Enbridge, Inc - ENB STOCK NEWS

Enbridge (NYSE: ENB) has partnered with Vanguard Renewables to purchase 2 billion cubic feet of renewable natural gas (RNG) annually. Vanguard will invest $200 million to build anaerobic digesters across the U.S. Enbridge will invest $100 million for RNG upgrading equipment. This initiative aims to recycle food waste and dairy manure into RNG, displacing approximately 110,000 metric tons of CO2 emissions yearly, equivalent to removing 25,000 fossil fuel cars from the road. The partnership targets decarbonization and supports regenerative agriculture.

Westcoast Energy Inc., an indirect subsidiary of Enbridge, plans to redeem all outstanding Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12, on October 15, 2021. Each share will be redeemed at $25.00 along with any accrued dividends. Beneficial holders should contact their financial institutions for redemption procedures, while registered shareholders can reach out to Computershare Investor Services for assistance. Enbridge operates key energy infrastructure, transporting significant volumes of crude oil and natural gas across North America.

Moda Midstream, alongside EnCap Flatrock Midstream, has agreed to sell the Moda Ingleside Energy Center to Enbridge Inc. for approximately $3 billion, pending regulatory approvals. MIEC is the largest crude export terminal in the U.S., with a 1.6 million barrels per day capacity. The transaction includes additional assets and will see key Moda personnel transition to Enbridge. Moda will retain ownership of Vopak Moda Houston, which recently expanded its infrastructure and will continue to pursue growth opportunities in terminaling.

Enbridge Inc. (ENB) announced executive leadership changes effective October 1, 2021. Vern Yu takes over as Executive Vice President & Chief Financial Officer, succeeding Colin Gruending, who becomes Executive Vice President & President of Liquids Pipelines. Vern will oversee financial affairs, while Colin will manage Liquids Pipelines operations. Both executives bring extensive experience from their respective roles, indicating a strategic leadership shift aimed at strengthening the company’s future.

Enbridge, Svante, Cross River Infrastructure Partners, and OTS have formed an independent carbon capture partnership called Cross Carbon Ventures (CCV). This venture aims to develop carbon capture projects in North America for industries like cement, steelmaking, and petroleum refining. CCV will utilize Svante’s technology to capture CO₂ emissions, providing a Carbon Capture-as-a-Service model. The initiative is set against the backdrop of global decarbonization targets, with Enbridge emphasizing its role in energy infrastructure critical for emissions reduction.

Enbridge reported Q2 2021 GAAP earnings of $1.4 billion ($0.69/share), down from $1.6 billion ($0.82/share) in 2020. Adjusted earnings rose to $1.4 billion ($0.67/share) from $1.1 billion ($0.56/share). Distributable Cash Flow (DCF) increased to $2.5 billion ($1.24/share), compared to $2.4 billion ($1.21/share) in 2020. The company reaffirmed its 2021 EBITDA guidance of $13.9-$14.3 billion. Progressing on major projects like the U.S. Line 3 Replacement and T-South Expansion, Enbridge is poised for significant growth through 2023, driven by strategic investments in renewable energy and modernization efforts.

Enbridge Inc. has appointed Mayank (Mike) Ashar to its Board of Directors, bringing over 30 years of energy industry experience. Previously, Ashar held key positions at Cairn Energy India Ltd. and Irving Oil Ltd., and currently serves as a director at Teck Resources Ltd.. The Board believes Ashar's extensive background will enhance its governance and strategic direction. Enbridge, a leader in North American energy infrastructure, manages substantial pipeline and storage operations, delivering critical energy sources across the continent.

The Board of Directors of Enbridge has declared a quarterly dividend of $0.835 per common share, payable on September 1, 2021, to shareholders of record on August 13, 2021. This dividend amount remains consistent with the previous dividend declared on June 1, 2021. Additionally, the board has announced several quarterly dividends for preferred shares, each also payable on September 1, 2021. These dividends range from $0.15753 to US$0.37182, depending on the series.