Enbridge Inc. · TSX:ENB
Enbridge — Q4 2009 Earnings Presentation
16 slides from Enbridge's earnings presentation, Feb 3, 2010
Slide 1: 2009 Fourth Quarter Financial Results
WELCOME 2009 Fourth Quarter Financial Results February 3, 2010 Patrick D. Daniel President and CEO J. Richard Bird Executive Vice President, CFO and Corporate Development 1
Slide 2: Outline
Outline • Strategic Update Patrick D. Daniel • Financial Results J. Richard Bird • Question & Answer Period 2
Slide 3: Legal Notice
Legal Notice This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and potential investors with information about Enbridge and management's assessment of its future plans and operations, which may not be appropriate for other purposes. FLI is typically
Slide 4: Overview
Overview Fourth Quarter Year to Date 2009 2008 2009 2008 Reported Earnings $300 M $264 M $1,555 M $1,321 M Per Share $0.81 $0.72 $4.27 $3.67 Adjusted Earnings $239 M $202 M $855 M $677 M Per Share $0.64 $0.55 $2.35 $1.88 • 26% year-over-year increase in adjusted earnings • 15% dividend increase for
Slide 5: 2010 Major Liquids Projects In-Service
2010 Major Liquids Projects In-Service • Alberta Clipper Fort McMurray Cheecham – In-service: April 1, 2010 Edmonton – Total Cost: C$3.7 billion Hardisty Kerrobert Regina – Capacity: 450,000 bpd Cromer Gretna Clearbrook Superior • Southern Lights Sarnia – In-service: 2H 2010 Chicago Flanagan Toledo
Slide 6: Regional Oil Sands Infrastructure
Regional Oil Sands Infrastructure Total/Sinopec Imperial Oil / Fort Hills (Northern Lights) Exxon (Kearl) Athabasca & Waupisoo Total/ Deer Creek Husky (Joslyn) (Sunrise) Ultimate Capacity Suncor Cenovus (Borealis) Suncor (MacKay River) Fort McMurray Woodland Pipeline Current PetroChina/ AOS Cheecham
Slide 7: Bakken Regional Infrastructure Expansion
Bakken Regional Infrastructure Expansion Enbridge System • North Dakota Phase VI Saskatchewan Saskatchewan System (ENF) – Increase capacity by North Dakota System (EEP) Portal Pipeline 51,000 bpd to 161,000 bpd – In service Jan. 1st 2010 Weyburn – Cost approx. $147 MM Cromer Lignite Gretna • Enbridg
Slide 8: Green Energy Projects
Green Energy Projects • Talbot Wind Project – In-service: December 2010 – Total Cost: C$285 million – Capacity: 100 MW Toronto Talbot Wind Project • Sarnia Solar Project (Phase II) Sarnia Solar Project – In-service: 2H 2010 – Total Cost: C$300 million – Capacity: 60 MW 8
Slide 9: Enbridge Offshore Gas Pipeline Corridors
Enbridge Offshore Enbridge Gas Pipeline Corridors Current Enbridge Gas & Oil Projects Prospects • Leverage footprint to Destin capture new gas export opportunities Nautilus Mississippi Stingray Canyon • Capture related oil 1 pipeline opportunities • Commercial terms to Garden Banks be consistent wit
Slide 10: Texas Natural Gas Assets
Texas Natural Gas Assets Anadarko Basin EEP Gas Assets Granite Wash Proposed ENB Pipeline Texas Haynesville Development Haynesville Shale Fort Worth Basin Barnett Shale LaCrosse Pipeline East Texas Basin Bossier Sands 10
Slide 11: West to East Gas Pipeline Corridor
West to East Gas Pipeline Corridor • Alliance – Fully contracted until 2015 Fort St. John – Favorable tolls vs. Edmonton competition Alliance Pipeline Quebec City – Designed for liquids rich gas produced from Bakken Gas Transport Toronto Montney and Bakken Sarnia Aux Chicago Vector – Direct link to
Slide 12: Fourth Quarter Financial Results
Fourth Quarter Financial Results Reported Earnings Adjusted Earnings* ($ Millions) ($ Millions) Q4 $300 Q4 $264 Q3 $304 Q3 $148 Q4 $239 YTD Q2 $393 YTD $1,555 Q4 $202 Q3 $152 $1,321 Q2 $658 Q3 $86 YTD YTD $855 Q2 $195 $677 Q2 $150 Q1 $558 Q1 $251 Q1 $239 Q1 $269 2008 2009 2008 2009 25% EPS Growth EP
Slide 13: 2010 Segmentation Change
2010 Segmentation Change 2009 2010 Liquids Pipelines Liquids Pipelines Gas Pipelines Natural Gas Gas Distribution Delivery & & Services Services International Sponsored Sponsored Investments Investments Corporate Corporate 13
Slide 14: Segmented Earnings Variance - 2009 vs. 2008
Segmented Earnings* Variance - 2009 vs. 2008 2009 vs. 2008 Adjusted Earnings Liquids Pipelines ++++++ Natural Gas Delivery & Services - Sponsored Investments ++ Corporate + * Adjusted earnings 14
Slide 15: Key Takeaways
Key Takeaways • Continue to strengthen our competitive position in the Oil Sands • Expect strong earnings growth in 2010 • Securing additional projects in the Gulf of Mexico and North American shale plays • Continue to grow our Green Energy business • Incentive regulation at Enbridge Gas Distributio
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