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

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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