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ENB · ENBRIDGE INC

34 filings

10-K

ENB 10-K Annual Reports

ENBRIDGE INC - 34 annual reports

Filing record · 2016–202610-K1810-Q268-K238

2025-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2025
Enbridge Inc.'s (ENB) 2025 10-K filing, filed March 10, 2026, highlights a year of strong financial performance and strategic growth. The company achieved record adjusted EBITDA and placed over $5 billion of assets into service while sanctioning $14 billion in new projects, extending its growth pipeline past 2030. Notably, Enbridge completed the acquisition of an interest in the Matterhorn Express Pipeline and a significant investment by 38 First Nations groups in the Westcoast Pipeline System. Executive compensation remains tightly aligned with company performance, with a significant portion of pay being 'at risk.' Payouts for Named Executive Officers (NEOs) ranged from 130% to 146% of target, reflecting strong results against financial, strategic, and operational objectives, including a 20th consecutive year of meeting or exceeding financial guidance and the 31st consecutive annual dividend increase. The Board of Directors is composed of 11 independent nominees out of 12, demonstrating a strong commitment to corporate governance and oversight.
Mar 10, 2026
2025
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2025
Enbridge Inc. (ENB) reported strong financial performance for the fiscal year ending December 31, 2025, driven by robust contributions across its core business segments. The company's Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage segments all demonstrated growth, supported by higher volumes, strategic rate case settlements, and increased customer acquisition. The Renewable Power Generation segment also saw continued execution on growth opportunities. ENB highlighted a significant increase in earnings attributable to common shareholders, largely due to favorable derivative fair value adjustments and the full-year impact of recent US gas utility acquisitions. The company also reaffirmed its commitment to returning capital to shareholders, announcing a 3% increase in its quarterly dividend, marking 31 consecutive years of dividend growth. Significant progress was made on a substantial secured capital program, totaling $39 billion through 2033, with several key projects advancing across all segments. Enbridge continues to focus on safety, operational reliability, and disciplined capital allocation, prioritizing balance sheet strength and investment in capital-efficient growth opportunities. The company's "all-of-the-above" approach to energy evolution positions it well to navigate the energy transition by balancing traditional energy delivery with investments in lower-carbon solutions. Despite some regulatory headwinds and legal proceedings, particularly concerning Line 5, Enbridge maintained strong operational performance and a solid financial position, supported by a diversified asset base and long-term contracts.
Feb 13, 2026
2024-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2024
Enbridge Inc. (ENB) filed an amendment to its 2024 Annual Report, providing updated information primarily related to its Board of Directors and Executive Compensation. The filing highlights the strategic composition of the Board, emphasizing diversity in experience, age, and skills, with a focus on expertise relevant to the evolving energy landscape, including energy transition, cybersecurity, and public policy. The company continues to prioritize safety and reliability across its operations, with the Board actively engaged in risk management and strategic oversight. Regarding executive compensation, Enbridge maintains a strong pay-for-performance philosophy, aligning executive incentives with financial, strategic, and operational objectives. The compensation structure emphasizes "at-risk" pay, with a significant portion tied to short-, medium-, and long-term incentive plans designed to drive long-term shareholder value. The company reported strong 2024 achievements, including a 30th consecutive annual dividend increase and significant progress on strategic acquisitions and growth capital deployment. The filing also details Enbridge's robust corporate governance practices, commitment to ethical conduct, and proactive engagement with shareholders.
Mar 11, 2025
2024
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2024
Enbridge Inc. (ENB) demonstrated robust performance in 2024, driven by strong contributions across its Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage segments. The company successfully integrated significant acquisitions, notably in the US gas utility sector, expanding its North American footprint and solidifying its position as a leading energy infrastructure provider. Strategic capital allocation focused on growth projects, system modernization, and a commitment to financial strength, reflected in its ongoing dividend increases and solid credit ratings. Enbridge continues to navigate the evolving energy landscape by selectively investing in lower-carbon opportunities while maintaining the reliability and efficiency of its core businesses, positioning it for sustained value creation.
Feb 14, 2025
2023-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2023
Enbridge Inc.'s (ENB) 2023 10-K filing highlights the company's strategic focus on disciplined capital allocation, growth through acquisitions and organic projects, and a robust compensation philosophy aligned with shareholder value. A significant event in 2023 was the announced acquisition of U.S. gas utility assets from Dominion Energy for $19 billion, positioning Enbridge to expand its North American natural gas utility franchise. The company also executed over $3 billion in tuck-in M&A and added approximately $10 billion in organic projects to its growth backlog. Management emphasizes a pay-for-performance approach for executive compensation, linking a significant portion of pay to company and individual performance metrics. The filing details the compensation structure, including base salary, short-term incentives (STIP), performance stock units (PSUs), restricted stock units (RSUs), and incentive stock options (ISOs). Enbridge maintains a strong governance framework, with a majority of independent directors on its board and comprehensive policies for business conduct and risk management. The company also reported strong financial results for 2023, exceeding guidance ranges for adjusted EBITDA and Distributable Cash Flow (DCF) per share, and announced its 29th consecutive annual dividend increase.
Mar 13, 2024
2023
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2023
Enbridge Inc. (ENB) reported strong performance in its 2023 fiscal year, driven by its diversified energy infrastructure portfolio, which includes Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation. The company highlighted significant progress in strategic priorities, including the announced acquisition of three US gas utilities, which is expected to create North America's largest natural gas utility platform. Operational performance in the Liquids Pipelines segment was robust, with record volumes and successful tolling agreements. Looking ahead, Enbridge remains focused on safety, operational reliability, disciplined capital allocation, and extending growth through both conventional and lower-carbon energy platforms. The company continues to prioritize financial strength and flexibility, supported by its consistent dividend growth and a strong liquidity position.
