Enbridge Reports Third Quarter 2022 Financial Results
Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported third quarter 2022 financial results, announced $3.8 billion of newly secured growth projects, including an expansion of the T-South segment of the B.C. Pipeline, and reaffirmed its 2022 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.)
- Third quarter GAAP earnings of $1.3 billion or $0.63 per common share, compared with GAAP earnings of $0.7 billion or $0.34 per common share in 2021
- Adjusted earnings* of $1.4 billion or $0.67 per common share*, compared with $1.2 billion or $0.59 per common share in 2021
- Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $3.8 billion, compared with $3.3 billion in 2021
- Cash provided by operating activities of $2.1 billion, compared with $2.3 billion in 2021
- Distributable cash flow (DCF)* of $2.5 billion or $1.24 per common share*, compared with $2.3 billion or $1.13 per common share in 2021
- Reaffirmed 2022 full year guidance range for EBITDA of $15.0 billion to $15.6 billion and DCF per share of $5.20 to $5.50
- Secured an expansion of B.C. Pipeline’s T-South section adding 300 million cubic feet per day (MMcf/d) of capacity with an estimated capital cost of up to $3.6 billion
- Launched a binding open season for a second expansion of B.C. Pipeline’s T-North section adding approximately 500MMcf/d of capacity
- Formed strategic partnership with 23 First Nation and Métis communities selling a 11.57% non-operating interest in seven Regional Oil Sands pipelines for $1.12 billion
- Advanced U.S. Gulf Coast oil strategy through increased interest in Gray Oak Pipeline while lowering commodity exposure with reduced interest in DCP Midstream LP; received US$400 million cash
- Enhanced North American renewable development portfolio with US$270 million acquisition of Tri Global Energy (TGE)
- Acquired additional 10% ownership interest in Cactus II Pipeline in the Permian bringing Enbridge’s ownership to 30%
- Sanctioned investment for four additional oil storage tanks at the Enbridge Ingleside Energy Center (EIEC)
- Secured two new RNG projects in Ontario where Enbridge will invest in gas upgrading and pipeline connections
- Released Enbridge’s Indigenous Reconciliation Action Plan building on the Company’s growing track record of engagement with Indigenous communities and employees
Enbridge announced that its Board of Directors has declared a quarterly dividend of $0.860 per common share, payable on December 1, 2022 to shareholders of record on November 15, 2022. The amount of the dividend is consistent with the September 1, 2022 dividend.
