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 Inc. has completed a joint venture merger with Phillips 66, enhancing its indirect ownership in Gray Oak Pipeline to 58.5% and transferring operational control. The merger is set to boost Enbridge's distributable cash flow per share and will result in a $400 million cash inflow, improving financial flexibility. This strategic move aligns with Enbridge's goal to optimize assets and capitalize on the anticipated growth of Permian oil supply, expected to increase by 2 million barrels per day by 2030, supporting enhanced Gulf Coast oil exports.
Enbridge announced that it will not redeem its Cumulative Redeemable Preference Shares, Series L on September 1, 2022. Holders have the option to convert to Series M Shares on a one-for-one basis. The annual dividend for Series L Shares will be reset to 5.85790%, while Series M Shares will feature a floating quarterly dividend rate starting at 1.41611%. The conversion period runs from August 2 to August 17, 2022. An estimated 16,000,000 Series L Shares are currently outstanding.
Enbridge reported Q2 2022 financial results with GAAP earnings of $0.5 billion ($0.22 per share), down from $1.4 billion ($0.69 per share) in 2021. Adjusted earnings remained steady at $1.4 billion ($0.67 per share). The company secured $3.6 billion in growth projects, reaffirming its EBITDA guidance of $15.0-$15.6 billion for 2022. Cash flow from operations was consistent at $2.5 billion, though increased debt and higher taxes posed challenges. The company continues to focus on low-risk investments and strategic expansions in natural gas and LNG to meet rising energy demands.
Pacific Energy and Enbridge have formed a partnership to invest in the Woodfibre LNG project, a 2.1 million-tonne-per-year liquefied natural gas export facility in Squamish, B.C., with a projected cost of $5.1 billion. Enbridge will hold a 30% ownership stake, with Pacific Energy owning the remaining 70%. This project is backed by two long-term offtake agreements with BP Gas Marketing for 70% of its capacity and is expected to commence operations in 2027. The facility aims to be one of the lowest-emission LNG export sites globally, utilizing renewable hydroelectric power.
Enbridge Inc. (TSX: ENB) declared a quarterly dividend of $0.860 per common share, to be paid on September 1, 2022, for shareholders recorded by August 15, 2022. This amount matches the previous dividend declared on June 1, 2022. Additionally, the company announced quarterly dividends for its preferred shares, also payable on September 1, 2022.
Enbridge Inc. will host a conference call and webcast to discuss its 2022 second quarter results on July 29, 2022, at 7:00 a.m. MT (9:00 a.m. ET). The call will include remarks from the executive team and a Q&A session for analysts and investors. Financial results will be announced before the markets open on the same day. A replay and transcript of the event will be available on Enbridge's website afterward. The company focuses on providing energy solutions across North America and aims for net-zero emissions by 2050.
Enbridge Inc. (TSX: ENB, NYSE: ENB) announced that Al Monaco, President and CEO, participated in a fireside chat at the J.P. Morgan 2022 Energy, Power & Renewables Conference in New York City on June 22, 2022. A replay of this discussion is available on the Enbridge website under Events and Presentations. Enbridge focuses on connecting millions to energy, investing in renewable technologies, and aims for net-zero greenhouse gas emissions by 2050. The company is headquartered in Calgary, Alberta.
Enbridge Inc. (NYSE: ENB) announced advancements on two projects to transport natural gas to Venture Global's Plaquemines LNG facility. The Venice Extension and Gator Express Meter Projects aim to deliver 1.5 billion cubic feet per day and are expected to be operational in 2024 and 2023, respectively. The total cost of these projects is estimated at US$400 million, supported by long-term contracts. Enbridge cites its strategic positioning in the North American LNG market as essential for energy security and climate goals.
Enbridge Inc. announced the results of conversions for its Cumulative Redeemable Preference Shares, Series B and Series C. As of May 17, 2022, 107,904 Series B Shares were converted into Series C Shares, while 1,188,789 Series C Shares were switched to Series B. After June 1, 2022, there will be fewer than 1,000,000 Series C Shares remaining, leading to a mandatory conversion of the remaining Series C Shares into Series B Shares. Both series are listed on the Toronto Stock Exchange under symbols ENB.PR.B and ENB.PR.C.
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