New Energies - Compelling Opportunity Set
Surfacing Shareholder Value
Revenue & Productivity Asset Sales & Monetization
Optimization
400kbpd
of zero-capital Mainline
optimizations
$1.2B
of cost savings since 2017
Optimizing volumes, power
savings & efficiencies
Spectra, utility
amalgamation synergies
(1) Canadian dollar equivalent.
$6
$5.7
$5
$4
$3
$2.1
$2
Es es Es
$1
2018
-$9B
Asset sales
since 2018
Capital Efficiency
Recent Projects
DRA Expansion
ENBRIDGE®
EV/EBITDA
Multiple
<3x
Gas Pipe
-6x
Compression
Announced
$1.2
Gulf Coast LNG
~7x
Laterals
$0.3
~8x
2019
2020
2021e
⚫ CDN Midstream ($4.2B): ~13x EBITDA
• Noverco ($1.1B): 29x Earnings
• U.S. Midstream ($1.4B): ~8.5x EBITDA
Ingleside Acquisition
Disciplined capital deployment
at attractive valuations
• Aligned with strategic objectives
Maximizing shareholder value is benchmark for every Management action
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