NorthAmericaEquityResearch

16May2021

2021EICConference

TheJPMQuestionBankfortheEnergyInfrastructureCouncilConference

TheupcomingEnergyInfrastructureCouncilConferencewillbeheldnextweek,May18-21,attheARIAResort&CasinoinLasVegas.InordertofacilitatemeetingpreparationforEICandtheupcomingJPMEnergyConference,wehavecompiledalistofkeyquestionsforcompaniesunderJPMcoverage.Pleaseseeourrecentpiecesforearningsrecapsandthoughtsonsectortrends.With70%ofmidstreamersproducingbeatsthisquarter,severalquitememorable,weseepositivemomentumcontinuingasthegroupfocusesoncapitaldisciplineanddeleveragingtoproducehighlyattractiveandresilientFCFyields.Thefollowingbulletslistthematicquestionsfocusedongeneraltrendsanddifferentsub-sectorstopics.

NorthAmericanEnergyInfrastructureandMLPquestionsfor:ALACN,AM,CEQP,DCP,ENB,ENLC,EPD,ET,ETRN,GEICN,HEP,HESM,KMI,LNG,MMP,MPLX,NS,OKE,OMP,PAA,PPLCN,PSXP,SHLX,TRGP,TRP,USAC,WESandWMB.

Capitalallocationquestionsformostmidstreamparticipants:Walkusthroughyourcapitalallocationphilosophyanddeleveraginggoalsaswellaseventuallyreturningmorecapitaltoshareholders.Doesyourcompanypossesssufficientadvantagesandbarrierstoentry(best-in-classfranchise,footprint,fullintegrationandfinancialflexibility)toprovideahighlevelofcertaintyincapturingattractivereturnsonanycapitaldeployed?Wheredoyourcapexhurdleratesstandandhaveyouhistoricallyhitthem,isthisreflectedinyourhistoricalROIC?Ifnot,whatprovidescertaintyintoachievingtargetedreturnsinsteadofloweringdebtand/orbuyingbackstock?Canyoudiscussyoureffortstoreinincosts,andcapexandifyouexpectanyupliftineitherasproductionreturns?Whilehigheroilpricesmightdriveincreasedprivateproducerdrillingactivity,whatwouldhappentoplannedcapexifoilpricessuddenlydroppedanddrillingslowed?Unless>70%ofcompanyEBITDApossessestakeorpaycontractualsupport,whyshouldcompanyleverageexceed3-3.5x?

Energytransitionquestions:Whatroledoyouseeformidstreamintheenergytransitionprocess?Ifconsideringinvestmentinenergytransitionprojects,whatstrategicadvantagesdoesyourcompanyhavetoassureattractivereturns?Doesyourcompanyhavelow-risk,attractiverenewablesopportunities,suchaspoweringcompressorsorpumpswithsolar,particularlywhenthiscouldbedoneinratebase?DoesyourbusinesshavesufficientdownstreamconnectivitytoeconomicallypursueRNGopportunitiesfeedinginterstatepipelinesorhydrogenopportunities,particularlyinthepetchemcomplex?

Carboncapturequestions:IfengagedinPermianG&P,haveyouconsideredleveraging45QcreditstoemploycarboncapturegiventhesignificantpurityoftheCO2streamoffprocessingplants.HaveyouconsideredworkingwithKMI'sCO2pipestotransporttheCO2forultimateutilizationorsequestration?HaveyouconsideredworkingwithprivateequitytobuildCCUSsolutionswherebyyouonlycontributecompanyexpertise,rightofwayorotherassetsversusprivateequitymoneythatplaceshighvalueonenergytransitionprojects?EveniftheJVdidnotdeliversignificantcapitalreturns,doyouthinkthistypeofinitiativewouldhaveapositiveimpactoncompanyvaluation?CouldthesetypesofprojectsdriveanotableuptickinKMI'sCO2segmentEBITDA?

