ENB - Earnings call transcript Q4 2019

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Operator

Welcome to the Enbridge Incorporated Fourth Quarter 2019 Financial Results Conference Call. My name is Joelle and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note that this conference is being recorded.

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

Jonathan Morgan

Good XXXX welcome earnings Joelle. Inc. the fourth quarter call. morning you, to and Enbridge, Thank

Joining me and this Pipelines; Transmission Chief Vern Executive and morning Executive and are Al Colin Yu, Vice Executive Monaco, Bill Gruending, Midstream. Yardley, Vice President, President, President Vice Chief Executive Officer; Officer; Financial Liquids President Gas and

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

In prioritize terms calls will community. investment of we from Q&A, the

immediately. a call be inquiries of team, able be hour communications roughly We're you media, please everyone. to respond one not will member target keeping again to are to and going the our to direct your may who to If to get the happy

questions necessary. and to try one a to please as follow-up limit So your

As for always, our Investor follow-up questions available detailed your Relations team is afterwards.

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

it Al Monaco. turn to I'll over that, With

Al Monaco

thinking interest numbers I the contracting in a and it. provide will and in of good particularly, kicking mainline then off QX of some bit out X; more will since application our Jonathan, development Thanks, morning, this, there's our a I Enbridge Line on everybody. then lot by and since Day, start

the Colin take announcements, well longer-term balance as sheet cover financial going our results, QX from you to saw is will outlook. and securing we full-year the you and As our off through growth.

priorities. The great came of Operationally, to X.X metric our drop good to capping our strong sales EBITDA financial record proceeds from Xx at QX we moving and made X. our to Slide the on progress year-end, in asset year X.Xx So range. QX strong down highlights to target on a off debt numbers, end

So with pleased we're that.

on more from talking on optimizations and record utilities. efficient delivered combining revenue the we’ve Ontario namely we Eastern capital good synergies about delivered Texas and December. and cost our throughput been had rate mainline, capture very We highly and settlement on A then a the

feat securing We put of $X into U.S in environment, That's the billion And moved Gulf obviously. new this easy projects. not by ground along strategy projects quarter. our we’ve an this Coast

out shape. in X-year our come all-in, year to XX% in for by third a Spectra we’ve post plan us the good increase row. of dividend So That's our allowed again

in exceeding financial translates guidance the that with That the or X. the $XX.X full-year given a top that’s end DCF billion outcome DCF into at for and our EBITDA at year highlights million. our we the X.X, range. is to headwinds This Slide great both full-year share experienced. guidance $XXX by per On came X.XX of of

in $X.XX November X were last and on cash beginning us of costs give know, originally we you Line us As year flow alone. counting that to

and will in some little a cost liquids have XXXX. way. were in storage through as gas bit performance buy with sponsored management vehicles distribution four to exceptional costs this good And year the transmission services. on we and the outperformance recall, in you Gas and shares along we energy But issued, in rate year, good more those results higher QX in offset

wind farm On which Hohe and started adjacent a the megawatts project the large into for X offshore queue. XXX expansion any bit I'll to Gulf See Gray in capacity, wind, That Oak On execution by began QX. measure. later. to of service our nicely one strategy, generating fits in slide very that's Coast speak a and

the So project France more projects wind and development now with X,XXX we’ve of right those with by offshore about at attractive one on of in operating in got four our Offshore U.K and are now. way. we execution ramping we're megawatts PPAs

volumes the America. you the a big in that's know, on as terms for great reliability help Line It cash Back in of got is X flexibility us. good line Canada surcharge and We before for immediately -- into North the gives deal flow news netbacks. bring And the so in safety our us to and interim gives service a rest customers of of inner egress, the XXXX U.S. WCSB we enhanced system. It which to

that to update X in the let Minnesota. On business me Line and note, turn

see So and sets EIS last the motion it of permit. certificate it's the and week permits. the this Obviously, the to process good in because the for steps reinstated next PUC concluded remaining need route recertified

input. We excellent the been to and had has project this and for thoroughly has had five years community the their a chance project support over last everybody provide vetted

lengthy, better. the that's need this project process So

the confidence gives I think that is people environment it protected.

now focus outline permitting so The the Slide the picture on big is on X. let agencies, me steps

been tracks. high the update can see you level, it's at that divided you few a And since off Enbridge Day. and using have is items checked into a we’ve this view So been more graphic to that the two

same for PUC are of That’s an a that the Route PUC petition Certificate Need that period. last followed track, issue recertified. by the order and the reconsideration time process around. the now occurred On will the EIS,

through Corps Pollution the On been Resources, and The in track, the Army recertified. Agency Natural parallel the EIS have working was the being period agency where Control of this Department

of initiate public saw March. week, in followed early and has by as will travel PCA next The now consultation updated schedule, permit their review the XXX you we

at moving Corps that's well. public work things underway, already they’re so good. the the The is along to Army So consultation the continues And DNR premise. additional on

complete an a the in issue to the work, to their Once agencies Corp construct. will PUC state the position and authorization be

is this together. two the So where come tracks

approach so still is don't going issued, to specifically we on before. when as our same be Now be permits have the clarity will

an be should construction provide as take to said permits, Once permits once But we’ve we’ve in between are clear X we to ISP position and have in the X we to months. hand before, then estimate. go, those will clarity on final

of everything, we're is light moving along. this in pleased how with So

now topic, to let's contracting So X. to Mainline Slide on move the other

filed letters included shippers our of support in CER we of that So importantly about XX throughput. from And application XX% representing December. current

supporting Now tolls this front is the on These face of process more it. of they’re basically their the shippers in offering, the committed support important regulator. the that than in said just they including have to this and letters

that the why The think here. offering but And application to test the we just means, test. contracting is itself the speaks is which exceed public CER interest, in not

we offering because stable tolls producer to maximizes provide the netbacks, markets. lowest very the the best First,

economic it's So positive from perspective. a WCSB

Canadian because good the production. it's long-term Second, basin, and this That’s for capacity also producers future demand to important basin. of for locks Western the in contracted

to Third move is will open best opportunity equal access. barrels the Everybody markets. to have an

we of introduced we a so what take-or-pay examples process, contract, two And no needed. this are call commitments requirements

I barrels think that day requires -- a shippers. per for clarifications threshold maximum well. of reached And X,XXX minimum small a threshold we

inviting shippers So basically we're any small to participate.

