Enbridge (ENB) 6 May 222022 Q1 Earnings call transcript

Welcome to the Enbridge Inc.

First Quarter 2022 Financial Results Conference Call. My name is Justin, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Jonathan Morgan, Senior Vice President, Capital Markets. begin. may you Jonathan,

morning earnings to call. Good first Enbridge quarter XXXX and you. the welcome Inc. Thank

and President President, Officer; Joining President President President Liquids Transmission Officer; Matthew Vice and and and this Pipelines; Gas Chief Chief Strategy, me morning Vice Senior New Harradence, Akman, Executive Distribution Vern are Cynthia Hansen, Midstream; Energy Yu, Storage; President, Vice Michele Gruending, Technologies. and Executive Colin Al Power Executive Monaco, and Vice President, Financial Gas Executive Vice Senior

this per I slides. As on to be encourage those call supporting usual, will follow webcast listening the phone and on the along

to We will follow-up as plus We’ll and many hour; answer a be try one necessary. as the from prioritizing keep questions to questions as to be investment one roughly order we’ll community. to call single in possible, questions the the limiting

you So, inquiries team, our communications are of direct please member be respond. your if the to to will a who media, happy

measures team following Investor Al where always, be risks And over that outcomes, information By remind to today’s summarized its slide are it future non-GAAP and to information about presentation more the follow-up forecasts, expectations any nature, and on we will questions. you below. forward-looking assumptions As outlined contains turn subject and call to With I’ll I’ll be X for to Q&A. here referring on our Relations in public as which be will disclosure this to also available referring the our uncertainties that, fully discussed and Monaco. filings. We’ll

Nazaire project of XX France. Coast, see you our off Good first the turbines the XXX-megawatt start, West morning, at everyone. what to is Well, being wind installed Saint here

magnitude XXX. is sense the towers same wingspan the Just of infrastructure, blade at Airbus meters as of to the give of about height, and each you this a XXX an are the

time business, exciting So, and in that on pretty later. Renewables our more

people the concerned What’s is about of staffs and happening very region, in have we’re also our all the a all, connections them. for recent troubling, revealing are events supporting of to lot Ukraine. markets. we’re First very Many we’re energy global and

we’re outlook. So, followed our and business thinking about I’ll cover update, with financial off Vern and our results will start by how that

Before Fitch $X that, a service been to numbers, on QX four high ‘XX and billion balance year. good highlights. performed captures to strong we’re at capacity. sheet’s good this both, our into QX for well, slide this It’s That achieve track All ratings. got in start operating or near of businesses The translated billion and reaffirmed slated shape. year. BBB with execution guidance. in And We’ve $XX our S&P projects the

More customer infrastructure, through cover billion a about. in in Vern conventional project export. our of there’s ‘XX, we’re we’ve excited and billion go that low capital which LNG will enterprise-wide billion later $X year opportunity will hopper. especially ‘XX Those capture Recall, a $X will And opportunities filter, the we’ll on. also carbon pickup added we’re support to carbon far very allocation update our So in you to post two on another backlog seeing growth. broadly, $X

of and markets the has war energy Any also are things supply diversity risks. war course, driving national increase impacts we’re There to manage when energy The energy of higher. obviously, energy to but crisis. you affordability, look worsened supply to prices energy Energy that way ends. reliability. means the growing are demand at gap, in markets. need an supply an it’s on of year, and move are in heavy greater into of inflection this, energy but underinvestment is buffer in three Russia So, back on regardless the out and will global, Coming address Russia-Ukraine spotlight. That risks, the and come reliance an those global we we’ll demand-supply now the supply this security this. saw Europe’s put it, that need point and broader

lower well to is energy of demand, to security meet as Second low-carbon as pace up We’ll low-carbon investment and fields, the grow storage that proven buffer. ways part power we’ll achieve quickly, much on carbon leveraging investments and And to to the in enable renewables. and especially provide that’ll emissions transportation goals, hydrogen natural means like transition. the need ours. happen, mean To accelerate RNG, make pick gas and to need also more existing like more capture. It to carbon infrastructure reliable, base-load

and larger energy advantage much even play market, talking The carbon technology a we’ve and about been of reserves energy the the produce and massive Canada U.S. global America global the one more here’s the them lowest largest North XX today, with And number intensity. sustainability. two to what. Third, producers, evident that and low-cost role in the American on will North is are

ESG the of North chart. America supplier on will scores the be You choice. can that this with see

saw exports grow the also over announcement EU to the are view supply. biggest potential XX%. a than Bcf XX in together day. to long-term of and opportunity markets last You Asian is And, with that are work The our gas natural for already year. That’s set secure with U.S., course, by more to triple crude looking exports

pointed American is is at well the that tidewater. of grid All North infrastructure very Remember positive this integrated. for as

demand. is upside here demand see export global underpinned energy to strong is growing Canada So, U.S. and the you by and What

transport, to needed be before demand need of natural low-carbon taxonomy also world comes It’s course largest capture. to of its energy. gas. will RNG, both that clear and abate demand. that’ll We’re clean And essential grow. and low-carbon, industrial again, conventional of be today demand Even along need Europe carbon and will for amended the energy from component include trillion meeting invested be the crisis, renewables, supply gas $XX hard with On hydrogen, to with now, is going to natural to faster. pet-chem XX% heavy more and uses

government capture, and on headed credits the right are there in Canadian incentivized proposals carbon U.S. are direction expand We XXQ. the in to budget, the tax