Feb 9, 2024
2022-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2022
Enbridge Inc. (ENB) filed an amendment to its 2022 Annual Report (10-K/A) on March 5, 2023. This filing provides detailed information regarding the company's directors, executive compensation, and corporate governance practices. The report highlights the composition and independence of the Board of Directors, with 10 out of 11 director nominees determined to be independent. It also details the compensation structure for Named Executive Officers (NEOs), emphasizing a pay-for-performance philosophy with a significant portion of compensation being "at risk" and tied to both financial and strategic objectives, including ESG goals. The report details 2022 performance achievements such as leading safety records, strong operating and financial results, and strategic growth initiatives in conventional and lower-carbon energy. The filing also touches upon Enbridge's robust corporate governance framework, including its Statement on Business Conduct, which applies to all individuals associated with the company. The report emphasizes the company's commitment to compliance, ethical conduct, and risk management. Furthermore, it provides insights into the company's external auditor fees and pre-approval policies. For investors, the information on director and executive compensation, coupled with the detailed breakdown of performance metrics and achievements, offers transparency into how management is incentivized and aligned with shareholder value creation.
Mar 6, 2023
2022
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2022
Enbridge Inc. reported its 2022 full-year financial results, showcasing resilience and strategic progress across its diverse energy infrastructure portfolio. The company's core businesses, including Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation, demonstrated stable performance, supported by long-term contracts and regulated frameworks. Despite a significant goodwill impairment charge of $2.5 billion in the Gas Transmission and Midstream segment, primarily due to macroeconomic shifts impacting cost of capital and growth projections, Enbridge maintained a strong operational focus. Strategic initiatives advanced throughout the year, notably the acquisition of Tri Global Energy to bolster renewable power development and increased ownership in the Gray Oak pipeline to strengthen its US Gulf Coast presence. The company also made progress on ESG goals, including advancements in solar self-power projects and Indigenous partnerships. Enbridge remains committed to its investor value proposition of predictable cash flows and growing dividends, supported by disciplined capital allocation, a strong balance sheet, and a forward-looking strategy that balances conventional energy with investments in lower-carbon solutions.
Feb 10, 2023
2021-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2021
This Form 10-K/A filing for Enbridge Inc. (ENB) provides an amendment with updated Part III information, focusing on corporate governance and executive compensation. The report details the composition and independence of the Board of Directors, highlighting the extensive experience of nominees in the energy sector, finance, and governance. It emphasizes the company's commitment to a pay-for-performance philosophy, aligning executive compensation with strategic objectives and shareholder value, with a significant portion of compensation being "at risk." Key aspects of the filing include the performance metrics used for executive incentives, such as Distributable Cash Flow (DCF) per share and Total Shareholder Return (TSR), alongside integrated Environmental, Social, and Governance (ESG) goals. The report also outlines director compensation policies designed to attract and retain qualified individuals and align their interests with shareholders, primarily through annual retainers and deferred share units. Overall, the filing reinforces Enbridge's governance structure and compensation practices aimed at driving sustainable long-term value.
Mar 7, 2022
2021
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2021
Enbridge Inc.'s (ENB) 2021 10-K filing highlights a robust year of strategic execution and operational performance. The company demonstrated strong results across its core business segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation. Key achievements include record mainline throughput in Liquids Pipelines, significant capital deployment into service, and strategic acquisitions that enhance its US Gulf Coast export strategy. The company also made progress on its low-carbon energy initiatives, investing in renewable power projects and exploring new technologies like hydrogen and carbon capture. Financially, Enbridge maintained a strong liquidity position and continued its commitment to returning value to shareholders through a 3% increase in its quarterly dividend, marking 27 consecutive years of dividend growth. The company successfully navigated a complex regulatory and environmental landscape, demonstrating resilience and a focus on safety and operational reliability. Strategic priorities for the upcoming year include further enhancing base business returns, executing its capital program, and adapting to the energy transition by investing in low-carbon opportunities.
Feb 11, 2022
2020-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2020
Enbridge Inc.'s 2021 10-K filing, specifically Amendment No. 1, provides details on its corporate governance structure, directors' profiles, and executive compensation for the fiscal year ending December 30, 2020. The report highlights the company's resilience during the COVID-19 pandemic, emphasizing strong operational performance and the stability of its low-risk, utility-like business model. Enbridge maintained its strategic focus on disciplined organic growth across its four core franchises: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation. Executive compensation is firmly rooted in a pay-for-performance philosophy, with a significant portion of compensation being "at-risk" and tied to achieving strategic priorities and shareholder value. The company also details its director compensation structure, emphasizing alignment with shareholder interests through retainers and share ownership requirements. The filing also includes information on corporate governance practices, compliance with codes of conduct, and the roles of board committees, particularly the Audit, Finance & Risk Committee and the Human Resources & Compensation Committee.
Mar 8, 2021
2020
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2020
Enbridge Inc.'s (ENB) 2020 10-K filing highlights a company focused on safely and reliably delivering energy across North America through its diversified infrastructure. Despite the challenging economic environment presented by the COVID-19 pandemic, Enbridge demonstrated resilience, exceeding its financial guidance. The company's strategy remains centered on enhancing the value of its existing assets across its Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation businesses, while also pursuing opportunities in the energy transition. Key strategic priorities include ensuring safe and reliable operations, enhancing returns from core businesses through optimization and efficiency, executing its capital program, maintaining financial strength and flexibility, and adapting to the evolving energy landscape. Enbridge made significant progress in 2020, advancing the Line 3 Replacement Program, securing rate settlements for its Gas Transmission business, growing its Gas Distribution utility, expanding its European offshore wind portfolio, and setting ambitious ESG goals, including net-zero GHG emissions by 2050. The company also strengthened its balance sheet through asset sales and cost reductions.