offering future And provides commercial expansion the on Mainline. low-cost this finally framework for a

producers and previous the lengths we've gone interests here offering aligned as have the and with our they for to CTS to that ensure great on that that always been is that. point works are everybody to So

is downstream look On talking When that here, told to rendition we we to toll universally how let's with take be the certainty they CTS began us the customers, access investments guaranteed probably they that Mainline. three the to over apportionment, want about we make. struck. a and So next to frustrated balance is most had things with to They X. and they Slide clarity what at margins were protect because offering there, important provide of which the they upstream need issue want future their

capital continue two years exchange, provides cost the for behalf optimizing wider refiners. and and And integrity of to we producers, it because of our costs, a to and companies improve integrated system rates lowest everybody; benefits we incremental interest offering, think shippers. we the negotiation good remember, what changes exposure landed the on on foreign balance very is and of us, for capacity After managed operating services. and And

the few different and perspectives producers XX%. on a shipped historically about balance how on Mainline, this. most Refiners volumes So integrated of we have the

Western at and tolls. contracting barrels stable competitive secures them to need Canadian for So that they access

on many have with satisfied Alberta. their in refiners been change producer to Now barrels game. But producers the this selling that end, offering can

by their guaranteed can sell their getting our will access optimize best own destiny cannot which because control netbacks to markets. the system, barrels Producers they their to

to opportunity producers been allow the So barrels. shippers, haven’t control them while many their this Mainline offering historically

time spot. who don't want of day a increase we're for walk-up will which and of expansions. That’s with a those to barrels further optimizations reserving XXX,XXX capacity, Now lot over participate,

the on spend And toll. let now me a minute

we So on XX. Slide are

a requirements the the all, signing contract while scan barrel. contracts. base contracts, anyone of toll you including a Starts of up, this, $X.XX non-take-or-pay First with that’s

large Now $X.XX a utilized system then going get discount. fully and forward, if the is shippers, all small

to So for $X.XX. $X.XX. who for up another that’s down terms longer are sign Shippers eligible

get lowest the of $X.XX. smaller contract see even toll toll the So making to Higher added volume discount shippers an down $X.XX shippers would $X.XX. would

And expansion to couple everybody and in over treated this. to last talking toll be. of large, the small all CTS results on that a we away a what so shippers, Now lower fairly. things of would that's undertook negotiation the take discounts I’m the is about than couple important apply The extensive that years, here toll

parts think that's some from and of offering all integrateds, they the it very basin value surprising, and balanced a this we different So many will as positive why all there the in public that here, interest chain, in are producers, are the regulator lands. basin provides its and the for there's good usually assess debate the for as balance netbacks. Not refiners sum, perspectives

just one that which call outline. our gives response week. they and completed of to request a process, Slide determine we helps the this The CER XX filed to It the is scope final brief what topic. their their issues review last on

the would them. a the and receive Next the and to of out scope hearing and later course be and timing by year. that intervenors CER's around submissions followed the lay typically by CER up this ourselves, and be That timing likely then will deliberations would

proceeding support thorough works of we And think based decision, if that considers its CER study very it. And open evidence. we us, move then issues to makes it all the for a we an We forward on season. the once the fully will

Slide prosecute to Coast a Golf is as growing think very on to will future part XX. Switching Gulf We the which why will on to Gulf North This and ultra be U.S gears low feeding advantage, the Coast of how of U.S context North energy the strategic supply, provides epicenter global chart us. the strategy America now demand. America its global cost energy for hinged is

a actually But here. Gulf Coast per part heavies process sour. and sour XX% day million they’re supplied configured third most competitive the heavy and see are the given world refiners we as the of the create barrels heavies declines. to in is the X.X you know rising and of to but are roughly with Mexican of Venezuelan value barrels also added light by Premium that medium Canada, Blending to medium

is And for export low-cost then destined light markets. there supply

we're LNG us. can the about overall On on Gulf inline for focus side, exports the the good excited natural and Coast then gas and fundamentals, growing exports opportunities pet heavy gas Mexican drives infrastructure more

Next mean slides I that. by what couple of shows

Moving to XX. Slide

mile a Just we zero gives and the we facilities are Gulf system heavy if those capital that intensity to pipes path Mainline with now an a With our U.S refiners connectivity this opportunities. position in and would've ground, us you looked export ago, years Flanagan path. on low map, pipes fundamentals Coast. unparallel few today, flow create had Seaway Combined last the at creating is that

barrels The refining million XX and network terminal provide of docks. Houston and oil Seaway day and planned to storage existing connections dock distribution -- will

that that loading here their for because We Deepwater in projects we’ve up combined solution is are and terminal. ownership know This great limiting capital. enterprises developing with come a new spot comes we're you leveraging low-cost with VLCC with and assets customers

with we're footprint create Mexico. On parallel Louisiana exports. Eastern the to and to and also has gas Texas Crossing Texas well on the a positioned to of LNG. capitalize to capitalize set The to Coastline future to leverage the the strategy Slide very options been Valley here business through on and XX, of border with our

and are the We the are expansion Cameron Pass Terminal. to to three plants with currently ahead moving Calcasieu connected

of new announced billion with that development, other got from That including roughly today. We've ones X.X projects opportunity two committed grow in totaled we there. to new projects three

this at now at are we a glimpse So giving but you they’re Day, Enbridge secured.

as us. Rio XX XX you from Agua serve saw, precedent agreement for So Bravo on reached of description Grande Slide bit with facility Dulce. development NextDecade they pipeline a there, project course, to to connect at of And, buy the NextDecade's signed premium a -- agreement will Grande Brownsville. which Rio supply We LNG first through Rio would

The with for billion trains $X.X potential base trains. first low-cost two investment for additional expansion here is good the

secured an contract. to capital using In million LNG we’ve serve long-term take-or-pay our is Secondly, and Crossing will expansion be That Crossing terminal. about Annova both Valley a of underpinned footprint. we're cases the $XXX Valley by

So it's efficient and risk we execution capital well. manage can

in projects our well utility within The the middle our self-funded commercial fairway underpinnings both and envelope. pipeline are of equity of

can FIDs. look capacity to you we up the per that And those fact, both X of growth final In it to year are have. subject X are we part LNG at billion of as filling plants in billion organic

growth annually standards. emission type and million and totaled through solid On more the focus will return capital rate the case frequent to like Slide while, on opportunities XX, is about system rate modernizing recover another organic next upgrading reflect for the changes based regulatory air gas to $XXX proceedings. new These business of system-wide

