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
Minister 'outraged' after AFN national chief's headdress taken from Air Canada cabin
The federal minister of Crown-Indigenous relations is calling on Air Canada to 'make things right' with the national chief of the Assembly of First Nations, who said her headdress was removed from an airplane cabin during a flight this week.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Canada recognizes housing as a human right. Few provinces have followed suit
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.