Enbridge Inc. (NYSE:ENB) Q1 2019 Earnings Conference Call - Final Transcript

May 10, 2019 • 09:00 am ET


Enbridge Inc. (NYSE:ENB) Q1 2019 Earnings Conference Call - Final Transcript


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Welcome to the Enbridge Inc. First Quarter 2019 Financial Results Conference Call. My name is Gigi, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for the investment community. (Operator Instructions) Please note that this conference is being recorded.

I will now turn the call over to Jonathan Gould, Director, Investor Relations. Jonathan, you may begin.

Jonathan Gould

Great. Thank you, Gigi. Good morning, and welcome to the Enbridge Inc. first quarter 2019 earnings call. With me this morning are Al Monaco, President and CEO; John Whelen, Chief Financial Officer; Guy Jarvis, President, Liquids Pipelines; and Bill Yardley, President, Gas Transmission and Midstream.

As per usual, this call is webcast and I encourage those listening on the phone to follow along with the supporting slides. A replay and podcast of the call will be available later today and a transcript will be posted to the website shortly thereafter.

In terms of Q&A, we will prioritize calls from the investment community only. If you're a member of the media, please direct your inquiries to our communications team who'll be happy to respond immediately. Were again going to target keeping the call to roughly an hour, and may not be able to get to everybody. So please try to limit your questions to one with a follow-up as necessary. And as always, our Investor Relations team is available for your more detailed follow-ups or modeling questions afterwards.

So, onto slide 2, where I'll remind you that we will be referring to forward-looking information on today's call. Now, by its nature, this information contains forecasts, assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We'll also be referring to the non-GAAP measures summarized below.

So with that, I will now turn the call over to Al Monaco.

Al Monaco

Thanks, John. Good morning, everybody.

Well, were off to a great start this year with record operating and financial results across all of our systems. So, I'm going to start by recapping the quarter, then, provide an update on the three main businesses, Liquids Pipelines, gas transmission and gases distribution. John is going to talk you through the results and the financial outlook for the year in more detail. Ill wrap up with the summary of our priorities for the year and mention the executive changes that we announced today.

Before we get to that, here is how we see our business today in the bigger picture. The steps we took in the past year made us stronger and further derisked the business. Were focused on what we do best, building and operating low-risk pipeline utility assets. Our operating performance has been very strong and the consistency of our financial results over the recent quarters bears that out.

We strengthened our balance sheet with the sale of non-core assets, giving us the financial flex