Welcome to our dedicated page for Enbridge news (Ticker: ENB), a resource for investors and traders seeking the latest updates and insights on Enbridge stock.
Enbridge Inc. operates North American energy infrastructure that includes liquids pipelines, natural gas transmission, gas distribution and storage, and renewable power assets. Company updates regularly address financial results, guidance, dividends on common and preferred shares, and capital allocation tied to its secured project backlog.
Recurring developments also cover capacity expansions and regulatory approvals across systems such as the Canadian Mainline, Westcoast natural gas pipeline system, Vector Pipeline and Dawn Hub storage. Enbridge also reports on utility rate cases, shareholder meeting results, annual disclosure documents, and energy-transition technologies including hydrogen, renewable natural gas and carbon capture and storage.
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Enbridge showcases its commitment to veterans as featured in the show Military Makeover: Operation Career. The episode highlights employees who have successfully transitioned from military service to careers at Enbridge, with emphasis on shared values like integrity and respect. The show airs on the Lifetime Network and American Forces TV. Enbridge employs over 12,000 people and emphasizes diversity, equity, and inclusion as key components of its workforce strategy. Employee Resource Groups, especially the Veterans ERG, foster a culture of belonging and support among employees.
Enbridge Inc. has received approval from the Toronto Stock Exchange for a new normal course issuer bid (NCIB) to repurchase up to 27,938,163 common shares, totaling up to $1.5 billion. The NCIB will commence on January 6, 2023, and continue until January 5, 2024. This repurchase program aims to enhance shareholder returns and will depend on market conditions. Under the previous NCIB, Enbridge repurchased 2,737,965 shares at a weighted average price of CAD$54.90 each. The company's ongoing efforts underline its commitment to a strong balance sheet and capital management.
Enbridge has made a donation of $7,500 to St. Paul Search & Rescue to enhance their drone capabilities, aiding in locating missing persons. This contribution is part of the Safe Community First Responder Program. The integration of advanced drone technology allows for real-time GPS data, improving search efficiency and communication. Previously, Enbridge donated a rescue barge, which proved vital in a recent operation. The support reflects Enbridge's commitment to community safety and technological advancement in emergency response operations.
Enbridge supports a significant project at the Canadian Museum of Nature by providing a $36,000 grant for two Indigenous youth internships in 2023. The museum aims to digitize its vast collection of over 14.5 million specimens documenting biodiversity and geodiversity. Currently, 25% of the collection is digitized, with a focus on sophisticated imaging techniques for recording specimens. This initiative not only aids in documenting biodiversity but also provides students with essential technical skills and career development opportunities.
Enbridge Gas has partnered with EQT Corporation to purchase 15 PJ of Responsibility Sourced Gas (RSG) from November 2022 through October 2023, constituting approximately 3% of its annual gas purchases. This initiative enhances the company's commitment to a sustainable future and climate action without increasing costs for end-users. RSG exceeds current industry standards, emphasizing sustainability across the value chain, and is certified under strict ESG criteria. Enbridge aims to continue diversifying its gas supply portfolio while supporting a low-carbon future.
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Enbridge Inc. announced the appointment of Pamela L. Carter as Chair of the Board effective January 1, 2023. This change coincides with the appointment of Greg Ebel as President & CEO, succeeding Al Monaco, who is retiring. Carter has been a board member since 2017 and has extensive leadership experience in various industries, including her previous role as President of Cummins Distribution Business. The company aims to leverage her expertise to enhance governance and shareholder value.
Enbridge and Oxy Low Carbon Ventures announced plans to jointly develop a carbon dioxide (CO2) sequestration hub in the Corpus Christi area, Texas. A letter of intent has been signed to explore this project, aiming to provide a complete CO2 solution for local emitters through a pipeline transportation system and sequestration facility. Enbridge will manage pipeline operations, while OLCV will handle sequestration facilities. The initiative is expected to support other emitters in the area and contribute to decarbonization efforts, aligning with both companies' net-zero strategies.
Enbridge Inc. announced a 3.2% increase in its annual dividend, raising it from $3.44 to $3.55 per share, effective March 1, 2023. The company reaffirmed its 2022 financial guidance, projecting 2023 EBITDA between $15.9 billion and $16.5 billion, alongside DCF per share of $5.25 to $5.65. Enbridge also intends to renew its normal course issuer bid for up to $1.5 billion in share buybacks. The CEO emphasized the company's strategic role in energy supply amid a global crisis and outlined plans for continued business growth despite economic challenges.