Enbridge Inc.

Equities

ENB

CA29250N1050

Oil & Gas Transportation Services

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March 14, 2024 at 09:25 pm EDT

Corrected Transcript

06-Mar-2024

Enbridge, Inc. (ENB)

Investor Day

	Total Pages: 50
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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

CORPORATE PARTICIPANTS

Rebecca Morley	Michele E. Harradence
Vice President-Investor Relations, Enbridge, Inc.	Executive Vice President & President-Gas Distribution and Storage,
Gregory Lorne Ebel	Enbridge, Inc.
Matthew A. Akman
President, Chief Executive Officer & Director, Enbridge, Inc.
Colin K. Gruending	Executive Vice President-Corporate Strategy & President-Power,
Enbridge, Inc.
Executive Vice President & President-Liquids Pipelines, Enbridge, Inc.	Patrick R. Murray
Cynthia L. Hansen
Chief Financial Officer & Executive Vice President, Enbridge, Inc.
Executive Vice President & President-Gas Transmission and Midstream,
Enbridge, Inc.

......................................................................................................................................................................................................................................................

OTHER PARTICIPANTS

Theresa Chen	Diana Glassman
Analyst, Barclays Capital, Inc.	Analyst, EOS at Federated Hermes, Inc.
Robert A. Catellier	John Mackay
Analyst, CIBC Capital Markets	Analyst, Goldman Sachs & Co. LLC
Linda Ezergailis	Keith Stanley
Analyst, TD Cowen	Analyst, Wolfe Research LLC
Praneeth Satish	Zack Van Everen
Analyst, Wells Fargo Securities LLC	Analyst, Tudor, Pickering, Holt & Co. Securities LLC
Patrick Kenny	Matthew Coffina
Analyst, National Bank Financial, Inc.	Analyst, Trajan Wealth LLC
Ben Pham	Robert Hope
Analyst, BMO Capital Markets	Analyst, Scotiabank

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

MANAGEMENT DISCUSSION SECTION

Rebecca Morley

Vice President-Investor Relations, Enbridge, Inc.

Okay. Well, good morning, everyone, and welcome to the 2024 Enbridge Investor Day. My name is Rebecca Morley, and I'm the Vice President of Investor Relations. First off, thanks to everyone for joining us here today in person. We're thrilled to be back in New York City. And thanks to those of you who are joining us from the webcast. Today, we'll be giving you an update on our strategic plan and our priorities for managing and growing our business. Please note that this webcast is being recorded. And at this time, I'd like to ask that you please ensure your devices have been set to silent mode.

Before we begin, at Enbridge, it's important that we acknowledge indigenous lands where we conduct our business, and we have a strong commitment to supporting reconciliation with the indigenous nations and peoples. We honor and respect the traditional homeland of the Lenape peoples on which we meet. We also recognize that New York City is home to one of the largest urban Native American populations in the United States.

I would like to remind you that we'll be referring to forward-looking information in today's presentations and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public filings. We'll also be referring to non-GAAP measures. In the case of an emergency, please note that we have an exit on the side and at the back of the room. And in the event of a fire alarm, the New York Stock Exchange security staff will help us with the safe evacuation.

Now, on to the agenda, we've changed our format for the day, and Greg will walk you through the specifics. But we expect to wrap up around noon after which we'll host a networking lunch. We hope that you can stay and engage with members of our executive team who are here with us today.

For the Q&A, we'll have a microphone circulating after each presentation. [Operator Instructions] So with that, let's get started. Before I welcome President and CEO, Greg Ebel, to the stage, we'll share a quick video.

[Video Presentation] (00:02:27-00:04:37)

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

All right. Well, good morning, everybody. Thanks very much for being here. And it's a pleasure to have everybody here for our 2024 Investor Day. As that video just showed, 2023 was really a pretty incredible year for the

company. We were able to deliver on the commitments that we laid out to all of you just a year ago at our Investor Day and extended our long track record of delivering value for shareholders while setting us up for, I think, continued growth and continued value creation.

Today's format is going to be, as Rebecca said - we talked to a lot of you during the year and heard what you said, how can you make this a little bit more informative? How can we make this a little bit more engaging for you? So we heard that and we decided to change things up. So many of the analysts in the room, you use fireside chats during your conferences, so we planned to use a version of that today.

