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Enbridge Announces 2023 Financial Guidance and Dividend Increase

Press Release

CALGARY, AB, Nov. 30, 2022  – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today its 2023 financial guidance and an annualized common share dividend increase from $3.44 to $3.55 per share, or 3.2%, effective March 1, 2023.

HIGHLIGHTS
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. See the Non-GAAP and Other Financial Measures section of this news release)

  • Reaffirmed 2022 full year guidance for adjusted earnings before interest, income taxes and depreciation (EBITDA)* in the top half of the $15.0 billion to $15.6 billion range and distributable cash flow (DCF) per share* at just above the midpoint of the $5.20 to $5.50 range
  • Announced 2023 EBITDA guidance of $15.9 billion to $16.5 billion and DCF per share of $5.25 to $5.65
  • Declared 28th consecutive annual common share dividend increase, raising it by 3.2% to $0.8875 per quarter ($3.55 annualized), effective March 1, 2023
  • Announced intent to renew the Company’s normal course issuer bid program for 2023, allowing for the repurchase of up to $1.5 billion of its outstanding common shares

CEO COMMENT

Commenting on the Company’s outlook, Al Monaco, President and CEO of Enbridge, noted the following:

“The global energy crisis is shining a spotlight on the need for all sources of energy supply to ensure our energy security and economic competitiveness, while continuing to make progress on reducing emissions. The crisis also re-affirms the critical role that Enbridge plays in delivering safe, reliable and affordable energy each and every day, and our priority to expand North American energy export infrastructure. Our assets will be an integral source of energy supply to key markets for decades to come, and our two-pronged strategy of investing in conventional energy infrastructure, while ramping up low-carbon investments, has proven to be the right one.

“Execution of our strategic priorities in 2022 provides a solid foundation for next year and beyond. Despite challenging global economic conditions, we expect to generate strong business growth next year with EBITDA between $15.9 and $16.5 billion, which reflects just under 6% growth relative to the midpoint of our 2022 guidance range. This increase stems from a number of factors including contribution from $3.8 billion of assets to be placed into service this year, strong expected utilization of our assets across our core businesses, embedded revenue escalators, and improved Energy Services results.

“Consistent with our continued positive outlook for our business, we’re pleased to increase our dividend by over 3%, marking our 28th consecutive annual increase since 1995. Continuing this track record is consistent with our value proposition and objective of growing dividends ratably, while remaining well within our payout range of 60-70% of DCF.

“Since the beginning of this year, we have secured an additional $8 billion of “middle of the fairway” organic growth, bringing our secured backlog to $17 billion, executed highly strategic tuck-in M&A opportunities, and released $1.6 billion in capital at attractive valuations.

“The strength of our core businesses, disciplined approach to capital allocation, and strong balance sheet places us in a great position to grow, even in volatile markets as we are experiencing today. Our financial position will continue to be managed within an equity self-funding model and we expect leverage to remain at the lower half of our 4.5-5.0x Debt-to-EBITDA range in 2023.”

2023 FINANCIAL OUTLOOK

Enbridge provided 2023 guidance for EBITDA of $15.9 billion to $16.5 billion and DCF per share of between $5.25 to $5.65. In addition to the information provided below, the Company has posted supporting materials to the Investor Relations section of the Enbridge Inc. website (link).

EBITDA Guidance1

($ millions)2

2023e

Key Growth Drivers vs. 2022

Liquids Pipelines

~$9,000

•     Strong Mainline utilization

•     Increased interest in Gray Oak & Cactus II pipelines

Gas Transmission & Midstream

~$4,300

•     New assets placed into service

•     TETCO rate settlement

Gas Distribution & Storage

~$1,950

•     Rate escalation & new customer additions

Renewable Power Generation

~$500

•     St. Nazaire contributions (France offshore wind)

•     TGE development fees; partially offset by devex

Energy Services

~$-

•     Contract expiries

•     Improved market conditions

Eliminations & Other

~$450

•     Impact of foreign exchange hedge program

Adjusted EBITDA3

$15,900-$16,500

(1) Sensitivities included within supporting materials (2) Assumes CAD/USD of $1.30 in 2023 (3) Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures section of this news release

The 2023 planning parameters that form the basis for the guidance are based on strong utilization across the businesses and reflect annualized contributions from $3.8 billion of capital anticipated to be placed into service in 2022 and partial year contributions from the $3.1 billion of capital anticipated to be placed into service in 2023. Liquids Pipelines’ guidance includes a provision against the interim Mainline International Joint Tariff consistent with the provision recognized in 2022.

DCF Guidance 1

($ millions) 2

2023e

Adjusted EBITDA3

$15,900-$16,500

   Maintenance Capital

~$(1,000)

   Financing Costs

~$(3,900)

   Current Income Taxes

~$(500)

   Distributions to Non-Controlling Interests

~$(400)

   Cash Distributions in Excess of Equity Earnings

~$500

   Other Non-Cash Adjustments

~$150

Distributable Cash Flow (DCF) 3

$10,650-$11,450

DCF/Share Guidance3,4

$5.25-$5.65

(1) Sensitivities included within supporting materials (2) Assumes CAD/USD of $1.30 in 2023 (3) Non-GAAP financial measures. See the Non-GAAP and Other Financial Measures section of this news release (4) On approximately 2,027 million shares outstanding

To mitigate cash flow volatility, the Company has substantially hedged its budgeted 2023 USD DCF exposure.

DCF per share guidance reflects higher interest rates on planned new fixed-rate financings and outstanding floating-rate debt. Enbridge will continue to actively manage this exposure through its hedging program and expects to enter 2023 with below 10% of the debt portfolio exposed to floating interest rates.

Dividend Increase

Enbridge announced the quarterly common share dividend for 2023 will be increased by 3.2% from $0.86 to $0.8875 per common share, commencing with the dividend payable on March 1, 2023, to shareholders of record on February 15, 2023.

Capital Investments and Financing Plan

Enbridge expects to deploy approximately $6 billion of capital in 2023, inclusive of maintenance capital. The balance sheet will remain strong with the Debt-to-EBITDA ratio* at the end of 2023 expected to be in the lower half of the Company’s 4.5-5.0x target range. The financing plan includes issuances of approximately $6 billion in incremental debt in 2023, net of maturities, with no external equity required. The Company has hedged over half of its anticipated fixed-rate term-debt issuances for 2023.

Enbridge intends to re-file a normal course issuer bid before year end to repurchase up to $1.5 billion of its common shares. This provides Enbridge with the capital allocation flexibility to opportunistically return capital to shareholders through repurchases, while maintaining focus on growing per share earnings and DCF.

Enbridge Day and Outlook

At Enbridge’s annual investor day conference planned for March 1, 2023, in Toronto and March 2, 2023, in New York, Management will speak about energy fundamentals, the Company’s strategic priorities, and its capital allocation priorities and longer-term outlook.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We’re investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We’re committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge’s common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com

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