So, at for Enbridge you recaps, we slide this outlined our mean for does what strategy? Day. the all approach This two-pronged

invest to strategy Our low-carbon sense and today. makes that energy, and even more in conventional is both

On through and transition low-carbon, the modernizing we’ll on we’ll with billion of On align ‘XX, and throughput our the opportunities. systems. pace continue we’ll side, see conventional optimizing focus low-carbon to over of $X

Finally, or in investment low-carbon our conventional any need new investment to meet will criteria.

believe this, energy and supplies more back that and So, all today even in back When will we you makes is will spotlight continue to two-pronged approach change. strategy from energy low-carbon are step where security sense conventional the of demands where the rise.

hitting strong peak XX Texas and its Eastern update ever. top to Very XX Now, of volumes the with business transmission. days gas

lion’s We’re spending we’re this modernization on billion is or on top self-power generally. new compression emissions. year, US$X.X along of on billion track put projects, lowering to US$X.X year. And with solar into The the last more service our share that’s

out our will take tons per program example, modernization COX For current year. XXX,XXX of

domestic more We so into to pretty of wind it’s also capacity gas Henry it’s that’s put phase coming is prices, needed This tough displacement the coal, all a project consumers what’s screams Xx more is about can big manage X Market peak opportunity increased clear our organic sledding, days, last infrastructure, We’re offshore Phase expansions building Building in year course. happening for and growth. do. Western LNG We in one U.S. momentum especially We’ve but of effective, demand. more and support Northeast and in excited at exports now U.S. there’s of either these from greenfield demand. more more prices Appalachia of know for course, with Northeast variability cost U.S. Hub. we to given supply roughly are is across gas service And with Canada. situation not got but the pre-construction. executable optionality global pretty growing and these and with good to disruptions is more Gulf and

and Gulf supply with new Our projects Texas day. we now with Rio capacity it X drive be at progressing four million LNG Coast. fast the today also the System Eastern shortly. $X more could Bcf ahead, Bcf three up plants fully We’ve LNG that pace. up LNG in Grande a LNG and which add LNG going agreements Texas investment. Plaquemines our on likely expect project, is and not are to secured We but of to contracted day yet, along Venice over X Extension $XXX a billion locked about will feeds category

the way, bringing Canada fundamentals fore FID In Western later by then is fact, once this Rio could Western on to Shifting good big we for reaching this that And our ENGIE SPA on Rio region both saw are week, earlier the Bravo again. drive us. another Pipeline. growth to FID Canada Grande, NextDecade a with granted year. seeing support Grande, potentially projects with here XX-year Rio momentum

have activity. emissions. got in gap. the favorable resource is Proximity LNG as is for that and regional and construction, Europe Gulf With here rivals looks You’ve MMbtu LNG, in to shipping Haynesville, growing Woodfibre done LNG course, a bit demand XX% to in could and the liquids-rich LNG MMbtu the go We $X in good into Asian construction an Coast four fill stage unlocking world-class of reduced and in weeks provides U.S. an and Asian can reserves. at the LNG U.S. Western early QX. time prices, Canada if and growth. two job, rivals every to these look very at export see breakevens step you base for lower markets demand $XX Canada Marcellus advancing order $X production roughly somewhere Canada operators of

Deep We’re Montney the main the and of out conduit Basin.

LNG on binding the So, depending also a And we’ll million Woodfibre’s expansion volumes the we they capacity all That’ll currently moving year. expansion site. to approximately we’re season Woodfibre timing, System. the for a to billion. flowing way, currently our contracted could on $X On T-South binding FID Pacific expansion. a on And Once open is Northwest. this bodes for south. new T-South be feet further reach Pipeline require $X.X later XXX replace note, And for would today to open need on season be T-North. FID, billion of volumes by upstream B.C. upstream this T-North cubic well this targeting with that on create that expansion launched

a again goes to pipe prove So, up shaping multi-years, be which opportunity value to the of ground. the in all big is of this

to the the LNG be the we of could term, look Trails low-cost exports. options the Connector Now, what pathways valuable and longer Westcoast hold coast, as at two these corridors. Pacific future We also on

see to with of to Now, for a support community we’ll move to execution commercial underpinning. either clear path and need local forward, these strong

way have go to for those. we a So,

season Turning stronger barrels by million offset QX guided X.XX remain volumes to the year. see concentrated we day. with million barrels we’ll maintenance per the the On healthy in usually QX December. in here tolling, full-year on more in a liquids, end do, average we of X day Mainline But that throughput Seasonally, dialogue for Mainline averaged per we than of track utilization ongoing shippers. to back

cost you information, to recall, we was As which the shared negotiations. may our precursor