EnergyInfrastructureandMLPsJeremyTonet,CFAAC

(1-212)622-4915jeremy.b.tonet@BloombergJPMATONET<GO>J.P.MorganSecuritiesLLC

JosephRMartoglio,CFA

(1-212)622-1741

joseph.r.martoglio@

J.P.MorganSecuritiesLLC

JamesMKirby

(1-212)622-8297james.m.kirby@J.P.MorganSecuritiesLLC

VinayChitteti

(1-212)622-8736vinay.chitteti@J.P.MorganIndiaPrivateLimited

Contents

USC-Corps

4

Canada

9

LargeCapMLPs

14

SMIDLiquidsT&S

19

SMIDCapC-Corps

23

G&P&CMLPs

27

1Q21EarningsAlerts

ALACN

AM

CEQP

DCP

ENB

ENLC

EPD

GEI

ET

ETRN

CN

HEP

HESM

KMI

LNG

MMP

MPLX

NS

PPL

OKE

PAA

CN

PSXP

SHLX

TRGP

TRP

USAC

WES

WMB

Seepage33foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.

J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

JeremyTonet,CFA

NorthAmericaEquityResearch

(1-212)622-4915

16May2021

jeremy.b.tonet@

Industryquestions:Canyourassetsbefurtherintegratedandarethereopportunitiestoexpandyoureconomicmoat?Whatoptimizationopportunitiesdoyouhave?Howdoyouplantoparticipateinindustryconsolidation,orcapacityrationalization?Cananyofyourassetsberepurposed?HowdoesrecentE&PM&Aactivityimpactyourbusiness?Whatlevelofproduceractivitydoyouseeacrossyourfootprint,howdoesthatvaryforpublicversusprivate?Howmuchoperatingleveragedoyoupossesstoimprovementsincommodityprices?Specifically,doyoubenefitmorefromdirectpriceexposureorvolumeupliftonopencapacity?Doyoupossessatopcompetitivepositionineachareainwhichyouoperateandifyoudonot,wouldyoudivestthatposition?

Additionalquestions:HowdoyouseetheregulatorylandscapeimpactingbusinessconsideringBiden’sproposedlegislation?Somemidstreamershaveshiftedtheirmessagingtoappealtogeneralistinvestors,howdoyouviewthistrendandhaveanyofyoureffortsonthisinitiativesparkednewinvestorinterest?HowdoesyourcompanystackuponanESGbasisandwhatcanbedonetoimprovethis?Whatisagoodcapexrun-rateassumingmaintenancemodelevelsforlargeproducers?Whatarethe'lessonslearned'fromWinterStormUri?

2

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NorthAmericaEquityResearch

16May2021

TableofContents

USC-Corps

4

CheniereEnergyInc.(LNG)

4

KinderMorganInc.(KMI)

5

ONEOKInc.(OKE)

6

TargaResourcesCorp.(TRGP)

7

WilliamsCompaniesInc.(WMB)

8

CanadianMidstream

9

AltaGasLtd.(ALACN)

9

EnbridgeInc.(ENB)

10

GibsonEnergyInc.(GEICN)

11

PembinaPipelineCorp(PPLCN)

12

TCEnergyCorp.(TRP)

13

LargeCapMLPs

14

EnergyTransferLP(ET)

14

EnterpriseProductsPartners(EPD)

15

MagellanMidstreamPartnersLP(MMP)

16

MPLXLP(MPLX)

17

PlainsAllAmericanPipelineLP(PAA)

18

SMIDLiquidsT&S

19

HollyEnergyPartners(HEP)

19

NuStarEnergy(NS)

20

Phillips66PartnersLP(PSXP)

21

ShellMidstreamPartners(SHLX)

22

G&PSMIDC-Corps

23

AnteroMidstream.(AM)

23

EnLinkMidstreamLLC(ENLC)

24

EquitransMidstreamCorp.(ETRN)