Feb 12, 2021
2019-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2019
This 10-K filing from Enbridge Inc. (ENB) provides an overview of its corporate governance structure, focusing on the Board of Directors, executive compensation, and director compensation for the fiscal year ending December 30, 2019. The report details the profiles, independence, and committee participation of the directors, highlighting their qualifications and ownership of Enbridge securities. A significant portion of the filing is dedicated to executive compensation, outlining the company's pay-for-performance philosophy, the structure of incentive plans (short-term, medium-term, and long-term), and specific compensation decisions for Named Executive Officers (NEOs) in 2019. Key aspects for investors include the alignment of executive compensation with strategic priorities and shareholder interests, as well as the detailed breakdown of base salary, short-term incentive payments, and medium- to long-term incentive awards. The filing also touches upon Enbridge's adherence to corporate governance best practices as a foreign private issuer and its relationships with external auditors. For directors, the compensation structure is designed to attract and retain qualified individuals, with a focus on aligning their interests with shareholders through retainers and equity holdings.
Mar 9, 2020
2019
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2019
Enbridge Inc. (ENB) demonstrated robust operational and financial performance in 2019, marked by strategic progress across its core business segments, including Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, and Renewable Power Generation. The company successfully completed significant projects, such as the Canadian Line 3 Replacement Program and brought new growth projects into service, contributing to increased earnings and operational efficiency. Asset monetization efforts continued, with the sale of non-core assets generating substantial proceeds. Enbridge also focused on optimizing its existing infrastructure, leading to higher throughput and improved financial results, including a notable increase in its common share dividend. Looking ahead, Enbridge remains committed to safety, operational reliability, and disciplined capital allocation, with a strategic focus on optimizing its core businesses, extending growth through secured capital programs, and adapting to the evolving energy landscape. The company's diversified asset base, long-term contracts, and strong financial position provide a solid foundation for continued stable cash flow generation and dividend growth.
Feb 14, 2020
2018
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2018
Enbridge Inc. reported solid performance in its 2018 10-K filing, highlighting significant progress on its strategic plan. The company successfully monetized approximately $7.8 billion of non-core assets, strengthened its balance sheet to meet long-term leverage targets ahead of schedule, and simplified its corporate structure by acquiring four publicly traded sponsored vehicles. The capital program remained robust, with $7 billion in new projects placed into service and advancement of the Line 3 Replacement Program through key regulatory milestones. Looking ahead, Enbridge is well-positioned with a streamlined business model and a strong financial footing. The company emphasized its commitment to safety and operational reliability as foundational to its strategy. Key priorities include maintaining financial strength through debt reduction and investment-grade ratings, executing its capital program efficiently, and extending growth beyond 2020 by focusing on core, low-risk, regulated pipeline and utility assets. The company anticipates generating $5 to $6 billion of available capital to reinvest internally from 2020 onwards.
Feb 15, 2019
2017
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2017
Enbridge Inc. (ENB) reported its 2017 fiscal year-end results in its February 2018 10-K filing. A major event for the company was the completion of its merger with Spectra Energy Corp. on February 27, 2017. This significantly expanded Enbridge's North American energy infrastructure footprint, particularly in natural gas transmission and midstream assets. The company's strategy focuses on growing its core pipeline and utility assets, while monetizing non-core businesses. Enbridge generated substantial operating revenues and highlighted strong performance in its Liquids Pipelines segment due to increased throughput and new assets. The company continues to execute a significant capital program, with $22 billion in secured projects expected through 2020, including major pipeline replacements and expansions. Enbridge also emphasized its commitment to safety, operational reliability, and strengthening its financial position, including efforts to accelerate deleveraging. Despite facing various regulatory and market risks common in the energy infrastructure sector, Enbridge maintained its commitment to delivering shareholder value through dividends.
Feb 16, 2018
2016
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2016
Enbridge's 2016 Form 40-F (filed February 17, 2017) shows a company whose earnings and cash flow are anchored in tolled, largely take-or-pay liquids pipelines, with 2016 EBIT of C$4,041 million and adjusted EBIT of C$4,662 million, up from C$4,156 million in 2015. Reported earnings attributable to common shareholders were C$1,776 million ($1.95 per share), a swing from a 2015 loss, helped by an C$850 million gain on the South Prairie Region sale and offset by roughly C$2 billion of impairments, including Sandpiper, Northern Gateway, and Eddystone Rail. ACFFO rose to C$3,713 million, and the dividend payout was 52% of ACFFO, above the 40%-50% target range. The dominant event is the pending C$37 billion (US$28 billion) stock-for-stock merger with Spectra Energy, expected to close in Q1 2017. It would create a company with about 50% non-liquids assets and a dividend increase of roughly 15%, with ongoing dividend growth targeted at 10%-12% per year through 2024. Enbridge's management highlights its low commodity price exposure, but investors should note the sponsored-vehicle structure (Fund Group and Enbridge Energy Partners), the growing reliance on those vehicles for funding, and that the Northern Gateway project is effectively cancelled. Debt capitalization improved to 62.1% from 65.5%, though credit outlooks were placed under review or negative after the merger announcement, and net available liquidity was about C$14.3 billion. The filing also flags execution and regulatory risk, including Line 3 replacement cost and schedule uncertainty, the Line 6B legal and penalty exposure, the Line 5 easement non-renewal by the Bad River Band, and continued oil sands and low-price headwinds for upstream production.