Gas I Great now to X-year we're drive year strong amalgamation regulatory that to incentive-based XX. now. that Slide of utilities, will a here capturing on shift synergies during the two and should framework in just Ontario our progress on the Utility ROE the related

on are growth of from so XX,XXX top million adds. advancing about rate and or of core We XX,XXX $XXX customer base $XXX another that is annually expansions per there system million in year to of the

happy with a return very continue and We and growth. good to business are generate solid should it this

balance turn sheet outlook. the to financials, I'll it and speak So the to with the to Colin that, over

Colin Gruending

and Thanks, through start some Right. walk and I will good morning, then our performance high-level with and Al, everyone. outlook. remarks

context of high-level, our the totality step the our the from plan further in Spectra of I and X-year when year So back from in its since culmination acquisition. considerate the

the execution. non-core sheet business accretively I’m per simplified growing mix Simultaneously, significantly, while with balance structure, through we've all our share financial deleveraged derisked pleased our our divestitures, our our and performance.

and but good a to at all achievement where So once at a a is the relative challenging one industry individually, going. task and timely

behind future. with So our about a I'm us, excited that very

on from when came now on XXXX. our three full-year growth billion comments adjusted On million is performance EBITDA $XXX compared Some $XX.X areas basis, or to a XXXX The about Slide XX. higher thematically.

as from we that base service our later growth that number know, you for business, and and new pipeline incremental in incremental year. capital the filling First, capacity. we've 'XX optimized creating prior fundamental also demand with capacity contributions And strong two, in our -- into fundamentals; projects then thirdly, brought

than the strong quarter contribution For results of may some have exceptionally EBITDA quarter, fourth primarily also I'd And we last our from an limited as for fourth looking variances, our quarter quarterly in unusual segment you rates. patterns run there XXXX. year, expected, be value say to services reported quarter. results were and to I'd slightly the some energy lower due this predictive some guide XXXX you're moreover so our if results of

Pipelines. to Liquids Turning

$XXX million up the but for to we guidance Our we significantly million at for about guidance gave up the year that EBITDA last for versus last segment, And quarter, again relative Day. the the are Enbridge year flat fourth relatively $XXX was full-year.

-- good again So and I million contribution, that embedded a Day think guidance Line about probably back was accomplishment, of at delayed X XXXX. Enbridge $XXX in which overcoming

record the X.X system about the And Mainline million barrels annual per in For ran fact achieved we throughput day. averaging full-year, full.

X, July as effective inflator annual our from benefit also toll Our per usual.

revenue -- of hedges quoted incremental was we the U.S rates lower used the these rates to by Canadian dollars. the in toll think offset news hedge I finer effective this convert However, revenue points to And fine release. dollar on are

on heavy pipelines in South barrels system demand Seaway and Mid-Con the due from to higher Canadian strong Coast Flanagan Gulf for Gulf. the to volumes benefited The

initial the Gray growth fourth Dakota. quarter. well, also pipeline production the The of benefiting Bakken very the of perform Oak operations We commenced also middle to in in system continue North strong from

weighted Looking to This prior was should unusually at timing normalize forward. relative The to flat which of in relatively QX results isolation. the going expense, due year. maintenance Liquids heavily quarter were and operating the in the

comprehensive new in Nexus late service service majority as assets into in Moving decrease million that the half annualization operating this Valley higher expenditures placed placed from were was past progress saw partial the the second of in a These EBITDA like full-year year of G&P integrity, $XXX in flat XXXX for team U.S Acadian of GTM in result integrity a resulting XXXX. and with were quarter the quarters, call. as Gas to the And referenced fourth of to the the sold down uplift our our Transmission. in Crossing. assets back half a for Gas year in XXXX XXXX. continue and Transmission program, I of

Now of already this program in guidance. our in normalize downward somewhat XXXX should the reflected Day cost as Enbridge

$XX million utility a Union full-year. on colder the The EGD was from X, the storage distribution as XXXX. distribution for quarter weather the charges $XX and Gas base, million well and of January EBITDA from up higher back amalgamation of synergies as benefited the cost for customer fourth result as growing

which Our XXXX. but power in quarter less look largely and we availability $XX came for were its was favorable the positively due impacted fourth million up the See, wind improved business by a U.S performance full-year from segments which fourth full-year quarter, to German XXXX. resources investment little wind were Hohe again forward The offshore results certain at full-year. $XX to in we in million and from online lower contributions wind The facilities, down anticipate results our contribution

Energy to Services. Moving on

benefited given differentials. lower strong In including earlier in was our basis strong contrast, differentials exceptionally XXXX quarter wide pricing from services, expected, loss conditions basis market weak results. fourth Gulf energy in Coast of there. QX with the XXXX dynamics given new for margins full-year the XXXX in in drove very A XXXX, which the small had mentioned was we As locked attractive

results As XXXX noted, we guided. I’ve anticipate normalized as in

and unusually again the Eliminations and for related. I here was was it's And say refer favorable in would Others you large the also $XX timing our guidance. Finally variance full-year. XXXX million to the quarter unfavorable I'd

issued Slide DCF increase I’ve of means buy-in and now as vehicles, DCF cash per XX% the referenced was to course, the reflect full-year retain which equity the Absolute to perspective. buy-ins. the of largely XX our assets. the sponsored of by The the up fund Moving year-over-year for is driven the all those metrics, for the we past, from in share sharp

DCF Full-year line strong top $X.XX or even XXXX with just little in performance EBITDA the guidance the share expectations significant share came growth $X.XX our XXXX and $X.X of than or towards per a mentioned. A share per up over is billion better end our range. from portion DCF of per of

Other equity into to assets drivers excess Bakken due Seaway lower joint Nexus. higher include distributions and higher of year our sales. in well ventures slightly like new was asset capital the were distributions service cash XXXX due as in operating which related strong placed XXXX, Maintenance throughout on again and like performance earnings, as to the largely

strong assets, our from all summary, remain in utilized. year-over-year which of well performance So