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

And we'll start by providing a bit of a brief overview and then have the leaders from each one of our businesses come forward on stage, and we'll have a little discussion about their business. And then we'll wrap up with Pat providing an overview on our capital allocation priorities and how we plan to fund all the growth that we see going forward. Now, following each one of the segments, have your questions ready because we'll take some questions from the audience to give you a chance to dig in a little bit more on each one of the business units right after that.

So with that, let's start with how we see the fundamentals continuing to support all of our businesses on a go- forward basis. And then I'll highlight how the synergistic and nature of the business and its resilience of the assets really does allow us to have strong competitive advantages. I'll conclude by continuing to outline that disciplined capital allocation approach that we have that really underpins that attractive growth outlook and supports our first- choice investment thesis. And then I'll look forward to taking a few questions from all of you before I invite Colin up on the stage and start our business discussions.

So let me start with fundamentals. Strong fundamentals continue to support our business model. I think there is a growing realization that all sources of energy will be needed to meet both the growing energy demand, as well as economic expansion, which is expected actually to rise for decades to come. And this increase in demand for energy is fueled by population growth, by economic growth, and that requires energy that is reliable and, of course, that's affordable.

Natural gas, I don't think there's much doubt, is going to continue to be essential in meeting this demand for building the middle class globally. And the importance of natural gas in itself cannot be overstated. It heats our homes, it keeps the lights going, and it's really hard to see a future from our perspective, at least one that's positive for humans, where the foundational fuel going forward is not natural gas.

Of course, oil is going to continue to play a really big role here, both in terms of fueling conventional and commercial transportation and, of course, as a feedstock for the petrochemical industry. Sometimes we, as North Americans, I think we often forget for a lot of global markets that are out there, oil is, in fact, part of their own energy transition goals as they work to get off less sustainable and less efficient fuel sources.

Now, all that said, renewables is going to continue to have a really key role and be a key driver in meeting the emission reduction targets that are out there. Investments in new energies, I think, are also going to grow as technology matures and becomes more commercially viable. And as those projects materialize, we are particularly excited about their role in potentially extending the useful lives of our conventional assets. In fact, people forget for some policymakers, investments in pipelines and conventional fuel infrastructure today is actually seen as investment in the pre-build for what might be one day a hydrogen-fueled economy.

Now, North America is ideally positioned to meet the growing energy demands. We have some of the most competitive and obviously sustainable energy in the world. That's going to play an important element in helping countries and communities actually realize their emission targets as well. I think it's important to note that Enbridge itself, and our view of the pace of energy transition, has been really consistent for many, many years. And it seems that the consensus is increasingly coming towards and being aligned with our view that we've held for a long time. I think it turns out that following the fundamentals over the long term is probably better for investors than following the bandwagon in the short term.

Our footprint really makes us North America's first-choice energy provider. We don't just have assets. We actually have franchises in each of the businesses where we're involved. And these franchises meet the energy needs of hundreds of millions of people and communities right across North America and increasingly beyond North America.

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

Just look at this map. That position cannot be replicated over any amount of time and probably just about for any amount of money. We don't take that for granted at Enbridge, but we do use it as a competitive advantage each and every day as we deal with our customers and obviously against our competitors. These franchises, indeed, they're irreplaceable. But equally important, each one of these franchises provides steady growth and has a robust set of growth opportunities. And in the years to come, I expect you will start to see us use and increasingly realize both operational and commercial leveraging opportunities right across and between these franchises.

This scale and diversification appropriately commands a premium valuation. Our portfolio, after all, generates highly predictable cash flows that allow us to have a business composition that mirrors the global energy mix today, and it's structured to adapt alongside energy transition tomorrow. Not well ahead of it, not behind it, but right in line with our energy transition where it's going, and it's our belief that's where real value creation is actually made.

So we remain committed to this diversified portfolio and post the gas acquisitions, our business mix will be balanced between the liquids and the gas, with a growing renewables energy kicker. The scale provides a series of irrefutable advantages. From a customer perspective, we have deep relationships and expansive, full path market access, that really allows us to offer a differentiated approach to our customer engagement.