25

HessMidstreamPartners(HESM)

26

G&P&CMLPs

27

CrestwoodEquityPartnersLP(CEQP)

27

DCPMidstream(DCP)

28

OasisMidstreamPartners(OMP)

29

USACompressionPartners(USAC)

30

WesternMidstreamPartnersLP(WES)

31

3

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

USC-Corps

CheniereEnergyInc.(LNG)

CanyoudiscussthecapitalallocationframeworkinitiatedattheJune2019AnalystDayandhowChenierehasprogressesagainstthedeleveragingexpectationsatthattime?Whattrajectorydoyouseeforfurtherdeleveragingwitheighttrainsnowonline?DoyouseehurdlespreventingChenierefromattainingfullfamilyIGoverthenextyearorsoandtheninitiatingadividend?

WiththerecentFIDdelays,howdoyouthinkaboutLNGmarkettighteningdynamicsthroughthemiddleofthedecade?HowcanChenierecapitalizeonanimprovingsupply/demandbalance?

Yourecentlyannouncedmanymedium-termdeals,howdoyouseethecurrentmarketformedium-andlong-termLNGcontractagreementsnowversuspre-COVID-19?CanyoudiscussthecurrentLNGsupply/demandtrendsforEuropeandAsiaandexpectationsfor2021-22andwhetherthisimpactscontracting?

Qatarrecentlysigneddealsbetween10-11%slopeandtheystillpossessnotableuncontractedcapacity.HowdoyouviewCheniere’srelativecompetitiveposition?DoyouthinkthisglobalcompetitivetensioncoulddissuadeupcomingUSFIDs(exCheniere)?

WhatcanyousayaboutexpectedmarginsforCheniere’sopenoperatingcapacitygoinginto2022+,consideringSPL6couldhitcompletionsignificantlyaheadofschedule?

Canyoudiscussyourabilitytoachievestrongerthirdpartyvolumesduring2020?WhatdoesChenieredodifferentlyversuspeersinperiodsofpricevolatility?

HowhasoperatingafullserviceofferingthroughDEScontractsbenefitedCheniere?Whatotheropportunitiesdoyouseelookingforward?

WithrecenttightnessintheLNGshippingmarketandhighfreightrates,canyoudiscusshowCheniereoptimizesshippingcapacityforSPAsandMarketing?

Canyoudiscussyourabilitytoflexdowntrainsandcostswhenexportactivitydeclines?

DoesCheniereseethepotentialforadditionalIPMcontracts,orhasthatavenueclosedgiventhecurrentheadwindsforU.S.E&Ps?

CanyouupdateusontheSPAsthatyouhaveavailabletonovatedowntoSPLLLCfortrain6?Whatistheexpectedtimingofthat?

GiventheincreasedfocusonESG,someofyourpeersdiscussedpotentialforcarbon-neutralLNGcargoes.HowdoesthecosteconomicsworkinsuchascenarioandhowisChenierepositioningitselftoreducecarbonemissions?Could45QtaxcreditsmakecarboncaptureeconomicforCheniere?

HowdoestheEUhydrogenpushimpactCheniere?

4

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

KinderMorganInc.(KMI)

Canyoudiscusstheevolvinggasbackdropandtheroleofnatgasintheenergytransition?WheredoesKMIseenatgastransmissionvolumegrowthandexpansionopportunitiesacrossitsfootprint?

CanyoudiscussKMI'soutlookforCCUSadoption?ArethereinvestmentopportunitieswithintheCO2segmentgiventaxcreditsandlegislationproposalstoexpandCCUSwithintheKMIportfoliobeyondEOR?CouldKMIeconomicallygatherCO2fromalargenumberofPermianprocessingplantsgiventheexistingfootprint?

WhatrenewablediesellogisticsgrowthopportunitiesdoesKMIseeacrossthecountry?InadditiontothenewhubsinCAannouncedduringA-Day,howsizeablecouldthelong-termrenewabledieselcapexbe?