Feb 17, 2017
2015
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2015
Enbridge Inc. (NYSE/TSX: ENB) reported a net loss attributable to common shareholders of C$37 million (-C$0.04 per share) for fiscal 2015, versus earnings of C$1,154 million (C$1.39 per share) in 2014. The swing was driven largely by non-cash and one-time items: C$1,380 million of unrealized derivative fair value losses, a C$440 million goodwill impairment at Enbridge Energy Partners (EEP) natural gas and NGL businesses, and C$351 million of charges tied to the Canadian Restructuring Plan. Management's adjusted earnings, a non-GAAP measure, rose to C$1,866 million (C$2.20 per share) from C$1,574 million (C$1.90 per share), and available cash flow from operations (ACFFO) grew to C$3,154 million from C$2,506 million. Investors should weigh the adjusted figures against the GAAP loss, since the adjusting items are large and recurring in nature for a hedged midstream business. The defining event of the year was the September 1, 2015 Canadian Restructuring Plan, under which Enbridge transferred its Canadian Liquids Pipelines business and certain renewable assets to the Fund Group for C$30.4 billion of consideration, raising Enbridge's economic interest in the Fund Group to 91.9% (later 89.2% after a November equity issuance). This sponsored-vehicle strategy supports a 14% dividend increase to C$0.53 per quarter effective March 2016, with a stated payout target of 40-50% of ACFFO. The transaction also prompted credit rating downgrades: DBRS cut senior debt to BBB (high), Moody's to Baa2, and S&P to BBB+, all with stable outlooks. Looking forward, Enbridge's roughly C$18 billion of remaining secured growth projects are expected in service by 2019, with about C$2 billion coming online in 2016. Key execution and regulatory risks include the Canadian Line 3 Replacement Program (C$4.9 billion), Sandpiper (US$2.6 billion), and Northern Gateway, the last of which faces ongoing judicial review and a substantially higher cost estimate. Crude oil prices falling below US$30 per barrel in January 2016 introduce volume and producer-investment risk, though management states that its largely take-or-pay and tolling structures should limit the impact on earnings and cash flow.
Feb 19, 2016
2014
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2014
Enbridge Inc. (NYSE/TSX: ENB) filed its Form 40-F for fiscal 2014 on February 19, 2015, reporting record growth-capital execution and a strengthening earnings base. Earnings attributable to common shareholders rose to C$1,154 million ($1.39 per share) from C$446 million in 2013, while adjusted earnings, the non-GAAP measure management uses for its dividend policy, grew 10% to C$1,574 million ($1.90 per share). Approximately C$10 billion of growth projects were placed into service in 2014, including Flanagan South and Seaway Pipeline Twin, and the commercially secured backlog expanded to C$34 billion, with more than C$9 billion scheduled for 2015. Reported earnings are heavily distorted by unrealized derivative mark-to-market swings (about C$320 million net in 2014), so investors should anchor on adjusted earnings and cash flow. Cash from operations was C$2,547 million, below 2013 largely because of working-capital timing, while capital expenditures reached C$10.5 billion and debt capitalization rose to 63.1%. The most consequential items for investors are capital structure and funding. Long-term debt increased to C$33.4 billion, and management is relying on sponsored vehicles to fund growth. The planned Canadian Restructuring Plan would transfer roughly C$17 billion of Canadian Liquids Pipelines assets to Enbridge Income Fund, targeted for mid-2015. Dividend policy was reset with a 33% increase to C$0.465 per quarter and a new payout range of 75%-85% of adjusted earnings. Credit ratings were placed on negative watch (S&P Watch-Negative, Moody's Negative-Developing, DBRS Under Review-Developing) following the announcement, and none had been changed as of filing. Key risks include a sharp fall in crude prices in late 2014 (WTI-referenced benchmarks fell from over US$100 to about US$55 per barrel), execution risk on a large project slate, regulatory and litigation exposure (Northern Gateway judicial review, Sierra Club challenge to Flanagan South, and Line 6B crude release costs estimated at US$1.2 billion), and rising interest and preference-share costs. Management argues that tolls-based, take-or-pay contract structures limit direct commodity exposure, so earnings and cash flow are not expected to be materially affected by low prices.
Feb 19, 2015
2013-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2013
This document is Amendment No. 1 (Form 40-F/A) to Enbridge Inc.'s annual report for the fiscal year ended December 31, 2013. Enbridge filed it on May 6, 2014, to correct typographical errors in the PricewaterhouseCoopers LLP auditor's report, which was included as Exhibit 99.6 of the original filing dated February 14, 2014. The corrected report is attached as Exhibit 99.3. The amendment states that no other changes were made to the original filing or its other exhibits. The filing contains no financial statements, operating results, revenue, earnings, or balance-sheet figures. Its only substantive financial data point is that 831,107,036 common shares were outstanding as of December 31, 2013. Investors seeking Enbridge's 2013 financial performance should consult the original February 14, 2014 Form 40-F. The corrected auditor's report carries an unqualified opinion. PwC concluded that Enbridge's consolidated financial statements for 2013, 2012, and 2011 present fairly, in all material respects, in accordance with U.S. GAAP. It also concluded that the company maintained effective internal control over financial reporting as of December 31, 2013, based on COSO's 1992 framework. The amendment does not change these conclusions.
May 7, 2014
2013
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2013
Enbridge Inc. (TSX/NYSE: ENB) reported 2013 results in its Form 40-F filed February 14, 2014, with all figures in Canadian dollars under U.S. GAAP. Earnings attributable to common shareholders fell to $446 million ($0.55 per share) from $602 million ($0.78) in 2012, but this decline is driven largely by non-cash, unrealized derivative mark-to-market losses (about $843 million combined across the year per the quarterly data). Management's adjusted earnings, a non-GAAP measure, rose to $1,434 million ($1.78 per share) from $1,241 million ($1.61), a 10.5% increase, which better reflects operating momentum. Operating cash flow increased to $3,341 million from $2,874 million, and capital expenditures reached $8,235 million as the company built out its growth program. The company's growth backlog of commercially secured projects is approximately $29 billion, anchored by three market access programs (Gulf Coast Access at $5.8B, Eastern Access at $2.7B, and Light Oil Market Access at $6.2B). Approximately $5 billion of projects were placed into service during 2013. Liquids Pipelines delivered most of the adjusted earnings growth, led by the Canadian Mainline under the 10-year Competitive Toll Settlement. Funding was substantial: $1.4B of preference shares, $600M of common shares, and $2.8B of medium-term notes were issued, and the Board raised the quarterly dividend 11% to $0.35 per share effective March 1, 2014. Investors should weigh the strong operational trajectory against significant execution, financing, and regulatory exposures, including the Line 6B crude oil release cost estimate of US$1.12 billion (more than the US$650 million insurance policy limit), the pending Northern Gateway decision, and the Line 37 release. Liquidity remained substantial, with net available liquidity of $12.9 billion and a debt-to-capitalization ratio of 58.2% (down from 60.2%). Credit ratings were investment grade (S&P A-, Moody's Baa1, DBRS A(low)), with stable outlooks. The company's stated payout target is 60% to 70% of adjusted earnings, and 2013 payout was 71%, at the upper end of that range.
