Enbridge Reports Strong 2021 Financial Results and Advances Strategic Priorities
February 11, 2022
CALGARY, AB, Feb. 11, 2022 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported strong full year 2021 financial results, reaffirmed its 2022 financial outlook, and provided a quarterly business update.
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" section of this news release.)
Full year GAAP earnings of $5.8 billion or $2.87 per common share, compared with GAAP earnings of $3.0 billion or $1.48 per common share in 2020
Adjusted earnings* of $5.6 billion or $2.74 per common share*, compared with $4.9 billion or $2.42 per common share* in 2020
Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $14.0 billion, compared with $13.3 billion in 2020
Cash provided by operating activities of $9.3 billion, compared with $9.8 billion in 2020
Distributable cash flow (DCF)* of $10.0 billion or $4.96 per common share*, compared with $9.4 billion or $4.67 per common share* in 2020
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
Increased the 2022 quarterly dividend by 3% to $0.86 ($3.44 annually) per share reflecting the 27th consecutive annual increase
Placed approximately $10 billion of capital projects into service in 2021, which is expected to generate significant EBITDA growth in 2022
Advanced the current $10 billion secured growth program, which supports the Company's 5 to 7% DCF per share growth through 2024
Successfully closed the previously announced US$3.0 billion acquisition of Moda Midstream Operating LLC including the Ingleside Energy Center
Announced US$0.4 billion Texas Eastern Phase II Modernization program to upgrade and electrify aging compressors increasing safety and reliability and lowering emissions
Announced US$0.1 billion Appalachia to Market Phase II system expansion, expanding natural gas supply into the U.S. Northeast to meet growing local demand
Executed pipeline transportation precedent agreement with Texas LNG Brownsville LLC for a US$0.4 billion expansion of the Valley Crossing Pipeline to supply its LNG export terminal
Entered into a Memorandum of Understanding with Lehigh Cement and announced Letters of Intent with local Indigenous Nations to develop the Open Access Wabamun Carbon Hub
Advanced ESG priorities by executing on emissions reduction pathways and increasing the diversity of Enbridge's leadership and Board of Directors
Announced additional measures to further align the business with our net-zero emissions goals
Completed the previously announced $1.1 billion sale of Enbridge's interest in Noverco Inc. (Noverco), providing for additional financial flexibility
Announced the approval by the Toronto Stock Exchange (TSX) of Enbridge's normal course issuer bid (NCIB) of up to $1.5 billion
Issued $750 million of 60-year hybrid debt in the Canadian debt markets with proceeds to be used to redeem the $750 million Enbridge Inc. Preferred Shares - Series 17
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