Enbridge Announce second quarter 2020 Results

Enbridge Announce second quarter 2020 Results

Enbridge reported adjusted earnings of $1.133 billion through the quarter, down from $1.349 billion in the same period of 2019. Net income was $1.65 billion, off from $1.74 billion the year previous. Revenues were down nearly 40 percent, dropping from $13.3 billion to nearly $8 billion.

Second Quarter 2020 Highlights
(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

GAAP earnings of $1,647 million or $0.82 earnings per common share, compared with GAAP earnings of $1,736 million or $0.86 per common share in 2019

Adjusted earnings were $1,133 million or $0.56 per common share, compared with $1,349 million or $0.67 per common share in 2019

Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) were $3,312 million, compared with $3,208 million in 2019

Cash Provided by Operating Activities was $2,416 million, compared with $2,494 million in 2019

Distributable Cash Flow (DCF) was $2,437 million, compared with $2,310 million in 2019

Re-affirmed financial guidance range for 2020 of $4.50 to $4.80 DCF/share

Reliably served North American energy needs through continued safe operations during the ongoing COVID-19 pandemic

To further bolster resiliency, the Company executed several actions to enable $300 million of cost reduction in 2020

Completed 2020 debt funding plan, with more than $14 billion of available liquidity

Received regulatory approvals on the Algonquin Gas Transmission and B.C. Pipeline uncontested rate settlements

Secured the Fécamp offshore wind farm in France, a 500 MW facility underpinned by a long-term fixed-price power purchase agreement

Sanctioned four growth projects in Gas Distribution and Storage to reinforce the distribution network and expand storage capacity at the Dawn hub

Progressing execution of $11 billion secured capital program

Successfully completed Line 3 Minnesota Public Utilities Commission (MPUC) Petition for Reconsideration process; Minnesota Pollution Control Agency (MPCA) progressing towards November 14th permitting milestone

Regulatory review process established by the Canada Energy Regulator (CER) for the Mainline Contract application; Enbridge responded to initial Information Requests demonstrating clear benefits to the public and shippers

[Read more…]

Source: Enbridge Inc.

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