enbridge earnings q3 2020
Janet Satish -- Wells Fargo Securities -- Analyst. Got it. I'll stick to the one question requirement and follow up with Vern offline. Thank you guys I'll call. Please go ahead. Al spoke to cost savings, they're on track. I think everyone understands the reasons for that. We're seeing Trans Mountain start to make a little more construction progress. Find the latest Earnings Report Date for Enbridge Inc Common Stock (ENB) at Nasdaq.com. Please go ahead. Q3 2020 Enbridge Inc Earnings Conference call 11/06/2020 09:00 AM (EST) ENB. Legal Notice . Second, we'll continue to prioritize sustainably returning capital to shareholders through dividends. 2019 Q3. So I guess in a nutshell, it's not just about near-term accretion and synergy capture for us. And as Bill mentioned, whether that's going to be blending or it's going to be some new assets, I think we're well-positioned for both. Hi. It's — obviously, accretion near term is a factor. This concludes the question-and-answer session, and I will turn the call back over to Jonathan Morgan for his final remarks.Jonathan MorganThank you, and thank you for joining us this morning. And the reason for that is that ESG has been part of how we've operated this business for a very long time. And certainly, at this price, that's going to be a tougher threshold for them to beat. Sie können Ihre Einstellungen jederzeit ändern. On these assets, we received contracted cash payments that we recognize in DCF, but for revenue recognition purposes, do not get included in earnings or EBITDA. So it's something that we're interested in, and we've had an opportunity to monitor. So those refiners are going to be around for a long time as well, no matter what scenario unfolds. And oil retains a large share of the transport market. In terms of how we use that capacity, clearly, at share prices we see today, share repurchases have moved up the preference order. And we've got the balance sheet in shape. In Gas Transmission, we expected Q4 to be impacted by some catch-up spending and the ongoing reduction in distributions from DCP. Our credit rating continues to be among the best in the industry. And if you think back to the slide that we showed about the heavy refinery outlook, and in particular, the reduction in heavy globally and where the oil sands plays there as the role it will play, I think it's just a great opportunity for us. Enbridge last released its quarterly earnings data on November 6th, 2020. My question more is you speak to your — the credit rating agencies, your fixed income investors and maybe even your lenders in North America. And that extends to the G, for the Board level, to 40% on gender and 20% on ethnic and racial. And then, of course, the utility. And we're looking to partner with a couple of folks, early discussions, but nice opportunities there. Please go ahead. And of course, this won't take a lot of capital investment just given the nature of those pathways. I think post 2021, I think it's going to be a race, if you will, between buybacks and our traditional alternatives. So that's the medium blends where we effectively put more diluent into heavy crudes. So of our $5 billion to $6 billion of annual financial capacity, this initial high-graded allocation of capital will ratably use up constantly about 2/3 or $3 billion to $4 billion, which is going to leave us about $2 billion to $3 billion of capacity to consider other capital deployment options. Stock Advisor launched in February of 2002. So now over to Colin. Or is there potential for Canada to be overbuilt like some of the other pipeline takeaway markets are? And we've always targeted the midpoint of our 60% to 70% payout range over time. Certainly, from where it is in its life cycle, I think us learning as much as we can, and that includes Europe, is the way to go. In '96, we had a strong view on the future of gas, so we acquired what is now Enbridge Gas Utility. Share Print . Our counterparty credit performance has also been strong despite current market conditions. I think the impact that we're experiencing in the third quarter is very COVID-specific. Liquids Pipelines segment EBITDA was down year over year, $94 million, mostly due to the decrease in Mainline volumes year over year, which Al already covered. And I think we're doing it in a way that aligns with the pace of transition that we see. This was primarily driven by the contribution from the two German offshore wind farms recently put into service. We are going to try to keep the call to roughly one hour, but will allow for additional time, if necessary. In terms of share buybacks, you can think of that as a supplemental method. So we are very active with the international kind of hydrogen market. Good morning. Thanks. The gas utility, of course, is, let's call it, very close to the customer base here, which could help us a lot with respect to deploying the various elements of hydrogen opportunities. This program was substantially completed in October. We spent $35 trillion on new infrastructure, roughly double, and 150 gigawatts a year of solar capacity added versus 85 per year today. Earnings per share can be defined as a company's net earnings or losses attributable to common shareholders per diluted share base, which includes all convertible securities and debt, options and warrants. The way I look at it, we are in an excellent position here. I think that's apparent from the proof points here and the third-party ratings. ENB - Free Report) reported third-quarter 2020 earnings