Feb 14, 2014
2012
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2012
Enbridge Inc. (ENB) reported 2012 results under U.S. GAAP (first year of U.S. GAAP reporting), with earnings attributable to common shareholders of C$610 million, or C$0.79 per share, down from C$820 million (C$1.09) in 2011. The decline is driven largely by non-operating items: a C$537 million unrealized mark-to-market loss in Energy Services, a C$105 million after-tax impairment on Gulf of Mexico Offshore assets, and C$56 million of taxes on an intercompany gain. Management emphasizes adjusted earnings, which rose to C$1,249 million (C$1.62 per share) from C$1,100 million (C$1.46), a 11% increase, supported by Canadian Mainline performance under the Competitive Toll Settlement, new Seaway Pipeline service, and growth at Aux Sable and the Fund. Dividends were raised 12% to C$0.315 quarterly, a 70% payout of adjusted earnings for 2012. Growth remains the central investment theme. Enbridge added about C$14 billion of commercially secured projects in 2012, bringing its inventory to roughly C$27 billion, with in-service dates through 2016. Three market access programs (Gulf Coast, Eastern and Light Oil, totaling about C$14.7 billion) are designed to route Western Canadian and Bakken crude to U.S. Gulf Coast and eastern markets. Financing was extensive: C$2.7 billion of preference shares, C$400 million of common equity, and C$2.2 billion of medium-term notes were issued. The company reports a 61.4% debt-to-capitalization ratio and sustained investment-grade ratings (A- at S&P, Baa1 at Moody's, A(low) at DBRS). Key risks include pipeline leak liabilities from the EEP Line 6B release (estimated at US$820 million, before insurance), regulatory and toll challenges, cost and schedule risk on the project backlog, the pending Northern Gateway decision, and the write-down of the Cabin Gas Plant investment.
Feb 15, 2013
2011
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2011
Enbridge Inc. (TSX/NYSE: ENB) reported fiscal 2011 results in its Form 40-F filed February 22, 2012, with earnings attributable to common shareholders of C$991 million (C$1.32 per share), up from C$963 million (C$1.30) in 2010. Management emphasizes adjusted earnings, which exceeded C$1.0 billion for the first time at C$1,110 million (C$1.48 per share, up 11%). Growth came from the Regional Oil Sands System, the Canadian Mainline under the new 10-year Competitive Toll Settlement (CTS), Aux Sable, Energy Services, and renewable power assets. Reported earnings were held back by roughly C$132 million of unrealized derivative and foreign exchange losses, a C$98 million non-recurring tax charge on an intercompany gain, and C$33 million of share costs for the Line 6A/6B crude oil releases, partly offset by C$50 million of insurance recoveries. The balance sheet grew to C$34.3 billion in total assets, and cash from operations rose to C$2.7 billion from C$1.85 billion. Enbridge spent C$2.5 billion on capex and closed the C$1.2 billion acquisition of a 50% interest in the Seaway Crude Pipeline, along with a 71% interest in the Cabin Gas Plant (about C$1.1 billion). The company reports approximately C$13 billion of commercially secured growth projects due in service between 2011 and 2015, plus a further C$35 billion of identified opportunities through 2020. The dividend was raised 15% to C$0.2825 per quarter effective March 2012, and the company targets a 60–70% payout of adjusted earnings. For investors, the main risks are the unresolved liability from the Line 6B release (estimated at US$765 million, with a claim of about 25 lawsuits and insurance limits being exceeded), dependence on commodity and FX hedging, regulatory and toll challenges (including Southern Lights and Westspur), and execution risk on growth projects. The company also begins its transition to U.S. GAAP on January 1, 2012, and financial statements are reported in Canadian dollars.
Feb 22, 2012
2010
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2010
Enbridge Inc. (NYSE/TSX: ENB) reported FY2010 earnings applicable to common shareholders of C$963 million, or C$2.60 per share, down from C$1,555 million (C$4.27) in 2009, as 2009 benefited from a C$329 million gain on the OCENSA sale and large unrealized derivative and foreign exchange gains that did not recur. Adjusted earnings, a non-GAAP measure management uses for dividend targeting, rose 15% to C$984 million (C$2.66 per share) from C$855 million, driven by growth projects entering service, including the C$2.2 billion Canadian Alberta Clipper segment and the Southern Lights Pipeline, plus stronger Gas Distribution and Sponsored Investments results. Revenue rose to C$15.1 billion from C$12.5 billion, largely on higher commodity sales. The company placed C$6.5 billion of growth projects into service in 2010 and reports a further C$30 billion of opportunities under development, with about C$2.5 billion of capital spending planned for 2011. Operating cash flow was C$1,851 million, which, together with financing, funded capital expenditures of C$2,357 million. Total debt rose and the debt-to-capitalization ratio (excluding non-recourse debt) increased to 65.0% from 63.6%, within a management target range of 60% to 70%. Ratings remain investment grade, with stable outlooks. Key risks include a July 2010 Line 6B crude oil release and a September 2010 Line 6A release on Enbridge Energy Partners' Lakehead System, with estimated after-tax costs to Enbridge of about C$103 million charged in 2010 and potential additional costs and fines. Other risks include regulatory uncertainty over the Canadian mainline toll (the ITS was rolled forward a year), the pending Northern Gateway pipeline (estimated C$5.5 billion, in service late 2016 at the earliest), and a planned two-for-one stock split subject to shareholder approval on May 11, 2011. The dividend was raised 15% to C$0.49 per quarter, effective March 2011.
