Enbridge Inc. (NYSE:ENB) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 09:00 am ET

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Enbridge Inc. (NYSE:ENB) Q2 2020 Earnings Conference Call - Final Transcript

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Operator
Operator

Hello, and welcome to the Enbridge Inc. Second Quarter 2020 Financial Results Conference Call. My name is Jonathan, and I'll be your operator for today's call.

[Operator Instructions]

I would now like to turn the call over to Jonathan Morgan, Vice President, Investor Relations. Jonathan, you may begin.

Executive
Jonathan Morgan

Thank you. Good morning, and welcome to the Enbridge Inc. Second Quarter 2020 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 of the call will be available today, and a transcript will be posted on the website shortly thereafter. We will try to keep the call to roughly one hour.

[Operator Instructions]

We'll prioritizing calls from the investment community, so if you're a member of the media, please direct your questions to our communications team, who will be happy to respond. As always, our Investor Relations team is available for any detailed follow-up questions after the call.

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 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.

And with that covered, I'll turn it over to Al Monaco.

Executive
Al Monaco

Okay. Thanks, Jonathan, and good morning, everybody.

Well, it's not much of a secret that the energy space is going through a challenging time. We've all seen that through the recent events. So I'm going to start today with how we're thinking about that and our long-term perspectives on energy infrastructure. We'll then review the usual business update, including perhaps a bit of a deeper dive on crude oil fundamentals that we started last quarter. Colin will take you through the results and full year outlook, and I'll come back with a midyear checkpoint on the priorities.

So we're all acutely aware of how the energy landscape is changing the long-term energy transition for one, opposition to what we do and a challenging regulatory and permitting environment to say the least, that's been compounded, of course, by a COVID induced economic contraction that's severely disrupting energy markets, and that's going to take some time to work through. But the bigger picture backdrop we're not losing sight of is that the fundamentals are intact. The fact is that low cost, reliable energy underpins the global economic engine, and it's going to be critical to the recovery. The factors leading to future energy demand increases haven't changed either. Population growth, urbanization and an expanding middle class, there's no serious disagreement with any credible forecast on that.

North America's ability to provide