In terms of capital uses, our capital program for the year remains in the range of $5 billion to $5.5 billion, inclusive of maintenance capital. On your next visit, you'll find a shortcut to this page in the main menu. Otherwise, if you're not really doing much to add any value at all. So I guess maybe if you look at the overall weighted average cost of capital, just intuitively, you'd say, well, bond yields are lower, obviously, betas have been higher than we've seen. Thank you. But overall, the capex budget is declining as we go forward here, which should help us generate free cash flow. Dividend Definition. The straight crossing is a dual pipeline network where for a period of time one leg can service our requirements downstream of the straits. This year, well-publicized contango spreads in the crude market allowed us to capture profitable storage margins on a small portion of the company's storage fleet, primarily in Cushing. So anyway, that's the broad answer to your question. It's Vern here. Does capex potentially come down a little bit this year? So whereas, yes, we can make something accretive by buying back shares, we tend to compare that to not just short-term accretion but what are we going to get out of the buyback in the longer term. Overarching that, though, I think from a strategic point of view, Jeremy, the way we're looking at the renewable space this year, and as I mentioned, we've been gradually building this. But for example, can we use technology in a different way to further optimize the system or how we move volumes through terminals, for example. Enbridge Inc.(ENB) will host a conference call at 9:00 AM ET on July 29, 2020, to discuss its Q2 20 earnings result. I don't know, Colin, if you want to add anything to that. I think Colin will correct me. It's not going to be a quick transition by any stretch, but slowly, renewables will be a bigger portion. Returns as of 12/19/2020. It's always something we contemplate and look at whenever you have a potential administration change. The full replacement of Line 3, of course, will restore more capacity. Enbridge Inc (ENB) Q1 2020 Earnings Call Transcript ENB earnings call for the period ending March 31, 2020. And just as a follow-up, I guess one of the other levers you have is the growth aspirations are on a per-share basis. And the supply chain hasn't quite stood up as well on the U.S. side. If we rewind back to Enbridge day, you'll recall we set some priorities for ourselves in 2020, so this is basically a wrap-up with the midyear checkpoint. Financially, that's going to mean about $12 million per month of lost EBITDA. Population growth, urbanization and an expanding middle class, there's no serious disagreement with any credible forecast on that. The DNR and the U.S. Army Corps are continuing to work their permit in parallel. I think if you go to hurdle rates, specifically, we've always taken the approach of developing those from the bottom up, and they're very much project specific. Thank you. Of course, that reflects some Line 3 spending shift into the first half of 2021 offset by a stronger U.S. dollar and some announced project wins. ET. Are you assuming that you do see some heavy degradation in the back half of the year? I think on the latter one, I think that's right. Robert Catellier -- CIBC Capital Markets -- Analyst. But I don't know, Vern, if you want to expand a bit on his question. So in summary, we had another very good quarter despite the challenges. Thanks for that. So I wouldn't have expected anybody to be added to the list at this point. But certainly, I suppose it could be an opportunity in the future, but you have to really make sure that the country risk and the other factors within the risk profile fit with the rest of the business model. Cynthia and the team are making great progress on synergy capture from the combination of the 2 Ontario utilities. Enbridge (ENB) delivered earnings and revenue surprises of 0.00% and -32.34%, respectively, for the quarter ended June 2020. Another 4.5% to 5% is driven by the $11 billion of projects we have in execution, including completion of Line 3 and the others that you see here on the list. Just to reiterate, the benefits of contracting the mainline really revolve around what's good for customers and the entire industry. Image source: Getty Images . First and foremost, priority access had predictable, stable and competitive tolls. I have a couple of questions about capital allocation that you partly touched on in your prepared remarks. I know there's been a lot of questions to say about capital allocation and in terms of projects and free cash flow harvesting and so forth. And next, a few words on our financial position on Slide 22. The in-corridor expansions, extensions, modernizations, executable projects. On average, our mainline was approximately 