Just wanted to mention that I called IPL and spoke with Investor Relations. They said:
i) 2 months ago, a dividend cut would have been "0% likely", but now the board is discussing options and they understand how important the dividend is to people. Still, the rep said, the chance of a dividend is now "not 0%".
ii) They stated that NONE of their loan covenants are tied to their share price. So, those lines of credit do not depend on market prices.
iii) Their main line of credit, a revolving 1.5B of borrowing power, has $18M already used up and they expect to use $900M more of it this year to help pay for the new Heartland complex. So, a lot of room left over for borrowing. If/when that is maxed-out, they would move that debt to a bond issue. They do not expect any liquidity issues, especially with lower interest rates in the short-term.
iv) Their core business is not tied to oil prices. They have contracted clients who must pay the agreed-upon amount whether or not they actually pump anything. Lots of their contracts are already negotiated/hedged, and so their main risk is credit facility risk, which is to say a small company who has a contract with them might go bankrupt and therefore not pay the contract. Otherwise, there is no way for a company to simply not-pay a contracted price to them, even in the event that they are not producing any oil. They still have to pay IPL.
v) They are keenly aware of the special circular put out by Enbridge and are expecting to say something soon.
Those are all the major points that I can recall from the phone call. Hopefully that helps!