Enbridge Inc. · TSX:ENB
Enbridge — Scotia Capital Pipeline and Processing Day 2010
13 slides from Enbridge's conference presentation, Nov 18, 2010
Slide 1: Scotia Capital Pipeline and Processing Day
Vern D. Yu Vice President, Head of Business Development Enbridge Liquids Pipelines Scotia Capital Pipeline and Processing Day November 18, 2010
Slide 2: Legal Notice
Legal Notice This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and potential investors with information about Enbridge and management's assessment of its future plans and operations, which may not be appropriate for other purposes. FLI is typically
Slide 3: Value Proposition
Value Proposition • Substantial Valuation Upside Visible Growth Reliable Growing Business Income Model Stream 1
Slide 4: Strategic Position
Strategic Position Norman Wells Zama Fort St. John Fort McMurray Edmonton Edmonton Hardisty Quebec City Clearbrook Montreal Portland Superior Toronto Toronto Sarnia Casper Salt Lake City Chicago Chicago Patoka Cushing Houston Houston Liquids Natural Gas Wind Power Wabamun Edmonton NRGreen – Waste He
Slide 5: Dominant Transporter of Canadian Crude Oil to the US
Dominant Transporter of Canadian Crude Oil to the US US Imports 20091 MMbpd Canada 1.9 Norman Wells Enbridge 1.2 Others2 0.8 Mexico 1.1 Saudi Arabia 1.0 Zama Venezuela 1.0 Fort McMurray Nigeria 0.8 Angola 0.4 Edmonton Enbridge Hardisty Iraq 0.4 > 70% Brazil 0.3 Seattle Algeria 0.3 Clearbrook Superio
Slide 6: Alberta Regional Infrastructure
Alberta Regional Infrastructure Existing Suncor Suncor (MacKay River) Fort • Largest operator in Alberta Opti-Nexen McMurray (Long Lake) ConocoPhillips Cheecham Terminal • Athabasca: (Surmont) Cenovus (Christina Lake) – Serves Hardisty – Capacity – 600,000 bbl/d Cold Lake • Waupisoo: Edmonton Lloydm
Slide 7: Alberta Regional Infrastructure: ~$2.4 Billion of growth projects
Alberta Regional Infrastructure Secured Expansions Suncor Woodland • Woodland Pipeline - $500 MM (Kearl) Suncor Norealis • Christina Lake Expansion - $250 (MacKay River) (Sunrise) MM Wood Buffalo Fort Opti-Nexen Pipeline McMurray (Long Lake) • Waupisoo Expansion - $400 MM ConocoPhillips Cheecham Ter
Slide 8: Alberta Regional Infrastructure: Future Opportunities
Alberta Regional Infrastructure Future Opportunities Total/Sinopec Fort Hills (Northern Lights) Kearl Phase II • Kearl Phase II Total/Deer Creek (Joslyn) Husky Phase II • Husky Sunrise Phase II (Sunrise) Suncor Fort McMurray Cenovus • Total – Northern Lights PetroChina/AOS (Borealis) (MacKay River/D
Slide 9: Bakken Regional Infrastructure
Liquids Pipelines Bakken Regional Infrastructure North Dakota Bakken Supply Profile Saskatchewan System (ENF) North Dakota System (EEP) 500 Bakken Pipeline Expansion Project North Dakota Feeder Expansion Potential Bakken Thousands of Barrels per Day 400 Sanish Enbridge System Three Forks Saskatchewa
Slide 10: Market Extensions
Market Extensions • Northern Gateway Norman Wells ($5.5B): – In Service – 2016+ – 500 kbpd crude line Zama – 180 kbpd condensate Fort McMurray line Edmonton Western Hardisty Extension Regina • Project Monarch: Seattle Clearbrook Superior Montreal – US Gulf Coast Portland Ottawa Toronto Extension Buf
Slide 11: Visible Growth: Earnings Per Share
Visible Growth Continued Industry Leading EPS Growth $4.00 Earnings Per Share $0.00 2009 2014e Secured In Development Note: Adjusted EPS 9
Slide 12: Cash Flow Growth
Cash Flow Growth Free Cash Flow 3 $ Billions Free Cash Flow = Funds From Operations less Maintenance Capital 0 2009 2010e 2011e 2012e 2013e 2014e Free Cash Flow Payout 50.0% 48.8% 43.2% 42.3% 39.5% 38.8% Ratio 10
Slide 13: Summary
Summary • Reliable business model • Strong balance sheet (with equity surplus) • Exceptional and transparent EPS growth • Industry leading cash flow growth • Substantial valuation upside 11
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