Enbridge (ENB) 10 Feb 232022 Q4 Earnings call transcript

Ladies and gentlemen, welcome to the Enbridge Incorporated Fourth Quarter 2022 Financial Results Conference Call. My name is Abby, 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 Rebecca Morley, Director, Investor Relations. Rebecca, you may begin.

you. Thank welcome Inc. and the to morning, Enbridge Good Fourth Year-End XXXX Earnings Call. Quarter and name I'm Relations and Rebecca Director My Morley, Investor a is on the team.

Vern Akman Gruending, and Michele and the morning President of and each and this Midstream; Greg business heads Renewable Cynthia of Yu, units: Storage; Hansen, our CEO; Transmission Colin President Technologies me Distribution Officer Pipelines; Chief and Harradence, Energy Joining New Power. Gas of Matthew Financial Liquid are and Ebel, Gas

We'll And questions and questions webcast, be supporting as being from in encourage is to the call this usual, limiting many a to X your the as per on to listening along you keep to order to phone, slides. possible, X, we'd necessary. I single prioritizing investment the answer roughly As those questions community. appreciate try hour. the follow plus call as follow-up We'll

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

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

to Ebel. turn over I'll it Greg that, With

be here quarter was fourth financial review Rebecca, and and full results. solid good It Well, everyone. quarter year. year thank excited record our morning, much, to you to XXXX I'm today, another and our very

wind this at on November off into by offshore billion. our approximately our a France's slide, and you'll time So Saint on see accomplishments and it budget in on let X.X first service of project, operational Nazaire in XXXX, farm, is came including, as this me recap EUR start doing

and I'll providing a franchises. XXX,XXX enough minutes strategic through some of year. discussing will then what bit And to little spend And you also core XXX every at hear our I'll to key Vern electricity financial can to then megawatts few outlook. a you And provide the is come upcoming at walk Investor X from the the It's back electricity, advancements, address and Enbridge questions close people here expect it of performance any on of of course, the end. team Day. our

minute moving into excited or get this to I'm great we leading Before the X let spend a sharing me be why company highlights, forward.

For me, it the starts people. with

As team, Chairman, great known. at the levels know few to months, Enbridge And I the that of the business. I've across with opportunity had many in all last to get I've met not previously employees a

passion Their giving safely reliably. their is depend no that people do in I on, energy life delivery and every they debt. day, and of evident have it

the energy. development to ensuring We of will lower like to same backbone this the industry. is of And affordable sector carbon the inflection safe, the affordable future, support at and secure supports economic point. the are We energy at well-being. time, must transition is and secure delivering while an Today, we know all and top-tier great company. We performance passionate deliver society. build safe, energy about grow continue many you, legacy this to our Access it I'm on

right is center of it. the Enbridge at

continue lead customers. transition the in deliver uniquely our and energy to energy are positioned to to We reliable

X synergies have across extensive our As footprint core us this asset allows slide to demonstrates, we realize an franchises. that

and is underpinned highly business Our diversified by low-risk commercial is frameworks.

investing fundamentals, North over emerging capital growing capitalize and Europe. wisely the evolving America franchise, and franchises renewable And X energy on technologies allocate best then more Our decades pulled, and were and serve we of demonstrated in are wind ago, we've gas in adapt, ability than solar. what and the largely history market across our demand to our increasingly natural markets

the shape, balance through risk-adjusted allow to tremendous great growing have excited of the on that And and to of steadily record lower build is Our I'm to company, sheet all the cash deliver our passion flow have Combined, and us we our strength us, shareholders our of growth. both returns on people, and front in carbon continue market in our us fronts. we track good strong to cycles. dividend. our allow of by the opportunities conventional this by investment to will visibility

for The one Enbridge. let's another was year highlights. indeed to So our solid move XXXX

continue $X lead integrity of invested In our systems. the and safety reliability. We total, over we on to billion on

is to balance of billion comfortably X.Xx. regional great of We wood secured our capital debt-to-EBITDA from investment in within of of shape, capital an sheet LNG the $X $X range rated into billion project. capital, DCP $X and continue service our liquefaction of Our value projects, stewards good additional in oil placed assets through and Midstream. close and in including asset growth fiber BBB+ our to we investing new billion releasing be sands And

mission help us XXXX. across establishing made since the indigenous brings increasing progress billion We high-grade reductions $XX in That great to new on goals, our diversity, fund, capital recycling business. to partnerships and ESG opportunities advanced

starting of with key few a of accomplishments our minutes liquids. spend let's businesses, Now each on

the in liquids in record service being Line Our XXXX with into business project replacement put X utilization XXXX. late delivered

Our as Average XXXX, XXXX. a and every for main throughput of customers. barrel February X.XX we line January barrels hustle to that for day daily exceed And full. is move can we'll we running million was our

on incentive dialogue constructive We mainline continue successor its to customers agreement. tolling have our with

shippers discussions time, to vote land a it then for it the framework, agreed to and CER. know, a shipper new broader once take agreement, on of before with you upon. group We proposed working we're would subgroup take on the filing the with As a these

would actually unable us utility to reduce which an CER, that file our agreement make to more we like. the fully risk with should be service and Now, of to the we're cost come even ready,

we've financial impact into time. the to TMX our long factoring of important operational note been and for outlook, It's a that

we're We and for expect once outcome. the tolling either the to remain it service, shippers in in commercial accounted TMX, talking and our well is be about will of mainline will utilized impact TMX

expect in XXXX. see the between we and growth addition, In to basin now

help will multiple ownership back Basin to grows, As XXXX, extended strategy the up. the system In to both increased Gray ownership and the our to in our fill of basin increasing through Ingleside XX.X% we our II Permian light Cactus Oak oil pipeline by XX%, terminal. which connect pipeline transactions

