Enbridge Inc. (NYSE:ENB) Q4 2019 Earnings Conference Call - Final Transcript
Feb 14, 2020 • 09:00 am ET
Welcome to the Enbridge Incorporated Fourth Quarter 2019 Financial Results Conference Call. My name is Joel and I'll be your operator for today's call. [Operator Instructions] 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 Morgan, Vice President, Investor Relations. Jonathan, you may begin.
Thank you, Joel. Good morning and welcome to the Enbridge Inc. fourth quarter 2019 earnings call. Joining me this morning are Al Monaco, President and Chief Executive Officer; Colin Gruending, Executive Vice President and Chief Financial Officer; Vern Yu, Executive Vice President, Liquids Pipelines; and Bill Yardley, Executive Vice 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 today, and a transcript will be posted to the website shortly after. In terms of Q&A, we'll prioritize calls from the investment community. If you are a member of the media, please direct your inquiries to our communications team, we'll be happy to respond immediately. We're again going to target keeping the call to roughly one hour and may not be able to get to everybody. So, please try to limit your questions to one and a follow-up as necessary. As always, our Investor Relations team is available for your detailed follow-up questions afterwards.
On to Slide 2, where I'll remind you that we will be referring to forward-looking information on today's call. By its nature, this information contains forecast 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 non-GAAP measures summarized below.
With that, I'll turn it over to Al Monaco.
Thanks, Jonathan, and good morning, everybody. I'll start off by kick in the Q4 numbers out and then some developments since Enbridge Day and particularly Line 3. Then our Mainline contracting application and since there is a lot of interest in this, I'll provide a bit more of our thinking on it. As you saw as well from our announcements we'll cover off securing longer-term growth. Colin is going to take you through the Q4 and full-year results, the balance sheet and our financial outlook.
So, moving to Q4 highlights on Slide 3, operationally, Q4 came in strong capping off a record financial year and we made great progress on our priorities. The good numbers, the proceeds from asset sales drove down our debt to EBITDA metric to 4.5 times at year-end. Strong end of our target 4.5 times to 5 times range, so we're pleased with that.
We delivered on highly capital efficient optimizations and revenue and cost capture, we've been talking about. Namely, more throughput delivered on the Mainline, we had a record December, a very good rate settlement on Texas Eastern, and