85% utilized during the quarter, delivering 2.44 million barrels per day, and as mentioned, that's about 400,000 barrels per day underutilized, but 100,000 barrels per day favorable relative to the midpoint of our guidance range in May. I think job 1 for us is to continue to operate the line safely and do the work necessary on the reservation to have that happen. Thank you, and thanks, everyone, for taking the time to join us this morning. I think specifically, the last part there's nothing different that we expect on Line 3. Thanks, Jonathan, and good morning, everybody. Of course, we're disappointed with the delay in the 401 that came about last quarter. I think that's for Energy Transfer to comment on how the core proceedings are going to play out. OK. Good morning. ET (6:30 a.m. MT) to 12:30 p.m. Before I hand it to Bill, you mentioned the supply chain. But when you really dig deeper into it, the fact patterns are, in fact, quite different, where we have been in constant negotiation with the allottees on our easement, and we have not seen the Bureau of Indian Affairs get involved in our pipeline situation with the Bad River Band. Its earnings were down to C$ 1.7 billion in Q2 2020 from Q2 2019’s C$ 1.8 billion, and its EBITDA in the latest quarter stood at C$ 2.3 billion. First question is on the mainline outlook. And on the $1 billion T-South project, construction is progressing well. Through 2022, we expect average annual DCF per share of 5% to 7% growth, about 1% to 2% comes from embedded revenue growth optimization and cost efficiencies. The reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.05. Enbridge took advantage of strong debt markets in Q2 to raise $6.9 billion in capital at attractive rates. We expect Texas Eastern's new rates to contribute an incremental CAD 125 million of full-year EBITDA on a run-rate basis. OK. 23 counties formerly endorsed it and a strong majority of Michiganders wanted to get going. Thanks, Al, and good morning, everyone. And finally, good progress on priorities, we sanctioned another $1 billion of new projects that was good to see, good outcomes on our rate cases and Line 3 is moving forward as is mainline contracting review, and I'll come back to those specifically in a few minutes. So it's a very in-depth and pedantic review of hurdle rate. Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath The Canadian Press August 4, 2020 The Calgary-based energy company says it earned 82 cents per share for the three months ended June 30, down from 86 cents per share or $1.74 billion a year earlier. Our next question comes from the line Ben Pham from BMO. Got it. Nothing else is either. For us, what's most important is the regional picture, though. And then as far as offshore wind is concerned, you guys have been very involved in the European side. It matches our long-lived asset base, so it's a good point. So we believe we're well-positioned to be a winner in this environment. Hey, Praneeth, it's Colin. Jul 29, 2020 6:32 AM. And indeed, we've been capitalizing on that trend ourselves. Enbridge will host a conference call and webcast to provide an enterprise-wide business update and review 2020 second-quarter results. But as you can see, we're still below normal. The second driver is the contribution from assets placed into service last year, namely Stratton Ridge and Phase 2 of Atlantic Bridge. Our leverage remains firmly in BBB+ territory and continues to trend in 2020 well within our 4.5 times to five times target range. We have reached our time limit and are not able to take any further questions at this time. 2020. I'm just wondering if you're approached with a very compelling offer to do further JVs like you have recently with your offshore wind, is that another lever that you would seriously consider balancing off, I guess, the complexity associated with that potentially? Enbridge (NYSE:ENB)Q2 2020 Earnings CallJul 29, 2020, 9:00 a.m. So we think we're pretty solid on each of the businesses for decades to come. I think this is the appropriate approach because even if you just look at the last couple of weeks, some of the driving numbers, and you've seen these have sort of stabilized a bit, whereas we were on a big role before that. The hybrid market is seldomly fully constructive, so we seized the opportunity at a good tax-deductible coupon. by The Canadian Press. But I wouldn't sell short the fact that having locked in demand from the best market in North America is another key factor along with this concept of the marginal toll economics that's, again, I think, starting to get some headway with people who are really, actually ,now starting to look at how is this going to affect them. Let's conquer your financial goals together...faster. And you're right. The next part of the story shows the upstream effects of all this