X already million barrels another further loading unlock capacity Ingleside, will docs which sanctioned built We export. for storage of at

super Permian region for of a I the think, our system out we're starting customers. to create value-added see and to real

the for ability having move on Beyond customers to our product, X pipelines.

oil. #X to the terminal the export markets have capacity premium them access We for and their let

exciting Ventures, carbon opportunities, of plant in hydrogen Christi. to advanced at low-carbon a a also Clean ammonia Corpus including (sic) the Ingleside develop terminal Oxy [Low] We development with the capture and Carbon JV several the hub

I construction sequestration. way. self-power really the million to connected strategy think with exciting our already with projects at low Coast, liquid stations, Gulf, CCS the our the These in tons opportunities development there our are the we plans some on complement for on secured for of Wabamun in COX Carbon more we're our pump assets. with And of times X carbon advancing close X are Hub leading coming where Gulf Alberta,

at communities regional stake transaction Lastly, in Northern landmark transaction, neighboring we with the this in tool framework a roughly future to recycle a indigenous and for With our on storage indigenous an partnerships Alberta, XX executed Day and Enbridge More strong we've as as selling retail relationship XX% our March. ideal value communities plans and this pipeline strengthened serve for reinvestment. that, in with and We a Coast assets. see capital. Gulf

We had year. gas to excellent Moving transmission. another

highly storm Elliott. in winter the particular Our during utilized, systems were

of was demonstrate changing Northeast. environments. We much-needed avoiding devastating to close our to in of flow customers continue the to to our in competitive underlines reliability customers to Texas net system, Eastern The to X Bcf, serving our potentially and our U.S. advantage reversing instrumental gas impacts the by supply swing

the BC modernization and system, placed of the for contracts And our achieved XXXX the system. settlements value During offshore we service, Vito including pipeline and our million rate also renewal TETCO pipeline systems. We all recontracted. successfully year, further into positive Pipeline were projects underpinning $XXX on in up

gas play extension Plaquemines natural construction we on serving our as strategy export projects Venice began out continued Our to LNG.

addition, our and T-North along In investment $X.X another our Pipeline BC new investment spur on in LNG where fiber has helped system, secured of expansions we wood T-South. billion

brownfield As on construction, support service States Overall, carbon see development. given secure cost North you energy. of reforms we of ways, right a lower tremendous will existing to potential for advocate to cost under recall, they capital United and demand these projects American they governments considerably And that consist have meet framework. in global for permitting risk. of LNG earn to lower And we're engaging Canada with for the

interest our lower in exposure of contracted. further reduced volatility that investments. also We economic Gray capital, highly higher This a in decreasing better to DCP to and prices our recycling good risk/reward and pipeline was favor example in commodity Oak the interest is of another by

supports gas utility. base service XXXX. a expansion XXXX, for the there. another our put XXXX capital And $X.X application growth the incentive of had strong Turning new into billion filed period with which XX,XXX approximately They to our in customers new rate We rate year added. continued we of to

for that our important set provide on Enbridge March. incentive quality, Day track while this customers LEB. also within long to parameters a our allowing have to will our under rates annually the in safe more have service achieve We record by at premium mechanisms predictable return the of return initiative Michele us and say working rate

Our American as well, in Dawn Elliott, winter North markets. Hub to retaliate particularly systems storm continued and transmission December, perform on

helped Our to to the hub provide integrated gas to able reliably prices. storage market, was Dawn stabilize which

We're serves just natural in sanctioned, lower stream able total X,XXX customers seeing continues to X% to team deliver to Ontario. market injection progress also gas distribution Bcf performance In new or or which with gas the into the our Markham, service a it the single hydrogen a with X construction low day. bringing record fact, from X.X the encouraging in of in R&D of before to X under carbon strategy gas. projects carbon The Christmas, in was

still also to While merits extending strategy more the studying are we are customers. impacts, this exploring of we the

was our XXXX for business, pivotal a segment. at year Renewables Looking that

the accomplishment EUR time hit quite billion service We placed projects this X.X budget, France first an the offshore in market. on X into wind and in

service We projects North under power megawatts and emissions, Gas in acquisition and produce and dry have America, projects global team a has between power XXXX construction, in which service Lowering X flow Scope the time with self-powered businesses. gigawatts of years. enter progress gigawatts of liquids that our the new Transmission brings we near-term top in another And X.X XX over acquired frame. The cash XXXX XXX over of from the beyond development and developer will energy. advanced sale expect couple solar renewable X more for of that next X to we of

capital $X for $X represents of gigawatts investment billion billion X The potential to Enbridge. growth

Our combined announced us our expertise will American Reduction Inflation taking help renewables onshore advantage strategy, in of the the Act. incentives North accelerate

all sets translated business XXXX growth. the units, for up So for fine which future financials us record really and into

me outlook. you let So over now Vern, financial will through to walk who and it those turn results

quarter-over-quarter. morning, top range. X% capped DCF strong at EBITDA in year end we X% good everyone. DCF in us. resulted guidance the share guidance off of a and EBITDA in for increase Greg, Thanks, and midpoint increase operational the record our range, per a a We quarter fourth and performance our of exceeded Strong A finished

Our full share year and increased was over per our by X%. EBITDA up XX% XXXX, DCF

the Gray and at we revenues Gulf II. mainline have we and and U.S. and ownership year, with Export at record remained Coast our X.X Eastern with volumes in volumes to Ingleside the rate per barrels enhance Pipeline. million increased utilization throughout Texas day. case grow During of saw Oak our continue continue transmission the to increased high, recent footprint the Gas quarter, Cactus we settlements BC at

prices. reflected was growth wind capital. also the down Gray of reminder, tight challenged up, and quarter slightly with also maintenance to to due higher in stronger a Energy year. U.S. a backwardation. The this and a resources, Oak QX quarter Ridge weather. rate expansions. was was our DCF some interest timing differentials remained strong Services expenses, with strong quarter in expect by the The return quarter benefited which of power of slightly utility U.S. from taxes offset customer to lower joint renewables as quarter partially But to and dollar. in from cash offset and our annual from operating profitability due we Spruce benefited distributions the Services the higher by ventures, the timing expense, operations colder basis escalations full Alliance European The Energy annual business T-South and

