Third quarter 2019 highlights (all financial figures are unaudited and in Canadian dollars unless otherwise noted)
GAAP earnings of $949 million or $0.47 per common share for the third quarter of 2019, compared to GAAP loss of $90 million or $0.05 loss per common share in the third quarter of 2018, both including the impact of a number of unusual, non-recurring or non-operating factors
Adjusted earnings of $1,124 million or $0.56 per common share for the third quarter of 2019, compared to $933 million or $0.55 per common share in the third quarter of 2018
Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of $3,108 million for the third quarter of 2019, compared to $2,958 million in the third quarter of 2018
Cash Provided by Operating Activities of $2,735 million for the third quarter of 2019, compared to $1,461 million for the third quarter of 2018
Distributable Cash Flow (DCF) of $2,105 million for the third quarter of 2019, compared to $1,585 million for the third quarter of 2018
Reaffirmed financial guidance range for 2019 DCF per Share of $4.30 to $4.60/share; full year results expected to exceed the mid-point of the guidance range
Reached an agreement with shippers to place the Canadian segment of the Line 3 Replacement Project into service with an interim surcharge
Continuing progress on the U.S. segment of Line 3 Replacement Project: Minnesota Supreme Court rejects Environmental Impact Statement (EIS) appeals; in October the Minnesota Public Utilities Commission (MPUC) orders EIS remediation work to be completed by December 9, 2019
Announced Memorandum of Understanding (MOU) with NextDecade to jointly pursue the development of the Rio Bravo Pipeline and other natural gas pipelines in South Texas to serve the Rio Grande LNG project in Brownsville, Texas
Achieved a formal settlement on Texas Eastern rates with customers, which has been filed with the FERC for review
Seaway pipeline announced an upcoming open season for up to 200 thousand barrels per day (kbpd) expansion on the Seaway crude oil pipeline
Receipt of $0.4 billion of proceeds on previously announced non-core asset sales; further increasing financial flexibility. ■