TransCanada Corporation (TRP)
Q2 2010 Earnings Call
July 29, 2010 3:00 pm ET
David Moneta - VP of IR and Corporate Communications
Russ Girling - President and CEO
Don Marchand - EVP and CFO
Alex Pourbaix - President, Energy and Oil Pipelines
Greg Lohnes - President, Natural Gas Pipelines
Glenn Menuz - VP and Comptroller
Sam Kanes - Scotia Capital
Carl Kirst - BMO Capital Markets
Ted Durbin - Goldman Sachs
Bob Hastings - Canaccord Genuity
Matthew Akman - Macquarie
Robert Kwan - RBC Capital Markets
Andrew Kuske - Credit Suisse
Linda Ezergailis - TD Newcrest
Steven Paget - FirstEnergy
Chad Friess - UBS
Matthew Akman - Macquarie
Dan Healing - Calgary Herald
Scott Haggett - Reuters
Justin Amoah - Argus Media
Welcome to the TransCanada Corporation 2010 second quarter results conference call. I would now like to turn the meeting over to Mr. David Moneta, Vice President of Investor Relations and Corporate Communications.
Thanks very much and good afternoon everyone. I'd like to welcome you to TransCanada's 2010 second quarter conference call. With me today are Russ Girling, President and Chief Executive Officer; Don Marchand, Executive Vice President and Chief Financial Officer; Alex Pourbaix, President of Energy and Oil Pipelines; Greg Lohnes, President, Natural Gas Pipelines; and Glenn Menuz, our Vice President and Comptroller.
Russ and Don will begin today with some opening comments on our financial results and other general issues pertaining to TransCanada. Please note that a slide presentation will accompany their remarks and a copy of the presentation is available on our website at transcanada.com. It can be found in the Investors section under the heading Events & Presentations.
Following their prepared remarks, we'll turn the call over to the conference coordinator for your questions. And during the question-and-answer period, we'll take questions from the investment community first, followed by the media.
In order to provide everyone with an equal opportunity to participate, we ask that you limit yourself to two questions. If you have additional questions, please reenter the queue. 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 for your detailed financial models, Terry 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 and Exchange Commission.
And finally, I'd also like to point out that during this presentation, we will refer to measures such as comparable earnings, comparable earnings per share, earnings before interest, taxes, depreciation and amortization or EBITDA, and funds generated from operations. These 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.
Thanks, David. Good afternoon, everyone, and thank you very much for joining us. I've spoken to you many times over the last number of years here my role as the CFO, President of Pipelines and most recently as TransCanada's Chief Operating Officer. This is my first opportunity to speak to you in my new role as President and Chief Executive Officer.
TransCanada is a great company, and this is a challenge that I welcome and an opportunity that I'm very excited about. The question that I've been asked most often is how will the direction of the company change under my leadership. And my answer to that has been that the direction won't change. As I said, I've worked on this company's strategy for many years and always with a focus on becoming the leading energy infrastructure company in North America.
We will achieve that outcome by continuing to do things that have made us very successful, a disciplined approach, focusing on growing TransCanada's core businesses. This starts with a focus on running our businesses well and completing our ambitious $22 billion capital program. In the future, we'll continue to reinvest in growth opportunities where we have a competitive advantage, to grow our earnings, our cash flow and deliver long-term shareholder value.
And I'm very fortunate to have an executive team with me to lead our 4,000 skilled and very dedicated TransCanada employees. Last month, I made some adjustments to the executive leadership team to keep the company focused on meetings its goals. It's an experienced team and one that knows our business very well. Alex Pourbaix, Greg Lohnes, Don Wishart, Dennis McConaghy, Sean McMaster and Sarah Raiss are all individuals with expertise and experience to meet our challenges and to get the job done.
I'm also pleased to welcome Don Marchand to this call, TransCanada's new Executive Vice President and Chief Financial Officer. Don has been with TransCanada since 1994 and brings a wealth of knowledge to CFO position mostly recently as Vice President, Finance, and Treasury since 1999. I can tell you that I've worked with Don for a number of years and I have extreme confidence in his abilities.
Don will speak to you in a few moments on our financial results. But before that, I want to review some highlights from the quarter and provide an update on some of our key initiatives.