Our sense tolling shippers incentive deal. that would prefer another is

for But, as shippers. Of return, course, risks that aligned us we’ve said, an the to worked model and under see given the model. well appropriate XX that very we need with manage years we’ll

a challenging we expect it’s place Given last to where the alternative tolling is XXXX. in new a a us. to as in is showed construct preparing service same cost of filing, for we often come good very The to have schedule which you consensus, time, we’re

shifting broadly earlier. more talked within fits it the I how on and energy Now, about liquids landscape

and provides markets value best the a ton to access for optionality our of customers. and scale Our

opportunity Our focus Mainline In size per roughly called and is and XXX,XXX capacity options executable barrels can day Gulf. as Express. the right Expansion we’ve on are on Midwest be grows. the total, to egress got production and the of highly adding

NGL we the developing Houston to also seen Gulf continuing the which On we’ve new is increasing on already terminal by link Express Pony acquired we’re Coast will develop And several path one the since opportunities. while. exports, actually, upside. a out commitments. we fronts, Seaway. progressing over up interest potential Downstream, proving We’re we next million-barrel is for a along also expansion. Ingleside, storage get that move can X the for and permitted on that that stay emerging conventional, so more tuned we’re There’s once already X for The terminal

for solution Oil. you ammonia As integrated with production hydrogen Humble we’re saw an and today, also developing now blue

is Eastern exports. Now, provide north the region is this course, And production destined runs market, The the geology storage. in and demand it through like and this chain concept caption booming. key hydrogen. meet integrated for ammonia to the be carbon nicely just value is would the suited local which, hydrogen export it feedstock so Ingleside, Texas to to to for of positioned is looks of

upsides multiple Ingleside. at So,

to Now storage capture Wabamun we on right carbon forward to in hub. Alberta. were awarded the March, our In move

geology. now validating the we’re So,

transportation on megatons and time, the long federal one the that At of XX.X% This numbers year tax to Another this largest captured project and per way investment the positive to work. upside was with capture will be make on a storage. credit, go government’s help XX% X over globally. will

time We gas preliminary utility, transmission the early expansion have given see line new connections a project and On in as our could will of drive XXXX. growth as here, you which service and storage. population

In power just demand of million $XXX fact, expansion system. in a and to we Ontario. support an Panhandle our FIDed investment market growing It’s greenhouse

the gem annual great it’s $X investment, in ratable so about and portfolio. billion continues utility of So, billion our generate to real $X.X a to a business

through so execution target, projects in have growth Moving to that’s quarter, in In first We France, will offshore floating had we our drive construction, our see. good resource strong What facility. EBITDA have to XXXX. we including visible four renewables. a exceeding

earlier, As should X of Saint installing phase we those and in we build Grand year. Fécamp these quicker, this preconstruction given we’re and Large. North we’re fence. the enter progress, the you America, their Nazaire, saw can have XX at at remember, And Provence projects turbines self-power fabrication at inside In and in Calvados

We’re also next for of growth phase XXXX. X gigawatts of moving about opportunity post along the

front. Vern, pass variety the it and and positive over as both, opportunities to heard, of on I’ve lots covered I we’re seeing conventional fundamentals Before now, right you of a low-carbon

to putting work value. maximizing about So, he’s to and flow and free around our going cash you Vern. to Over you, framework discipline remind

Al, you, and morning, good everyone. Thank

of in that from year-over-year, XXXX Our first barrels X% over businesses. significantly put to work our operational moved capital quarter were up million we the all of we capacity saw year. results solid performance of benefit day on additional up billion taking X. about liquids, the X across last the Line And per $XX advantage In Mainline QX, of

for provision As be for we’ll Mainline, a that the reminder, a until we finalize segment. results the our including tolling in

Our last expected, balance as highly in Pipeline through strong billion facility year Gas utilization should is as of added was its B.C. with and the remain System Ingleside the our positive differentials of Services continued benefited growth cash are solid, EBITDA. the to $X.X the business quarter. contracted performing narrow expansion resources. It’s quarter, our usual making flow customer it and quarter, the Renewables year. so business transmission the here. in with growth and basis higher colder in and first from expectations at experience In driving below contributions utility Energy wind weather backwardation the to

interest Finally, higher has lower with capitalization associated Line X of replacement financing costs. expense resulted in

So, to the start it’s solid year. very a been

outlook. move Let’s our over to

quarter, year With achieve we’re on the strong to first full confident track we’re guidance.

continue for be highly Our per which barrels track systems to on to utilized, the average are including day expected the million X.XX year. on Mainline, for is

and in the quarters factors this activity. second downstream always, maintenance third in in to As a throughput due upstream and drop seasonal

expect guidance. modest to we and Aux and Distribution Sable their new track remains DCP. Gas exposure Renewables but meet upside some limited, Our rising on annual prices in commodity to on