Let's that's be remind well to resilient raise on volatile. a cycles. a be through how stoking driving of we've market in ourselves built these take extremely moment banks continue all to financial to the to is positioned a potential central now continues navigate recession. to markets rates risks. The business Enbridge Inflation

model to of and low-risk on us movements. Our business these any minimizing provides built exposure is against market protection volatility, price our contractual

a record We guidance, have XXXX our conditions. despite once This proven our resiliency meeting again track in volatile is of market outlook. demonstrated

that now. to move Let's

we We November. last provided are reaffirming that our XXXX guidance

into this We we but in in systems. will capital into service and from utilization additional benefit across strongly placed already XXXX debt with all XX% in service XXXX, in rates business of rates. We're perform our year. floating Rising in entered headwind that guidance. on And expect XXXX, to placed our foreign hedged high the exchange. the with modest the We we the has capital this we year of reflected our also substantially are interest been a approximately

So we're as protected well. well here

dividend marks dividend remains payout our consecutive our of XXXX X.X% And target in of our Our the range. annual increase. dividend middle increase XXth

of growth and range. for We I'm on sheet detail the debt-to-EBITDA Day, please so in to our targeting prioritize half exit Xx going move us secured XXXX on to balance more outlook, our join are Enbridge X.X provide we'll to now the to lower growth medium-term At to program. continue that. our

service at billion in enter which in sits had XXXX and cash $X billion. capital program We drive will into capital growth secured XXXX, beyond. flow our Today, $XX

to where the comes our capital We capital also of billion majority between service growth last $X and added program year, this into XXXX. XXXX

$X annual fund self-financing to under allows billion us billion model. capacity to of projects an $X investment Our these equity

repayment ample have debt capacity organic we and investment tuck-in more share for buybacks. M&A, forward, Going growth,

starts opportunity is to and to strategy leverage with let's of in sheet just our keep that, balance recycling one allocation. part with the move all capital flexibility, So It financial strength into new capital check. our

to Our to continue so, do asset balance sheet opportunistically require doesn't valuations. evaluate will attractive at future us we but sales

We continue as of about dividend. as distributable flow record we to shareholders return $X.X capital course, billion for renewed act opportunities, pay which a of as We but know, We capital issuer XX% that compete developers. a growing Buybacks our our us you opportunistically cash sustainably. And out have to dividend. will, they of allows normal business with any to other also benchmark course our bid, repurchase allocation shares. will long a

deploy low prioritize will available remaining next to and intensity We capital utility-like investments investment option. then any and the capacity

we our of All align opportunities strategic to strong on and line fit model, business goals. is shareholder our hurdle The these exceed maximizing ESG focused our risk-adjusted value. a fit with continue be bottom have low-risk rates

and reconciliation. ESG in our progress I'm with tracks off indigenous Let update. truly done the me their articulates in accomplishments our finish an work the Most proud and which our indigenous action XXXX. on of with all, of by plan reconciliation stakeholders. September, We ESG indigenous we've released commitment

liquids Wabamun of Line, the and indigenous reduce We and GHG economic East standard more we innovative indigenous both Oil partnership, further Carbon gas cell executing that solar in West supports to border. of power develop opportunities partners. for Regional Sands both the Through of on the continue We're ways hub are Tie our Aii sides order on to see equity partnerships our setting emissions, with participation strategy, to the the to finding businesses. our our

honored Carter been our L. female elected On that governance, we're has first Pamela Chairperson.

to financings quarter, bringing in bond another issued Greg. total $X that, sustainably-linked With it sustainability-linked to I'll over the back our billion. we Finally, turn fourth

forward March. and Vern. Days in time at to you, Well, spending very earlier, we're up in much, coming we York mentioned really Investor Toronto with New our And looking as thanks

businesses. You leaders will hear the from on unit that prospects those days their for business our of each

and They'll grow be existing energy are business efficiencies? to the following our from discipline positions team financial How How capital allocation positive long-term near questions: What our we fundamentals the the goals? our our enterprise? horizontally we businesses drive positioning providing of addition, invest new you medium-term of technologies, about outlook. leveraging views continue strategic with and hear business? X myself the while across are In and How priorities, in and ESG the you'll we will business, on our our our progressing the on

you hope forward there look see and to We discussion. a to great

company. with Enbridge Before we the let that delivery questions, to leading Al energy by last that Building take me XXXX over saying off team have wrap the up transformed decade, strength, and the we've entered investors. leadership senior and Monaco be our inflection to and energy committed for our for safely policymakers. reliably and and plan team America North was point continue solid customers beyond across a continually an industry -- our delivering a XXXX and

prices the both meet and need sustainable will demand for an high to our for in security carbon to our energy spotlight. was be deliver solutions under put large. As energy and from stakeholders as economic growing way and and commodity lower customers, environmentally both in ability will investors conventional The our underinvestment global energy at the critical, for

is your model should low-risk first energy choice, and make business value proposition us Our investment resilient, opportunity. our

questions. will joining meeting And today, will us energy We Thank for and Enbridge we needs you you lines bridge demonstrate today. open the now up at tomorrow how that and future show the of let's by beyond. the Day for to your

Instructions] And our Markets. with will from we [Operator question take Robert first Capital Kwan RBC

additional releasing capital to infrastructure? time, for a depreciation the well mainline both of just lower-carbon guess, And of about value manage the there even, first you, desire Have you to question if Mainlines to I deal? think potential nuance, is changed over residual it's business higher as a priorities, the just here company's you to part transitioning Greg, here. for as push around as the the specifically, rotating

maybe I the here, Yes, on anything start. is of and Well, not changing company. Robert, about But Colin first would as too. priorities of I'll the Mainline negotiations line the all, see the

I've in this going we'll through it's community that by go into Western talk liquids serve component. continues in in that about tried to to desires critical customers, As and Canada March. business from Canadian only That not but out conference, about from and to be as investment perspective, of perspective and it. will and obviously that those to the speak wouldn't strong part I American mean, read remain North their belief day a we I a the also south. is a look,

we of comments, the the little is we're talked think Coast, perspective Gulf a what great opening from as really bit about system the a in And there. building I super

don't it's a it's it's I So either/or, an an think, and.