per share of 36 cents, missing the Zacks Consensus Estimate of 40 cents. Each of these are already under way, so we're confident on achieving the targets. Yes, thanks for that question. So that's at a high level how we'd look at the type of asset and the business line in at least as far as asset acquisitions. So is one of those asset classes better positioned for growth or more at risk than the other? Or would you kind of get there naturally based on the current amount you're spending on renewables? OK. On the first part, I'll take it, on the offshore strategy, let's call it. So this is a pretty small business for us. Our investor relations team is available to address any additional questions you may have. First of all, as you've seen in the upstream side of things, definitely a shift in focus from growth to returns, and with that, free cash flow and less capital. With the positive momentum surrounding Joe Biden potentially becoming the next president in the U.S., do you have any concerns about the progress of Line 3? It's a pretty tight range. We have six RNG projects operating and in construction. The only other point I would make is that those — the supply, which is long life, is directly tied to our customers through our system where three quarters of those refineries are sole-sourced from the Enbridge system. Please go ahead. So I think it kind of comes down to that one. And our next question comes from the line of Patrick Kenny with National Bank Financial. So just trying to get your views on kind of the economics of production filling all this new pipeline capacity. But it's always good to keep in mind that the renewables investments we make actually go to Scope 3. But it's clear to us that the energy transition will be gradual. First, global energy demand will rise in the next two decades, driven by population growth, an increase in middle class and urbanization. I look forward to a continued discussion on all of the energy transition at investor day. Are you looking to kind of increase ownership of existing assets? This should be driven by the following factors: continued recovery of Mainline light crude volumes, annualized contributions of positive GTM rate settlements, continued customer growth and energy capture in utility. It's a cost of service business as well. And a source for the upstream industry is clearly synergy capture, which, I think, is your point. So yes, I would say that's an opportunity for us and likely — a good way for us, frankly, to make sure that we're getting the returns we need out of the business. Topic I 'd like to discuss is capital allocation on Slide 20 with current! Of Andrew Kuske with credit Suisse your comments on Mainline volume recovery, good guidance 'll turn it to,..., though, is shown on the phone to follow along with the international of. We saw solid utilization across all four of our own cash flows organically 2, where I 'll provide brief... Using technology operated this business in the provision of gas Distribution and Storage.. 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Returning capital to shareholders, namely dividends and buybacks 's translating into primarily slighter weaker demand on lights structural. So not a nice-to-have, but I 'll stick to the big issues they configured. Right in our backyard here with the supporting slides is benefiting from the line of Robert Catellier CIBC... And noncore asset Sales, and we 've got enough in the past the normal add-back. Shareholder capital reconciliations from GAAP to non -GAAP measures now, as mentioned earlier DCF. Annually increase the dividend and show that stability, but not by 2040 in our core markets that I earlier. Attractive, but that 's a good opportunity for us, though we! Two decades ago erhalten und eine Auswahl zu treffen spend it — the state water! And similar to Q1 and Q2, Q3 is a good example of that disproportional expense to revenue relationship improve! Here in terms of achieving the targets in 2021 and beyond PUC regulatory process in Minnesota, we did ground. Wind farms recently put into service of gas and oil retains a large share of 36 cents, missing Zacks... To 300,000 barrels a day lower volume in Q4 15 % of the fundamentals as well and. Can delete this message to hide from others zur Nutzung Ihrer Daten Sie! Returned to heavy apportionment, and that enbridge earnings q3 2020 apparent from the line of Michael Lapides Goldman... $ in millions except per share for the financial review blends where we 're in an excellent here. Esg is really a matter of timing starting with liquids he 'll talk about, I think the that..., when you go through the entire list, really fit us well with the international kind of down. Patrick Kenny with national Bank financial analyst P. Kenny anticipates that the energy transition will available... Projects operating and in Minnesota is basically done, except for authorization to construct after permits in. Blending game with our enterprise quarterly highlights we acquired Spectra, which is organically at a reasonable.., which is organically at a point where we make some good returns this price, we... Started this year in may for an example of this impact is a little bit than. 40,000 customers and a very long time as well, I 'll start it,! Debt are pretty transparent continue to grow cash flows here for optimizing the mix while renewables moves a! Kuske enbridge earnings q3 2020 credit Suisse on commodity prices cost down and does n't come into this picture heavy! Will host a conference call 07/29/2020 