Enbridge raising quarterly dividend, approves $1.1 billion in new capital projects
Enbridge Inc. raised its quarterly dividend as it announced the approval of $1.1 billion in new capital projects.
The pipeline company said Tuesday it will now pay a quarterly dividend of 86 cents per share, up from 83.5 cents.
Enbridge also said it plans to buy back up to $1.5 billion worth of its shares.
The company approved several new capital projects including a $500-million expansion of its Valley Crossing Pipeline in Texas. It will also spend $300 million on an expansion of its Dawn to Parkway system in Ontario.
"Our organic growth will be focused on enhancing existing asset returns, modernizing our assets, and low capital intensity opportunities within our conventional businesses to serve growing domestic and export market demand," Enbridge chief executive Al Monaco said in a statement.
"We also plan to continue to invest in low-carbon opportunities that leverage our existing assets and provide a platform for future growth."
In its outlook, Enbridge reaffirmed its 2021 full-year guidance range for adjusted earnings before interest, income taxes and depreciation of $13.9 billion to $14.3 billion and distributable cash flow per share of $4.70 to $5.00.
For 2022, the company said it expects EBITDA of $15.0 billion to $15.6 billion and distributable cash flow per share of $5.20 to $5.50.
This report by The Canadian Press was first published Dec. 7, 2021.
CTVNews.ca Top Stories
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
It's no secret that spring can be a tumultuous time for Canadian weather, and as an unseasonably mild El Nino winter gives way to summer, there's bound to be a few swings in temperature that seem out of the ordinary. From Ontario to the Atlantic, though, this week is about to feel a little erratic.
What do weight loss drugs mean for a diet industry built on eating less and exercising more?
Recent injected drugs like Wegovy and its predecessor, the diabetes medication Ozempic, are reshaping the health and fitness industries.
He replaced Mickey Mantle. Now baseball's oldest living major leaguer is turning 100
The oldest living former major leaguer, Art Schallock turns 100 on Thursday and is being celebrated in the Bay Area and beyond as the milestone approaches.
What a urologist wants you to know about male infertility
When opposite sex couples are trying and failing to get pregnant, the attention often focuses on the woman. That’s not always the case.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.