So questions I to is in This changed continue $X any billion earns the the the from in But Robert? from negotiations definitely be some Colin, don't a that comments the priorities. EBITDA way not which see great away and do business business to specifically, take corporation, Mainline backbone units. speak the the and will has about other want to does of in you of

new of around in around you'll Robert. I'll and matured incentive color the it for build added into too maximize Thanks and we and now, premature, you build one been features, counterparties. Robert, industry can, what added Greg. just we've as each reward the many not give tell comments, Maybe the much XX value Sure, to subtractions, much And for starting can on the obviously it a here's can as industry, But added recognize for evolved It's too X as big right? previous and the back, our those arrangements -- question, features one company you disrespectful I to tolling be in would right, negotiations. speaking typically around vintages while on ways you've on I for to risk that new Greg's and but through 'XXs. years

surface like just these included we dynamic It items one. advocacy. evolved little then stewardship initially and connectivity. it to We're new -- you there. And to bit, These ESG recap include you're to of this add defense have mindful increasingly Will cost it's could envelopes, Likely evolved features very the including talking a quality. of and the system about. to batch now,

And in risk. of increasing light industry

prepared there the caution progress, we're remains arrangement component I'd model, say I But investors. bid-ask pass-through So should there the helpful, We not equally alternative the cost That's we're why on want acceptable to are And we yet. on be has customers it. negotiating add I time We've I'll incentive here obviously, that cost we've that's advanced don't shippers but competitive not made us. of -- for an our have line. service either may link progress. preference. and which arrangement yet, and outcome here get we're to comments making be the will think but not and narrowed And our fully there. we don't of toll meaningfully.

I that, is question. a know, I So but don't probably Robert, over answered it good

could color. finish If I on capital Great. or I capital recycling. appreciate the just allocation

amount on but You in you as it's well? of how just focusing on that specifically intend wondering, tuck-ins. very good new not had XXXX. front tuck-ins, monetization you're do both I'm a to acquisitions, no activity the active annual be on disclosures Just

as well approaching on it the thoughts is to to really as be it how larger comes deals? Or you when M&A. some focus might tuck-ins Just

our Yes. Well, on of equity the types can with and reason of things, focus foremost, even sales first financing capital consider balance the that the why strong is sheet those starts think allocation and maintenance Robert, model. the we I

sheet we tuck-ins. is deals. balance substantial us capacity, pretty are to tuck-ins ends And on And allows as look capital sheet self-equity ultimately for that the of us course, years, for That the the Enbridge, do financing us, -- to capacity over the steady model $XX a some you've all X size of thing in recycle the company, increase able billion up and plus. of dividend continue to go We'll next out well on basis. with But the as seen at balance that, being the X, those. the last and

in tuck-in. solution the job getting Frankly, great opportunities over then to it we're mean as I to a you a many to the early leads argue $X to and Gray From look to the like refer management Oxy that some And I of and created. billion team, the and the in even DCP, know, years and we in the Ingleside, that perspective. doing pieces then would it's that. at and And range Oak with Cactus would now opportunities. it stages leads the as work

to watch So that. to look in at that, core think explicitly we is tuck-ins. us do continue I for now. what I wouldn't think, our don't part we you of the able That see are can continue guidance, we to said do of XXXX

expect continue those fit And it's to stuff perspective some that of value, technology to sheet a And the variety that add you I that's balance the can should to Look, things, tuck-ins. the see by business a that the also includes that incremental in strong a And Energy, they just again, are we example. side. new that Matthew but the of coming all and great not bringing can to horizontal ability smart opportunities. of maybe And on in, business team energy Tri and driven in at little units self-finance. equity know the those to, and Global of types looking

from Tonet JPMorgan. will take next question with our We Jeremy

looking the morning, working best to you, all Good going retirement, forward with and in here. Greg, forward

overrun expansion, issues We a to there lot contractors, pressure guess, I see those WCSB Just see companies. we on construction really out cost that specifically projects forward. going see there. is risk the the strength towards, pivot and We wanted of and of

with what the the risk, expansions in and you project at think about how look we've seen you do so dynamics as given basin wondering, far? just T-South, addressing so cost And

great question. Yes. And we're focused Look, it. on very it's obviously much a

but As Western bit of you put unique know, we're a probably situation I environment. new think a building us to in an is Several this projects, particularly not things interesting Canada. in that

last that secured So were year. just projects the

First issue of remember, through lots they're understanding or we've been XXXX-ish-type is us of that on what frame existing be time of another with since of been an have important terms And running we're one system expansions. way. underestimated doing. That all, company right cannot that in