Feb 23, 2011
2009
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2009
Enbridge Inc. (ENB) reported 2009 earnings applicable to common shareholders of C$1,555 million, or C$4.27 per common share, up from C$1,321 million (C$3.67) in 2008. The increase is flattered by non-recurring items: a C$329 million gain on the sale of its OCENSA interest and a C$25 million gain on NetThruPut, and by unrealized derivative and foreign exchange gains. Adjusted earnings, the company's non-GAAP measure, rose to C$855 million, or C$2.35 per share, from C$677 million (C$1.88). Revenue fell to C$12.5 billion from C$16.1 billion, mainly because lower natural gas and crude prices reduced commodity sales. The company describes its business as low-risk, with over 85% of earnings from regulated businesses and over 80% of revenues volume-protected. The main investment story is growth. Enbridge completed more than C$4.8 billion of growth projects in 2007–2009, has C$7 billion of commercially secured projects due in 2010–2011, and sees about C$30 billion of further opportunities under development. Capital expenditures were C$3.2 billion in 2009, and expected 2010 spending is about C$2.5 billion. Major projects include Alberta Clipper (in-service targeted April 1, 2010), Southern Lights, and the Woodland and Northern Gateway projects. Operating cash flow rose to C$2.0 billion from C$1.4 billion. The company is funding growth with debt, and its debt-to-capitalization ratio was 63.6%, within its 60–70% target. Ratings are A- (S&P), Baa1 (Moody's), and A (DBRS). Key risks include regulatory and toll-setting uncertainty, including the pending Incentive Tolling Settlement extension and a shipper petition against the Alberta Clipper US tariff. Other risks are project execution and cost overruns, Aboriginal opposition to Northern Gateway, and the ongoing Bloor Street explosion matter at EGD. Note that the filing is a Form 40-F prepared under Canadian GAAP in Canadian dollars, and the figures above are not U.S. GAAP.
Feb 19, 2010
2008
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2008
Enbridge Inc. (NYSE: ENB) filed its 2008 annual report on Form 40-F on February 20, 2009, incorporating its Annual Information Form, audited consolidated financial statements, and MD&A (all in Canadian dollars under Canadian GAAP). Reported 2008 earnings applicable to common shareholders were C$1,320.8 million (C$3.67 per share), up sharply from C$700.2 million in 2007, but this was inflated by a one-time C$556.1 million after-tax gain on the sale of its 25% stake in CLH. Adjusted earnings, the figure management uses to set dividend policy, rose to C$677.3 million (C$1.88 per share) from C$636.5 million (C$1.79), a more representative measure of underlying growth of roughly 6%. The company is in a heavy capital investment cycle. Additions to property, plant and equipment reached C$3.6 billion in 2008 and management expects roughly C$3.7 billion of capital spending in 2009, with major liquids pipeline projects including Alberta Clipper, Southern Lights, Southern Access and Line 4 Extension. Total assets grew to C$24.7 billion and total debt to about C$11.6 billion, with the debt-to-capitalization ratio around 63% against a 60%-70% target range. Management highlighted about C$6.5 billion of committed credit facilities, a C$225 million increase in January 2009, and a plan to use the Dividend Reinvestment Plan to reduce cash needs. Key risks for investors include the commodity price decline and oil sands project deferrals that could slow future pipeline demand, the regulatory and tolling framework (including the incentive tolling settlement expiring in 2009), execution risk on large projects, the income-trust tax changes affecting Enbridge Income Fund from 2011, and credit ratings that sit in the lower investment-grade range (BBB/Baa3-area for preferred shares, A-/Baa1 for senior debt, with DBRS outlook negative).
Feb 20, 2009
2007
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2007
Enbridge Inc. (NYSE/TSX: ENB) reported 2007 earnings applicable to common shareholders of C$700.2 million, or C$1.97 per share (diluted C$1.95), up from C$615.4 million (C$1.81) in 2006. Management attributes the increase mainly to colder-than-normal weather and strong results at Enbridge Gas Distribution (EGD), lower corporate interest expense, higher earnings from Enbridge Energy Partners (EEP), and a favorable Canadian tax change. Revenue rose about 12% to C$11.9 billion, though much of that reflects pass-through gas commodity sales and Tidal Energy trading volumes rather than pipeline growth. Adjusted operating earnings were C$636.5 million (C$1.79 per share), and the dividend of C$1.23 per share equaled roughly 69% of adjusted operating earnings, within the 60-70% payout target. The central investor issue is the growth program. Capital spending reached C$2.3 billion in 2007 (cash investing outflow C$2.26 billion), and management expects roughly C$3.7 billion of total spending in 2008, including about C$2.8 billion on organic growth projects. Commercially secured projects total about C$12.4 billion and are targeted for completion through 2011, with management citing roughly 10% average annual organic EPS growth over four years. Funding relies on operating cash flow, debt and equity; the company issued C$566 million of new equity in February 2007, and debt-to-capitalization was 62.7% excluding non-recourse debt. Ratings were stable at Moody's and S&P but DBRS placed its outlook on Negative in November 2007. Key risks include execution and cost overruns on large pipeline projects, Alberta royalty changes effective 2009 that could slow oil sands development, the Tax Fairness Plan's 29.5% distribution tax on Enbridge Income Fund from 2011, and weather sensitivity at EGD. The company also announced in February 2008 that it is evaluating a sale of its 25% stake in CLH, the Spanish refined products pipeline, with proceeds earmarked for growth projects.