Turning I would of strength balance our the highlight to to Slide sheet. XX, like

we quarter, $X non-core program the over asset closed target proceeds. sales in three original exceeded During in totality, billion asset our in sales. we And fact, with

strengthened on have years over our graph are As well credit to right, target. past shown the really now longer-term and few our the inside the metrics

sitting a on self-fund end the very years a XXXX contrast, is at high few trailing us equity course it's basis. future to X.Xx in Xx. to Our EBITDA of as as metric XX-month this well This additional was positions growth. of prime ago At debt now here in

This is growth maximize to Once shareholders in financial growing our this billion to will secured our about $X that's second very while allocate we $X we you one would capacity. Slide and capital remind to return secured our of allocation we Preserving we’ve executed XX, the be third through annual priorities. have capital, our about which Moving will long-term how And support dividend near-term, value, going strength priority. capacity about is to number the a priority. a focus. to billion to are our our executing I disciplined

The returns. theme be we wise, preference at executable will category, our here extending singles is grow deliver in solid category, and Size and which and to is organically, optimizing, this efficiency. this expanding Within doubles are assets. looking more

share We buybacks through consider once more program, we're and will too Line secured also particularly the X. capital

business than sale risk within $XX in about capital, Even We self-funded and line too, that to our asset range metrics are in considerable we XXXX, example, this model. organic EBITDA stronger projected our of equity fit financial as fundable well creating currently our like evaluate period, non-core have They we’ve low for and squarely diversified today further continued will so, balance during this flexibility secured are have growth for Note amount These projects. even within given billion target and our model. business could add the dynamic. geographically by sheet be recycle opportunistic example. sales announced all

So Slide Day. our will from turning to XX, will year reiterate our messages and I In guidance. outer I now XXXX Enbridge recap a nutshell,

Our X liquids to billion, on Canada of the approximately and guidance by including $X.XX XXXX the be remains optimizations, to Line of driven performance system is including expected growth XXXX the across range $XX.X mainline EBITDA a board utilization which share. in Again, the volume strong growth number XXXX share DCF per contributions. factors, per into particularly $X.XX including translates in

and operating XXXX, GTM partially uplift service of by the we within projects a of within impact asset flows in community new rates rate cash full-year expansions Secondly, and agreements. $X sales. uplift new from brought from cost from billion utility, synergies the of the And customers, offset into

And coming per we the model. funded investment self bucket in secured we our all within DCF to again further X% opportunities. beyond, from average, in again business capital first, from on second growth X% opportunities, sources: embedded capital two opportunities X% i.e. core X% As X% annually newly the the X% light even to equity of to range share from look expect our

to back So Al, you. thank you.

Al Monaco

Okay. Thanks, Colin.

the building business they as now secured all the past, year. growth LNG within as keen including And system securing of you announcements. future saw with U.S of by that will on executing on And So, have, Optimizing eye embedded XXXX opportunity. allocation. mean in, growth in base projects it strong on that, the X. was is for say with I into the operationally well But capital the focused the we a the that's team expand plenty financially there's portion new Line future through and the projects and that mean our

As sheet just equity flexibility in will intensity we by well, of low Colin priority. covered and capital projects balance organic disciplined living model. the the will financial be course, overarching and within the self-funded investing And, continue to be

that, So to operator with we will it the questions. for over turn

Operator

on [Operator you. Rob Thank is with Hope Instructions] question. Scotiabank from line a

Rob Hope

everyone. morning, Good

in that of there, Just of conversations date summer? seen you on everything as an I just the want get realize proposed you're well but is allow for sense estimated based what the agencies X, your not as progress date construction Line to their you've as to providing from would permitting in-service that had have unfolding for a expected terms would

Al Monaco

Rob, agencies diXscussions them in process. on. off terms and we’ve we take being required. the got we quite their done. good start you Vern information been that's say from to And we’ve through through obviously, that's And work whole working work same the I of this are engaged with being all can time, they've just responsive you on are piece. the at mentioned discussions, Obviously, seem, would will I have everything and Maybe diligently

are and So -- but been track. seen indicates on everything hard that working they’ve we've that

anything don’t you’ve know, if to I that? to on Vern, add So,

Vern Yu

their agencies very is would the thing that mindful are think making I well I sure records add, are only Al, decision that the documented. of very strong, is that everything Well,

that there's in returned. ground be so the And future for no things these to

Rob Hope

the Line of be then want of to And you across X, a could on as thoughts to more that when sense Superior Southern Edge Band the you fulsome as start your as the straits? -- on Lake you as doing River Bad rerouting think get over tunnel actually around when well right. construction the well just switching All pipeline could would

Al Monaco

I those. Rob, Okay. take will

that indicated they off reservations. us tribe River. their the First wanted us has of with The Bad to

reroute their So we've now reservation. permits where been filed for that in with to of working mind our we've out

So for we we’ve Wisconsin the about land Corps. a with Army the mile and the Wisconsin Service XX actively Public And Commission, filed reroute. auctioning DNR been

do and we to shortly. very with be position So as to think And doing will them to desire that, of we’ve the well meet done we engaging start expect pursue to we no fall Line and to further possible. quarter geotechnical there. upheld tunnel. we're tunnel track the mind. the the to a with avenue the necessary file We tunnel. have agreement. there in effectively them On start to off And claims build all this if I permits that. the the We’ve an we’ve us X But with work getting tunnel quickly seen completed now in for recent as once decision discussions permits to is construction open reservation surprises are they running been tunnel. their change the that are The their and authority That authority on the still gives up for

to XXXX. making all efforts of date in-service we possible are early track So meet on to as be the

Rob Hope

Thank All you. right. That’s helpful.

Al Monaco

Okay.

Operator

on is a with Tonet line Thank JPMorgan you. from question. Jeremy

Jeremy Tonet

Good morning. Hi.

Al Monaco

morning. Good

Jeremy Tonet

these up of interest just go Just you here to kind there? far of would It and you any think these process have about your so process as I want would projects far LNG could on you timing of FIDs in of I take do like specifically thought new as here. seems further pipelines interesting to wondering balance cost be any, kind stakes how cost would these developments incur, ahead side just the the give And in there of guess more pick with and facilities? us upstream the helpful. thought really of and if if any maybe here. as of some And you

Al Monaco

is Bill to think going I address.

