Enbridge Reports First Quarter 2023 Financial Results
Enbridge Inc. today reported first quarter 2023 financial results, announced $0.3 billion of newly secured growth projects, and reaffirmed its 2023 financial outlook.
Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)
First quarter GAAP earnings of $1.7 billion or $0.86 per common share, compared with GAAP earnings of $1.9 billion or $0.95 per common share in 2022
Adjusted earnings* of $1.7 billion or $0.85 per common share*, compared with $1.7 billion or $0.84 per common share in 2022
Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.5 billion, compared with $4.1 billion in 2022
Cash provided by operating activities of $3.9 billion, compared with $2.9 billion in 2022
Distributable cash flow (DCF)* of $3.2 billion, compared with $3.1 billion in 2022
Reaffirmed 2023 full year financial guidance for EBITDA and DCF and medium-term outlook
Reached an agreement in principle with shippers on the Mainline pipeline system reinforcing the Mainline as a common carrier system providing stable and competitive tolls
Sanctioned previously announced Enbridge Houston Oil Terminal (EHOT) for US$229 million which is expected to add 2.7 million barrels of oil storage capacity which further strengthens the system’s value
Launching the binding open season, discussed at Enbridge day, on the Flanagan South Pipeline (FSP), highlighting the value of Liquids Pipelines’ existing downstream infrastructure and advancing the Company’s U.S. Gulf Coast strategy
Announced the signing of a letter of intent with Yara International to jointly construct a blue ammonia export production facility at Enbridge Ingleside Energy Centre (EIEC)
Signed a definitive agreement to acquire a 93.8% interest in Aitken Creek Gas Storage facility and a 100% interest in Aitken Creek North Gas Storage facility (collectively, Aitken Creek) for $400 million adding 77 billion cubic feet (Bcf) of gas storage capacity in British Columbia, Canada
Closed the previously announced US$335 million acquisition of Tres Palacios on April 3
Concluded a successful open season on Texas Eastern Transmission, LP (Texas Eastern) in the Appalachia region with strong shipper interest
Enbridge and its partners, EDF Renewables and CPP Investments, awarded the right to develop the future Normandy offshore wind farm, with an expected installed capacity of 1 GW
Issued US$2.3 billion aggregate amount of sustainability-linked bonds (SLB) in the U.S., further strengthening Enbridge’s commitment to its emissions reduction goals
On track to achieve Debt-to-EBITDA in the lower half of the target range by year end, providing significant financial flexibility and demonstrating commitment to our equity-self funding model
Enbridge Inc. has declared a quarterly dividend of $0.8875 per common share, payable on June 1, 2023 to shareholders of record on May 15, 2023. The amount of the dividend is consistent with the March 1, 2023 dividend.
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