Feb 22, 2008
2006
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2006
Enbridge Inc. (NYSE/TSX: ENB) reported 2006 earnings applicable to common shareholders of C$615.4 million, or C$1.81 per share, up from C$556.0 million (C$1.65) in 2005. Revenue rose 26% to C$10.64 billion, driven largely by Gas Distribution and Services, which contributed most of the top line. Earnings growth was supported by the Enbridge crude oil mainline (higher Terrace and ITS earnings, lower oil loss costs), strong results at Enbridge Energy Partners and Aux Sable, and a C$48.9 million benefit from 2006 tax rate reductions. These gains were partly offset by a weather-driven decline at Enbridge Gas Distribution (EGD), where warmer-than-normal 2006 weather cut earnings by about C$36.9 million. The company is in a heavy capital-spending phase, with about C$1.58 billion invested in 2006 and roughly C$2.5 billion budgeted for 2007. Major growth projects include Southern Access, Alberta Clipper (C$1.5 billion Canadian segment), Southern Lights (US$1.3 billion), Waupisoo, and the Hardisty Terminal. Management projects organic growth of 6% to 9% annually over the next five years and targets a dividend payout of 60% to 70% of adjusted operating earnings. Dividends per common share were C$1.15 in 2006, and the board subsequently raised the quarterly dividend to C$0.3075. Investors should note several risk items: Moody's placed Enbridge's ratings under review for possible downgrade, EGD cannot issue new long-term debt until it meets an interest coverage test, the Canadian government's Tax Fairness Plan could reduce income trust distributions from 2011, and the company completed a C$581 million equity raise in February 2007 to fund growth. The filing is a Form 40-F, and the financial statements are prepared under Canadian GAAP with a U.S. GAAP reconciliation in the notes.
Feb 27, 2007
2005-A
ENBRIDGE INC Annual Report (Amendment), Year Ended Dec 31, 2005
This filing is Amendment No. 1 to Enbridge Inc.'s Form 40-F for fiscal year 2005, filed November 24, 2006. Its purpose is narrow: it replaces the audited financial statements exhibit (Exhibit 99.7) because the auditor's report and pages 50-51 were inadvertently omitted from the original March 2006 filing. The amendment does not update or restate any other information. The financial statements show Enbridge reported 2005 revenues of C$8,453.1 million (up 8% from C$7,807.8 million), net earnings applicable to common shareholders of C$556.0 million (down from C$645.3 million in 2004), and diluted EPS of C$1.63 versus C$1.91. The decline was driven largely by the absence of a 2004 gain on the AltaGas disposal (C$121.5 million pre-tax) and lower income from equity investments, partly offset by higher transportation revenue and growth in Gas Pipelines and Liquids Pipelines. Balance sheet growth was substantial. Total assets rose to C$17.2 billion from C$14.9 billion, mainly because consolidating the Enbridge Income Fund (EIF) under the new VIE guidance added about C$1.7 billion of assets and about C$1.3 billion of liabilities. Long-term debt plus non-recourse debt increased meaningfully, and goodwill grew to C$367.2 million from C$31.5 million. Operating cash flow was C$903.5 million, while capital expenditures on property, plant and equipment were C$680.6 million, and common dividends paid were C$361.1 million (C$1.04 per share). The company also disclosed a pending late-payment-penalty class action, a Bloor Street explosion prosecution, a CAPLA landowner class action, and an IRS challenge to a subsidiary's tax position that could reduce earnings by up to about US$60 million.
Nov 24, 2006
2005
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2005
Enbridge Inc. (NYSE/TSX: ENB) reported fiscal 2005 results in its Form 40-F, filed March 2006, showing total revenues of C$8,453.1 million (up from C$7,807.8 million in 2004) and earnings applicable to common shareholders of C$556.0 million, or C$1.65 per share (diluted C$1.63), versus C$645.3 million (C$1.93) in 2004. The year-over-year decline is largely explained by the absence of the C$97.8 million after-tax gain on the 2004 sale of the AltaGas Income Trust investment, the 15-month results for gas distribution in 2004 that were not repeated, and lower interest expense that partly offset these headwinds. Operating earnings were supported by the newly acquired Enbridge Offshore Pipelines (contributing C$11.8 million despite hurricane disruptions), higher Gas Distribution earnings from customer growth, and consolidation of Enbridge Income Fund under new VIE rules beginning January 1, 2005. The company's strategic posture centers on a large organic growth pipeline, including the Gateway oil sands export and condensate import projects, Waupisoo, Southern Access Mainline expansion (with EEP), and the Alberta Clipper line, alongside a new 60%-70% dividend payout target adopted in Q4 2005. Dividends paid on common shares rose to C$1.04 per share in 2005 (after the two-for-one stock split in May 2005), and management targets organic growth averaging 6% over five years. Balance sheet leverage remained manageable, with a debt-to-capitalization ratio of 64.5% (including short-term borrowings, excluding non-recourse debt), and undrawn committed credit facilities of C$3,454.8 million supporting liquidity. Investors should weigh the strong growth pipeline and the dividend increase against execution risk on multi-billion-dollar projects that remain subject to regulatory approval and shipper agreements, exposure to hurricane and weather events in the Gulf of Mexico and Ontario, and the company's reliance on regulated tolls and incentive settlements. The filing also discloses several contingencies, including the pending Supreme Court-directed late payment penalty repayment at EGD, the CAPLA class action, and an IRS challenge at Enbridge Energy Company with up to roughly US$60 million potential earnings impact.
