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Place de cotation: TORONTO (ENB)
Enbridge operates, in Canada
and the U.S., the world's longest crude oil and liquids pipeline system.
The company owns and operates Enbridge Pipelines Inc. and a variety of
affiliated pipelines in Canada, and has a 13% interest in Enbridge Energy
Partners, L.P. which owns the Lakehead System in the U.S. These pipeline
systems have operated for over 50 years and now comprise approximately
15 000 kilometres (9,000 miles) of pipeline, delivering more than 2 million
barrels per day of crude oil and liquids. Enbridge is also the sponsor
and manager of the Enbridge Income Fund. Enbridge is also involved in liquids
marketing and international energy projects and has a growing involvement
in the natural gas transmission and midstream businesses, through the Alliance
and Vector pipelines, its investment in AltaGas Services, and various U.S.
assets that transport, gather, process and market natural gas and other
petroleum products.
Enbridge
Reports Solid Start to 2008
MAY
7, 2008 - 07:00 ET
Highlights
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First quarter earnings increased $24 million, or 11%, to $251 million
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First quarter adjusted operating earnings increased $10 million, or 4%,
to $239 million
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Alberta Clipper, Southern Lights Pipeline and Line 4 Extension were approved
by the NEB
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First phase of the U.S. Southern Access Expansion Project has been completed
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Enbridge-led carbon sequestration project secured provincial government
funding
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Rabaska LNG Project was approved by the Canadian federal government
CALGARY,
ALBERTA--(Marketwire - May 7, 2008) - Enbridge Inc. (TSX:ENB) (NYSE:ENB)
- "Favourable results for the first quarter of 2008 demonstrate the inherent
strength and reliability of our existing core businesses and leave us well
positioned to achieve our previously announced full year adjusted operating
earnings target of $1.80 to $1.90 per common share," said Patrick D. Daniel,
President and Chief Executive Officer.
"While
growing the base business, we are actively developing our large project
inventory which is now well into the construction phase with projects scheduled
to be completed throughout the four year period from 2008 to 2011. The
first phase of the Southern Access Expansion Project, which adds about
190,000 barrels per day of capacity to our mainline system, has been completed
and was ready to receive linefill on schedule at the end of the first quarter
of 2008. The Waupisoo Pipeline, linking the Alberta oil sands to the Edmonton,
Alberta area, is expected to come into service by the end of the second
quarter of 2008, or earlier
During
the first quarter of 2008, we advanced other key pipeline projects and
secured NEB approval for Alberta Clipper Pipeline, Southern Lights Pipeline
and the Line 4 Extension Project.
Beyond
2008, we expect Enbridge to deliver solid, visible and more rapid growth,"
Mr. Daniel concluded. "We expect the completion of major projects currently
under construction will add meaningfully to earnings and cash flows as
they come into service between now and 2011. This will accelerate our earnings
growth to an annual average rate of 10% over the next four years."
On
May 6, 2008, the Enbridge Board of Directors declared quarterly dividends
of $0.33 per common share and $0.34375 per Series A Preferred Share. Both
dividends are payable on June 1, 2008 to shareholders of record on May
15, 2008.
Enbridge
Reports Another Year of Increased Earnings; Advances $12 Billion Project
Slate; and Increases Dividend by 7.3%
FEB
6, 2008 - 07:00 ET
Highlights
All
financial information is unaudited.
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Reported earnings for the full year increased 14% to $700.2 million.
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Adjusted operating earnings for the full year increased 7% to $636.5 million.
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Reported earnings for the fourth quarter increased 45% to $248.6 million.
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Adjusted operating earnings for the fourth quarter increased 15% to $198.6
million.
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Construction continues on Waupisoo Pipeline, Southern Access Expansion,
Southern Lights Pipeline, Hardisty Terminal and Ontario Wind Project.
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A binding open season is underway on the Texas Access crude oil pipeline
to the Gulf Coast.
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Enbridge will lead an industry-wide project to develop CO2 sequestration
facilities
CALGARY,
ALBERTA--(Marketwire - Feb. 6, 2008) - Enbridge Inc. (TSX:ENB) (NYSE:ENB)
- "Enbridge had another strong year in 2007," said Patrick D. Daniel, President
& Chief Executive Officer. "Adjusted operating earnings topped $636
million or $1.79 per share. This result is within our previously stated
earnings per share guidance range and reflects solid operating performance
in all of our core businesses despite the impact of a weaker U.S. dollar.
"While
2007 was a successful year on many fronts, we were saddened by two tragic
accidents which claimed the lives of a customer in Toronto, Ontario and
two Enbridge employees based in Superior, Wisconsin. Enbridge continues
to work closely with regulatory authorities to investigate the causes of
the incidents."
Commenting
on the Company's project execution, Mr. Daniel said, "During 2007, we completed
a number of smaller pipeline projects and significantly advanced construction
and regulatory activities on our major projects. In 2008, we will see a
number of more significant projects come into service. These projects will
enhance our position as an essential link between the oil sands resource
in Canada and crude oil demand in the United States.
"We
are particularly pleased with progress made on our Texas Access joint venture
with ExxonMobil Pipeline Company which we anticipate will bring Canadian
oil sands sourced crude oil to the Texas Gulf Coast in 2011. This project
will enable Canadian producers and Gulf Coast refiners to share a heavy
crude price differential between Alberta and the Gulf Coast which averaged
over $10 per barrel in the last quarter of 2007, net of the expected pipeline
transportation cost. That is $1.5 billion per year at 400,000 barrels per
day alone. The Texas Access joint venture can deliver this benefit to our
customers much sooner than any other alternative by taking advantage of
our existing mainline system for two-thirds of the distance, and ExxonMobil's
multi-line right-of-way for the other third.
"We
are also pleased to be leading a CO2 sequestration initiative. Projects
like this one hold promise to offset the environmental impacts of oil sands
production which is essential to the energy future of Canada and the United
States.
"We
look forward to the next four years as a time of exciting transformation
for the Company when all of our commercially secured projects are expected
to come into service, adding significantly to cash flows and earnings.
Based on our outlook, we expect adjusted operating earnings to be in the
range of $1.80 to $1.90 per common share for 2008, before accelerating
rapidly in the three following years for an average annual growth rate
over the four year period of approximately 10%. This visible and robust
outlook provides confidence in increasing our dividend, for the thirteenth
consecutive year.
"Our
2008 capital expenditures budget approximates $3.7 billion, which compares
with 2007 capital expenditures of $2.3 billion," Mr. Daniel concluded.
"Complementing our ready access to capital markets, and potential asset
monetization plans, we have increased our credit facilities to approximately
$6.6 billion to ensure ample financial resources for our growth program."
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