And from a competitive perspective, our cross-business franchises allow us to execute both conventional and lower carbon projects with a lower cost of capital. The proof points on this point, on this slide, I think really speak to these issues, whether it's our strategic utility acquisitions, whether it's self-powering on our Liquids Pipelines or it's the development of our Western Canadian natural gas super system, or in fact, the blue ammonia project at Ingleside down in Corpus. They would not be possible without an integrated or benefit from a large portfolio that's diversified that we have. All of this creates optionality for our customers to meet their energy and growth needs through an Enbridge franchise.

Let me say this maybe a little bit different way. If you think about interconnectivity and that interconnectivity between our businesses and how it's a key competitive differentiator that will allow us to maintain a leading position as North America's first-choice energy provider. I think this example and these examples will show you that.

Take three of the key North America energy regions. So, you take Texas, take Ontario, take Ohio. We have an extensive asset footprint in each one of these jurisdictions. We own pipelines in each one of these, in two out of three of them. We own utilities. And in all three, we have renewable power facilities that really gives us a unique local market expertise and the ability to cross-sell services to our customers.

This, coupled with our strong stakeholder relations, really helps us, I think, to better understand how to generate and deliver value for our customers and of course for our investors as well. So the asset base overlap and the deep understanding of our customers is going to continue to allow us to generate growth opportunities at attractive returns that blend and extend our growth right through the end of the decade.

Now, even with that exciting opportunity set, I think it's important to state that our capital allocation priorities remain unchanged. We will maintain that financial flexibility to grow the business and, of course, return capital to our shareholders. The balance sheet is going to remain a top priority, as is our commitment to invest within our targeted leverage range. And investors can see that through already - we've been doing that - through our significant progress on financing the US gas utility acquisitions that we picked up last September.

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

Of course, we're going to continue to return capital to shareholders, in line with our low-risk cash flow profile and that disciplined DCF payout range of 60% to 70%. We've got a strong track record of returning capital to investors. In the last five years alone, we have returned CAD 34 billion to shareholders, and we're forecasted over the next five years to return an additional CAD 40 billion of dividends over that five-year period.

Lastly, we'll continue to blend and extend our utility-like growth by prioritizing capital-efficient expansions and highly selective tuck-in asset M&A, so a little bit of that this morning. And this allows us to confidently target an annual TSR of 10% to 12%, driven by our well-supported dividend and predictable growth outlook. That predictable growth outlook continues through a focus on surfacing shareholder value through deploying capital efficiently.

So over the near term, the priority is realizing attractive returns through efficient expansions and organic growth. Our vast energy delivery franchise provides us with opportunities to extend our offerings, increase utilization, and optimize the base. And then our $25 billion of secured capital program really provides a multiyear runway with build multiples that really drive value creation. Of course, we're going to maintain a keen watch on the market and opportunistically transact at the asset level when those transactions extend our value chain, extend the footprint, and enhance the shareholder growth metrics, and the balance sheet strength.

To sum it up, we cannot be more confident in our belief that Enbridge is truly a first-choice investment opportunity. Continuous execution of our strategic priorities, a prudent capital allocation philosophy, and an unparalleled low- risk cash flow profile has translated into industry-leading TSRs of a little bit over 11% over the last 20 years. And as you're going to hear today, our low-risk business model and discipline allows us to consistently achieve our financial guidance and deliver dividend growth while executing our highly visible growth pipeline.

And our growth contains low carbon optionality in each of the businesses. This enhances our outlook and can be geared to the differing pace of energy transition, not just globally, but in each of the jurisdictions of which we operate. So we're confident in this confluence of opportunity, our record of execution, and the highly reliable, low- risk cash flow setup as it continues, and we expect to continue double-digit shareholder returns right through the end of the decade and into the next. Again, I want to thank everybody for being here. And I expect that you're going to enjoy the next several hours.

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

QUESTION AND ANSWER SECTION

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

And before I ask Colin to come up on stage, let's take a few minutes to answer some questions. Yes, ma'am. We're going to get you a mic right there. Didn't expect that fast, did you?

Theresa Chen

Analyst, Barclays Capital, Inc.

Hi, Greg.

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Hi.

Theresa Chen

Analyst, Barclays Capital, Inc.

Theresa Chen from Barclays. The bullet you had about the evolving business mix taking into account energy transition, as we think about the next medium term, let's call it the next five years for the company, can you talk about how you envision the segment to change? And when we think about organic versus inorganic dollars deployed towards growth, is 2023 a reasonable template for the path forward?

