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Enbridge Extends Visible Growth Outlook, Reiterates Strategic Priorities and Announces Accretive Investments

Press Release

CALGARY, AB, March 6, 2024 – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) is providing an update on its strategic priorities and financial outlook, which will be further discussed at the Company’s investor conference today in New York. A virtual broadcast of the event is also available for registered participants.


  • Extending average annual growth rate through 2026 of:
    • 7%-9% for adjusted earnings before interest, income taxes and depreciation (“EBITDA”)
    • 4%-6% for earnings per share (“EPS”); and
    • ~3% for distributable cash flow (“DCF”) per share
  • Reaffirming average annual growth rate of ~5% post 2026 for adjusted EBITDA, DCF per share and adjusted EPS
  • Reaffirmed 2024 full year financial guidance for EBITDA and DCF per share. The U.S. gas utilities acquisitions announced on September 5, 2023 (the “Acquisitions”) are expected to close at different times during 2024 and are not included in the 2024 financial guidance
  • Generating annual investment capacity1, after dividends, of up to $9 billion while maintaining a strong balance sheet within target leverage range of 4.5x-5.0x
  • Investing approximately $3+ billion annually in low-risk natural gas utility infrastructure, inclusive of the assumed capital for the Acquisitions
  • Announcing accretive new capital investments including:
    • Planning Gray Oak Pipeline expansion of approximately 120kbpd, pending a successful open season, and sanctioned 2.5 million barrels of additional storage at EIEC (Phase VII) for a combined ~US$0.1 billion
    • Acquisition of 2 marine docks and land from Flint Hills Resources (“FHR”); adjacent to Enbridge Ingleside Energy Center (“EIEC”) terminal for ~US$0.2 billion
    • Sanctioned ~US$0.2 billion of offshore pipelines to service Shell and Equinor’s sanctioned Sparta development

1 Investment capacity is defined as free cash flow (DCF minus common share dividends) plus debt-to-EBITDA capacity generated by growing adjusted EBITDA at approximately 5% annually.

CEO Comment

“Global demand for affordable, reliable and sustainable energy continues to rise and North America has a critical role to play. Abundant, cost-competitive and sustainable conventional and lower carbon energy sources provide people with the energy they need while supporting countries and communities in meeting global emission targets. At Enbridge, we’re building out our integrated infrastructure super systems, to enable the continued delivery of energy in a planet-friendly way, everywhere people need it” said Greg Ebel, President and CEO of Enbridge.

“We will continue to prioritize operational excellence, safety and reliability, and integrated conventional and lower-carbon solutions making Enbridge the first-choice energy delivery company for our customers. Our scale and diversity provide an advantageous position for Enbridge to mirror the pace of the global energy transition. Each of our four premier franchises has an incumbent position with lower-carbon optionality enabling Enbridge to play a critical role in meeting global energy demand while providing investors with growing earnings and dividends.

“Today we are announcing accretive new capital investments focused on our U.S. Gulf Coast strategy. These include additional export docks and storage tanks at EIEC and connecting egress for Shell’s Sparta assets offshore of Louisiana’s coastline. These accretive investments provide near-term growth in the U.S. Gulf Coast and set the stage for the future expansion through high quality partnerships and embedded organic opportunities. In combination with today’s announcements, our secured growth backlog sits at $25 billion and is made up of more than 20 highly executable projects.

“The visibility, duration, and low-risk profile of our growth, which underpins our growing dividend, is stronger than ever. We are increasing our near-term EBITDA outlook to 7%-9% through 2026 and reaffirming DCF per share and EPS near-term growth outlooks of 3% and 4%-6%, respectively. The increase in EBITDA growth from the previous Enbridge Day is primarily driven by the announcement of the Acquisitions, expected to close in 2024, combined with our base business growth driven by low-cost optimizations and our secured growth backlog.

“Disciplined capital allocation remains a top priority and we are laser focused on protecting the balance sheet. We plan to invest $6-$7 billion annually on secured projects and stay within our target leverage range of 4.5x to 5.0x. When it comes to deploying additional investment capacity, we will live within our means and ensure all investments are accretive on per share metrics, enhance our growth profile and maintain our balance sheet flexibility.