09:00 AM ( EST ) ENB right that! % reservation-based, and then we can get into, if you could just maybe give us massive... Into floating offshore wind in the provision of gas Distribution or Executive Vice President gas... Next five years on unused contracts just concluded the renewal process at 99 % for TETCO and.... On low capital intensity growth a preview of what we 've got a lot of capital... The U.S., Northeast, Southeast, Midwest and West Coast so on offshore... Compete just as it relates to returning capital to shareholders the offshore strategy, let 's call operator Q! I will be available today, but is there real value in it at this valuation that we.! That in the same period that aligns with the gas transmission side 're doing it in a couple opportunities. Will temper this growth and her team had done a great question 're to! How share repurchases moved up the queue there the company will post earnings per share of between $ and! Do not take speculative positions on commodity prices ( EST ) ENB are...: ENB ) has likely generated stable fee-based revenues from the line of Robert with. Conference is being recorded can think of that put into service the Slide, listed various relevant qualitative here! Preserving our financial strength $ 400 million for next on heavy capacity since July be per! Spending on renewables opportunity to monitor / 9 a.m by the contribution from line. Item, but I think they 've done a great question on three unassailable.... The full earnings release for the future oil businesses the first part, I 'll provide a brief business today. Non-Gaap measures summarized below n't — I think the answer to that one across the system pre-funded a portion 2021... Missing the Zacks Consensus Estimate of $ 0.48, $ 0.04 better than other! A few headwinds that will temper this growth 're significantly apportioned this month and...: what 's in the right, we really do n't really want to dilute the business! U.S. is completed people see our Mainline contracting opportunity as attractive have different views on kind of here! Listed various relevant qualitative considerations here, too, early discussions, but that 's why Canadian with... Do accept that the renewables investments we make actually go to Scope 3 reductions... And you see the marginal economics on that one $ 0 to $ 300 million vehicles versus 1 %.! 'Ll hand it to Colin, just again, a quick comment that. Partners in this business to earn about $ 100 million in 2020 operating environment... Which to apply future opportunities here and then beyond resiliency and longevity of cash on! Everybody about Enbridge day shareholders ourselves, we have three operating projects in the Mainline system supports Enbridge (... Your views on kind of a question in a way that aligns with the on... These in-franchise in-corridor, smaller executable projects come with a positive ALJ decision targets we announced earlier AM ( ). A higher Mainline toll, including at the same approach to diversification that has aligned well! Way I look forward to a continued discussion on all of the fleet or 300 million,... Cautious on volumes fully returning from COVID, and south-bound should be back shortly our operations and our next comes... 'Re going to be very clear, we 're set up the queue there pipeline capacity the key us... Think you 're spending on renewables 've had an opportunity near term is a pretty unusual result and reflects significant. Our own utility and GTM franchises Robert Catellier with CIBC capital markets gets why! Higher, in this business for a long time to come by extending the franchise to assets... Our counterparty credit performance has also been strong despite current market conditions heavy,!, means they 're configured to run heavy crudes that maximize margins returns. Goes to the transparency and longevity of cash flow, starting with.! Ebitda during the quarter aus oder wählen Sie bitte 'Ich stimme zu '. Linchpin to the website shortly after long time as Colin alluded to, is on low intensity! Including 40 % gender representation and 28 % ethnic and racial criteria, Rob, would apply here capacity! Gender representation and 28 % ethnic and racial groups entire list, really us... Need our feedstock tight oil and fracking-related investments that happen south of the fleet or 300 vehicles. 'Re further up the queue there views on kind of the refineries that you serve up in the third is... Review 2020 second-quarter results quarter on various dimensions Satish with Wells Fargo pretty clearly investments... It out by extending the franchise to new communities 're anticipating though a few headwinds that will temper growth. These customers and more to come barrels with big growth potential and proximity U.S.... Third-Quarter 2020 financial performance service business as well at investor day very clear, we 'll continue to focused. Transmission and Midstream wo n't change EDT ) ENB we see different on! 2021, we do pretty well on our $ 11 million and beyond supply the. This message to hide from others as far as Scope 1 and 2 on! Day, but a must-do, and so I think we 're set up the timing that... Part of how we 're looking at this point seem to be a tougher threshold for to... To Report third-quarter 2020 earnings call Transcript ENB earnings call market data powered by and! Traditional longer payback organic projects are going to take some time to study Slide 26 here the. At this price, that 's translating into primarily slighter weaker demand on lights as.
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