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Well, so that's probably the number one question I get from board members and investors. And so that pie chart, everybody wants to know what it's going to look like 10 years from now. I'm not convinced it's going to look dramatically different. And here's the reason.

First of all, the Liquids business is very large. It [indiscernible] (00:18:55) a little over $9 billion in EBITDA. Take the Renewables business, the smaller business today, which is growing rapidly. They basically have to have $15 of EBITDA just to stay flat with where they are in the entity. That's pretty tough to do. I know you'll hear Matthew. I know that he'll try to do that, but I don't see a dramatic change in that side. I do think like increased amount of organic growth is going to go into the Gas business. We've got some $18 billion of growth in that regard.

But then to your last part of the question, is last year typical? I don't think it's typical because we're not going to have $14 billion or CAD 19 billion, CAD 20 billion of acquisitions every year. I see us much more doing the kind of things we did today with small asset tuck-ins that already has a little bit of EBITDA in it that really extend our competitive business.

And then as you think about new energy technology stuff, really small, Theresa, like I think that's still a long ways to go, and it'll be embedded and part of the business. So Colin's got CCUS inside that business, and Cynthia could point to RNG and hydrogen. So I think those would be more part of the business.

But if you look out to 10 years, yes, liquids will be less than 50%, I think, of the overall pie, but I don't see that being dramatically different, right, just given its size and the inability to kind of have the other business grow at

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

basically twice the rate to be able to overtake every dollar increase that's coming out of oil, which is a lot. I mean we're continuing to grow those earnings at very low multiple opportunities, and you can hear that from Colin.

Yes, sir.

Robert A. Catellier

Analyst, CIBC Capital Markets

Hey. Good morning. Rob Catellier, CIBC. Two quick questions for you, Greg. If I have the numbers right, I think you've indicated $9 billion of investment capacity now, yet it seems like you're sticking to the $6 billion to $7 billion in terms of your planning what you might spend. So I got two related questions to that. One, how should we view the gap between your capacity and what you're planning to spend? Specifically, should we look at that gap as a bit of a war chest for M&A? And just how do you view larger-scale M&A going forward?

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Well, here's the way I think about that. I mean, I'd look at that gap as opportunity, but the opportunity has got to solve several issues, right? It's got to extend the footprint and the businesses that we're in now. It's got to be accretive to our shareholder metrics, and it's got to be neutral or accretive to the balance sheet.

So, yeah, is M&A is something we look at and both sides of that, right, both in buying and also in terms of selling. As you know, we've probably recycled $18 billion, $19 billion over the last several years. So yeah, M&A if necessary, but not necessarily M&A - if we don't need to use that balance sheet, we won't. I mean, we've purposely showed that on there. We've got more capacity than I think some people realize. But that doesn't mean that we're going to use it because the opportunity set - and I think you're going to hear from people today in our businesses - is really hard to beat. I mean, you've got to have really nice economics and strategic nature of that to use any of that balance sheet for anything other than organic growth.

Robert A. Catellier

Analyst, CIBC Capital Markets

Second question for me just has to do with the payout ratio.

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Yeah.

Robert A. Catellier

Analyst, CIBC Capital Markets

Now that you have a bigger proportion of your business will be on a pro forma basis coming from the utilities business and given the amortizing nature of that rate base, how have you changed your perspective on how you account for maintenance capital or how you treat the dividend payout ratio?

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Yes. So we're still a mix, right? So I think if you think about us being utility-like, it's still only 25% utility. Robert, I would say we look at all of those measures. We look at it on a per share basis or an EPS basis. You got to look at

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

it a cash basis. I mean, you think about the massive cash generation that's being achieved out of the Liquids business. I think sticking to one metric or another doesn't make a whole lot of sense, but we look at those.

Right now, I would say that DCF-type payout is exactly the right mix for where the business is. As I said, I don't expect the mix to change dramatically. And that 60% to 70% range, I think, is a sweet spot, much like the balance sheet. And again, I think you'll hear from Pat on that as well. I think we've got time for one more and then we're going to go to the business units. I promise you, there's going to be lots of time for questions.

Good. One more. Linda?

Linda Ezergailis

Analyst, TD Cowen

Linda Ezergailis, TD Cowen. The way you lay out the future, it makes energy transition seem easy. But we all know that execution might bring its challenges.