Bill Yardley

the It's appreciate Yes, Jeremy. really question. Hey, really, Bill. I story here. Sure. so good

of to pre-FID trying activities. minimize are our for We any any cost

And that's so been far well. pretty holding

I aware got you're done and Rio Plaquemines, header construction we’re Venture Global the We’ve Calcasieu. Freeport, of Cameron project kind that of into with And on pike that the facilities Venture today. now nice down think with well FID has three Annova with these that Sabine go the and we are announced working here So, the today. was what connect LNG coming these that Global's that -- then Grande under

connect So, pretty we're of has And the And the front will we're minimal that’s ones that strategy our which kind up dollars the of sure is they great been, what then go, position. beauty closely. FIDs watching if to can simply be a in make we here.

with Benefit to activities. do obviously, have These far pretty go, impressive. permitted As the that really a done with as pipes FERC of we’ve a some work got job. some That’s Rio project. buying guys Bravo to pre-FERC we're on nice them -- is timing of

benefit -- our a execution. what not anything that's are Cost in So different we seeing our typically see we there. than

think got they for South down, example, pretty where got lot with experience Crossing nailed with Texas. we’ve a We’ve especially are. these of I well -- Valley in

it, not interest A, at upstream, sense. not stake makes Basically will think as themselves. that. fits Annova, carefully far model, Brownsville. of not And but will the upstream, in model in business it it's low-risk the our And that’s continue that our opposed small was I a down so question, have last we the As terminals your we part the Plan watch with if if just that to business there. probably something then we Yes,

Al Monaco

think Jeremy, it's -- I Al.

were if is footprint us up example and fundamentals behind think good the option. of job Just low-cost for a that the on I giving you great the done the a itself, of looking and back number an play team has set I to Spectra this level, to a we Bill optionality projects is how deal a really think, high at those go

and supply he the the low the for the Gulf generally and there like given really whatever cost. US know that So the is and Gulf down we obviously well-positioned global happens LNG, said, in

well very So situated we're two really lined with happy there projects we’ve these and up.

Jeremy Tonet

Thanks. don't project with well helpful. That's as on and airplay maybe PennEast natural projects touch Frontier maybe just just And to BC. gas some maybe here, get then much and as in want as Israel continuing I that the

Just updates some of wondering on provide if you could that?

Bill Yardley

Yes.

it's Bill Jeremy. again, So

here. struggle. man, it's -- is We couple to PennEast make we’ve of So, a a points --

will on XX they the of -- interstate go objection with hear it's take to something us to of the to use First, or precedent we've to We if projects that ability condemnation land. Third got decision. Circuits XX owned breaks state the years Court projects, to our Supreme

a the the And first let go More project just really us build so, bifurcation PennEast. to PennEast, for then big a in that's specifically the will ahead and be we we industry will phase Pennsylvania section going and not the New filed for deal on to if for second a phase in where they to other to the with do and go the phase in -- Pennsylvania will Adelphia up Canada the later. Western a pipes and figure sometime basically, producers -- access in we’re what Colombia, here. least then Jersey to will of on. on out Marcellus like pattern Frontier, at kind and holding in later get With we Northeast anything of second

pipe. the this years solution liquids of in in We the there, are lot to into issue to a a issue few talking folks get will of in we a an to growing And try to which Appalachia. ran become

some some going into heavier the recall may the the monetize of opportunity ago this, for or seven You basically hydrocarbons system. it's years producers and an to six

So a we there, a but give solution not really to now. of think you right updates there's lot

Jeremy Tonet

[indiscernible] taking my two questions. great. for That’s Thanks

Al Monaco

Okay.

Operator

Thank Robert a Markets is from Capital you. on line with RBC question. Kwan

Robert Kwan

morning. good Hi,

project kind Colin, First question efficiency theme. of is the around that key a on is made and you development/M&A. comment

into of outright. stage a just you So wondering I’m projects executed venture later where joint into you've a developments, whether bought number that’s

as then, guess, larger Just become to is particularly maybe a just think And about monetization. adapt you second, scale that wondering, I asset you acquisitions, preference?

your wondering has business to would you want off doing if acquire be that, is I’m a appetite material business? don't others somebody part that but assets maybe that that So hiving it you meant a some open what you covet, of just else's to

Colin Gruending

Yes. Thanks, Robert. It's Colin.

I this time. Even not picture or focused think recycling. with possibility big the at on we're it larger funding with sell-down the of scale real M&A

I organically our corridor, in more think we’ve our about as it's our talked really projects in and focus, franchise. efficient

the it's in now. not something on possible So guess right focused industry, its really theoretically we’re but I laser

Robert Kwan

is that Okay. strategy almost of things? at core buying just kind a later the And the derisk point stage development then kind this into of to of projects, side help

Colin Gruending

I some to the earlier top are partner. you’re we’ve capture the mind those seeing directionally think buying into as coming been reflect on little bit some value of in kind which wind -- Well, I strong think more -- projects, I European there of us of our projects the on with a of

joint I stage So spot marrying capitalize. and mid think guess example. good together Perhaps, wise, that I we is a venture are with enterprise efficient but later not stage,

to stay strategy. couple sheet balance up, where our efficiently are trying use and think a of those on So examples team I we’re

Al Monaco

I going Robert, said back to what think to great wind, a about example, our it's ability of recycle. Colin offshore just maybe

in developed return now in us. ahead brought And essentially like we're because we when a on we in, I now very what can so boost project. the opportunity for a partner But with coming already projects think obviously in helps PPAs. just position where that was And a those promote recently got we’ve new they that we strong were it

minimize bring So if own and can our allocation away in our at chip and focus all capital our return, like we boost of discipline and deployment. capital part and things capital, deployed that’s minimizing on that capital

Robert Kwan

you was maybe of And expertise finish place financially ESG guess platform? think kind for and capital were seemed on it you of end of the driven could became given on the growth. eventually I side it. are historically the sustainability we your and the a something pulling renewables especially And the offshore when then on permitting amount about when topics side, should strategy? achieve. How of I related you where like value wind got But leverage at shootout still in of a Got can into onshore selling cost onshore similar renewables forward, day, Al. could operating How it first going you back then if construction just at your things driving wind the

Al Monaco

to observation generally we of team renewables. good saw onshore I I very were up was that think building a job I on way portfolio. your good obviously, going be a ahead pretty side frankly what saw you the wasn't at opportunity for to in growth when America, monetize as particularly the And North we’ve we know, game renewable time, the think business. we assets that growth same of mean, around the the multiples and good at the did offshore is an renewables projects. strong of in probably independent more what is as good the the the But basically limited as

growthy extremely what very our of with European the recycling So up PPAs, frankly, line into that with business. wind capital outlook and are very, rest is that well very strong for offshore

obvious -- renewables I where think there. of to of I parts some if mean, about way every on think tend fairly position, intend just terms ESG the fits there, We all it leading you -- kind to wise, benefits ESG are it you there's a at I In of the ESG look that strategy. our say the to supplement count. we're that keep of really we but maybe could

foremost, got they’re in First up the and lines profile projects. risk well. them good and great reward They've importantly most growth extremely

are now we've So part pretty in great enough Europe. this inventory story, it's got strong and certainly but incredible going will, in on think with a we partners projects ESG And space of I forward that you the player very own. their if

Robert Kwan

you. Thank great. That’s Okay.

