just. 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