into Western Canada and our outlook for the second half. Thanks. Thank you. If you look at the numbers, we're pretty good on all of those three markers. North American demand came back by almost 3 million a day, but we see a more gradual pace of recovery from here. Our next question comes from the line of Jeremy Tonet from JP Morgan. Just wanted to start off with a quick question. I think while we're in this application process, we're probably not going to see much change in that. That program should give us $2.5 billion or so in incremental EBITDA. There's no viable alternative for Line 5. But again, we go through a pretty distinctive process there where we look at what the hurdle rates would need to be for international investments. Thank you. I know at first glance, it looks like an analogous fact pattern. Jefferies Financial Group analyst V. Bagri now expects that the pipeline company will earn $0.43 per share for the quarter, up from their prior forecast of […] Conference ID: 4265758, Thursday, May 10, 2018 7:00 am MT / 9:00 am ET, Friday, February 16, 2018 7:00 am MT / 9:00 am ET, New York, Tuesday, December 12 (webcast available) | Toronto, Wednesday, December 13, Thursday, November 2, 2017 7:00 am MT / 9:00 am ET, Thursday, August 3, 2017 7:00 am MT / 9:00 am ET, Thursday, June 8, 2017 9:00 a.m. ET/ 7:00 a.m. MT, Thursday, May 11, 2017 7:00 am MT / 9:00 am ET, Thursday, May 11, 2017 1:30 pm MT / 3:30 pm ET, Friday February 17 7:00 am MT / 9:00 am ET, Thursday November 3rd 7:00 am MT / 9:00 am ET, Friday, July 29th 7:00 am MT / 9:00 am ET, Enbridge Inc. & Enbridge Income Fund Holdings Inc. First Quarter 2016 Financial Results, February 19, 2016, 7:00 am MT / 9:00 am ET, Wednesday, October 7, 2015 8:00 a.m. ET/ 6:00 a.m. MT, Save time by adding this page to your list of favorites. Recall, though, that we are mostly take-or-pay on these contracted systems but do have a little bit of spot capacity, too. Good morning, and welcome to the Enbridge Inc. second-quarter 2020 earnings call. So I think on Line 3, I alluded to this in my remarks. [Operator instructions] And our first question comes from the line of Robert Catellier from CIBC. So the simple way to look at it from the way we approach it is we do the basic hurdle rate based on those things I mentioned. You can see it -- probably the simplest example is just our cost pursuit. So again, this offering is the culmination of a two-year effort to negotiate a deal that makes sense for our customers and as well the entire industry. We responded to the COVID challenges earlier, adding health and safety measures to make sure our people were protected and continued to deliver energy without disruption. The following slide deck was published by Enbridge Inc. in conjunction with their 2020 Q2 earnings call.. ... Enbridge Inc. 2020 Q2 - Results - Earnings Call Presentation. The main export system for Western Canada's oil production is recovering after volumes fell by less than feared amid the COVID-19 economic slowdown in the second quarter, pipeline company Enbridge Inc. reported Wednesday.. Maybe I'll start with Line 5. First of all, I think you'd expect growth overall to be slowing down in the industry. So that's sort of how we're looking at it. So I'm wondering how that's impacting your capital allocation strategy. Thursday, May 7, 2020 7 a.m. MT / 9 a.m. Are you at the point in the next 12 months to put some dollars into some pilot investments? And if you can be the most competitive system into each 1 of these markets, the transition is happening, but certainly not going to happen over a short period of time. Good morning, guys. So for example, today, if you're entering a new build, you'd have to say whether or not you think scheduling costs will come in as you predict it. Yes. Wednesday, July 29, 2020 7 a.m. MT / 9 a.m. Then I think we can see ourselves getting pretty darn close to that. It's a good one in this environment, and then Colin can fill in. Well, we've done some transactions recently, so maybe, Colin, you can touch base on how debt investors are looking at. Maybe the only other example, Praneeth, just to give you a feel for it, we talked about this in terms of -- let's use the liquid system, the size and scale of it, at whatever it's going to be. Enbridge Q2 earnings slip as revenues plunge 40 per cent due to COVID aftermath July 29, 2020 The Canadian Press CALGARY — Enbridge Inc. is reporting that its net income slipped to $1.65 billion in the second quarter on a 40 per cent drop in revenues due to lower crude oil prices caused by the COVID-19 pandemic and OPEC price war. And it's just on the peak hours, it's just not there. Just on the mainline contracting, I know it's still early days, but given the value of pipe in the ground, as you mentioned, Al and the mounting challenges of getting new pipe capacity