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 successfully closed the sale of its 38.9% ownership stake in Noverco Inc. to Trencap L.P. for $1.14 billion in cash, as initially announced on June 7, 2021. The divestment aims to enhance Enbridge's financial flexibility, with proceeds allocated to repay short-term borrowings and support its secured capital program. The transaction aligns with Enbridge's strategic focus on energy infrastructure and operational efficiency. Trencap L.P. is managed by Caisse de dépôt et placement du Québec.
Enbridge (ENB) announced its 2022 financial guidance along with a 3% increase in its quarterly dividend to $0.86, marking the 27th consecutive annual increase. The 2022 EBITDA is projected between $15.0 billion and $15.6 billion, indicating a 9-10% growth from 2021. The company aims for an average annual DCF per share growth of 5-7% through 2024. Enbridge sanctioned $1.1 billion in new capital projects and intends to repurchase up to $1.5 billion of its shares under a normal course issuer bid. A partnership for carbon capture and sequestration in Alberta was also announced.
Enbridge Inc. (ENB) announced a quarterly dividend of $0.860 per common share, payable on March 1, 2022, with a record date of February 15, 2022. This marks a 3% increase from the previous dividend rate, continuing a trend of increasing dividends for the 27th consecutive year. In addition to common shares, dividends were also declared for various preference shares with amounts ranging from $0.15719 to US$0.37182. This increase reflects Enbridge's commitment to returning value to shareholders.
Enbridge Inc. will host its annual investor conference on December 7, 2021, at 8:30 am ET, to discuss its strategic plan, business unit priorities, and financial outlook. The conference will be webcast, with supporting materials available on Enbridge's website following the event. A replay of the webcast will be accessible by 4:00 pm ET on the same day. Enbridge is a major North American energy infrastructure company, managing significant pipelines and renewable energy assets.
Enbridge and Capital Power announced a memorandum of understanding to collaborate on carbon capture and storage (CCS) solutions in the Wabamun area, Alberta. The project aims to capture up to 3 million tonnes of CO2 annually from Capital Power's Genesee Generating Station, which produces over 1,200 megawatts of electricity. Enbridge will manage the transportation and storage of CO2, pending government approvals. The proposed carbon hub project could start operations by 2026, enhancing the region's sustainability efforts.
Enbridge Inc. responded to the Canada Energy Regulator's (CER) decision on Nov 26, 2021, denying its application for firm service contracting on the Canadian Mainline system. Despite recognizing the value of firm service, the CER found potential inequities in the proposal. Enbridge plans to engage stakeholders to negotiate a new commercial framework and may prepare a Cost of Service application if a new agreement is not achievable. The company expects strong throughput and positive financial outcomes in the coming years.
Enbridge Inc. (TSX: ENB, NYSE: ENB) announced a decision from the Canada Energy Regulator (CER) regarding its commercial proposal for transportation contracting on its Mainline pipeline system, which transports 3 million barrels of liquids daily. This proposal, submitted in December 2019, received support from over 75% of Mainline shippers by volume. Enbridge is currently reviewing the CER's decision and will comment further after the review is complete.
Enbridge reported Q3 2021 financial results, highlighting GAAP earnings of $682 million ($0.34/share), down from $990 million ($0.49/share) in 2020. Adjusted earnings rose to $1.2 billion ($0.59/share), up from $1.0 billion ($0.48/share). EBITDA improved to $3.3 billion, while cash flow from operations was $2.2 billion. The company reaffirmed its full-year EBITDA guidance of $13.9 billion to $14.3 billion. Key developments included completion of the Line 3 Replacement Project and expansion of its Southern Access capacity, enhancing crude oil supply capabilities.
Enbridge Inc. announced the appointment of Gaurdie Banister and Jane Rowe as new directors, effective November 4, 2021. Banister brings over 40 years of energy sector experience and previously served as CEO of Aera Energy LLC. Rowe is Vice Chair of Investments at the Ontario Teachers' Pension Plan Board and has significant banking experience from her time at Scotiabank. The Board welcomes their expertise, expecting valuable contributions to the company.
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