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Yeah.

Linda Ezergailis

Analyst, TD Cowen

And when you layer on potential for disruption, whether it's geopolitical changes that you need to pivot to or disruptive technologies like AI, I do wonder if there's some execution risk related to having the right talent in the building. So can you comment on any sort of demographic age issues you might have within your organization, how you think of developing the right talent, hiring and retaining the right talent, and whether you think you have the talent that you need right now to face all that change?

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

It's a good question and we're constantly looking at that. The board's constantly looking at it, making sure - and not so much just at the CEO level and the executive level but several rows down. That is part of an ongoing approach by the board. Even I won't say mentoring, but actually even connecting board members with parts of our organization that we haven't done before. That's one.

Two, and this is an unfortunate but positive part, you know the old creative destruction thing. Look, we have done some layoffs, but we're also refocusing in hiring people inside the corporation as well. So I think we're trying to say, as I said not too far ahead, not too far behind with the energy transition and making sure we've got the right resources. But we have a great distribution. 30% of our people are actually new to the company in the last five years. I think that's incredibly positive.

Now, we have lots of folks that have been 20 or 30 years, and they bring the knowledge of those cycles not to get too worked up one way or another. Remember, everybody under the age of 40 really hasn't experienced a recession, definitely hasn't seen high interest rates. And having a management team with that skill set matched up with the folks that are thinking about the next generation of energy dynamics, I think is a perfect mix. So, yeah, always looking for good talent, but I think we have an unbelievably deep bench of talent inside Enbridge today. It's one of the benefits of that large portfolio [ph] pivot (00:25:59).

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Enbridge, Inc. (ENB)	Corrected Transcript
Investor Day	06-Mar-2024

All right. Let's look at a video on oil while Colin comes up on stage and joins me.

[Video Presentation] (00:26:10-00:27:40)

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

I love that video, Colin, and seeing people out there. And I know some of the analysts had an opportunity to come down to Ingleside, that last picture there in the ship. We didn't have any analysts driving the big ship, but I think some of them try to move that tug around a little bit.

So listen, for a long time, you guys have really done a great job of expanding the business and the opportunities through things like the Mainline Tolling Agreement and reducing that risk. So talk to us a little bit about how we're positioned today and how we think we're set up to keep finding ways to grow in the Liquids Pipelines.

Colin K. Gruending

Executive Vice President & President-Liquids Pipelines, Enbridge, Inc.

Yeah. Thanks, Greg. Great to be here. Great to see so many familiar faces. Listen, our Liquids Pipelines system is set up really well. And maybe just to back up a second onto the fundamentals underpinning it, you talked about it. Tomorrow is on for oil, especially in North America. North America is now long oil. Like we can't say that in to many countries or in to many time periods.

And so our network here, you can see it on the map, is right on top of this, right? Like if you were starting this from scratch, you would build this.

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Okay.

Colin K. Gruending

Executive Vice President & President-Liquids Pipelines, Enbridge, Inc.

Right? In North America, resilient demand, all the basins, 80 refineries pulling on this oil. It's something to behold. And I think we're going to have a lot of - we're going to surprise on the upside, I think. We're going to take the challenge on that 50% and tempt you with some great opportunities.

And you talked about franchises. I think if you - I see within Liquids itself five or six franchises, right? I don't know if you think about it the same way, but we've got an oil - heavy oil business out of Canada, a light oil business out of Canada, an NGL import business into Canada. We've got a light business out of the Bakken, a light business in the Permian, and an emerging low carbon footprint across the whole basin. So I think many franchises within one. And arguably I think together, this is the best midstream franchise in midstream.

Gregory Lorne Ebel

President, Chief Executive Officer & Director, Enbridge, Inc.

Yeah, without a doubt. So going forward with the utility acquisitions and stuff, LP is going to be about half our EBITDA, so call it CAD 9 billion. Although you guys constantly seem to surprise on the upside and challenge accepted, given let's do that again this year. I like that. But you've found ways to continue to build great value in

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Latest news about Enbridge Inc.