Services be XXXX early expecting QX a Services comparable We’re Energy outlook contracts at and and and have transportation end to as for improves in this we QX, to the headwind year. storage slight beyond results expiring XXXX. in through the of year Energy

against protected inflation. well We’re

Revenues mechanisms. rate contractual inflation various embedded our revenue As XX% of escalators. has some through directly through are tolling of our protection or filings regular through a form reminder, adjusted inflation

through our EPC good cost chain procurement capital against manage secured and and capital Our continue fixed increases, supply contracted price for capital largely contracts. which XXXX, been has we provides active programs to protection

well costs protected. financing also Our are

continue and debt rate to exposure minimizing rising our financings. Although near-term rates, our optimize our we is interest debt, XX% to of fixed

flow of investment generating lot a and We’re more capacity. cash

on capital So, to allocation let’s move framework. our

we’re Our priorities remain unchanged, progress and fronts. making good in all

high to sheet shape. just the our And end of range Our debt-to-EBITDA by on ratings. great and BBB credit stable of is reaffirmed balance at year. low our Fitch we’re in for track end target the the be S&P

supplemented have That’s forward, makes sense it annual share X% where our we dividend going XXth XXXX. share consecutive our the program. increased buybacks. increase. We initiated And That’s model dividend ratable growth with our buyback in

$X cash annual and of billion leave balance Our to about capacity. us with billion investment flow sheet $X

to transmission. expect utility billion optimizations, organic in growth, leaves along deployed will or available We $X about share be base to capital expansions between $X rate low That system per organic year and repayment. modernization $X with billion more and multiple gas asset acquisitions, debt billion for buybacks

we low-risk business as options rates, to have maximize strategic returns, While strong the to year all go shareholder our risk-adjusted ensure meet we align we to emission reduction of goals. our all hurdle a will model, fit these that review and of these options exceed continue with need through

always, will As to billion recycle supplement evaluate capacity. where investment billion to we the capital options $X annual to continuously of appropriate, $X

Our grow. to secured bucket continues capital

program that. secured to our our projects our per to $X in over horizon. we These far move our capital growth at The include $XX let’s X% secured So, three-year over $XX just sits Today, capital share X% so planning that billion billion. in XXXX. over outlook billion will DCF announced support

secured all beyond. or this XXXX rate advancing just for number of is heard opportunities our highly fits of as exciting a you which of contracted growth businesses. model. our regulated and low-risk now, drive in capital will This And All across commercial we’re

minute on Before to turn how our ESG let spend Al, I back it we’re me a priorities. advancing

foundational is our enhance you goal ESG business. and to As know, ESG position. And to maintain our is our leading

finance our business. our priorities how betting into ESG compensation our We we are and

all of that capital this needed in budgets emissions communities believe more. us better our also sector investors, our to us stakeholders, differentiates to Our customers, incorporate strategic and and plans goals. our meet We many annual the and are aligns strategies expenditures and

challenge XXXX, do emission better. in we set targets late ourselves to we continue We’re to good on and making the progress

our this with additional engaging emission earlier to our emission further In to suppliers development net-zero working and generate on the reduction with emissions more include targets, reductions, scenarios. we made reporting our XXXX year, commitments. addition provide for of to These organizations different some guidelines support X Scope sector,

how information net-zero which provide programs, investment update It our in on be our report, on capital will reconciliation. more to transparencies our will biodiversity are indigenous into on emission detail issued more on further factored decisions. path sustainability and provide will our Our of to provide, targets provide June, all approach reduction

the Al. bar continue turn With back in raise going a to to ESG. approach So, nutshell, how we that, it to we I’m

The crisis of of once needed all demonstrates spot the few are role. that Vern. plays achieving takeaways close. affordable, to key Enbridge part and solution, North to be ensure energy Thanks, energy, and goals. again to while an A climate ideal America is sources energy secure a reliable

Our footprint, on being us position. of best puts in excellent combined with ahead access markets low-carbon, the to the curve

approach sheet means balance differentiated and to strong Our customers. upstream a we’re the and partner midstream to sustainability downstream natural

disciplined approach think the a turn investors. we’ll we value grow Finally, Q&A. and proposition to to operator for I’ll the great for business back our and not provides it our this compromise business solid model. a continue And take now over together, a taken to low-risk opportunity

Thank you.

will Markets the begin the question. now Robert with We Capital question-and-answer session. the from RBC line Instructions] Kwan on is [Operator

and share as quarterly that’s environment, some But there’s If the I’m changes things higher whether of I the it’s with just just the in spoke and you Can number billion security last first for -- either allocation talk clearly that a as $X transition, moved first about the call? price. things just on. you priorities since the last wondering quarter about there’s of through energy capital that can going the ask some and well not you or, energy on showed the have this around in opportunities,

as heard positive fundamentals. think Well, the a good It’s you certainly question to remarks, a hopper We Robert. on definitely more all, start, through there’s for the shift in see first those been of I Yes. will sure.

that you to think discipline. made changes the the around allocation too tell broader capital outlook. I early that Vern comments it’s probably whether heard And

really going balance make the remain going way growth, to is looking there’s to allocation. think change dividend this we no the wisely. sheet, I really looking invest at it the we’re continue around at we’re sure to point how to we’re and at that Discipline’s

nutshell, we’re a and each a opportunity, that other. on more lot comparing in what invest capital pretty So, have guess, filter we’ll I a we doing, with strong to but to put continue opportunities

but at that’s so, And Robert, look it, opportunity no change more ahead. certainly how really we now, major right

capacity as is bringing there Got of it. a just projects debt bit effectively sheet maybe for of part bias more was new just I for wondering to a that, reducing specific and up stuff get interested especially a as highlighted, and that to like B.C., in on there’s pretty your on. you just, big. T-South going expansion’s It’s of comment a lot project, balance

of [ph] your those diversity Woodfibre one both, can to growth something supplies if with say of do you in the and Southern So, crossing goals, projects color see have positioned or a their think how’s sense, along do LBC, you for line, project ahead? or provide just the as is goes some whether versus the ahead you and therefore potential to go you

