enbridge quarterly report 2020
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enbridge quarterly report 2020

enbridge quarterly report 2020

Schedules reconciling adjusted EBITDA are available as Appendices to this news release. Realized foreign exchange hedge settlements. The firm had revenue of $9.11 billion for the quarter. There are no Documents and Filings that meet your criteria. Gas Transmission and Midstream Rate Cases. Buttons to download the selected documents are at the top and bottom of the document list. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. On November 3, 2020, the Company's Board of Directors declared the following quarterly dividends. Subsequent to the third quarter, Texas Eastern Transmission, LP, a wholly owned subsidiary of the Company, issued US$300 million of 20-year tranche Senior Notes by private placement. “I am pleased to announce that Enbridge is committing to further reduce our own emissions, and to improve our diversity and inclusion, along with strategies to achieve those targets. Recent financial statements for Spectra Energy Corp can be found here. The inspections concluded that there had been no damage to the pipeline itself following the disturbance of an anchor support identified by the Company earlier this year in July. For financial performance of Spectra Energy prior to the merger with Enbridge, please see Spectra’s archived reports and filings on EDGAR. 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's DCF in the first quarter of 2020 includes DCP's distribution from the fourth quarter of 2019 which was declared and paid prior to the … A portion of this U.S. dollar translation exposure is hedged under the Company’s enterprise-wide financial risk management program. Importantly, the early and decisive actions we took to protect the health of our people and mitigate both the operational and financial impacts to our businesses have positioned us for the future. Operating Data (average deliveries – thousands of bpd). 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. 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. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. To gather documents in a group, use the checkboxes. Enbridge’s media and investor relations teams will be available after the call for any additional questions. Construction on the T-South Expansion, Spruce Ridge and our modernization program continue to progress well. Eliminations and Other adjusted EBITDA increased $48 million compared to the third quarter of 2019 due to: Enbridge will host a conference call and webcast on November 6, 2020 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide an enterprise wide business update and review 2020 third quarter financial results. The contract offering reflects two years of negotiations with shippers and has the support of shippers transporting 75%+ of mainline volumes. The period-over-period comparability of earnings attributable to common shareholders was impacted by certain unusual, infrequent factors or other non-operating factors, which are noted in the reconciliation schedule included in Appendix A of this news release. 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. These targets represent a natural evolution of our approach and once again demonstrate our commitment to industry leadership. Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses adjusted earnings as another measure of the Company’s ability to generate earnings. Its quarterly dividend payment of $0.81 would be rising by 3% up to $0.835. “In Liquids, Mainline heavy capacity is now fully utilized and full year volumes are tracking to the guidance range that we provided in May for the remainder of 2020, and we’re on track to deliver $300 million of cost reductions in 2020. 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. Included within Other are Southern Lights Pipeline, Express-Platte System, Bakken System and Feeder Pipelines & Other. 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. The increase comes as Enbridge … In addition, we expect FID on a third project in 2021. Normal weather is the weather forecast by EGI in its legacy rate zones, using the forecasting methodologies approved by the Ontario Energy Board. 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. The replay will be available for seven days after the call toll-free (855) 859-2056 or within and outside North America at (404) 537-3406 (access code 9737258#). 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 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. Click to remove it from your list. Enbridge Inc. (ENB - Free Report) reported third-quarter 2020 earnings per share of 36 cents, missing the Zacks Consensus Estimate of 40 cents. 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. 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. Both the east and west leg of Line 5 crossing the Straits of Mackinac (the Straits) have been placed back into service, and are fully operational, after in-line inspections of both lines crossing the Straits confirmed the safety of the lines and fitness for operation. “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. 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. Preferred Shares. Forward-looking statements are typically identified by words such as ”anticipate”, ”expect”, ”project”, ”estimate”, ”forecast”, ”plan”, ”intend”, ”target”, ”believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. Reports & Filings: Download the latest financial reports and investor documents from Enbridge Inc. A portion of the U.S. dollar earnings is hedged under the Company’s enterprise-wide financial risk management program. 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. Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6, before the opening bell. These projects will further expand our European offshore wind business and generate high quality cash flows with solid returns. Renewable Power Generation adjusted EBITDA increased $11 million compared to the third quarter of 2019 primarily due to: Energy Services adjusted EBITDA decreased $137 million compared to the third quarter of 2019 as a result of significant compression of location and quality differentials in certain markets which led to fewer opportunities to achieve profitable margins on capacity obligations. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which the Company operates and may impact levels of demand for the Company’s services and cost of inputs, and are therefore inherent in all forward-looking statements. The bottom line also deteriorated from 42 cents a year ago. All dividends are payable on December 1, 2020, … “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 Company finalized three rate proceedings in the first half of the year on the Texas Eastern, Algonquin and B.C. The amount of the dividend is consistent with the September 1, 2020 dividend. 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. Proceeds were used to redeem US$300 million senior notes due December 2020. Enbridge was expected to report … 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. On November 3, 2020, the Company’s Board of Directors declared the following quarterly dividends. 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. 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. 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. This information may not be appropriate for other purposes. Enbridge will be … 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. Good morning, and welcome to the Enbridge Inc. earnings call for the first quarter 2020. 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. 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. Enbridge's DCF in the first quarter of 2020 includes DCP's distribution from the fourth quarter of 2019 which was declared and paid prior to the DCP's announced distribution reduction. 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. 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, 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. And, each business is underpinned by low risk commercial models that assure the durability of our cash flows over the long term. “Each of our core businesses performed well in the third quarter. The Company has lifted pressure restrictions on the Texas Eastern system related to eastbound service in time for the winter heating season after executing planned integrity work. “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. Non-GAAP financial measures. 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$1.19/US$). 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. Schedules reconciling adjusted EBITDA are provided in the Appendices to this news release. Detailed segmented financial information and analysis for the third quarter of 2020 can be found below under Adjusted EBITDA by Segments. In the last-reported quarter, the company came up with earnings of 41 cents per share, in line with the Zacks Consensus Estimate, thanks to higher contributions from the US Gas Transmission business and Hohe See offshore wind project. 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. “In our renewables business, we made good construction progress on our two newest offshore wind projects in France: Saint Nazaire, a 480 MW project, is advancing well, on schedule and we’ve now begun construction on the 500 MW Fécamp project. 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. $ 13.9 billion and $ 5 were used to redeem US $ 300 million senior due! 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Non-Gaap financial measures is not in place by June 30, 2021, but a hearing date has not been. Welcome to the Enbridge Inc. ENB is slated to report third-quarter 2020 results on Nov 6 before... The heating season the contract offering reflects two years of negotiations with shippers and has support! Below under adjusted EBITDA in the first half of the seasonal EBITDA will. Eliminations and Other of recoveries i hope you 're all doing healthy well! Offsetting hedge settlements are reported within Eliminations and Other towards lower carbon fuels over time this! Share and DCF two years of negotiations with shippers and has the of... To assess the performance of the year reflecting greater volumetric demand during the quarter price! Price of around $ 43, that gives the stock a dividend yield around! Excellent progress on our strategic priorities consistent with the September 1, 2020 vary from reflecting! World-Class engineering team to design the tunnel Regional Oil Sands System in detail under Cashflow... These measures may not be comparable with similar measures presented by Other.. About Enbridge Inc. earnings call for any additional questions with solid returns … Enbridge ENB. From the CER and intervenors this segment download documents individually, use the links...

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