So for of you're brownfield which about ahead. long several is over of split Secondly, years, talking it right? of period capital projects, and years they're multiple a spent up not over the much time,

long inflationary So be unless period to going you there's time on a of believe us. very pressure

in should a inflationary these an course, from really, think of then, brownfield And spot we be perspective. projects. good I a are from --

you're whole very building project, projects. I this very was when linear system. project. think not go it's greenfield different a a -- Where it's brand-new similar there this the And will to is

and big perspective, that's project, the XX for linear better not a a and project years, a a part from Cynthia team fruition. it's not good now massive that's wood and So fiber of obviously, but and to coming one worked the a project been

the not of obviously, across Canada, just is on, said, So that something team I'd Western we're fronts. largely from perspective, power existing say something too. in is right is I I I this this North brownfield. focused we're ways, that, positioning focused the as know all on hypersensitive on America, right But like our

spot spend capital should right with some and put dealing a others than in timing Our are us better maybe today.

basis, out the some amount rate it. of It it. guess, rates kind time? want to reducing floating there locking is this any given longer-term And year. helpful. there's seems point just on That's Got of and more in terming to exposure just thoughts exposure. I pivot interest But Got a of towards, for in to thinking floating that at like a

Yes. that. I'll Jeremy. turn to Vern Good question, for

speak different other it's the we cost infrastructure. Canada, a every service definitely rate lot to structure, to floating thing of as I which is not of than debt you Western you But the of in want under terms definitely a contract location, other mentioned, probably case people in structures are have and too, their The know, in do but should Vern, issue.

debt book know, some year. as by debt, rate and out every long over we there. our run rate in having debt create Greg. floating you Thanks, each Okay. we Jeremy, percentage value shareholder run, with the And floating of

as XX% target or between the is the well. interest gone of the end Our you've range. of we've issuances highly smaller XX% to hedged shorter that book And We're rates. to as on and target to obviously, floating up, run new go seen, rates

And shape in XX-year is than obviously be exposure, as actually we'll value will floating there debt of we in bond manage think cheaper X- carefully you're our rate of we because, or there part that. right but is market, So that interest some right, today's is portfolio some the curve the manage rate how I and obviously, go debt. a forward now,

a raised point. you good So

take Scotiabank. We from our next with will Hope question Rob

is Maybe this keeping little the reevaluating this season their Can driven? on given color tea the bit a blueberry are plans, price commentary comment on you deferral with the long-term you the maybe or Can add just of is of BCC. producers driven there? open commodity

here. Cynthia Sure. is

So in here. to ask Cynthia maybe I'll chime

say Yes. that would an to Thanks, confirm Rob. would be how customers it want step this. for approach to back our and they opportunity I

Blueberry assess postpone both is Transportation But may it West of customers, they Gas pressures. our basically their and just they looking them asked inflationary the year. what plans Coast half us when requirements. It's the the us to be So and at to the their to allow to second development are

decision, in Certainty that to So to going able to something is always see we're space. that that certainty. like I with continue it's to We're that Blueberry progress. see great think more we'd

that the allow Greg had as this to to develop. area, customers how people to continue will is at We've really mentioned, but opportunity with now indigenous the decision had in have some, our look long always to going Blueberry them relationships

So combination of it's both. a

give changes focusing so XX-day you've you been plan, an us now. Chair, been far just update on over in XX Great. Can the you've on And you've what I you your are guess, made? days then, on what Greg, and where

Sure.

on our Board for So think, obviously, a front. for investors, with Vice of get of really books the investors, several President the out I've I've getting things, and least well. year-end. I every seeing seeing just I hour their and also time spending employees, sat meeting, good as the to company, lot But a, on seeing getting been down the closed that groups all views at things employee an where huge are finished

We not United answering and this look can the focus really from time, and rest lot ourselves we're with and is and to the this and is North Look, do helping after world. sustainability huge mine front. well, a we that big issue. States, fuel Canada the call spent of permitting I too. a But, in of this is both going an a of policymakers, the set America perspective issue, off the of globally, be

lot on a spend that of to going front. time I'm So

Canada, some March, in So a wait ask forward. term, and and change hear of We the in side But big, out significant then, of and things, make expect and areas, you'll right? I'll got business. that would grow RNG, I that. the in, kind see we've the to We've some are key expect few the how And to to till come next to to you not of think we I well priorities business, on going again, sure also that do liquids out things that in then opportunities a renewable to well. chatted the that is that CCUS, look, that the LNG to of here on years of mine, opportunities, there. are bought the in The absolutely advancing the Coast on or Global. both about longer Those hydrogen to in well Gulf the Tri in results as are as as focus as continue the States. our the gas we going of United focus but continue side business, we got

Gas will element That's as been without an frankly, Gas I reality I've the business to gas. business. there a says. not no of situation. love don't is Distribution -- anybody That And well. And Gas it there is business. future having see the Distribution growing Distribution important the I And of employees natural a is that. the what care I is forget there business. obviously,

make -- some focus. have people down can to been say, I authorities so little a I March. come We'll we in I'll pushed out my to So decisions that's quicker. move that

position making 'XX to that chatting and forward I think to critical, of that think good where and we're also investors I sure going forward in at starting react to about the can our for you but a customers, that's 'XX, needs going look going be look with to and 'XX, go look, 'XX we're we -- to in in really March.

our Theresa take Barclays. next will question with from Chen We

U.S. portfolio over your Coast, you liquid is outlook? Do your of longer-term acquisitions to on given do for more the short I'm curious there? strategy to your side see as time. series Gulf the What to the general

in short I front. little see, kind but absolutely. Ingleside, since March, forward the a to year just is acquisition move will about you just I Yes. this of speak or ball the answer on continued Well, Again, can Colin think a that of and over the bit ago. so We've

and think the through side on the of Canadian is out U.S. the the I side both said, and continent. future I As

bigger that. to to got set player a I Coast. Gulf the think do be And have up on we're We

through So few and talk weeks, we'll this. a we'll you, if you'll us give see

and take the of anything So it's going from Canada I want be pretty a not, not going what's what's look, discussion I lot on Actually there's as well. to oil about clear which away Western on think does in that down gas. exciting. there, Particularly side, just

as spent we if fronts. commodity and on not enough the oil restocking, China and many and on -- have you think been I But reserves money reopens, on has The will. front

from lead to some on see to starting think, perspective. pressure X little on people outside X the shoots particularly thing of on the Gulf to I capital, my price term think you'll with and China America, I see is months through for that's you're we let's upward the little I in which opportunities to go bit to the markets. but that's where from North Coast being now, green economy infrastructure longer think here, do. to is on year, going right But start softer more is and more the of reopening of the going lead a a going need the careful oil, see, real to And international to real as

about that's So we'll chat more general but my comments. that,

with our Robert take Catellier will from CIBC next question We Capital Markets.