Al Monaco

you. Okay. Thank

Operator

with with Gershuni on is Shneur question. you. line a UBS Thank

Shneur Gershuni

everyone. morning, Good Hi.

Al Monaco

Hi.

Shneur Gershuni

proposals there's about on some was and I’m not the nuances legally arguments. different you talk [indiscernible] you there contracting, can to is wondering arguments been sure respect this, some their if or deficiencies with that I with intervener can Mainline the any but about if them. it comment ember make arguments in

make some trying consider changed comments how there's you've Just if the to that process. you about understand

[technical difficulty] then example, And a requirements different CapEx it's risk. [indiscernible]. For

Just curious say? what you can

Al Monaco

access producer certainty the When this from us next overall, XX particular, a basin to providing them. still Vern the evidence the probably that really this XX Shneur, I'll decision-making. a two start level, is provide: speak customers really are best offering, look we've years sign guaranteed for toll something or essentially then to When that And high track up of of you what and that that which system XX, last of the our with got maybe a for is let the all you we a when more, at the at years renditions to stability. they look you Well taken perspective, it. the investment certainty their strong its record with aligning degree risks in last of depending that at we've look except we've Where taken asked things lot of business, X, on of provides there, provided that is they XX investing interest particular capital essentially for, over this for all you as actually foreign CTS. the and the out, customers. and toll exchange, in the having high on pointed operations, two And rates, certainty on

just it I their the I toll. low really as cost netback said margins think in we protects comments solidifies think that and the story, their given

cost. of move built So different of a we off an frankly can extremely kinds customers do provide else low I to mean, it's and think it's unique, that track at but crude our excellent nobody we record long do service. multiple I of trusting us

So my to dichotomy in think producers, balance refiners between said as issues that and comments we of got is we've a tries great offering integrated. this I here really

that to sure not Vern, anything if if add gets to maybe, to it, that. I'm but want So you

Vern Yu

Al. Yes, okay. Thanks,

our we And and is see base the companies that is should the of think diverse. you dramatically. these it's can going players extremely key customer the quite in get within of the basin. things out all basin individual that to the to interest And hard of I are all one consensus point vary very

just in with strongly there views. is can You recent at the the diametrically experience industry curtailment Alberta, opposed look has where some very had

them. the XX% is commercial accomplishment. to circumstance, around are that free some to volumes the a to like this the reasons. and optionality this on are for like quite Their and outcome. of toll a who people us an opposed the that different timing of supportive offering We particular doing have offering circumstance given system think Enbridge see There system, just the the provides this to own are potentially but of who for commercial contracting, So of number

there it's finally, a then of can't who've of have benefits -- a and format regulatory we customers to customers offering. match are whole want going Enbridge to the in upstream smaller unfortunately been downstream producers And forward we the used have. We fact, their this never us perfectly it's history. or our the do these contracts in any pipeline challenge that is to their educate potential really that few over bunch on and And continue system system,

I spend stronger build we we on. we I the be as year regulatory go support as position the time to we next in will over So think good process, think as more a through move

Al Monaco

this to particularly team years. has if but changes We the one you'll a see a just cost-effective We drop carefully. volumes, producers, smaller coming for lower of toll final in would you great have done and that the threshold built period table. it objectively, of job regulatory it, go been that demonstrated very and that's a myriad that contracts at the didn’t has on a are just listening in otherwise that And lowering very listening the a keep application two the be, saying through over offering And of comment. up we

guess regulator this I to at thinks we point, So what will have the it. about see

Shneur Gershuni

basically But temporary see here. until color the beyond. you be have When appreciate point maybe wondering you of return that declining buybacks in sense do scenario do by slows thoughts resume? higher capital, to the a I for a recognize May makes and pace it. of program a overall you pivoting at look what’s and growth activity how $XX U.S of That pivot little Just on of you activity thinking spending to and where level your it? you a on where the the bit in billion about rig through really XXXX a levels kind capital

Al Monaco

this disciplined be very about objective think I at this. mean, to I and we’ve point,

may just we capital going we're that have not rate investments growth to in achieve to So past. had push the a

I this to of what opportunity you Enbridge renewables, would in Vern's saw the clinical business, time, we is from those Day, point Cynthia's we going this you if at business within on At you ample franchises be throw far I Bill's business, at there offshore capital. to stray as core say too very without about having amount deploy that and already are So we're how really look of We've rate up remember, there. -- X% customer of volumes just good from we X% projects got utility. probably in also in that about the at capital and talked of that's escalators, growth in in adds and or guess ramp gas is rate sort of the growth the embedded the the growth embedded some business to

pod of got X% to goes there. easily X%, achievable this we'll we’ve fairly from good that's So and it where then see

them today, announced the all to what we on out into organic get options franchise what certainly said then then are. think match we're these don't point options executing table So once where to a up X, are that of think running Line just gets play. we opportunities of like the I the need be, will But for if got depending come different Line and to And in sure, we opportunities I we’ve those we on those. through X plenty and it the returns

Shneur Gershuni

right. and guys have great much you very Thank weekend. All Perfect. a

Al Monaco

Thank you. Okay.

