Enbridge Inc. (Enbridge or the Company) announced its 2021 financial guidance and dividend and provided an update on its strategic priorities, which was further discussed at the Company's virtual investor conference on 8 December.
- Re-affirmation of 5-7% average long-term annual distributable cash flow (DCF) per share growth outlook, based on an equity self-funded model.
- The Company expects full-year 2020 DCF per share to be near the mid-point of the US$4.50 to US$4.80 guidance range.
- Announced 2021 Financial Guidance: 2021 projected DCF per share of US$4.70 to US$5.00, and earnings before interest, taxes, depreciation and amortization (EBITDA) of US$13.9 to US$14.3 billion.
- The Company declared its 26th consecutive annual common share dividend increase, raising it by 3% to US$0.835/quarter (US$3.34 annually), effective 1 March, 2021.
- Execution of the Company's US$16 billion secured growth capital program continues to advance, generating approximately US$2 billion of expected EBITDA growth from 2021 to 2023.
- Construction has commenced on the remaining Minnesota leg of the U.S. Line 3 Replacement project Weymouth compressor was approved by regulators on November 25 to commence operations, completing the US$0.1 billion Atlantic Bridge project, which provides expanded gas supply into New England and the Maritimes.
Commenting on the Company's operations, strategic priorities and outlook, Al Monaco, President and CEO of Enbridge, noted the following:
"Over the past year, the energy industry has faced unparalleled challenges. While our business has not been immune, we've proven again that our low-risk commercial model generates resilient cash flows in all market conditions. Our infrastructure is in high demand and is essential to North America's economy, and we're confident that it will be for many decades.
"We responded quickly to protect the health and safety of our people and to ensure critical operations were maintained. The criticality of what we do means that the safety and reliability of our systems is the single most important priority for everyone at Enbridge.
"As we look forward in this year's Strategic Plan, it's clear that long-term global energy demand will continue to grow, and that all forms of energy supply – conventional and renewable – will be needed to meet that demand. Our scale, financial strength, and asset footprint across each of our businesses – Gas Transmission, Gas Distribution and Storage, Liquids Pipelines and Renewable Power – provide competitive advantages that assure the resiliency and longevity of our cash flows and will generate attractive long-term growth.
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