safety moment · 2020-06-30 · q1 2016 q1 2017 q1 2018 q1 2019 q1 2020 $54 $68 $83 $83 $68 $34 $52...
TRANSCRIPT
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Safety Moment
MENTAL HEALTH TIPS for COVID-19 REOPENING
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• Since March we have experienced an unprecedented shutdown in our society – schools, healthcare clinics, restaurants, stores and businesses all closed in an effort to slow the spread of the virus.
• While that decision helped slow the spread, it did bring with it other challenges. Whether health concerns, financial challenges, social isolation or changes to daily routine, many people have experienced some degree of anxiety or worry.
• Now, as we begin to gradually reopen, some people may experience anxiety related to resuming public activities and adjusting to the “new normal.”
Mental Health and COVID-19
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• Focus on Facts: This will help you make informed decisions as you resume activities. Ensure your information is coming from trusted sources including the World Health Organization, Health Canada, and provincial and local health departments.
• Learn about Safety Measures: Learn what businesses in your area are doing to ensure the safety of their employees and customers. This information is often found on the organization’s website and social media pages. If you have more questions, call the business and ask about their protocols.
• Understand the Risks: It’s important to understand your personal risk factors and accept responsibility for the risk you choose to take on.
Tips to Ease Anxiety Around Reopening
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• Follow Your Feelings: In the end, you need to do what feels right to you. Just because your community is opening doesn’t mean you need to resume your normal activities right away. If you choose to be more cautious, it’s reasonable to wait to see how reopening progresses before resuming activities.
• Focus on What You Can Control: It’s easy to get caught up in what others are doing and it may be tempting to criticize people who are quick to resume normal activities and social interactions. It’s important to remember that you can’t control what other people do. Follow the guidelines put in place by health authorities and weigh the benefits and risks of your activities for yourself and your family.
*information provided by Healthquest.org
Tips to Ease Anxiety Around Reopening
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Brendan Paddick
Chair of the Board of Directors
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Stan Marshall
President & CEO
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MUSKRAT FALLS
TRANSMISSION
• Power was transmitted over the
Labrador-Island Transmission
Link
• GE Grid continues to work on
the software
• We continue to use the
Maritime Link to bring lower
cost power to the island
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MUSKRAT FALLS
GENERATION
• All dams are operational
• Operating water levels were
reached in September
• The site reached 33 months
without a lost-time injury
• The site was placed in care and
maintenance mode due to
COVID-19
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HYDRO
• Capital upgrades were completed in
several key assets
• The annual update to the
comprehensive Reliability and
Resource Adequacy Study was filed
• The Island Interconnected System saw
a historical peak demand of 1,784
megawatts
• Work with provincial and federal
governments continues on our first
fast-charging network for electric
vehicles.
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CHURCHILL FALLS
• Excess energy is exported through
Quebec to other customers in the
North East
• In 2019, we sold approximately
1.19 terawatt hours of recapture
energy to customers in New York,
New England, Ontario and the
Maritimes
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OFFSHORE DEVELOPMENT
OIL and GAS
• New legislation in March 2019 was
announced to transfer Oil and Gas
exploration and Bull Arm Fabrication
to a new Crown corporation
• In 2019, we produced approximately
10,000 barrels of oil a day, yielding
$1.3 billion
• January 1, 2020, the new Crown
corporation was formalized
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CONCLUSION
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Carla Russell
EVP Finance & CFO
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As at: Dec 31, 2019 Dec 31, 2018 Change
Total Assets ($ billions) $19.3 $18.8 $0.5)
Income Producing Assets ($ billions) $4.8 $4.8 -)
Capital Structure (Debt / Capital) 62% 64% (2)%)
For the year ended December 31: 2019 2018 Change
Operating Profit ($ millions) $132 $191 $(59)
Profit ($ millions) $126 $180 $(54)
Funds from Operations ($ millions) $328 $375 $(47)
Capital Expenditures ($ millions)1 $1,195 $1,384 $(189)
Electricity Sales (TWh):
Regulated 7.8 7.7 0.1
Export – Hydro-Québec (HQ)2 28.9 29.0 (0.1)
Export – Other Markets 1.3 1.6 (0.3)
1 Excludes Maritime Link. 2 Export sales to Hydro-Québec reflect energy billed.
Key Metrics
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Business Segment Profit
For the year ended December 31 ($ millions) 2019 2018 Change
Hydro 27 30 (3)
Power Development (1) (2) 1)
Power Supply1 24 58 (34)
Offshore Development2 95 123 (28)
Corporate (11) (15) 4)
Intersegment (2) (3) 1)
Operating Profit 132 191 (59)
Muskrat Falls Inquiry/PUB Reference Costs (6) (5) (1)
Impairment of Ramea Assets - (6) 6)
Profit 126 180 (54)
1 Includes Nalcor’s 65.8% ownership of Churchill Falls. 2 Offshore Development is comprised of Oil and Gas and Bull Arm Fabrication, of which Bull Arm Fabrication represents a discontinued operation.