built, are you starting to see additional commercial support coming from shippers? And remember, our shippers here support the offering, greater than 70% of our throughput, and the point of that is that they'll be active in the regulatory process. You know, Rob, we talked about this quite a bit, actually. So we believe we will not only survive these industry challenges but thrive and win. Linda Ezergailis -- TD Securities -- Analyst. Your question, please. I agree with it. It's true that -- maybe this is where you're going. And again, a reminder, it should take six to nine months after we get the permits in our hands. So just to confirm that. Or is it looking toward the upper end of your volume outlook there? I think it's easy to say, well, we don't want to do this or that. A replay of the call will be available today, and a transcript will be posted on the website shortly thereafter. We will try to keep the call to roughly one hour. And the way I look at it is if we can add more there, it certainly would offset some of the things that we might not see coming in secured growth beyond 2022. Enbridge Inc. (NYSE:ENB) Q2 2020 Earnings Conference Call July 29, 2020 9:00 am ET Company Participants Al Monaco - President, Chief Executive Officer Colin Gruending - … April 2020. It's true that the midstream valuations are, I guess, attractive relative to where they were. John has been a friend over this period, and not having him around will be an adjustment for us. So I don't know if that's what you're looking for, Al and Jeremy, but that's a couple of comments there. At the same time, you've announced a couple of new projects that you've secured. I think the point is, frankly, we work pretty well with all administrations, even the previous one on many fronts. Thirdly, I'd put in this category some of the just kind of embedded rate base growth that you see in our utility gas investments where, I think Al talked about this, where we're going to be asked and will proactively look to ourselves, renew, and modernize systems. Bill and his team have done a good job of getting new projects in place and execution is ongoing here, and these projects are going to contribute to the $2.5 billion in EBITDA that I mentioned earlier. I would say the more imminent, certainly, in the utility. And I think that's well recognized in our outings in the capital market. ET (6 a.m. MT) to 12:30 p.m. Perfect. I think hydrogen is very interesting. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And the focus would be on making sure that everybody is still with us. One of your U.S. peers issued debt this week at fairly low levels in terms of rates. Results-wise, as you saw, we had a strong quarter. Jonathan, you may begin. So the combination of these two gives us confidence through 2022. 8 (1) Source: U.S. Energy Information Administration (EIA) – as of July 17, 2020. Enbridge Inc. (ENB.TO) last posted its quarterly earnings data on November 6th, 2020. The Pollution Control Agency, they run the permitting process here, issued their draft in February. Enbridge Inc. ENB reported second-quarter 2020 earnings per share of 41 cents, in line with the Zacks Consensus Estimate, aided by higher contributions … They are positive. (2) Source: Rystad and Enbridge estimates - July 2020. As you can see, PADD II heavy margins doubled from about $6 to $12. As you know, we recently won projects to feed LNG facilities on the Gulf. Source: Enbridge Q2 2020 earnings call presentation Rate escalators for existing pipes should result in 1-2% annual growth alone, while the growth backlog with additional investments in pipelines, distribution, and renewable energy will add another 4-5% per year to the company’s DCF per share. We had growth from recently completed projects, the German offshore wind projects and Gray Oak, so we're still getting things done. Proposed Restructuring - Update Call, Enbridge Inc. First Quarter 2018 Financial Results, Enbridge Inc. Fourth Quarter & Year End 2017 Financial Results, Enbridge Day 2017 Annual Investment Community Conference, Enbridge Inc. Third Quarter 2017 Financial Results, Enbridge Inc. Second Quarter 2017 Financial Results, Enbridge Mid-Year Investor Update Meeting 2017, Enbridge Inc. First Quarter 2017 Financial Results, Enbridge Inc. Now let me shift to the second-quarter highlights. But if somebody is presenting compelling value and you've got some good reinvestment opportunities, then we'd have to look at that. Hey, good morning, and thank you for your comments this morning. But we essentially take adders, if you want to call them that, based on how we see the variability depending on what risk you're talking about. Second point on this, even though the current crossing is entirely safe. Our Gulf Coast and Mid-Con systems were down period over period due to lower light spot volumes on the