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

  • Earnings were $365 million or $0.39 per common share for the fourth quarter and $1,776 million or $1.95 per common share for the full year, both including the impact of a number of unusual, non-recurring or non-operating factors
  • Adjusted earnings were $522 million or $0.56 per common share for the fourth quarter and $2,078 million or $2.28 per common share for the full year
  • Adjusted earnings before interest and income taxes (EBIT) were $1,198 million for the fourth quarter and $4,662 million for the full year
  • Available cash flow from operations (ACFFO) was $879 million or $0.95 per common share and $3,713 million or $4.08 per common share for the fourth quarter and full year period, respectively
  • Enbridge and Spectra Energy Corp (Spectra Energy) shareholders voted overwhelmingly in favor of the merger of the two companies, which will create North America’s premier energy infrastructure company. The transaction remains subject to finalization of certain regulatory approvals
  • Senior management appointments announced to take effect upon closing of the merger
  • Enbridge continued to successfully execute its growth capital program, bringing $2 billion of projects into service during 2016
  • In November 2016, the Canadian Federal Government approved the Canadian portion of the Line 3 Replacement Program
  • New Creek Wind and Athabasca Pipeline Twin projects were placed into service in December and January, respectively
  • In December 2016, the New Brunswick provincial government passed legislation to renew Enbridge Gas New Brunswick Inc.’s (EGNB) franchise agreement for a 25-year renewable term and approved a regulatory recovery mechanism for $145 million of deferred costs previously written down by EGNB following a regulatory decision in 2012
  • In January 2017, Enbridge announced the privatization of Midcoast Energy Partners, L.P. (MEP), and further joint funding actions with Enbridge Energy Partners, L.P. (EEP)
  • During the fourth quarter of 2016, the Company raised over $3.7 billion of new long-term capital and continued to progress its $2 billion asset monetization plan by closing the sale of its South Prairie Region Assets for $1.08 billion and entering into agreements to sell approximately $0.6 billion of additional miscellaneous non-core assets and investments
  • On January 5, 2017, Enbridge announced the declaration of a quarterly common share dividend of $0.583 per common share, payable on March 1, 2017, a 10% increase over the prior quarterly rate
  • On February 15, 2017, Enbridge announced it completed the acquisition of an interest in the Bakken Pipeline System
  • In February 2017, Enbridge acquired an effective 50% interest in the 497-megawatts (MW) Hohe See Offshore Wind Project in Germany; the Company’s total investment through completion of construction in 2019 will be approximately $1.7 billion; the equity funding requirement for the investment was satisfied through financing actions undertaken by the Company in the fourth quarter

Enbridge Inc. (ticker:ENB) today reported fourth quarter and full year 2016 adjusted EBIT of $1,198 million and $4,662 million, respectively. Fourth quarter ACFFO was $879 million, or $0.95 per common share, and full year ACFFO was $3,713 million, or $4.08 per common share. Full year adjusted EBIT and ACFFO per share increased by 12% and 10%, respectively, over the comparative full year period.

“Our fourth quarter results contributed to solid 2016 full-year adjusted EBIT and cash flow growth,” said Al Monaco, President and Chief Executive Officer. “We are pleased with mainline system performance which recovered sharply from the impacts of the Northeastern Alberta wildfires in the second quarter. The system delivered an average 2.5 million barrels per day ex-Gretna during the fourth quarter and delivered a record 2.6 million barrels per day in December. Despite the impact of the wildfires and a larger and earlier than planned equity offering during the first quarter, we’ve again delivered results right in line with the adjusted EBIT and ACFFO guidance we announced heading into the year.” Mr. Monaco continued, “We have been successful in achieving our planned cost savings, which also contributed to our strong results and will make us even more competitive going forward.

“We also continued to advance our existing organic growth capital program and very meaningfully progressed our strategy to extend and diversify the Company’s growth platforms with the announcement of our transformative combination with Spectra Energy. The combination with Spectra Energy will position Enbridge as the premier energy infrastructure company in North America, significantly enhancing our natural gas footprint and diversifying the Company’s organic growth opportunities while maintaining its low risk shareholder value proposition.”

Enbridge announced the combination with Spectra Energy (the Merger Transaction) in September 2016. The combination brings together some of the highest quality liquids and natural gas infrastructure assets in North America. The combined Company will include a $26 billion portfolio of commercially secured growth projects through 2019 and a $48 billion probability risk-weighted development project portfolio which, together with existing businesses, are expected to support highly visible dividend growth of 10% to 12% per annum through 2024, while maintaining a conservative dividend payout of 50% to 60% of ACFFO.

The Merger Transaction has received clearance from the Canadian Transportation Agency, the Committee on Foreign Investment in the United States and the United States Federal Trade Commission. In addition, the Ontario Energy Board (OEB) has communicated that it is satisfied that the transaction does not require OEB approval.

“We’ve made significant progress since the announcement in securing regulatory approvals and currently remain on target to close in the first quarter of 2017,” said Mr. Monaco. “In December, both companies’ shareholders overwhelmingly approved the Merger Transaction and the feedback received from shareholders has been very positive. We have also worked diligently with our regulators and have obtained nearly all of the required approvals. We are working jointly with Spectra Energy to plan for closing and the efficient integration of our companies and I am pleased with the progress we’ve made together. Our joint integration planning teams have done a great job laying the foundation to operate as one company, with one vision for the future, upon closing.”

The Enbridge Q4 press release can be found on the company’s website.

Legal Notice