Welcome to our dedicated page for Enbridge news (Ticker: ENB), a resource for investors and traders seeking the latest updates and insights on Enbridge stock.
Enbridge Inc. (symbol: ENB) is a multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. The company owns and operates an extensive network of pipelines that transport crude oil, natural gas, and natural gas liquids across Canada and the United States. Enbridge's core business revolves around its robust pipeline infrastructure, including the Canadian Mainline system, regional oil sands pipelines, and multiple natural gas pipelines.
The company also operates a regulated natural gas utility and is the proprietor of Canada's largest natural gas distribution company. Enbridge is diversifying its energy portfolio with investments in renewable energy projects, primarily focused on onshore and offshore wind projects. Notably, the company is involved in key renewable projects like the Fécamp Offshore Wind Farm in France, which was recently inaugurated and is capable of powering 770,000 homes.
Financially, Enbridge has demonstrated stability and growth. The company recently reported strong financial performance for Q1 2024, with high utilization across its systems and significant milestones such as the acquisition of The East Ohio Gas Company. Enbridge maintains a solid balance sheet and a history of predictable financial results, reaffirming its guidance for 2024.
Enbridge places a high priority on sustainability and community development. The company supports numerous environmental and community initiatives, including the Fueling Futures grants program. Enbridge is committed to achieving net-zero greenhouse gas emissions by 2050 and is investing in advanced technologies such as hydrogen, renewable natural gas, and carbon capture and storage.
Recent developments include the commencement of a binding open season for an expansion of the Gray Oak Pipeline, which could add up to 120,000 barrels per day of capacity. Enbridge is also progressing on several other projects aimed at enhancing its infrastructure and meeting rising energy demands. The company continues to be a pivotal player in the energy sector, driving both conventional and renewable energy innovations.
Enbridge reported strong Q3 2022 results, achieving GAAP earnings of $1.3 billion ($0.63 per share), up from $0.7 billion in Q3 2021, and adjusted earnings of $1.4 billion ($0.67 per share). Distributable cash flow (DCF) reached $2.5 billion ($1.24 per share), exceeding last year's figures. Notably, the company secured $3.8 billion in new growth projects, including a significant expansion of the B.C. Pipeline. Enbridge reaffirmed its 2022 guidance for adjusted EBITDA between $15.0 billion and $15.6 billion. The CEO highlighted confidence in future growth amidst volatile energy markets.
On November 4, 2022, Enbridge announced an open season for natural gas transportation service on its T-North segment of the B.C. Pipeline, targeting potential expansion of 500 million cubic feet per day. This expansion aims to meet rising regional demand and facilitate West Coast LNG exports, with an estimated capital cost up to CAD $1.9 billion. The open season will run from November 4, 2022, to January 10, 2023, contingent upon sufficient customer interest.
Enbridge Inc. has successfully completed an open season for increased transportation capacity on the T-South segment of its B.C. Pipeline, leading to a 300 MMcf/d expansion at a cost of up to CAD $3.6 billion. The project, supported by long-term contracts averaging 65 years, aims to meet growing energy demand with low-emission natural gas. The expansion is pending regulatory approvals, with a target in-service date set for 2028. Enbridge emphasizes the strategic importance of its B.C. natural gas system in delivering energy securely and sustainably.
Enbridge Inc. (ENB) announced a quarterly dividend of $0.860 per common share, payable on December 1, 2022, to shareholders of record as of November 15, 2022. This dividend remains unchanged from the previous declaration in September 2022. The company also declared dividends for various series of its preferred shares, all payable on the same date. This consistent dividend strategy reflects Enbridge's commitment to returning value to shareholders while maintaining financial stability.
Enbridge Inc. will hold a conference call and webcast to discuss its 2022 third quarter results on November 4, 2022, at 7:00 a.m. MT (9:00 a.m. ET). The company plans to announce its financial results before markets open on the same day. The call will include remarks from the executive team and a Q&A session exclusively for analysts and investors. A replay of the event will be available afterward on Enbridge's website. Enbridge trades under the symbol ENB on the TSX and NYSE.
Enbridge Inc. announced the retirement of President and CEO Al Monaco, effective January 1, 2023, after 27 years with the company. The Board appointed Greg Ebel, current Board Chair, as the new President and CEO. Ebel will continue as a Board member, while Monaco will serve as an advisor until March 1, 2023. Monaco highlighted significant achievements during his tenure, including a $37 billion merger and expansion into renewable energy. Ebel expressed enthusiasm for leading Enbridge into its next growth phase, focusing on energy transition and enhancing shareholder value.
Tri Global Energy (TGE), a top renewable energy developer in the U.S., has been acquired by Enbridge (TSX: ENB, NYSE: ENB), Canada’s largest energy company. For Q2 2022, TGE ranked 10th nationally for renewable energy development, 3rd for onshore wind, and 1st in Texas. Established in 2009, TGE has developed 8.7 GW across 37 projects in seven states, including Texas, Illinois, and Indiana. This acquisition is seen as a strategic move to enhance growth in the transition to a low-carbon economy.
Enbridge Inc. has acquired Tri Global Energy (TGE) for US$270 million in cash and assumed debt, with additional contingent payments of US$50 million. TGE, the third largest onshore wind developer in the US, boasts a renewable generation portfolio exceeding 7 GW. This acquisition is expected to accelerate Enbridge's growth strategy in North America, enhancing its renewable platform and development pipeline, which includes projects that could generate significant cash flow starting in the first year post-acquisition.
Enbridge Inc. has announced a landmark agreement with 23 First Nation and Métis communities to acquire an 11.57% non-operating interest in seven pipelines in Alberta for $1.12 billion. This investment, facilitated by Athabasca Indigenous Investments (Aii), represents the largest Indigenous energy partnership in North America. The transaction aims to promote economic sovereignty and environmental stewardship among Indigenous communities. The closing is expected within a month, with long-term contracts supporting predictable cash flows from the pipeline assets.
On August 17, 2022, Enbridge announced that none of its outstanding Cumulative Redeemable Preference Shares, Series L will convert into Series M Shares on September 1, 2022. The company received less than 1,000,000 Series L Shares needed for the conversion before the August 17 deadline. Enbridge, headquartered in Calgary, focuses on connecting people to energy while investing in sustainable infrastructure and advancing renewable technologies to achieve net-zero emissions by 2050.
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