Yes.

bunch of I project coal, in for the there, definitely of in think from part position that the of is main has with one do to scale stems the a the our system. imperativeness reasons, large Robert, and great

if Westcoast, to a but south. expand also that Westcoast So, gives you opportunity us And to volumes more the is down or is, part less the to north-south recall, I header. system mean, other continue the

size and As projects, X to you we now, and to cash years. will think that allocation we’re flow if of to over of the a as the throwing said, capital free there Vern next it, off, those the right do continue about implications X lot

So, that say, and cash about way. are certainly couple talking just next let’s the in of in years the any not we’re material projects consuming,

capital building sort three, four will next here those years, the fruition in you’re So, of up to capacity excess to back your spending-wise. come original projects while to in way some a point, get two,

shape but Vern far in very this, can as now. sheet, balance we’re good expand on As the essentially, right

free next end bottom by X. we the the said, think, of we’ll I be it’s the And pop we’ve with that the And little as to we I while. of this about could X.X just year. that below back near to the been going the what clear X.X in cash possible pretty it flow, is way range said, that

point out, larger fruition. projects come you As these to

So, we’ll capacity for that. building up be in effect, some

on with question. Jeremy Tonet is line the from the Morgan JP

there. with to the new Ingleside want hydrogen Just initiative, outlined start ammonia off you as

you what I helpful. in here? that Just of FID. on drivers service guess, bit if a looking positive color What of peel end on could more that this Just some support reach are more, time customers could What wondering of a type the would type are are you be contractual Who you’re to the help you expecting here? line?

going we’ve get this Okay. are in more that then and and provide region, Jeremy, you advantage. critical. got example export-wise, how gas we’ll Seaway. Well, header support I’m went and to start strong great to in we is a got pipe We’ve is got gas development. Gulf. here, gives Ingleside just big facilities fundamental in This We’ve bunch obviously, of And speaking a pretty a now an Colin broadly details. place some is the along CCUS through, as And projects critical. of

it So, very complex really big of with about. essentially this that here a value go I chain to that we’ve a And brownfield was players. industrial has talking to got some attributes bunch

going this business with helpful us well it’s naturally fit And model what’s from quite be grow should area. So, for to on. the

picture that’s of So, needle. that are These sizable the can opportunities the really sort here. move big

thinking specific and customers context we’re opportunity, But markets provide how maybe So, Colin region the this to generally. partner. and that’s around context the about of background can in some the

Jeremy. Yes. Yes. Al. Hey. morning, Thanks, Good

So, with think project capital cost $X billion of about probably to a this billion. $X

have we half so that. JV-ing, of We’re

take-or-pay our European we’ll fertilizer with jointly In terms think, this of term commercial of out the course, a And facilities I marketing with gen domestic power companies, European hydrogen. arrangement. like construct, be to under we’d type and partner, to respect

decarbonized the novel, fuels. So, exporting concept pretty fossil is

I course, has to see water. facilities and build think XX-foot of now, depth close is ample of Ingleside more the open dredge space to these. And you’ll facility

that’s formula looking So, for here. we’re model the and

WCSB pivot here the takeaway want that. you Got the and it. to situation. Thank I for to

a through there’s we Canadian and few support They Just The areas. to financing population far is takes Mountain, is Trans here build see concerned. different egress as need changing. as gives delays. still government sensitive

there. headwinds But, there, of same even uncertainty the So, out WCSB. at FIDs we seen with material really oil at there’s haven’t the $XXX, time,

much that? see for not maybe of -- growth like a better see cost of option have you you demand if CPS a new do seems might feeds demand being So, out base to takeaway into demand likely do capacity demand than more much and basin takeaway materializing CTS that it’s incentivize there’s and shipper Or the that this underpin and more growth, more outcome? doesn’t service

again, Okay. Jeremy. I’ll start

So, maybe I’ll basins start positive. The Western this for pretty in Canada the way. sands basin, generally fundamentals and here the oil are

terms of but has I front. the know job, the the size attributes group about costs cash of also the upstream in think, done emissions getting a tremendous the surety around we both all market. lowering reserves, of those to on And of course,

fundamentally, they right Obviously, that see very we’ve So, on got going I part. I prices positive think we’re forward. probably need that think to high signals, The very now.

agreement clarity can get for we we to, that in to solutions, in course, Colin The remarks, those the actually the be Mainline in which, for basin. in, that important debottlenecking that egress but have the first. projects as Everybody on in need see the Mainline queue is tolling we commercial of here, underpinning will clarity about the clarity supply on don’t that to, extremely some that term. come $XXX they’re to They’re referred positioned need which as continue We that’s producers need is on ideally basin So, invest to see in need concerned expand. the want I incrementally we to where happen, to but order to expansion, certainly, see well going you going oil environment, optimizations and alluded for positive. incremental we that’s where in to where be looking capital. at on the these are term. us capital this. for longer going to to But and again, system this long what efficient And is And in stability some to for think, suited, chains, it’s order of additional