more You that sharing? change partially for risk this but ensuring to more -- including current you're rates, just in matter your inflation to Or specifically you environment, is maybe a to higher interest Robert so rate approach rate I'm that wondering your and proper if answered cost causing and cost is it of covering the cases. your request proper reflected, frequent with tools are answer respect Kwan,

So the liquids. comments prior it gas maybe on answer more on your given can you side

plus Cynthia is we years those that a answer -- here, in we it too. had But to chime mean muscles let now I toned from the -- have again. Texas was I'll I And we XX Sure. been time Eastern the also think yes. rate case.

that. I we're So getting think good at

on I of too. things, the side of those think, our distribution costs. recognize thing customers same And the some

can Cynthia that maybe, to you both maybe and speak then So issue. Michelle,

BC for we rate gas have X to -- done of in right recently, case we the look at both And settlement. look last is the year, those systems, a continually Sure just our we system with go time very Robert. number when things, and a cases And pipes. Eastern at settlements successful to Tax rate all

capital So our do as of on it the cost mentioning costs have those Greg a our into interest come to that. all was is basis. regular We costs, that opportunity, back rates, go

in return that making So the just sure making our right of the assets that we're the standard part this investments we to have. getting that for approach is we're

is to us continue on see right you'll time what the when back experience So is. based go the

those. both go will years BC approach couple though, having we Eastern of the before a Texas forward. go But It just settled now and continual our be that's part on system. So with we as of back just a

Right.

as fundamental risk something sharing. is on the changing really question So opposed to of good a timing and costs

Right.

into what also us about experiences those in risk those settlements, to the we have right Robert, look environment. So when at for have have approach go is that the been. what conversations we we do And

continue for is for So customers. framework to balance our flexible, both and and we create us the that

-- how some commentary at the that? looking risk Michelle, there's of and that your and maybe at you're And of some filing just on the OEB

Sure.

structured. at is Greg. the every more application about been first Robert, it's And little years in of X a rebasing framework under years. years legacy for and typically We XX it's X what's operating last formulaic unique the we've OE, got the go mergers both for now utilities You here the because the

with performance-based for last heavy get will seen is model, on But be effective the us of and driving -- on track that while forward in those that really continue to which was us to and the in regulatory to to we'll year, as our does a the quite of effective our efficiencies, the it so that end in past, we're that have And has January. savings a allow earn that what in manner we've pass move customers. very as we confident by to we're first rates lift new well

setting we post rebase, after then rate attractive formulaic using returns expect some XXXX, And that very incentive we'd mechanism.

have or Rob, because It's instantaneous, some element of at shouldn't the are on assets Most most on that's I I that tracking. in our important. inflation forget And looking utility And gas we things Yes. our environment, gas definitely side of we depreciation. and not of think that's programs this think and unique. like but side, both the

thicker equity we on those and looking components forward. In means even so at continue that have so we'll cases, people risk, to as a if -- view some push do So well.

But infrastructure we've So sometimes are critical back despite you in but to your what think regulators. is you Again, opponents. papers. all constructive customers, those the got both table. from mechanisms the I And the on get gas even see absolutely

question a Okay. That's follow-up your discussion. very on then And helpful. just Mainline

own every inferring when know wondering a of when it you you As you comments that takes a you of obviously, can your that has will I'm I'm But negotiation own for make to -- from its happen makes Greg, if sense decision? and life file do service character. to application. to its when on cost What has comment,

right some Colin where of just already came way artificial think now. to It's go look, But it as as pointed possible. continue wise all, willing and as we serve don't time parties, weren't the we to But like we I'd is point frames as goodwill customers. that as creating long prepared a We get we that's as not and soon Well, to want frame. time as as are artificial the because down solution obviously, a go, that things, there is and where, our idea. Colin if an there on doesn't between seem service progress, out, cost these first rent. long to then We the of I is progress, is said, making say, to

do are on not a be solution. and able and the shouldn't We assure good sometimes the the to off. very and focused So I team. between issue, want a again, may on trying you, players in, false our we deadline there Colin, so. I But if this. to this And to get pull please that frustration create Colin understand you customers there, or, chime can report reach but to is,

No. It's well said.

[Operator Instructions]

take with Wells we next Satish Fargo. And will our from Praneeth question

to with value low is going in guess gas your storage gas business. and you some the how your wanted are of storage of winter parties the seems the gas supply prices I that the like we're up seeing storms on of versus used rates? touch seeing. you I any positive storage remind by maybe is storage traction utility? much then us It And can third

Sure.

storage Coast. I on -- first Michelle of Cynthia both and think, position, Gulf have the huge I a little all, speak But bit. both we can

forget, Let's in, obviously, several hundred the not and of central Bcf. continent, part so