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Operating Profit
16
58 58 68 30
78 99
123
0
25
50
75
100
125
150
175
200
2015 2016 2017 2018 2019
OffshoreDevelopment
Electricity
37
($ millions)
95
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Funds From Operations1
100 150 159 173
141
49
129
199 202
187
0
50
100
150
200
250
300
350
400
2015 2016 2017 2018 2019
OffshoreDevelopment
Electricity
($ millions)
1 Profit (loss) excluding depreciation, depletion, amortization, impairment and accretion.
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Electricity Export Prices & Volume
2015 2016 2017 2018 2019
$36
$29 $31
$38
$27
$25
$20
$23
$29
$21
$-
$15
$30
$45Realized Export Price (CAD/MWh)
Average Market Price (USD/MWh)
1,562 GWh 1,319 GWh 1,627 GWh 1,569 GWh 1,594 GWh
Difference between grey line and blue line is the result of hedging and FX impacts
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2015 2016 2017 2018 2019
$83
$64 $69
$84 $86
$48 $46
$53
$70 $65
$-
$20
$40
$60
$80
$100
$120Realized Price (CAD/bbl)
Average Dated Brent Price (USD/bbl)
3,420,859 bbls 3,507,955 bbls 2,226,440 bbls 524,534 bbls 3,023,348 bbls
Difference between grey line and blue line is the result of hedging and FX impacts
Oil Price & Production
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Capital Expenditures
2,431 2,801 2,836
1,384 1,195
0
500
1,000
1,500
2,000
2,500
3,000
2015 2016 2017 2018 2019
($ millions)
Capital expenditures exclude expenditures related to the Maritime Link.
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Lower Churchill Project Capital Expenditures
1 Class A Limited Partnership Unit Interest included in total capital costs is eliminated on consolidation.
For the year ended December 31 ($ millions) 2019 2018 Change
Total To Date
Muskrat Falls 528 584 (56) 5,078
Labrador Transmission Assets
11 22 (11) 864
Labrador-Island Link 82 169 (87) 3,566
Facilities Capital Costs
621 775 (154) 9,508
Capitalized Interest & Financing Costs 249 257 (8) 1,252
Class B Limited Partnership Unit Interest 45 42 3) 169
Transition to Operations and Pre-Commissioning 24 26 (2) 66
Total Consolidated Capital Costs 939 1,100 (161) 10,995
Class A Limited Partnership Unit Interest1 46 43 3) 184
Total Capital Costs 985 1,143 (158) 11,179
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Q1 2020
FINANCIAL UPDATE
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Business Segment (Loss) Profit
For the period ended March 31 ($ millions) YTD 2020 YTD 2019 Change
Hydro 17 52 (35)
Power Development - - -
Power Supply1 8 13 (5)
Oil and Gas2 33 32 1
Corporate (3) (3) -
Other & Intersegment (1) (1) -
Operating Profit 54 93 (39)
Muskrat Falls Inquiry Costs/PUB Reference - (1) 1
Impairment – Oil & Gas (225) - (225)
(Loss) Profit (171) 92 (263)
1 Includes Nalcor’s 65.8% ownership of Churchill Falls 2 Oil and Gas includes Bull Arm Fabrication in 2019. Effective January 1, 2020, the shares of Bull Arm Fabrication were distributed to the new Crown corporation,
Oil and Gas Corporation of Newfoundland and Labrador for a nominal amount.
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Non-cash Impairment – Oil and Gas
• Oil and Gas recognized a non-cash impairment expense of $225 million on White Rose Extension (WRX) and Hibernia Southern Extension (HSE) assets in March 2020:
• Widespread impairments throughout the oil and gas industry in the first quarter
• Resulting from significant decline in oil price due to global events causing increased supply and decreased demand amid COVID-19 pandemic
• Reflects lower future outlook for oil prices
• No impact on cash or operating profit
• Oil and Gas assets continue to generate significant cash flows for the Province through oil sales as well as royalty payments.
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YTD Funds From Operations1
45 53
80 88
47
15
47
40
51
69
0
25
50
75
100
125
150
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
Oil and Gas
Electricity
($ millions)
1 Profit (loss) excluding depreciation, depletion, amortization, impairment and accretion.
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Oil Price & Production
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
$54
$68
$83 $83
$68
$34
$52
$67 $63
$47
$-
$20
$40
$60
$80
$100
Realized Price (CAD/bbl)
Average Dated Brent Price(USD/bbl)
799,702 bbls 1,307,624 bbls 792,991 bbls 336,234 bbls 709,560 bbls
Difference between grey line and blue line is the result of hedging (if applicable) and FX impacts
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Electricity Export Prices & Volume
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
$30
$35
$49
$42
$22
$16
$26
$38 $33
$18
$-
$15
$30
$45
$60Realized Export Price (CAD/MWh)
Average Market Price (USD/MWh)
310 GWh 160 GWh 157 GWh 321 GWh 307 GWh
Difference between grey line and blue line is the result of hedging (if applicable) and FX impacts
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YTD Capital Expenditures
458 548
304 284
171
0
100
200
300
400
500
600
Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020
($ millions)
Capital expenditures exclude expenditures related to the Maritime Link
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1 Class A Limited Partnership Unit Interest included in total capital costs is eliminated on consolidation.
Lower Churchill Project Capital Expenditures
For the period ended March 31 ($ millions) YTD 2020 YTD 2019 Change
Total To Date
Muskrat Falls 59 143 (84) 5,137
Labrador Transmission Assets
- 1 (1) 864
Labrador-Island Link 10 24 (14) 3,576
Nalcor Facilities Capital Costs
69 168 (99) 9,577
Capitalized Interest & Financing Costs 60 64 (4) 1,312
Class B Limited Partnership Unit Interest 12 11 1 181
Transition to Operations 6 7 (1) 72
Total Consolidated Capital Costs 147 250 (103) 11,142
Class A Limited Partnership Unit Interest1 12 11 1 196
Total Capital Costs 159 261 (102) 11,338
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LOOKING AHEAD TO 2020
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QUESTIONS
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THANK YOU