Postthe$1bnWinterStormUribenefit,canyoudiscussthemovingpiecesoftheguideraisebybusinesssegment?

WasthereanybenefitofhavingtheJonesActtankersduringtheColonialPipelineshutdownperiod?

Canyoudiscussyourcapitalallocationframework?HowdoesKMIprioritizecapex,deleveraging,buybacksanddividendincreases?CanyoudiscussrecentcapexcutsandhowmuchcapexneedstobedeployedtomaintainEBITDA?

CanyoucommentonhowG&Pvolumesarerecoveringfootprint?AreyoustillseeingastrongrecoveryintheBakken?DoyouseethedrygasmacropictureassupportingHaynesvilleproduction?

Canyouspeaktothevolumetricandmarginprotectionsacrossyourbusiness,particularlyinthenatgasoperations?Giventhere-contractingheadwindsyoupreviouslydiscussedonFEPandRubyfor2021-22,canyoutalkaboutthemid-to-longertermoutlookfortheseassets?

Howdoyouseerefinedproductdemandrecoverytrendingthroughtherestoftheyearagainstyour2021guidance?Canyoudiscusstheputsandtakestotheseexpectations?

Couldyouwalkusthroughlonger-termgrowthtrendsintheproductpipelinesandterminalssegments?HowdoesKMIrespondtorefineryshutdownsandEVpenetrationinCalifornia?

HowhasKMI’sTerminal’sbusinessfaredduringthedownturnandhowdoyouexpecttherecoverytoproceed?DoesdistressherecreateM&Aopportunities?

HowdoyouthinkaboutKMI’sroleinmidstreamindustryconsolidation?

5

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

ONEOKInc.(OKE)

CanyoudiscussproduceractivitytrendsacrossyourBakkenandMidconassetssinceyour1Qearningscall?HowdoyouseeDUCharvestingversusbuildinggivenrigactivityexpectations?WhatdoyouseeforrigadditionsintheBakkenoverthecourseof2021andinto2022?

Couldyoudiscusshowguidancereliesonincreasedgascapture,ethanedemandandincreasingGoRsasopposedtoincreasedrigactivity?Wouldanyrigorfraccrewadditionspresentupsidetoguidance?

CanyoudiscussOKE’sevaluationofenergytransitionopportunitiesincludingcompressionelectrification,carboncaptureandstorageprojects,andhydrogentransportation.Haveyoudoneanyanalysisoncapitalspendrelatedtothesetypesofprojects?

Canyoudiscussethanerejectionlevelsmorebroadly?Howdoyouexpectethanerecoverytoimproveacrosstheyearascrackercapacityreturns?Howdotrendsvaryingbybasinovertime?Whataretheethaneeconomicsneededtoreachthe$400mmupsidenotedintheRocky'sassumingfullutilization?

CanyoudiscussNBPLbtuconstraints?WithhighergasmixfromtheBakken,isthereanypossibilityforforcedethaneextraction?WhatMontBelvieupricesincentivizeBakkenethaneextraction?

Whichprojectsdoyouthinkcouldre-emergeintothebacklog?Lookingintothe$300-400mm2021capexrange,whatactivityleveldoyouassumehereandisthebulkofthespendonwellconnects?

Whatisagoodrun-ratecapexfigureforthebusiness?Givenindustrycapacityutilization,doyouexpect2022capextobelessthan2021?

HowmanywellconnectionsareneededtomaintainEBITDAin2022?Whatarethemaingrowthdriverstothehigh-single,low-doubledigitgrowthgoingforward?

Whatistherightlong-termleverageforOKEandwhatisyourtimelinetoachievingthis?

Canyoudiscussyourbroaderfracfootprintandcompetitivepositioning?DoyouthinktherecentcompetitorMBfracadditionswillimpactyourassetsutilization?WhatwouldberequiredforMB5?