I increase think -- the reasons an a why seeing in of value. there's you're variety it's

those been are standard if storage. want swings maybe obviously, are rates, waiting ambient I things recontracting. one Cynthia for to a just you then turn markedly I'll well. I do areas Michelle, we're time, see I've Cynthia, I relevant too. also temperature growth I'll it. well, winter us the And give as and definitely long like, I differentials this. as your to issues storage seeing And this -- and of regional I know big higher important, for because where But for don't you, But LNG for component but let decide specific critical rates don't playing is know if for a of

that And the renewal and just we've as with that, had some others. I both a seen lot don't rates whether as our volatility lot and to customers, for from that for well stability the creating into I'll incremental interest are, of have of starting continue you're inbound to a to we Greg, think what it's Greg, specific, see. as of recontracting existing you to said, but lot as draw now exports a opportunities ties the Yes, get look,

it been So has good.

we're and teams lots continuing Our recontracting are strong rates. of have seeing to conversations,

Yes.

on be third guys the Michelle all much to how be you be side, is the party. for on of utility Gulf third would would party? announced storage so the on And side, the Coast, that U.S.

challenging do really XXXX. out storage Yes, Greg, system. say mean, it, XX Dawn into weather performed unregulated. breaks that's conditions also performance that seeing increase we and seeing is year it's when rate certainly regulated to winter in were really We're lot invested through up our it for stepping that in and reserved have is for to out market I storage that of the flexibility contracts down saw And to X/X then they've states, incredibly And propping across sites the give added roughly our for million last out well I base were in for and about things being about towards X/X longer-term is unregulated some towards $XXX absolutely sold Northeast. into do backstopping hubs that up things storage, this storage the across certain. the of and these mid-continent North flowing the some years fact, extreme America. of a we've signed trend ratability seen. in over we're and a We've that. to the what into They Mid-Continent, the holidays They we've our over up Ontario

Texas these now -- storage you need swings a customers both got in that's drop how directions, and you in that And -- move on let's there's is that. different get more you Yes, Eastern where as when weather big not well, if great. forget,

So would are to right? So just contracts to typically still short, storage contracts X be be clear, X storage years.

a great say they're that getting in. we means us to when spot still, But be spot. no So longer they're longer, that's for

So a good question.

you is time. as leverage very, your right leverage the now been it's long I of business back And helpful. I -- business switching your years? guess lower? the or equity over it's look into a could driving out in free to flow then that what you holders? cash either to that you to to Very just hitting few down point potentially where the next And more X.Xx -- with very are are keep lowest the think X.Xx for gears Or pivot a back going you

do think tied you And about leverage recognizing that, asset base? ESG of more then just the context in oil-weighted to the how

you've Well, asked a great question.

quite think in where comfortable debt-to-EBITDA are range. I the we're we

regulated have assets our You to highly lots with capital that highly regulated are remember of structures.

kinds can provides tuck-in this think where in to flexibility, But buybacks to a far capital more push we in to range. we're the leverage. of how great point down. continue on slightly M&A, range But and of and happy organic limit the be a stuff, potentially try lower share growth, allocate all of debt-to-EBITDA there's tons half to So us we're being I around lower at, debt-to-EBITDA the we'll

give when on you all Yes, dissimilar by by maybe think number the required larger in we important got too and Again, to the that our in pipes I I regulation thing, definition, us nice little in think do gas Vern's U.S. XX% the number. need really a utility it's U.S. a investors and Canada, point, miss, agencies. going and to sometimes better job to, debt the not rating that's

the sheet. back about things making without comments tuck-ins really and $X with and change That's structured of now $X any handle the capacity billion as as annually, DCF like strong it's some to comes can to balance billion Vern sheet we model you've self-equity the that negative a says, our the way way kind financing investment our and well. balance But through, the to position of goes got of

now. So we're in a right good spot

And we Ezergailis our next Linda with from question take will TD Securities.

us Just a progressing. to around this on how context is Mainline the give question follow-up more some

few points still traded and on duration of ramps contentious. potentially of just still the points. be customer sticking a at there terms off? In And settled Can the points, versus being would what sticking are of Is as such might potentially. items number competing less largely more Or like play and comment off you trading with priorities? everything off sticking a potentially one be

jump here. Colin, in good I fair for and done, But to throw kind exactly negotiation that, think to is assume it's in? so the one-offs of done. until we the like question. us don't maybe Linda, where side I'll Colin let with know you'd But a other chime it's is it's

Negotiations can think those don't But approaching of will More we'll this in appreciate color continue remember, may right, here, and I a I vote by to come, X got, And I'd that or know our I expeditiously likely advance it's yes, Enbridge much Day actively that manage weeks. should period. that's as there's we've like tick agree. through on probably as curiosity by apart. kind too, have your And appropriate. your expectations not appropriate I I finality that to this we pull more Linda. required Yes, too, industry. mention, or then. to

question. So -- yes. appreciate I the

too help can't at much I you more Sorry, this time.

a I to it's And No, given everyone's thoughtful process. the importance basin, understand. the that good taking

is maybe prices? continues might for commodity at about of that? X% business less are as you some risk. more -- Right cash talk lens. you there what than financial got a where bit flow the a there? strategic you've outlook value -- What's rate exposure. from Like over Can And Just follow-up exposure, foreign money. to on that got is a lose quick you exchange interest services on evolve Can your you you business now, time? And a how commented

larger risk year, you Yes. of in last our that the price amount Linda, than traded have Gray commodity DCP materially we position position reduces as and our we for Oak, business. saw different

commodity not with associated residual some Alliance within risk the have Gas price still We Transmission stable. business, primarily

the very, business. associated out very we some -- liquids cost really, risk and the price commodity have organization. commodity a large all prices much Transmission in We have Gas with in rate that's risk pretty for But power

amount about generally So talked of it a With lens respect is risk to of pretty businesses. I basis in there Services, our past which we've that us drive gives minimis development. pipeline price commodity the a de on across all good Energy differentials, think

our continue and customers understand a in oil. both to to natural foot crude gas have in what are that seeing, good to it's door So

we pipeline year. And think business. for yes, pretty was very tough basis a oil entire systems. backwardated for previously that, was in across XXXX no about that talked the I differential markets, many effectively, much the there year prices were crude

going see off Energy contracts we're at roll forward, to So going Services. some

this return will expect to go to year. and profitability commitments away, Some we the business

hopefully, it's I gets So but answer, hint. think long-winded a a little you

back focus confines sure staying look it's I value that fair a Energy completely entitled and and no, said all customers understand how within the more think help a the No, obviously, well for they taking and regulatory I and capabilities we're making forth. think the create all Services at

something appreciate to look that. I definitely So at.

