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TransCanada Management Discusses Q2 2012 Results - Earnings Call Transcript

Following their prepared remarks, we will turn the call over to the conference coordinator for your questions. During the question-and-answer period, we'll take questions from the investment community first, followed by the media.

[Operator Instructions]

Also, we ask that you focus your questions on our industry, our corporate strategy, recent developments and key elements of our financial performance. If you have detailed questions relating to some of our smaller operations or your detailed financial models, Terry, Lee and I would be pleased to discuss them with you following the call.

Before Russ begins, I'd like to remind you that our remarks today will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please see the reports filed by TransCanada with Canadian Securities regulators and the U.S. Securities Exchange Commission.

And finally, I'd also like to point out that during this presentation, we'll refer to measures such as comparable earnings; comparable earnings per share; earnings before interest, taxes, depreciation and amortization, or EBITDA; comparable EBITDA; and funds generated from operations. These and certain other comparable measures do not have any standardized meaning under GAAP and are, therefore, considered to be non-GAAP measures. As a result, they may not be comparable to similar measures presented by other entities. These measures are used to provide you with additional information on TransCanada's operating performance, liquidity and its ability to generate funds to finance its operations.

With that, I'll now turn the call over to Russ.

Russell K. Girling

Thank you, David, and good morning, everyone, and thank you for joining us today. Last quarter, I spoke about delivering critical energy infrastructure, and this continuing to be a priority for our company. And I can tell you that we remain focused on advancing that priority, and I'll talk about some very positive news related to our Gulf Coast project in just a minute. But I'd remind you that all of our projects currently under way are either regulated or they're underpinned by long-term contracts, which gives us great confidence that they will generate stable sustained earnings and cash flow growth for our shareholders for years to come.

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