Canyoutalkaboutcounterpartyexposureacrossyourfootprint?WhatpercentagehaveIGorLoCs?Whatlevelofvolumeprotectiondoyouhave?

Whileacknowledgingnotanear-termfocus,doesenteringtheLPGexportbusinessstillmakesenselong-termforOKE?HowimportantisitforOKEtoextenditsreachinternationally?

Consideringtheimplications,howwouldONEOKrespondtoaDAPLshutdown?

CanyoudiscussSterling’sutilizationlevelsandhowyouseeConway/Belvieudifferentialstrendingduring2021?

6

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

TargaResourcesCorp.(TRGP)

Couldyouwalkthroughyourcapitalallocationprioritybetweenbuybacks,capex,deleveraging,DevCopurchasein1H22,andtacklingthepreferreds?

CouldTargalooktosellmoreassetstoacceleratedeleveraging(beyondGCX),orhasthisavenuemostlybeenexhausted?Whatleveragelevelmakesthemostsenseatthisjuncture?Whenwouldincreasingthedividendmakesense?

Afterraisingguidancewith1Q21earnings,canyouparsethroughthemovingpartsoftheguidanceraiseincorporatingWinterStormUri,ahighercommoditydeck,andstrongoperationalperformance?

RecentPermianM&Ahasbeentopical,especiallyPXD'sacquisitionofDoublePointEnergy.HowdoyouviewtheimpactofPermianM&AonTarga?Doyouexpectmoreupstreamconsolidation?

Targanotablyreinedincapexandopexduring2020.Canyouwalkusthroughthedecisionprocesshereandwhethermoreleverscouldbepulledinthefuture?Howmuchofopexisdependentonactivitylevels?

WithactivityappearingtonormalizeandproductioninthePermianexpectedtogrowin2H21,whatdoyouseeasanormalizedannualcapexrunrate?Whatfactorscouldimpactthislevel?

FollowingtheHeimPlantrelocation,whatareyourviewsonMidlandprocessingcapacity?WhendoyouexpecttoformalizeanewMidlandplantandhowmuchwillthatcost?

Howmuchofsystemvolumescomefromprivateversuspublicoperators?AreyouseeingprivateoperatorsgrowmorethanpublicsandhowdoesthisimpactTarga?

WithstrongLPGexportdemandpropellingpropanepriceshigher,whatisyouroutlookfordomesticpropanesupply/demandandexporttrends?Doyouseestructurallyhigherexportpullsupportingprices?DoesPoPdirectexposuretopropanepricingoffsetlowerspotLPGexports?

WithGrandPrixandBluestemrampingandtherecentdockexpansionprovidingrunwayforL&Mgrowth,wheredoyouseethesegmentportfolioshifttrendingbetweenG&PandL&Mbeyond2021?

CanyoudiscusssomeoftheinitiativesandprojectsTRGPisconsideringtoreducecarbonemissionsacrossitsfootprint?Arethere‘quickwins’tobegained?

TRGPhasmadeprogressonincreasingG&P’sfee-basedrevenuemix,canyouwalkthroughhowmuchofG&Pmarginstemsfromfeeversuscommoditypricerevenues?Areyoucomfortablewithyourcurrentlevelofcommoditypriceexposedmargins?Howdoyouseethistrendingovertime?

7

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

WilliamsCompaniesInc.(WMB)

Canyoudiscussthemovingpartsbehindtheraisedguidancepost1Q?WasthissolelydrivenduetoWinterStormUriandotherone-timebenefits?Whatisthelevelofdrillingactivitybudgetedversusoriginalguidance

CanyoudiscussyournaturalgasoutlookandwhatthismeansforWMB'sassetbase?HowdoesWMBseenatgassupplygrowthovertime,specificallyfromthePermian,AppalachiaandHaynesville?