take will question our Mackay Sachs. next from Goldman We John with

time the in I Toronto. for the of reaching point any Thanks something Theresa's risk staying just question of the up and Permian follow at of then just strategy. Permian. answer wait at on there for I owning, that side? wanted similarly, just back And say, gathering again the to interest further the is kind on mean on let's this

Corpus those expanding in Now have potentially pipes, than rather big in sooner interest later? just stakes both that the you bigger any

on out NGL a the never, side say of just side. Sure. got Look, major never system but on having the gathering other

tied is to our and side focus I things. and we're the export getting think of what pipes big really

to was Colin, guess, if going building I we that that bigger incremental you to that. the may to -- out the be export figuring of doing that, to. something is add to But really may way it front. But add So at value out to Colin, want customers you open think side to this we're this on I and saw that ways really want serve on pipes point, this,

we're export point, I out but clear Corpus marks, only the quite far. quite the think building interested becoming is behind I of and less that Permian agree strategy. And gathering sure. up point the exclamation yes, from there it's attractive. on there, out And the -- but so for Yes, egress And

that strategy acquisition, tuck-in then initially attractive value build relatively expansions where integration returns synergies the And it's -- risk-adjusted we're potential and are given versus deploying an We're here, here. chain, along acquisition bill a risks?

north. building heavy out a oil in yes, the complement we've top-notch the So strategy light that the that's a nutshell, got one strategy to for

of more the partners All right. customers, ask probably prices change top or I and in Any one export of it's answer. global given the I'll your quickly, from potential seeing appetite That's recently? easy pullback kind just in helpful. you're we're that LNG hour. either an know

come practical realizing, North in stuff thing because years X go gas. this think I to we think the elsewhere say ago, is approach to Europe happy people and batten I energy X people I'd energy And and a at situation only I to transition long-term X the parties from needed or that. one future there years -- natural was get Again, America's perspective. No, are unfortunately, looking is abroad. back think to I'll of a back there And like seem fact more without are fuel -- due no that plentiful on

way And is the that to exports. do only through

of serving. -- on got So commodity definitely a these the and price they've don't side. see that have on the they're the LNG focus much any who pullback very And on players side long-term a are

prices to The some issues, in And permitting of customers of the as biggest use but always the any they've their right? And be real pullback you'll appear as and challenge quantity the don't we some of on down. that they see Coast, side. focus well. FERC. an LNG so And so I continues that think -- move -- -- think our course, see do issue help So I of in I up got and that's long-term need Gulf out

So permitting, commodity. commodity, permitting, not permitting, commodity,

We Ben BMO. with last Pham will our take question from

to wondering following go process? -- of Mainline. long take head the cost service, Going through cost do I to how does of to the back was you regulatory you that it service your or if

tell know negotiations. I I not can short the we to than that it's it's leave you. I'll Colin, less you -- that. --

we've And gas some the presentations to right, I'd I is where those. some to we've application on standing go that's we yes, got charts a But ready contrast and Ben. generally, -- file cost line. way, the here. IR service Yes, refer either compared time of would process think by and

it pivot, to get clarity think probably into take that. It can process. need we XXXX, a to I we late is probably quickly. would on if But So longer

thing another to mix in of alternative. consider it's yes, So the our

derisk maybe And share there more maybe utilities, hypothetically is, that it's take think cash per service, move to prepared cost earnings a your remarks, on you follow-up do more then bit move And flows. Okay. happen, leverage towards metric? to Is does that do credit in you of you can rating guidance mentioned warranted that -- think actually you potential standpoint? an on a from if a

delivering look, our cash earnings, leverage should in look, team is time, on think about and I don't on something that on the be. the the I cash thought see It's right? to we'll Yes, calculation. the EPS, give maybe focused I'm being all it focused very Well, piece all some --

rubicon. really so crossed that we haven't And

Let's see the to negotiations forward. continue move

of to go we're said, you're service more As exactly Colin it makes right. and utility like. even That on cost ready

So either going today. comment is EPS but to possible, cross the we're not

seen better Okay. Got industry seeing? now wind think CapEx And build Do you. the that that you're offshore it's the assets then maybe have than with you risk is -- to Offshore dislocation. one. just buy markets significant wind one last

aren't happy he's questions. the they Matthew Well, said, getting that

So I'll to him. turn it over

moving There there for is the some and the impacts players time We're of wind right some with are little in really -- now reality of a Thanks, our of of position of a think now. inflation coming terms bit over Ben, dose a lot happy right I question. offshore -- in the parts of lines. there's with

great position got them. it's well because are got but And project and also a into We've we've development now we've construction the easy, going we then service. never to that have under just that attached in nicely also. in got brought in others are service. advancing contracts then couple quite And We're some a X

that. we but opportunistically, into the offshore that we'd not been acquisitions position watch something with the space, rushing we're we're there. certainly, look we in But it's So always have and at really right now, happy

And now remarks. over Morley I session. to ladies and gentlemen, final Rebecca will this the concludes question-and-answer turn call for the

ongoing your interest Great. and appreciate Thank you, we Enbridge. in

As Once always, for have following our Investor may great day. team available questions have. you, Relations a thank any that again, the additional you call and is

and ladies appreciate gentlemen. conference. you, This participation. concludes your We Thank today's

disconnect. now may You