CALGARY — 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.
Companies in this story: (TSX:ENB)
The Canadian Press
- 0121 Ministry of Energy and Resources April 20260121 Ministry of Energy and Resources April 2026
- 0134 SASPO-2956_ Safety 20260134 SASPO-2956_ Safety 2026
- 0133 LC Trucking hiring Class 1A Payden0133 LC Trucking hiring Class 1A Payden
- 0132 UMWA 20260132 UMWA 2026
- 0129 Turnbull drivers operators0129 Turnbull drivers operators
- 0128 OSY Rentals updated0128 OSY Rentals updated
- 0126 Steel_Reef_Promo_0126 Steel_Reef_Promo_
- 0118 IBEW 30 sec0118 IBEW 30 sec
- 0114 Prospera Bold Vision0114 Prospera Bold Vision
- 0113 Miller Epic Cinematic Hollywood trailer0113 Miller Epic Cinematic Hollywood trailer
- 0102 Lori Carr Coal Extended0102 Lori Carr Coal Extended
- 0099 Mryglod Steel 1080p0099 Mryglod Steel 1080p
- 0095 Fast Trucking nearly 70 years good at it0095 Fast Trucking nearly 70 years good at it
- 0046 City of Estevan This is Estevan Teaser0046 City of Estevan This is Estevan Teaser
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001