FollowingWMB’sfirstESGday,whatroledoesnaturalgashavetoplayintherenewabletransition?Canyouspeaktodevelopedversusemergingmarketnatgasdemandtrends?

Afterannouncingnewsolarprojectswith1Q21results,doyouhaveanestimateonhowlargerenewablescapexcouldincreaseovertime?WhatareyourthoughtsonCCUSprojects?WhatotherinitiativesdoesWMBhaveregardingenergytransition?

Canyourefreshusonyourcapitalallocationphilosophy?Howdoyouprioritizecapex,deleveraging,dividendgrowthandbuy-backs?Giventhecurrentcommoditybackdrop,whatdoyouseeasasustainablelevelofannualcapexoriginatingofftheWMBfootprint?

CanyouprovideanupdateontheWamsutterandHaynesvilleacreageheld?Howareyoucurrentlyreflectingproductionfromtheseregionsinyourcurrentguidance?Doyoustillexpecttocloseonbothsaleswithin30-60days?

WhatareyourexpectationsfortheSequentEnergybusinessbeyond2021andhowdoesitfitwithinyourportfolio?Doyouseeothersmallertuck-inlikeacquisitions?

Canyoudiscusshowproducercustomerconversationshaveevolvedoverthelast12months?Wheredoyouseenatgaspricestrendingthroughtheremainderoftheyearandhowwouldthatimpactyourproducercustomeractivity?

HowmuchlatentoperatingleveragesitsintheWMBsystem?HowarevolumestrendingacrossyourG&Passetssincetheearningscall?Whichsystemswouldbenefitthemostfromhighernatgasprices?

WiththedecisiontocancelACP,doyouseeanyopportunitiesforTransco?DoesTranscobenefitifMVPentersservice?WhatifMVPdoesnotreachcompletion?AnyupdatesontheRegionalEnergyAccessproject?HowdoesPennEast’sstatusinterplaywiththisproject?YoumentionedREAspecificationsincludeacceptingRNGandhydrogen,canyoudiscussthesedynamics

HowdoexpectationsforanimprovingLNGbackdropindirectlyimpactWMB?WouldyouconsidermovingdownthevaluechaintoinvestinLNGexportassets?

HowdoesBluestemenhanceWMB’sNGLverticalintegration?HowdoestheTRGPfracinterestfitintoWMB’slong-termstrategy?

Withpubliclytradedmidstreamersrebounding,doyouseeanyimprovementintheM&Amarket?Doyouexpectanynon-coreassetsalesorJVsin2021?

8

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

CanadianMidstream

AltaGasLtd.(ALACN)

CouldyoudiscusstherecentU.S.TransportationandStoragebusiness?Howdidyougainsuchalargepricetagforabusinessmostdidnotknowexisted?HowdoesthisimpacttheearningsstabilityatALA?

HowdoyouseeWCSBproduceractivityprogressingovertime?Haveproducercustomerdiscussionsprogressed?HowdoyouseeMontneyandDuvernayeconomicscompetingversusotherNorthAmericanunconventionalproduction?

HowdoesproducerM&Aactivity,includingacquisitionsbyCOPandCNRL,impactALA?DoesthisreaffirmtheattractivenessofAltaGas’footprintinnortheastBC?

CouldyoutalkaboutthestrategicbenefitsofincreasingyourPetrogasstakeandhowyouexpecttoachievesynergiesthroughintegratingthebusiness?

HowdoesALAevaluatedividendgrowthagainstreducingleverageandotherusesofcapital?

Canyouwalkusthroughmidstreamcontracting:takeorpay,fee-for-service,commoditypriceexposed,andpricingspreadexposed?Howdoyouexpectthismixtotrendovertime?DoAltaGas’contractsinsulatethecompanyfromproductiondeclines?Aretherecertainareaswhereyouareconcernedaboutcounterpartyrisk?