Mar 7, 2006
2004
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2004
Enbridge Inc.'s FY2004 Form 40-F (filed March 17, 2005) shows a company in growth mode: earnings applicable to common shareholders were C$645.3 million (C$3.86 per share) versus C$667.2 million (C$4.03) in 2003, a decline driven mainly by the absence of the 2003 gain on the sale of assets to Enbridge Income Fund. Revenue rose 35% to C$6,540.5 million, largely because Gas Distribution and Services now includes 15 months of Enbridge Gas Distribution results following its change of year-end, which added about C$57.2 million of earnings. Operating income grew to C$1,083.5 million from C$891.4 million, and the 2004 results also include a C$97.8 million after-tax gain on the sale of AltaGas Income Trust. The balance sheet expanded to C$14.9 billion in total assets, driven by the C$754 million acquisition of the Enbridge Offshore System in the Gulf of Mexico, closed December 31, 2004. Management has laid out a growth pipeline tied to Canadian oil sands, including interim agreements with Surmont and Long Lake shippers, a planned Athabasca expansion, and the proposed 390 km Waupisoo Pipeline. Debt to capitalization was 65.1%, and common dividends rose to C$1.83 per share, consistent with a stated target of 50-60% of adjusted operating earnings. Key risks for investors include high leverage, the expiry of the Incentive Tolling Settlement on December 31, 2004 with new tolls still under negotiation, regulatory and rate-setting exposure at EGD, weather sensitivity in gas distribution, and the pending Spearhead reversal and related project costs. The filing also discloses ongoing litigation, including a late-payment penalty class action and a CAPLA landowner claim.
Mar 17, 2005
2003
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2003
Enbridge Inc. (ENB) filed its Form 40-F annual report for fiscal 2003, covering results reported in Canadian dollars under Canadian GAAP. Consolidated earnings applicable to common shareholders rose to C$667.2 million ($4.03 per share) in 2003, up from C$576.5 million ($3.60 per share) in 2002. Continuing-operations earnings improved sharply from C$334.2 million in 2002, though the comparison is distorted by the 2002 Energy Services gain and 2002 Midcoast writedown. The 2003 result includes a C$169.1 million after-tax gain on the sale of assets to Enbridge Income Fund, and colder-than-normal weather added roughly C$46.1 million after tax at Enbridge Gas Distribution. Total revenue rose to C$4,855.3 million from C$4,547.5 million, and the common dividend increased to C$1.66 per share. The balance sheet strengthened during the year. Total assets grew to C$13.8 billion, and the debt-to-equity ratio (including short-term borrowings, excluding joint-venture non-recourse debt) fell to 61.4% from 64.4%, largely due to proceeds from the Enbridge Income Fund transaction. Growth came from increased stakes in the Alliance and Vector gas pipelines, the Cushing-to-Chicago crude pipeline (Spearhead reversal expected in 2004), and the Hardisty cavern storage facility. Investors should note that the filing also discloses an informal SEC inquiry into the 2002 Midcoast sale and EEP unit offering, which management believes will not be material, and that the Venezuelan Jose Terminal earnings were no longer recognized from February 2003. Key forward-looking items include the renewal of the Incentive Tolling Settlement on the Enbridge Liquids system expiring December 31, 2004, the OEB decision framework for Enbridge Gas Distribution, the pending Shell asset acquisition by EEP (about US$115 million), and the final US$65 million CCPS payment due by year-end 2004. Management expects continued volume growth from Alberta oil sands.
Apr 26, 2004
2002
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2002
Enbridge Inc. (NYSE/TSX: ENB) reported 2002 Earnings Applicable to Common Shareholders of C$576.5 million, or C$3.60 per share, up from C$458.5 million (C$2.91) in 2001. However, that headline figure is flattered by a one-time after-tax gain of C$240.0 million on the sale of its Energy Services business. Earnings from continuing operations were C$334.2 million (C$2.09 per share), down from C$413.2 million (C$2.63). Management's adjusted earnings, which strip out one-time items and weather effects, rose to C$428.4 million (C$2.67 per share) from C$387.8 million (C$2.47), a more representative view of underlying growth. All figures are in Canadian dollars and the filing is a Form 40-F, prepared under Canadian GAAP with a U.S. GAAP reconciliation in Note 19. The year was largely about portfolio reshaping and balance-sheet repair. Enbridge sold its retail Energy Services business for C$1 billion and sold the U.S. assets of Enbridge Midcoast Energy to Enbridge Energy Partners for US$820 million, which generated an after-tax loss of C$82.2 million. The Midcoast sale was paired with the IPO of Enbridge Energy Management, and Enbridge's effective interest in the Partnership rose to 14.1%. The company also reduced its debt-to-equity ratio to 64.4% from 72.9%. Growth investments included a 25% stake in Spain's CLH for about C$431 million, a step-up in Alliance Pipeline to 37.1%, and continued Terrace expansion work. Enbridge Gas earnings fell on warmer weather, and the company faces an informal SEC inquiry into the Midcoast transaction, which management says will not be material. For investors, the key forward items are growth in liquids pipelines tied to oil sands volumes (Terrace Phase III adding roughly 140,000 bpd in 2003), the regulatory outcome of Enbridge Gas's 2003 rate case, and the quarterly dividend, which was raised to C$0.415 from C$0.38 in January 2003. The SEC inquiry and the Venezuelan Jose Terminal force majeure situation are the main risks flagged in the filing.
Mar 28, 2003
2001
ENBRIDGE INC Annual Report, Year Ended Dec 31, 2001
Enbridge Inc. (ENB) submitted this Form 40-F (annual report of a Canadian issuer) to the SEC on paper on May 9, 2002, covering the period ended December 31, 2001. For paper submissions, the SEC's EDGAR system keeps only an index record with a placeholder document, so the filing's contents are not available electronically and there is nothing to summarize. The record confirms that the filing was made and when. For Enbridge Inc.'s results and disclosures from this period, see its electronic filings from around May 2002.
May 9, 2002