Enbridge Stock Price, News & Analysis

Moda Midstream, alongside EnCap Flatrock Midstream, has agreed to sell the Moda Ingleside Energy Center to Enbridge Inc. for approximately $3 billion, pending regulatory approvals. MIEC is the largest crude export terminal in the U.S., with a 1.6 million barrels per day capacity. The transaction includes additional assets and will see key Moda personnel transition to Enbridge. Moda will retain ownership of Vopak Moda Houston, which recently expanded its infrastructure and will continue to pursue growth opportunities in terminaling.

Enbridge Inc. (ENB) announced executive leadership changes effective October 1, 2021. Vern Yu takes over as Executive Vice President & Chief Financial Officer, succeeding Colin Gruending, who becomes Executive Vice President & President of Liquids Pipelines. Vern will oversee financial affairs, while Colin will manage Liquids Pipelines operations. Both executives bring extensive experience from their respective roles, indicating a strategic leadership shift aimed at strengthening the company’s future.

Enbridge, Svante, Cross River Infrastructure Partners, and OTS have formed an independent carbon capture partnership called Cross Carbon Ventures (CCV). This venture aims to develop carbon capture projects in North America for industries like cement, steelmaking, and petroleum refining. CCV will utilize Svante’s technology to capture CO₂ emissions, providing a Carbon Capture-as-a-Service model. The initiative is set against the backdrop of global decarbonization targets, with Enbridge emphasizing its role in energy infrastructure critical for emissions reduction.

Enbridge reported Q2 2021 GAAP earnings of $1.4 billion ($0.69/share), down from $1.6 billion ($0.82/share) in 2020. Adjusted earnings rose to $1.4 billion ($0.67/share) from $1.1 billion ($0.56/share). Distributable Cash Flow (DCF) increased to $2.5 billion ($1.24/share), compared to $2.4 billion ($1.21/share) in 2020. The company reaffirmed its 2021 EBITDA guidance of $13.9-$14.3 billion. Progressing on major projects like the U.S. Line 3 Replacement and T-South Expansion, Enbridge is poised for significant growth through 2023, driven by strategic investments in renewable energy and modernization efforts.

Enbridge Inc. has appointed Mayank (Mike) Ashar to its Board of Directors, bringing over 30 years of energy industry experience. Previously, Ashar held key positions at Cairn Energy India Ltd. and Irving Oil Ltd., and currently serves as a director at Teck Resources Ltd.. The Board believes Ashar's extensive background will enhance its governance and strategic direction. Enbridge, a leader in North American energy infrastructure, manages substantial pipeline and storage operations, delivering critical energy sources across the continent.

The Board of Directors of Enbridge has declared a quarterly dividend of $0.835 per common share, payable on September 1, 2021, to shareholders of record on August 13, 2021. This dividend amount remains consistent with the previous dividend declared on June 1, 2021. Additionally, the board has announced several quarterly dividends for preferred shares, each also payable on September 1, 2021. These dividends range from $0.15753 to US$0.37182, depending on the series.

On July 30, 2021, Enbridge (ENB) will host a conference call and webcast at 7:00 a.m. MT (9:00 a.m. ET) to discuss its 2021 second quarter results. The financial results will be announced before markets open that day. The call format includes remarks from the executive team followed by a Q&A session for analysts and investors. Details for participation include a toll-free number for North America and an international dial-in option. A webcast replay and transcript will be available shortly after the event.