HowhavediscussionsprogressedfornewRIPETtollingagreementsandhowdoyouexpecttheportionofRIPETvolumesundertollingagreementstochangeovertime?

Whatlevelsofmidstreamcapexcouldweseeinfutureyears?Howdoyouevaluatewhethertodeploycapitalintomidstreamorutilitiesopportunities?

DoyouexpecttoseeopportunitiestosellyourMVPstakeorBlytheinthecurrentenvironment?WhatdoyouseeastheappropriateleveragelevelforALACN?

HowhaveregulatoryrelationshipsdevelopedsinceacquiringWGL?Islocaltractionincreasingwithintervenorsandotherparties?

Whatratecaseactivitydoyouexpectoverthenexttwoyears?HowlongdoyouexpecttoretaincostsavingsatWGLgiventheongoingratecaseactivity?

WhatareyourexpectationsforhowtheMDregulatoryenvironmentcoulddevelopovertime?DoyoutargetanyotherregulatorychangesforWGL?

WhatlevelofstructurallagdoyouanticipateatWGLandwhatarethedriversofthislag?Arethereopportunitiestoaddressregulatorylagoutsideofratecases?

HowhasCOVID-19impactedsales,baddebtexpense,andcostsattheutilities?Whatportionoftheimpactsdoyouexpecttoberecoverableovertime?

Whatlevelofcustomergrowtharetheutilitiesseeing?

9

JeremyTonet,CFA(1-212)622-4915jeremy.b.tonet@

NorthAmericaEquityResearch

16May2021

EnbridgeInc.(ENB)

CanyoudiscusshowENB’srenewableplatformdifferentiatesthecompanyfrommidstreampeers??

HowsignificantofanopportunitycouldoffshorewindbecomeforENB?Whatreturnsdoyouanticipateforyouroffshorewindprojects?Couldyoualsodiscusstheopportunitysetforfloatingoffshorewind?

Howdoyouthinkaboutthefutureforcarbonsequestration,doyouforeseeitbecomingeconomic?Ifso,howisENBpositionedhere?CouldyourpipesmoveCO2?

Canyoutalkabouthydrogentestpilotprojectsattheutility?Haveyoulookedatpotentiallytransportinghydrogenthroughyournaturalgaspipelinesaswell?DoesENBhaveotheravenuestoinvestinthisvaluechainifhydrogenproveseconomicovertime?

CouldyoudiscusstheopportunitiesyoucurrentlyseearoundRNGandrenewablepoweredpumpsandcompressors?Howlargecouldtheseopportunitiesprogresstoovertime?

WhatfeedbackhaveyoureceivedregardingrecentlysetESGgoalsforemissions,diversity,andgovernance?HowdoesENBevaluateenergytransitionandESGopportunitiesagainsttraditionalmidstreamopportunities?

WhatexpansionopportunitiesdoyouseeservicingUSGCLNGexport?WouldENBeverlooktopurchaseastakeinanLNGexportproject?

BeyondservicingLNG,whereelsedoyouseenatgastransmissionexpansionopportunities?Howhavenatgastransmissioncontractrenewalsprogressed?Howdoesyourcustomermixfactorintocounterpartyconcernshere?

AreMainlinevolumesstillrecoveringinlinewithpriorexpectations,especiallywithaheavyturnaroundseason?CouldyoudiscussthefactorsthathelpkeepMainlinevolumesrelativelyresilient?

CouldyoudiscusshowyouexpectWCSBproductiontorecoverasawholein2021andhowthatimpactsENB?

CanyoucommentabouttherevenueimpactthattheCTSrenewalcouldcreate?Couldyoutalkaboutthenewcontractstructurebenefitsandthepotentialtimelinetohaveanewagreementinplace?

HasL3replacementconstructionprogressedasexpected?Couldyoudiscussthepotentialchallengesthatcouldimpactthe4Q21expectedin-servicedate?Ifchallengesdonotmaterialize,couldyoucompletetheprojectaheadof