Bakken pipeline and the Seaway legacy system, largely as a result of reduced demand for lighter crudes in the Gulf in the quarter. We're doing that because we want to provide Michiganders an added measure of comfort. But the bigger picture backdrop we're not losing sight of is that the fundamentals are intact. And we're right into working with Minnesota, as you know, for quite a while. On the capital bucket, we have organic opportunities in the hopper, which we've talked to you about before, and the teams are working on. While there are headwinds in the second half, and Colin will take you through that, we expect to be within the guidance range and the cost savings we talked about last quarter were enabled in late Q2. Enbridge Inc. 2020 Second-Quarter Financial Results. And then just a quick follow-up on the DAPL situation if I could. Our next question comes from the line of Patrick Kenny from National Bank Financial. You've prefunded -- or you funded '20. And wind is 30 megawatts. Or you think you're at the point where you would need to refine the terms in order to achieve a level of support well above 70%? The next couple of slides update you on the crude oil outlook. I will say that Cynthia and her team in the utility have been doing a very good job in getting ahead of the curve on this. I think it's probably a little too early to tell, honestly, Ben, what the policy implications will be and what it means to infrastructure. We're watching it, obviously, Ben, but generally, we think we'll be in good shape. We also filed on Alliance, East Tennessee, and Maritimes, and settlement discussions with customers will follow later this year. Turning to other business segments. Read about our approach and performance on key environmental, economic and social issues of interest to investors. So I think we're in pretty good shape to be able to offset a lot of the production coming out of the Bakken. So when we do that, we can kind of assess what sort of adder we need to apply, depending on what the type of sensitivity is that you're looking at. So obviously, a shutdown of DAPL would be bad for North Dakota and all the users of that crude oil coming from the Bakken, but as you mentioned, we obviously have a very broad and diverse network of crude oil pipelines. Moving now to our gas utility. Your question, please. We already returned a boat load of capital through the dividend. And so today is a great example. People have been working on it in the company for quite a while. You've got a -- there's certainly energy transition in play here. I'll take you through our financial results, financial position, and our outlook for the full year. However, we do expect these capital expenditures to ramp up in the second half of the year, in line with our full-year guidance. Good morning. Event downloads Jonathan Morgan Enbridge Inc. - VP of IR Two main positive drivers here. So we'll have a little more next year. That's helpful context. Finally, on this one, we've been focused on further enhancing our returns. Your question, please. April 2020. Bill Yardley -- Executive Vice President, Gas Transmission and Midstream. I think on both buckets, we've talked about all of them. July 2020. Or could this drag on for another few weeks here? IMPORTANT NOTICE: Enbridge Gas Distribution and Union Gas have merged into one company, Enbridge Gas Inc. We are working to serve our customers better by combining our websites.If you are unsure which website you need, use our postal code lookup tool to get to the right information. So the Midwest and Gulf Coast refineries, as everyone knows, are the most complex in terms of what they process, so as demand came back, they ramped up quicker. ET. You could quadruple the amount of wind as they're projecting. View the presentation from our latest earnings. Robert, this is Colin. This is in keeping with our conservative approach and represents opportunistic pre-funding of 2021 in the context of our Line 3 U.S. construction timeline firming up and our forward-looking capital markets uncertainty. Does it go up next year? Slide '19 summarizes our results. And with stabilized prices, we've seen heavy volumes come back, actually, if you look at July, heavy capacity is being fully utilized again. CALGARY, AB , July 8, 2020 /CNW/ - Enbridge Inc. () (Enbridge or the Company) will host a conference call and webcast to provide an enterprise-wide business update and review 2020 … In fact, we didn't really miss a beat on that front. Line 3 is kind of delayed at this point right now. Our next question comes from the line of Robert Kwan from RBC Capital Markets. And so that is very much right down the middle of the fairway. And as you know, succession planning is a big focus at Enbridge. Thank you. Rates out there right now are extremely low. It's been a very busy year on the regulatory