So, its the be will we’re as to, compared the the here react profiles. sands, to behind to longer-dated increasing say, oil in of of investment generally probably the seen just what talking in because Permian nature prices ability basin we’ve about

do to some timing? on So where picture. want Colin, that’s the we the around the give are expansion opportunities bigger and specifics you

Yes. Thanks, Al.

here our for arrangement long-lead will will keeping to We here. any them negotiate decades, had have expansion we’re egress ready Jeremy. to be and Mainline commercial want the we’re we or egress there. not believe opportunities, to TBD, The be some having to continue any timing enable some go we’ll but insurance and So, that items, industry warm, into of potentially leave keeping advancing those

to will a and of opportunity is that continue coming out add the In that longer-term relative just the But it’s greater one export Coast, that strong additional extremely Jeremy. been pathways We too. bigger the know two it, an be thing thing oil have what that’s more of those about in Gulf to through that market. be. we’ve were ideal would [ph] Coast that Gulf nice here. Western think will terms and that position be of happened mentioning of great we’ve picture the buffer The security generate of out this you continue to now recently going two got terms future to think be for about here is we’ve talking here, you got to region, the to again, I’ll if we I TMX, Colin, destination heavy Canada. really the paths, in exports

for I well bodes that us, think. So,

Hope Rob the is line question. Scotiabank with on the from

well expansion the a in expansion first that to serve of second phase see first dependent as phase look LNG at projects. want expansion as the specifically on take When to the could expansion, Woodfibre? and the guess, circle that demand? I B.C. of the just back Or progress phase, the I is T-North, you the T-South Canada on independently we

Cynthia quickly, go will in. chime I’ll and then

goes on ahead So regardless. that T-North,

I So, that we’re on that’s open binding On think dependent Woodfibre LNG talking the about. is season probably T-South, sanctioning. most

So there? that’s add Cynthia, answer. have to do you anything short the

Al. Thanks, Yes.

serving the U.S. currently Northeast. assigned going in be see covered you think that your volumes remarks. I it earlier Pacific to Woodfibre the We to are

So, need some going Woodfibre, million with supplies. when come to those then a cubes we’re to additional move XXX in day to

really So, that happens. expand have when opportunity to that’s why T-South we’ll that

build and B.C. you secure Right. then, at are How supply Thanks give can in these confidence pipeline learning. large the to pipe Trans challenging development to And a the place coastal for you and chains Mountain do be investments? that.

I I’ll again, think, Well, go first.

the On we’ve advantage, your so that here. the really this the at of along that for look I groups community the this crux indigenous fact here and that I a obviously right of way. is fact pipelines of think aspects not long, have the particular of good lot twining fact in case, building been there infrastructure you the situation west, in mean, this looping relationships or we and the that are whether of doing The we’re the particular

Everybody is to So, have to I increasing system, position think in case, here, for in pretty forth. that’s think that good so chain something inflation expand certainly as T-North to this well. manage. I costs we’re going and to T-South we’re wise exposed goes Supply the

it’s and We’ve here looks base-loading something in we supply contractor. in size So, particular really that terms at bear strategically can company chain of pretty of this got manage. bring group depth our can the to

in we’re and permitting an I as think in you tough days, shape setting. be as a So, can reasonable far these in wise environment, inflationary

do you add want So, anything, know, don’t Cynthia? to I

We is continue focus know. as need obviously, just The to had, customers said, in of long history a Al stakeholders. not B.C. very to our have it’s and in operating on facing, we B.C., challenges that our successfully We everyone as

lot doing work. of We’re a

to want stakeholder do but these We need and to customer that support. we continue support progress projects,

past to successful. So, as the allow to be in really us those if continue and fundamentals focus we have we on

is Satish with the Wells line Praneeth question. Fargo on from

Good Thanks. morning.

export I facility, update did potentially interest On and traction getting to if the Ingleside It you would NGL products? sounds source the to to customers in export wanted just you’re export would where facility. seeing some other from be like from you there. the you’re get How from? would looking an you And this NGLs LPGs or of terms you NGLs NGLs, much export

want Colin, to you that? do take

at we’d them under of export are obviously. Ingleside. be looking development. locally specific, out And of We’re various be but too these forms NGL purity, sourcing Won’t

for I’ll it think just leave I now. there So,

And it. just U.S. Got Okay. in staying then, the

And and the in you in projects have potential regions So, have at Northeast need that Greenfield gas would both any both takeaway? both do constraints. to you point? you to areas, they the is and And to pipelines in increasing recognizing some production egress evaluating be Haynesville do are have any improve the ability expansions, brownfield this or

Cynthia?

to Texas with get production serve the existing our that system in to unique position have obviously Golf leads infrastructure. our Eastern and Haynesville Coast markets We us Thanks. Yes.

