Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
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| And as Greg mentioned earlier, we exceeded the midpoint of our 2023 EBITDA and DCF per share guidance, representing our 18th straight year of achieving or beating our outlook |
| We've seen really good growth in our regulated business in Ontario |
| And I don't know that folks fully recognize this, but our -- for example, our industrial and contract market growth has been really strong in the last few years, and that's coming from things like the electrical -- the electric vehicle battery, the manufacturing sector |
| And as you know, we've done a good job on recycling, too |
| That was very successful, that should be a strong market endorsement for that pull as well |
| Folks, I'm really proud of the Enbridge team for all its achievements in 2023 |
| I mean, we've looked at it through our due diligence, of course, and we feel very good about the growth opportunities |
| Sustainably returning capital to shareholders remains a key priority, and our investors are benefiting from that as we increased our dividend by 3.1% this year, marking our 29th consecutive annual increase |
| So you never know with core things, but we feel very good about the level of support that we've got |
| In addition to the outstanding financial performance, we had an equally impressive year operationally |
| Enbridge employees matched our best-ever company safety performance |
| We had high utilization rates across our systems and set record throughputs on the mainline, Gray Oak and at our Ingleside export facility |
| But just really strong support on both sides of the border and making sure we get through this in the right way so that all those consumers can be served |
| So we feel good about that |
| I mean, Ohio has strong modernization program with very quick return on its capital |
| And of course, the benefit of 175 years of multiple areas of growth in Ontario and just already having 4 million customers really allows us to scale up |
| I'm extremely proud of the organic growth projects we announced in 2023, securing an additional $10 billion to our growth backlog, which will help to drive low risk returns to shareholders for years to come |
| Utah, a very good cost to serve, very commercially strong in North Carolina |
| These transactions will enhance our service offering to customers and blend and extend our growth for years to come |
| We think overall for all of the utilities, we can demonstrate a net benefit |
| We see in Utah very strong customer growth |
| And then similarly, in North Carolina, very strong commercial and residential growth |
| I think I've mentioned why I really believe we'll continue to see really good growth in Ontario |
| 2023 EBITDA is up 6% from last year, primarily due to the strong performance from our Liquids business unit |
| With our prudent capital allocation actions, strong commitment to the balance sheet, low risk and growing earnings and dividends, we will deliver long-term value for investors and serve our various stakeholders along the way with excellence |
| With growing earnings and dividends underpinned by not one, not two, but three of the top position businesses of their kind in North America, liquids pipelines, gas transmission and gas distribution and a fourth business renewables, very prudently becoming a top player, we expect to deliver excellent returns for our investors |
| Altogether, another excellent year of financial performance ahead of the midpoint of our guidance and in line with our multiyear outlook |
| [Indiscernible] pleased, of course, with the stock performance in 2023, yet very excited about its future |
| Our assets generate strong, reliable and growing cash flows that are underpinned by low-risk, commercial frameworks and a stable balance sheet |
| We also continue to deliver record operational and safety results, which further underlines Enbridge's reputation as the first choice provider of energy logistics for all of our stakeholders |
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| We don't expect it to be material to Enbridge's overall 2024 financial guidance, but it's frustrating and disappointing on a lot of fronts |
| So there's -- the competition for capital will be challenging given the position our base businesses are in today and the growth opportunities that they see |
| I mean, -- at the end of the day, obviously, we're disappointed, but this is a case where the regulators made a decision that's just simply not in keeping with the policies of the government |
| I mean the fact of the matter is I think there's short-term issues and there may be some short-term struggles here |
| Our DCF per share is down 2%, including the dilution related to the derisking of the financing plan for the gas utility acquisition |
| Gas Transmission is down marginally over the quarter due to the timing of revenue recognition related to the Texas Eastern case in the fourth quarter of last year |
| But the fact is we currently have an equity thickness for the gas utility there that although it went up marginally a couple of percentage points with the decision of the OEB, it's still one of the lowest in North America |
| And we've seen, to your point, massively overscribed nominations in the last number of months including January and February |
| And I think this notion that the mainland is going to lose a bunch of volume and TMAX comes in |
| Greg Ebel Robert, I think you've taken it up to the overall Enbridge level, I think whether it's Synthes business, Colin's business, you've heard both Michele or Matthews, I think we work real hard at our regulatory relationships we have to, much harder than we did historically because of some of the, what I'll say, confusion about energy transition |
| Our business risk is sector-leading amongst our midstream peers and the Gas Utilities acquisition will only enhance that |
| But long-term, thyet te fact of the matter is Ontario is not going to meet its economic growth aspirations without the flexibility and affordability of the natural gas and natural gas infrastructure provides it |
| I mean, to state the obvious, that impacts our ability to deliver those homes, but that's further reaching than that, over the long-term, should it stay in place |
| It might have been valid a few years ago, but it's been delayed materially |
| And in that multiyear period of delay, supply has structurally and permanently grown |
| Below the line in DCF per share and as expected, higher interest expense, the effect of the bought deal I mentioned earlier and lower distributions in excess of earnings from our equity investments, partially offset by higher EBITDA and operations this quarter |
| And fundamentally, it limits access to affordable energy |
| In terms of your mainline outlook for 2024, given the apportionment many consecutive months, the delays in TMX and likely tracking above where we all originally thought may one would be at this point and heading into summer 2024 |
| It had commodity exposure, but relatively low growth |
| The issue is from a long-term perspective, if they get this right and they want to see continued economic growth and reach their sustainability goals that means there's going to be a greater rate base in the natural gas business, and that's what it's all about |
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