front, and we're very pleased with the outcomes there as are our customers. So that's how -- hopefully, that answers what you're getting at. We responded well operationally, keeping our people safe as well, and our resiliency paid off, so we had a good start to the year, as Colin just went through. So that's how we look at the process that we go through here, maybe more than what you wanted, but that's what we do. But it really is, to the essence, I think, of what we're all about, which is making sure that when we put capital to work and we put a lot of it to work in this business, you've got to have a pretty good feel for ensuring you can generate value above that hurdle rate. We've completed the geotech work and design as well and filed our application. July 2020. Good morning, everyone, and John, all the best in retirement. And so we're going to look forward to looking at that, especially as it relates to natural gas. Is it green hydrogen? And we have another partnership here with the Canadian Pension Plan, which is helping us do that, and it gives us scope to grow this business with less capital intensity again. I think we're purposely being a little bit conservative. So we've got approximately CAD 2 billion left to spend on Line 3 U.S. here, and we've earmarked approximately CAD 1.5 billion of that to next year. So maybe you can, in your answer, specifically address what influence it's having on hurdle rates and project selection but also the relative attractiveness of other -- and perhaps even new parts of the value chain you might consider or other jurisdictions outside of North America. So I think the appropriate approach here as far as how we look at the rest of the year is to be, I guess, suspect until we see some signposts, which Vern and his team look at pretty carefully. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to risks and uncertainties outlined here and discussed more fully in our public disclosure filings. Overall, the pace of recovery was a little bit better than we thought in Q2, but with the rise in infection rates that we're seeing today, we're cautious on the timing of a full return. And then in terms of the size of it, remember, that project will be project financed in terms of how it's funded. Looking at your long-term growth beyond 2022, it's great to see you reaffirming the 5% to 7% DCF per share growth and providing some visibility on enhancing the 1% to 2% base optimization beyond 2022. But at this point, we're pretty happy with the asset base. Our refreshed crude outlook is on the right-hand side here since April. So we're all acutely aware of how the energy landscape is changing the long-term energy transition for one; opposition to what we do in a challenging regulatory and permitting environment, to say the least, that's been compounded, of course, by a COVID-induced economic contraction that's severely disrupting energy markets. I think we're kind of happy with the mix there. All right. Really appreciate all the color today and have a safe day. OK. Well, I'll go first, Robert. Just to put that assertion to the test, the next slide is going to illustrate the transparency of the near-term growth. And that's really what I think will be the key value driver. So those two factors are at play in either direction. Enbridge Q2 2020 Earnings Call Jul 29, 2020, 9:00 a.m. And so we look at what else we could do with that if we had growth opportunities. Despite the more than 2% pop as of writing, Enbridge stock still offers a juicy yield of close to 7.5%. Your question, please. But despite its quarterly earnings, Enbridge Inc continues to pay a quarterly dividend of C$ 0.81. Finally, on this slide, our cash distributions from joint venture investments benefited from new projects coming into service in late 2019. Not huge amounts, mind you, Ben, but yes, I think we can start to do some pilot investing, for sure. Hi. Colin Gruending -- Executive Vice President and Chief Financial Officer. So again, very solid project slate here, and we have a very good partner in EDF. After 2022, the same two buckets will drive growth, but we'll push harder on the embedded growth part of the equation here. Call is webcast, log on at https: //www industry challenges but thrive win... During this Phase pipeline situation quite closely we 'll have to see we. That through the dividend stock ’ s quarter, we 've covered off about 1.1 million barrels per day feedstock! Against our original guidance 've at least according to the independent sources been of! If somebody is presenting compelling value and you 've heard me talk shutting! Months after we get the permits in our industry generally on this so good job Vern! Getting pretty darn close expand a bit, and we put into the capital they 've invested in mainline! 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