greenfield, space. are this there and -- some in obviously both So, and for brownfield opportunities

to So, conversations needs. or customers with the figure path those to key players we’re serve the continuing the forward incremental out best have to key

the from is on with Catellier line Robert question. the CIBC

permitting, since the the deal I’m if feel if required changed with need has you to U.S. discuss, wondering, energy policy an get lot the infrastructure for can spoke. moving build in that’s there’s there’s understanding order last by in if to crisis. to been, especially you we A makers, this

Well, it let put Rob. way, me this

yet things. I we’re this? situation consumers, And it. from on the carbon pump, being right as certainly everybody at cost just on hearing the impact going quick lower convinced myriad way to think opportunities. imagine, that I’m how related well. certainly think get prices can home And I understands course. clarity really you not to heating action all issues the provide I and of the would to there’s to They And put General policy there, acceleration regulatory see of honest issues, we’re a additional of permitting.

federal that are versus state and permitting got agencies and You’ve quite required. approvals jurisdictions, array complex a of

no we to know all done needs be here, think, what doubt. So, I

if going a we’re time certainly, being signals think But it. of terms ever there to this little the need to around I impact that sent for in of a time bit the is was are the this unfold. consumers, and

we And to of this. hopeful. work so, lot do on a continue we’re And

part over engaging with around happening days the people need capital As and see to And you work. change to what’s these a this order table in these know, is to and we big role have. what that time of all the we put roles governments and explaining

permitting be capability need that and to will And a through. issues. regardless alluding we We skilled that We’ve very policy But capital. through high days, got area level. hopefully issues I these more processes you’re at work certainly, will have this that though in regulatory come that have you to. add policy really the these too support to of the

In groups. Cynthia really the These we I moving. things that are do this, terms with projects campaign, of can get communities, help if the put it engaging to alluded indigenous the work that ground way,

are those general the thoughts. So,

from the Chen Theresa with line Barclays is the on question.

wanted ask exports I and In Russian the of you the but Coast? Mid-Con light the crude I incremental seem of production these the sour but expressed view your your First, context to in coupled System. all know, changes and certainly to nature. about and in to that factor these of Not mainline, of currently way be seems really rate? side bid shippers Gulf heavy flows their the Mexico’s Mainline the just uncertainty in crude competitive And to the the for more the marketplace global was consume about themes more There some into advantage which rerouted, how a domestic there, sour be to long and publicly with do of discussion an are themes term on is barrel. you does And in structural wondering, intention value with system? production,

Theresa. a great is This question, Yes.

and short Colin can the chime -- think I answer in is too.

it reliability to side. bring North too that. that’s where as and spot low here seeing different be to and right in Security now. position no the on America, contracts through for there’s tell. And driven so. that part Canada signals I integrated are and price this well, that’s think U.S. clear doubt but gap. I’m the of There’s a our systems in I I table, And the you’re fill We’ve of seen gas, really nature probably change, flows We’ve and Europe And been -- in been are and some with The got to just Russian the up. to are to LNG change know is how it’s volumes in how of remarks, going mention supply. get here to this by reabsorbed going didn’t reserves the Asia something natural well. we America our obviously alluded competing yet we to and be early realign cost. We’re the because that’s But went signed have pretty on determined. that because as it’s gas. that say that you of North

sure, early good a exactly to bit for in probably pretty realigned. we’re out little where flows So, get the But figure position. we’re

maybe, you comment you Colin the just on on what that. Mainline, Now, can about think

you the give a I’ll for question, Thanks Yes. Theresa. here. number

with. XX% is -- Gulf, the share it presently the in for position XX crude the So, in market Canadian competes markets

I So, but crude, even the being accentuate the that well and decline alive as you in a Canadian think Venezuela, is into well been mention making structural the point that’s a And you’re factor now you’re making points Gulf. of didn’t for while. competitiveness and

mentioned, feeding all well, Al the yes, same phenomenon. And feeds at the all we’re that. down Mainline as So, as looking Cushing another through path

foundational system. So, an to toll. It’s that as going the be acts Mainline access toll open

firm contracting, service our taking table. off the We’re

shippers will have path. all So, access that to

the please? cost the on tunnel, would on commenting And mind you. what you Line Thank estimate X latest is

Colin?

sure. Yes, that. take could I Yes,

I So, probably million, think about at and Theresa, up. probably there we’re $XXX looking trending

it. very you Got Thank much.

The cost will the toll industry. in into we arrive for DOE Michigan factored be with, both any reroutes and Wisconsin with

Securities the Ezergailis with TD the Linda line from is question. on

you. Thank

the X, of the the keeping Can would be some sense with respect I how give existing resolve various timeline Just solutions and further of policy needs energy do useful? is to to guess, of and the various have might questions holders? one and of understand what governments regulators Line there to of I a makers meet challenges along us all used infrastructure and you importance

take that? do want you to Colin,

Linda. Sure. morning, Good

your with agree point. I So,

comments with and Canadian government comments elements supportive here all shown X has loud The globally. both, up week Wisconsin, made and this all in think policymakers the think, both importance existing keeping sides of I around, Al broadly I certain of this respect get that. of earlier, to in of mentioned light on the especially Michigan recent flowing, more infrastructure -- events fully boarder, Line in-house

be multiyear. as as reroutes working So, and and along try through on that’s permitting on time both thoroughly lines The encouraging. as all we’re And we both process are fees to the prudently can.

