Viagra Malaysia treat erectile dysfunction with the original ED treatment that has helped men feel confident in bed for decades. We’ll connect you with a licensed healthcare provider to evaluate if viagra malaysia our prescription ED treatments could be right for you, including super-affordable generic Viagra viagramalaysiaofficial Viagra is an oral ED medication that works by suppressing an enzyme in the body called PDE5.

Follow Us! Like Our Page!

Enbridge Reports Second Quarter Adjusted Earnings of $328 Million or $0.40 Per Common Share

HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

  • Second quarter earnings were $756 million and six months earnings were $1,146 million, both including the impact of net unrealized non-cash mark-to-market gains and losses
  • Second quarter and six months adjusted earnings were $328 million and $820 million, respectively, or $0.40 and $1.00 per common share, respectively
  • Enbridge Inc. and Enbridge Energy Partners, L.P. announced an equity restructuring involving the General Partner’s incentive distributions rights within Enbridge Energy Partners, L.P.
  • Enbridge Inc. continued to execute its long-term funding plan and raised approximately $3.3 billion since the end of the first quarter through a combination of debt and equity issuances
  • Marathon Petroleum Corporation named anchor shipper and equity partner in the US$0.9 billion Southern Access Extension Project, and will fund 35% of the project
  • Ontario Energy Board approved Enbridge Gas Distribution Inc. five-year incentive rate application
  • Northern Gateway Project approved by the Government of Canada, subject to conditions

Calgary, Alberta – August 1, 2014 –

Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) – “Earnings for the first half of this year are in line with our expectations and our full year adjusted earnings per share guidance of $1.84 to $2.04 per share,” said Al Monaco, President and Chief Executive Officer. “More broadly, we are keenly focused on the implementation of our strategic plan and on our key priorities of safety and operational reliability, execution of our growth projects and extending and diversifying our growth beyond 2017. The plan, which now includes a growth capital program of $42 billion, of which $37 billion is commercially secured and expected to be put into service by 2017, gives us continued confidence in delivering average annual earnings per share growth of 10-12% through 2017, and there are a number of factors that bode very well for post 2017 growth.

“In Liquids Pipelines, our largest business, our strategy is driven by our customers’ need for incremental pipeline capacity and new market access to accommodate the continued strong growth of North American supply,” said Mr. Monaco. “Market access remains a strategic imperative and we are making good progress. Construction of the Seaway Twin is now mechanically complete and we expect to complete the Flanagan South project this fall, adding an incremental 600,000 barrels per day of heavy crude capacity to the key refining hub in the U.S. Gulf Coast. By the end of 2016, we expect to bring into service projects that will open up approximately 1.7 million barrels per day of incremental capacity.”

Enbridge remained active in the capital markets. Since the end of the first quarter, Enbridge has raised approximately $0.5 billion through a public common share offering. Proceeds from the offering will be used to fund the incremental capital required for the Line 3 Replacement Program and other general corporate purposes. In addition, the Company raised approximately $0.9 billion in cumulative redeemable preference shares, US$1.5 billion in senior notes and $0.3 billion in medium-term notes.

Effective July 1, 2014, Enbridge and Enbridge Energy Partners, L.P. (EEP) restructured the equity in EEP under which Enbridge as the General Partner (GP) of EEP will permanently waive its existing incentive distribution rights (IDR) in exchange for Class D units and new incentive distribution units (IDU). The GP share of incremental cash distributions will also decrease from 48% of all distributions in excess of US$0.4950 per unit per quarter down to 23% of all distributions in excess of the EEP’s current quarterly distribution of US$0.5435 per unit per quarter. The restructuring is intended to enhance the economics of EEP’s investment projects and growth opportunities, while at the same time re-establishing EEP as a strong sponsored vehicle and as an effective source of funding for Enbridge via future drop downs.

“This restructuring builds upon steps we initiated last year to re-establish EEP as a cost effective sponsored vehicle for Enbridge,” said Mr. Monaco. “A stronger EEP supports Enbridge’s strategic priorities of executing our growth capital program and extending growth beyond 2017.”

On July 1, 2014, EEP completed a drop down of additional interest in the natural gas and natural gas liquids (NGL) midstream business to Midcoast Energy Partners, L.P. (MEP) for cash proceeds of US$350 million, the first drop down of additional interests since the initial public offering of MEP units. As a new low cost funding vehicle, these drop downs to MEP improve EEP’s funding effectiveness and are another step to re-establishing EEP as a strong sponsored vehicle for Enbridge.

On June 17, the Canadian federal government approved the Northern Gateway Project (Northern Gateway). This approval comes after the most comprehensive review of a pipeline project in Canadian history and is subject to Northern Gateway meeting the 209 conditions issued by the Joint Review Panel (JRP).

“The federal government’s approval supports Enbridge’s view that the project can be built and operated safely, and that opening up new markets for Canadian energy is in our national interest,” said Mr. Monaco. “That said, we still have a lot of work to do. We will continue to focus on three priorities: meeting the JRP’s conditions; working with the Province of British Columbia on its five conditions for supporting oil pipelines; and continuing to engage Aboriginal communities to build further trust and support.”

Effective July 28, 2014, the Enbridge Board appointed as a director Marcel R. Coutu. Mr. Coutu is the past Chairman of Syncrude Canada Ltd., an integrated oil sands project, and the former President and Chief Executive Officer of Canadian Oil Sands Limited. He is currently a director of Brookfield Asset Management, Power Corporation of Canada, The Great-West Lifeco Inc. and IGM Financial Inc., as well as the Calgary Exhibition and Stampede Board, a non-profit organization.

Also in the second quarter, Enbridge announced that J. Richard Bird, Executive Vice President, Chief Financial Officer and Corporate Development, will retire by the end of the 2014. Upon his retirement, Mr. Bird’s role will be split into two roles: Chief Financial Officer and Chief Development Officer. In the interim, effective July 1, 2014, John Whelen has been appointed to the role of Senior Vice President, Finance, and Vern Yu has been appointed as Senior Vice President, Corporate Development.

“Richard has been a force at Enbridge for more than 20 years and has made a significant contribution to the Company’s success. While he will unquestionably be missed, our leadership succession process ensures that we have highly qualified individuals who are ready to fill critical senior roles in the Company,” said Mr. Monaco. “Richard will be supporting John and Vern in their new roles for the remainder of the year and we’re confident that his disciplined approach will carry forward.”

Read more: file:///C:/Users/Multimedia/Downloads/2014_ENB_Q2_NR.pdf

 370 total views,  4 views today

NationTalk Partners & Sponsors Learn More