Operator

you. Thank Securities a on line question. from is Ezergailis with Linda TD

Linda Ezergailis

little pipeline a billion backlog deploying or the I'm a opportunities. and sense you. guess, to bit that might the your $X see I'm lot, I’m next side. there's for of a appreciate of wondering your Thank X-year capital activity what from this I bucket perspective at $X producer I wondering side a capital in free the and cash of if, to us in a on with the next And year are low, backlog. give offshore your billion may in of in terms if that decline year. perhaps you be looking than to get more secured year Canada billion $XX on of kind flows seeing the about U.S but is a outlook be I of could example, some you the for

year? I’m just of securing out new So the trying half projects the for next cadence to figure

Al Monaco

start then Okay. in. will Maybe chime just I Colin will and

there this through that think X-year out think one the at for plan XXXX. least the about way have I we to that

and tolls the the and around I of is things have of So terms talked secured earlier business items in through the that mentioned we some those what embedded other about that billion in and XXXX. ramps, we $XX volume

think as achieving go far to about plan in X-year X% on X% talked growth So I that the we've good the we're this as to range.

to we think that opportunities number of will and tracking fill that that the you ones I other we beyond and period a start now XXXX of ones contribute some on doing that we're that working on like are the what help announced is offshore mentioned. including opportunities

secured. it. bifurcate us a more there growth XXXX, then it's how to the to $XX gets that's think I that out It's organic and think through be beyond So billion

Colin Gruending

-- no, a great answer. Yes it's

billion as satisfy that as to new the I accommodate CapEx we're you was consider the projects And CapEx $X.X Enbridge Day, handling. execute to on sheet like, said, of XXXX it's think get ground. three on if with to CapEx looking see fit at we years, that, spend really growth we it you on -- projects where asked to our years the what secured profile first growth those Al newer the disclosed billion balance do $XX and this can then this of and

Linda Ezergailis

your any of customers capacity How asking and you're it sort you out. just Yes. of yes, existing relief, question can years of new having asking maybe trending? kind Are more I Northeast? your what so was that on U.S. follow-up the any volumes projects, terms wondering guess, operations. for even I of -- in with extend? toll I And and I'm seeing of discussions a X sort are your backfills your Bill. with secured X sort producer they blend was Maybe this securing is I for in

Bill Yardley

my are not fully line in regulated, FERC any would no, any long-haul or of Well, blend one, Linda, are so say, a in type And system. long discounting. I we extend business, we to number pipeline and with say discussions contracted

reason we for out shouldn’t may a pretty example, get, Appalachia this and this places be to get one those contracts on to the we that as pretty -- and -- rates, I when money, are meaning, right? inexpensive these get Gulf of is think much the are the out or York you they’re for all in hard City relatively hold New Coast, So that and to reversals one speaking. did getting of us, maybe but like hold they you producer they're they're that of -- the contracts getting

valuable So, so very are they're far they them. for very heavily think and contracts I utilized

we are payers don’t kind just we We -- get long-haul of haven't have the We just and good some pipeline you those. we more So G&P, reservation-based had right? system. will

Linda Ezergailis

hear. to Thank good That’s you. Good.

Operator

Michael you. on is Goldman from Thank Lapides with Sachs a question. line

Michael Lapides

guys. Hey,

assume should one kind in Mainline question about that the some 'XX the toll assume guidance around the assumed average should of rate, of that’s average or of Mainline about going curious, beyond? the on of weighted barrel not do what’s mid collect the toll a Just XXXX $X.XX growth forward, the you kind discount -- the you'll guidance? we per kind or and rates, Just kind thinking when we starting guidance

Vern Yu

of average Yes, for use we a is what projections our weighted financial kind toll.

And the in on today. in toll difference. that assuming tolls spot and around on there's presentation -- contracted the shown we've up So the would -- this that what make

Michael Lapides

barrel the Meaning, what weighted you the would And between that a average can be $X.XX would be? $X.XX and somewhere toll us remind spot range?

Al Monaco

would spot the toll The close toll. exit be CTS to

Michael Lapides

it. Got

the to $X.XX? close So

Al Monaco

Yes.

Michael Lapides

last question. I Okay. it appreciate guys. One

Annova. Bravo You today all about previously had and announcements Rio announcement the you made made around

the near curious, especially the last about in FID projects of likelihood occurred Just going spread? given those the and beginning this or weak Asia-U.S. How LNG the actually so, built? thinking getting dip future how before Asia-Canada year in the and of month you and down then in massive that’s global actually are those were the prices pipelines

Bill Yardley

Yes.

are it's short-term next of that brought about So But prices factors FID. are number in that global facilities some Certainly causing the Bill. round a these are of issues. by

but that over where looking entities year and the these kind 'XX, the to are contracts that's 'XX. course of for So inflection supply off-take XXXX, service is. are next till or so, point that of not agreements in And be

And into a demand says know, going you anything think to seen LNG to over pretty point be I LNG next course a get global globally the for get rebalancing better sort decades. folks a haven’t globally -- and the -- couple need 'XX, As of that for you LNG. 'XX, isn't of a where or of don’t that get the some strong I you

that’s over their And our a the bushes, of So they’re of obviously count I these position. any -- negotiations a of -- the we yes, are are but we beating folks them to if pretty out, right We that faith. in optionality hold a they do am activities now pipes. we for good have course I good the view really into got have and not lot they going insight but our -- FID good

Al Monaco

think competitively if I’m where bill, I given forth. supply a right, so perspective, to proximity are competitive cost they projects from and those, markets those -- how and are cost two wise

to I pretty think feel projects these that good are we them. be if likely go

captured So in and Bill and these. his be good a team that's spot to have

see happens what let's Now from there.

Michael Lapides

it. appreciate Thanks it. Got I guys.

Al Monaco

Okay, Mike.