the latest that’s Linda. So, there,

in consumers in is Canadian it’s about region also and comment right who a -- government’s and governments the quick been surrounding Linda. involvement states the Wisconsin, just has It’s Michigan strong. criticality And to which infrastructure the of and this both, on state very Colin the But, their activity of region. that, get certainly here,

that’s helped, So, too.

election utility? potential up. provincial Thank your than implications assuming on any and in just sticking your sort presence you. you any Ontario Can there’s positive but especially in for of region, for challenges, of an quickly coming province, more the the sort And comment

Michelle’s here.

you she can answer that. So,

we And have been working a with Sure, see of to place with in any initiatives, government range the the whether of a that or have looking very But a and working RNG number don’t critical Linda. And thanks, hydrogen. pull we at way. back, we of that asset history in says We’ve economy. that governments. if just is on we know changing funding The infrastructure a very we’re long I in we’re local material valuable. really

on BMO the line with is question. from Pham the Ben

your there’s CapEx is there’s the projects, through to $X you organically there’s B.C. sounds grow your $X that billion to and it guide billion I’m number a at LNG -- more that. the pent-up upside mentioned it -- wondering billion slides, a like momentum point of previously even potential to that could that, not $X But, of it in to where $X $XX so you just time lot to in you are range? billion, business? chunky Looking demand a maybe be of billion just than

comment. and possible generally be but going always the Ben. just of may it’s have we on the that discipline point is other mean, rises, view, that we hand, number that I -- yes, the my here But think the ensure Vern number important I’m the of maintain that focused to over we on number I that years. been Yes. There from thing to last filter how get

know, constrained do the comment? availability be hopper want we be generally I going been very we that the how Vern, invest. has So, to have careful larger, about may deploy, cash amount to much we’re to you to yes, which but But, free don’t of

Sure, Al.

number talked in our to at -- I all The the and priority. Investor think very flexibility us. we in quite December, sheet this Having balance really there’s critical one our is change. Day markets bit a is about no

flow sheet generation to cash that some $X year investment balance have capacity. billion free room provides Our and billion we $X a on our

then, So, if and we attractive fortunate won’t highest just And projects get the proceed. we’re going some opportunities, to go through these most sure too and make done that of first. have that’s many

project? what provide Could you commercial the And Ridgeline a update about on that project?

Thanks. Yes.

continuing will an opportunity Ridgeline, with There we forward. to be we’re as that. move progress So,

awaiting FID. still We’re

to that project, again, So, go we a plan in get as forward, currently if servicing. QX we FID, XXXX the be would that

the the UBS from question. line on Reynolds with Brian is

could how of should think Mainline? the announced ultimately agreement expansion expansion It just whether the Canada. the of seems in that the we whether I before oil Maybe just coming follow-up Mainline ‘XX. curious heavy of is some And was tolling here they’re Western towards out And the the tolling and agreement resolution? Thanks. potential of interrelated on to about a be the progressing or questions

do want Colin, Okay. with deal you that? to

Brian. Al. to Thanks, sequence little Thanks, a Yes. good Yes. they a to talked but basically together. bit, It’s need be question. clear, We

expansions that any would mentioned tolling the I think, how framework. Al to agreement this. We clarity within need on understand work

that’s think the needs that to I So, happen. order

can what here on those. along, positive. we’re additional in -- lot Yes, the And some I at to be we so a an you on it, we’re I that. fundamentally, of really things very this that’s the go Like provide front tolling the to the get capacity about is where the talking to will have is on underpinning. Brian. We the with terms we just hopefully, one team in of Colin we’re these. moving can -- talking a agreement on need and point customers, we’ve ready opportunity so are basin move it mean, think important But of given in said, his which about put call, been to too,

and impact of sequencing Seaway ‘XX? just those expansion That’s in separate are also great. events, that terms in kind Flanagan South your the of of in And potential events view? could Or

Yes. again. Colin it’s Brian,

So, in that those are likely same mix.

I path think, here. earlier, just is Theresa we as the to about egress full and prize talked the asked Gulf

but those of once. more together. be would so, the Mainline open so, considered be on be it’s And potentially or question, whereas likely downstream the concluded path that The would together access, at all that’s your likely maybe legs to come would though, contracted capacity

come the Understanding just the how the [indiscernible] and and new the with just could just you were PSX Makes DCP region relationships drive quickly on projects sense. in then and NGL… talk if addition final NGL my with the about But question. details success to around curious ultimately and could Enbridge more project that. And whether considering for in the JV-ing to cracker ultimately, as

is this to you, back Colin. think, I

we they’ll a Yes. Thanks, Brian. have yes, Al. be do the I mix here, mentioned, don’t here, great in have but obviously you specifics relationship the with and parties

are any our take Jonathan will questions reached limit this I have further remarks. We to at time. call now time the and able to over final not for Morgan turn

morning. ongoing joining Okay, you, everyone, interest appreciate us in Enbridge. for your Thank this We great.

any our questions Relations is additional available have. address may you to always, following call As the Investor team

once So, you, thank day. again, a have great and

for This concludes you today’s conference call. participating. Thank

Thank you. disconnect. You may now