Enbridge selects contractors for its Great Lakes Tunnel Project	Apr. 30	RE
Enbridge Keeps Quarterly Dividend at CA$0.915 a Share, Payable June 1 to Shareholders of Record May 15	Apr. 24	MT
Enbridge Inc. Declares Quarterly Dividend, Payable on June 1, 2024	Apr. 24	CI
As shale oil gains slow, deepwater port struggles for customers	Apr. 22	RE
TSX pares weekly decline as interest rate sensitive shares gain	Apr. 19	RE
E Split Completed Overnight Offering	Apr. 19	MT
Factbox-US, Canadian companies kick off 2024 with layoffs	Apr. 15	RE
Enbridge Newly Issued Senior Unsecured Notes Get BBB Rating from DBRS	Apr. 12	MT
E Split Plans Overnight Offering of Common and Preferred Shares	Apr. 11	MT
Biden administration says Enbridge pipeline shutdown order should be reconsidered	Apr. 10	RE
Westwood launches US energy ETF aiming to deliver 10% yield	Apr. 09	RE
Enbridge Inc. Completes the Offering of $750,000,000 Aggregate Principal Amount of Senior Notes	Apr. 05	CI
Enbridge wins approval to commence service on Louisiana Venice natgas pipe project	Apr. 04	RE
May startup of Trans Mountain oil pipeline expansion surprises analysts	Apr. 04	RE
Fitch Assigns Rating to Enbridge's Senior Unsecured Notes	Apr. 03	MT
US, Canadian companies kick off 2024 with layoffs	Apr. 03	RE
Enbridge Files Prospectus Supplement for Bond Sale	Apr. 02	MT
Indigenous investment in Canadian energy projects	Apr. 02	RE
Canada's Indigenous peoples eye big energy deals, await Trudeau loan promise	Apr. 02	RE
US, Canadian companies kick off 2024 with layoffs	Apr. 02	RE
Moody's Downgrades Ratings on Enbridge, 3 Subsidiaries; Changes Outlook to Stable	Apr. 01	MT
Pembina Pipeline Lifts Earnings Guidance After Closing Acquisition	Apr. 01	DJ
Pembina Pipeline Edging Up In US Premarket As Announces Closing of Acquisition of Enbridge's Interest in Alliance/Aux Sable and Raised 2024 Guidance	Apr. 01	MT
Pembina Pipeline and Enbridge Brief: Announcing Closing of Acquisition of Enbridge's Interest in Alliance/Aux Sable and Raising 2024 Guidance	Apr. 01	MT
Pembina Pipeline Corporation completed the acquisition of an additional minority stake in Aux Sable Canada LP, Aux Sable Liquid Products LP, Alliance Pipeline Ltd., NRGreen Power LP, Alliance Pipeline Limited Partnership, Alliance Canada Marketing Ltd., Alliance Canada Marketing LP,Aux Sable Liquid Products Inc., Aux Sable Midstream, LLC, Aux Sable Canada Ltd., NRGreen Power Ltd., Alliance Pipeline, Inc. and Alliance Pipeline L.P. from Enbridge Inc..	Mar. 31	CI

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Company Profile

Enbridge Inc. is an energy transportation and distribution company. The Company operates through five business segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. Liquids Pipelines consists of pipelines and terminals in Canada and the United States that transport and export various grades of crude oil and other liquid hydrocarbons. Gas Transmission and Midstream consists of its investments in natural gas pipelines and gathering and processing facilities in Canada and the United States. Gas Distribution and Storage consists of its natural gas utility operations. Renewable Power Generation consists of investments in wind and solar assets, geothermal, waste heat recovery, and transmission assets. Energy Services provides physical commodity marketing, logistics services, and energy marketing services. The Company owns Aitken Creek Gas Storage facility and Aitken Creek North Gas Storage facility.

Sector

Oil & Gas Transportation Services

Calendar

2024-05-08 - Annual General Meeting

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Analysis / Opinion

Enbridge Inc : Irreplaceable infrastructure

March 26, 2024 at 12:45 pm EDT

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ESG Refinitiv

B+

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Sell

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OUTPERFORM

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48.95 CAD

Average target price

52.6 CAD

Spread / Average Target

+7.45%

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TC ENERGY CORPORATION	-4.71%	37.23B
TARGA RESOURCES CORP.	+31.30%	25.38B
CHENIERE ENERGY PARTNERS, L.P.	-2.69%	23.45B
PEMBINA PIPELINE CORPORATION	+6.18%	20.42B

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