Operator

on Pham BMO line Ben you. with Thank question. a from is

Ben Pham

Thanks. morning. Okay. Good

projects do little Xx Annova and your Is that project? Bravo getting sit buckets On where a a the Xx multiples. Rio than the project, late higher those because in bit of you're build those Rio Annova -- Bravo four little bit in to

Colin Gruending

generally It's supplement. Hey, Bill Colin. think to But Ben. you’re I right. Maybe

efficient. range of Annova both to them built squarely little Xx. these more multiple a our is traditional fit -- in I pretty think of Xx

Bill Yardley

Yes, with what that’s these projects in fairway a They’re from done we’ve right. our down negotiated with right standpoint. -- the financial past. We’ve the

Ben Pham

[ph] billion billion an $X $X that in that U.S some is in that that ongoing Bill? assumed when $X.X the multiple, billion you've and billion? product there, to about higher $X transmission, sustained on on [indiscernible] looking in CapEx. wind, to to that. or billion know at seems I to like B offshore putting seeing questions you're gas, a the $X XXXX you or like it? hard gas Enbridge like there's securing long-term. -- your not post seems a it Okay. would so billion it And worked just or your team But there Is Annova in have way though $X And and billion Xx slides, $X like it right Which Is billion spending Xx $X.X the think put and

Bill Yardley

Yes.

contribution. mean right. in punch right? I spend EBITDA to their capital I weight, speak, capital equally, terms projects, you’re efficient treated of all of think above Indeed, not is the some so generally

they’re most efficiency. unit from the the that's is coming of EBITDA So them important contribution kind metric, and of

Ben Pham

still at high to to because Okay. $X using? are that Xx a billion at $X just Xx, that's you And very guys billion, assumption that's level theoretical

Vern Yu

Yes.

Al Monaco

talked wind. that got $X Ben, them fill pretty But we there each here locked because -- pointed businesses that year billion. look offshore Certainly, the gas in very much distribution I'd opportunities in $X organic around set out that least. billion a as billion. is good in certainly -- you as, said or we’ve with And category per is billion earlier, of to at That’s $X Yes. like between one kind the the Bill's we’ve $X $X This to business, at around and $X opportunity of around is you billion now, the four then actually Vern's to probably question, $X billion think the right. looking a to of if at billion. you're for it

take with organic look doesn't numbers kinds four to that's year. happen I growth. of base in this mean, things it But of So to every naturally obviously, you organic when the growth. to probably just franchises at those bumping and long don't these it's get just us part

So the core I $X and getting think there to billion pretty we franchise. feel billion within good $X the about

Ben Pham

Thank you. Great. All right.

Al Monaco

Okay.

Operator

Satish Fargo online a is Praneeth you. question. with Thank from Wells

Praneeth Satish

Thanks. Good morning.

kind expand lot interest Cushing. you like seems of Just to from now It are shippers there's out of of a seeing what Seaway? capacity

what wondering the advantages competitive of just the project? So

Vern Yu

Vern Okay. here. It's

to one have they from as far could on said flexibility being tolls different open be primary Coast. shippers for crude all probably lowest It's then Seaway said moved. crude the some types that, Cushing and the us the crude light So of of back good more come Gulf conduit Gulf we interest as having heavy of Coast. the to we’ve seen But that And the the season. really advantage into pretty have want the

for amending and open heavy bring to Allowing TSAs types. back our to different the going crude these season. to shippers we're allow So crude

changes pretty move feeling So a pretty good to will we with forward. those that -- path that we're have good

Praneeth Satish

progress Thanks. an Is maybe on this And just and just alliance an then, update can there's us takeaway a you in phased give expansion? gas tackle a on been whether Bakken something approach? can you

Bill Yardley

Yes.

Yes the are in So still plugging Bakken. Bill. away it's

hoping out to I take this think it we're sure as of something year have project in phases. for a small there and perhaps

Praneeth Satish

Thank Okay. you.

Operator

CIBC Markets Thank line you. Robert a Catellier is question. with Capital from on

Robert Catellier

Good Hi. morning.

everyone. connectivity, your You But little to questions. tolls I know through other to down Mainline they’re this other bit on important don’t want a just to hearing wanted of anything on the as bit. a is anything you you’re And immediately that Mainline or tolls, a can to such supportive contract operationally I be to are dig of is answer there dismissive from than refrain like touched ameliorate But because I help enhance not there common the shippers offering? storage the do situation? that

Vern Yu

thing that’s a producer ability month is with out It's and are important, month question the them. are tolls because perspective also very compete to but refineries Vern. important having from -- a a the in obviously for great Those

longer-term, more in the more to Gulf to for attractive are make the at downstream background will we and in communities. producing those access access this producers, additional which Coast, ultimately downstream So again on the to working Patoka, Flanagan, more tankage refine potentially Cushing potentially points

more will involved this involved but assets of downstream producers attractive that these tweaks there with to that are the little move potentially with many we forward. So are Mainline, as make

Robert Catellier

Okay.

it's I -- I So, just the that’s parallel, but hearing, certainly it runs in not in of -- part guess, going to but the … of possibly not run not part guess

Vern Yu

here. for trying Yes, us parallel producing we're is what build with it's more for a the But to accomplish of to way it not part in the community support hearing.

Robert Catellier

leverage of rate existing of in then way kind opportunity example asset end bring advantage And at know projects lower interest very take partners for I you -- into of further take you’re any to seeking or the just but monetize? opportunity environment? wondering on advantage environment, to your rate are low low more ways Okay. to to currently, shareholders or the I’m that if there's in benefit a sales

Colin Gruending

Colin. Hey, good It's Yes, Robert. question. morning, interesting

generationally low a observing principals all -- risk. are interest-rate at are first I to these interest we low rates, we basis think guess, derisk I we rates. tend

design. exposure obviously portfolio significantly XX% is -- and by we're So would debt out sub floating-rate our termed our be

capture However, within trying point to being we it. that bucket, every we as we're and be hustling can for as creative are basis

We are contributions than tailwind rate expected. those at reset in variety preferred see theme to -- things this our other smaller from a that, lower like contribute for to likely are shares example, our outlook. on that rates some Canadian rolling And will of

the continued provide a tailwind think in which interest support strong will mentioned again lower a bid, rates bigger margin. PE picture, I asset for on recycling a You

So we of of participate couple those are maybe examples in this by a can design. how barbell

Al Monaco

fact strong good interest look you’re happened. It exactly recent what to we what where got bids sale the you MATL, exactly out. In that's if at decided on and asset capitalize Very the at it valuations. got we two pointing reason on that’s point for

Robert Catellier

Fantastic. Thanks. Okay.

Operator

Thank you.

time. to able our We Jonathan have over Morgan to final not will I for reached turn this and take time I’m at now limit the call questions any further remarks.

Jonathan Morgan

Thank you, Joelle.

in As Enbridge, thank great everyone always, available And take your for interest and to any follow-ups team may our and time day. you to additional you IR is a have have.

Operator

gentlemen. ladies you, and appreciate This today's Thank participation. your conference. We concludes

now may You disconnect.

Enbridge (ENB) 14 Feb 202019 Q4 Earnings call transcript