“At Enbridge, we pride ourselves on consistency and predictability. Our business model has led to 29 consecutive years of dividend increases, and 18 years of meeting financial guidance.  Looking forward, we are confident that our growth profile, industry-leading execution and disciplined capital allocation will continue to provide investors with strong total returns and make Enbridge the first-choice investment opportunity.”

Financial Outlook

Enbridge’s $25 billion secured growth backlog and the $19 billion acquisition of three premier U.S. gas utilities announced on September 5, 2023, are expected to drive long-term transparent growth throughout the decade.

The Company is increasing and extending its financial outlook for EBITDA to 7-9% average annual growth through 2026 and its average annual DCF per share and EPS growth outlooks of 3% and 4-6%, respectively, through 2026. Post 2026, Enbridge expects average annual growth of ~5% for EBITDA, DCF per share and EPS.

EBITDA is expected to grow at a faster pace than EPS and DCF per share due to the issuance of common equity on September 5, 2023, to pre-fund the Acquisitions and current cash tax assumptions. Importantly, this outlook is anticipated to allow Enbridge to comfortably extend its 29-year track record of annual dividend increases.

The Company reaffirms its 2024 base business financial guidance for adjusted EBITDA and DCF per share. Enbridge’s financial guidance excludes EBITDA and DCF contributions from the Acquisitions.

New Growth Projects and Investments

Liquids Pipelines: Permian Export Strategy

Today’s announcements, in concert with our planned Gray Oak expansion of up to 120 kbpd, pending a successful open season, will increase crude capacity throughout Enbridge’s entire integrated Permian super system.

Enbridge sanctioned 2.5 million barrels of additional crude oil storage at EIEC, which will bring overall storage capacity to approximately 20 million barrels by 2025. The timely addition of storage tanks at Ingleside supports higher crude throughput by ensuring customers have on-demand access to their export-ready crude supply.

Related, Enbridge has also signed an agreement to acquire two marine docks and nearby land adjacent to EIEC from Flint Hills Resources for ~US$0.2 billion. This transaction is expected to close in Q3 2024, subject to receipt of customary regulatory approvals and closing conditions. Enbridge plans to fully integrate the waterfront between EIEC and the newly acquired docks which will add immediate crude oil export capacity and streamline existing Ingleside operations by increasing VLCC windows on the primary facility docks. Looking ahead, the new FHR docks can also be configured to export multiple products and Enbridge will retain the option to expand its existing Ingleside dock infrastructure as required.

These investments support the next phase of Enbridge’s integrated U.S. Gulf Coast infrastructure, while concurrently setting the stage for EIEC to realize its ultimate potential as the industry leading, multi-product export terminal in North America.

Gas Transmission: Extending the offshore value chain with Shell Pipeline

Enbridge and Shell Pipeline have extended their relationship through additional investment in growing Gulf of Mexico offshore plays. The newly formed joint venture, Oceanus Pipeline Company, LLC, will develop and construct a 60 mile 18″ oil pipeline and a 15 mile 10″ gas pipeline to serve Shell and Equinor’s offshore Sparta development. The projects are consistent with Enbridge’s low risk business model and are backed by long-term fixed payment contracts.

Enbridge’s capital contribution is estimated to be ~US$0.2 billion, and both pipelines are expected to enter service in 2028.

Details of Enbridge’s Investor Conference

Enbridge’s investor conference will be held today at 7:30 a.m. MT (9:30 a.m. ET).  The conference will be webcast live.

Details of the webcast:

Presentations and supporting materials are posted on Enbridge’s website in ‘Events and Presentations’ within the Investor Relations section.

A webcast replay will be available by 2:00 pm MT (4:00 pm ET) on Wednesday, March 6 and a transcript will be posted to Enbridge’s website approximately 48 hours after the event.

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 and 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 more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We’re advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage and are committed 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



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