HIGHLIGHTS
(all financial figures are unaudited and in Canadian
dollars)
- Second quarter earnings were $11 million; six month earnings
were $275 million including unrealized non-cash mark-to-market
losses
- Second quarter and six months adjusted earnings increased 7%
to $277 million and 11% to $653 million, respectively
- Enbridge announced $3.2 billion of additional Eastern Access
and Mainline Expansion projects
- Seaway Pipeline reversal was completed providing an initial
150,000 barrels per day of crude oil transportation capacity from
Cushing, Oklahoma to the United States Gulf Coast
- Enbridge continued the execution of its financing plan with
the issuance of $1.06 billion in preference shares, $0.4 billion in
common shares and a unique $0.1 billion "Century" bond with a term
of 100 years
- Silver State North Solar Project and Greenwich Windfarm
celebrated grand openings
- Enbridge responds to the National Transportation Safety Board
report on the July 2010 Michigan crude oil release; and to the July
27, 2012 crude oil release in Wisconsin
Enbridge Inc. (TSX:ENB) (NYSE:ENB) - "Over the first half of
2012, Enbridge has continued to deliver steady performance, keeping
us on track with our full year adjusted earnings per share guidance
range of $1.58 to $1.74," said Patrick D. Daniel, Chief Executive
Officer.
2012 results reflected unrealized non-cash mark-to-market
accounting impacts related to the comprehensive long-term economic
hedging program Enbridge has put in place to mitigate exposures to
interest rate variability and foreign exchange, as well as
commodity price risks. These kinds of short-term non-cash impacts
to reported earnings are a result of Enbridge's hedging program,
which the Company believes over the long-term will support reliable
cash flows and dividend growth.
In May, Enbridge announced a suite of major additions to its
liquids pipelines infrastructure, totaling $3.2 billion. Enbridge
has secured commercial support to proceed with additional Eastern
Access projects including a 80,000 barrel per day (bpd) expansion
of Enbridge's Toledo Pipeline (Line 17) and a re-reversal of
Enbridge's 240,000 bpd Line 9B from Westover, Ontario to Montreal,
Quebec. Enbridge and Enbridge Energy Partners, L.P. (EEP) also
expect to proceed with supporting expansions of the United States
mainline system between Flanagan, Illinois and Sarnia, Ontario, and
expansion of Line 67 (Alberta Clipper) and Line 61 (Southern
Access).
"Our Eastern Access projects complement our previously announced
Gulf Coast Access projects in expanding access to new markets in
North America for growing production from western Canada and the
Bakken," said Mr. Daniel. "These market access projects and the
supporting mainline expansions are attractive investment
opportunities for Enbridge and EEP. The associated aggregate
investment of approximately $8 billion at attractive returns
provides substantial support for the extension of our 10% growth
rate in adjusted earnings per share through the middle of this
decade and beyond."
Mr. Daniel noted that Enbridge's expansion projects will also
provide substantial economic benefits to shippers and the local
economies in western Canada and the Bakken region in North Dakota
where the crude oil is produced, as well as in the midwestern
United States and eastern Canada where it will be refined.
"Communities along the routes of these pipelines will also
benefit from increased economic activity. Importantly, these
initiatives utilize existing energy corridors and pipelines that
minimize disruption to the environment and lessen the industry's
footprint."
Enbridge and its partner, Enterprise Products Partners, L.P.
(Enterprise), marked a significant milestone with oil first flowing
May 19, 2012 on the reversed Seaway Pipeline for delivery to the
United States Gulf Coast.
"We continue to make excellent progress in establishing a new
and much needed corridor from the Chicago area to the United States
Gulf Coast refining market," said Mr. Daniel. "With the completion
of the first phase of the reversal and expansion of the Seaway
Pipeline we've now added 150,000 bpd of new capacity out of the
Cushing hub and we expect to ramp this up to 400,000 bpd by the
beginning of 2013. Our Flanagan South Pipeline Project and existing
Spearhead Pipeline System, combined with the planned twinning of
the Seaway Pipeline, will bring total capacity from Chicago to the
United States Gulf Coast to approximately 850,000 bpd by mid-2014,
with low cost expandability beyond that. This will help to relieve
bottlenecks arising from an unprecedented growth outlook for North
American oil production, reduce price discounts for producers and
further reduce United States dependence on overseas imports."
Over the quarter, Enbridge continued to be active in equity
markets and building liquidity in support of the Company's suite of
investment opportunities, placing approximately $610 million in
preference shares; with a subsequent issue in July raising an
additional $450 million. During the quarter, the Company was also
successful in issuing 9.83 million common shares for gross proceeds
of approximately $400 million.
"In July, confidence in the long-term sustainability of
Enbridge's business model was demonstrated by the issuance of a
$100 million Century Bond with a 100-year term to maturity through
its subsidiary, Enbridge Pipelines Inc., the second Century Bond
ever issued by a Canadian corporation," said Mr. Daniel. Also in
July, a new US$675 million credit facility was secured by EEP,
bringing Enbridge's enterprise wide general purpose credit
facilities to $11.8 billion.
In green energy, Enbridge celebrated grand openings at the
Silver State North Solar Project (Silver State) in Nevada on May 7,
2012 and at the Greenwich Windfarm in Ontario on June 15, 2012.
"We're pleased to continue to advance our growth strategy in
renewable and alternative energy generation, creating environmental
benefits while generating stable and reliable cash flows," said Mr.
Daniel. "Since 2002, Enbridge has invested nearly $3 billion in its
growing North American portfolio of renewable and alternative
energy technologies which now includes eight wind farms, four solar
projects, a geothermal installation, a hybrid fuel cell and four
waste heat recovery facilities."
"Enbridge currently has in place the largest slate of attractive
commercially secured growth projects in the history of the Company,
supported by a team ready to execute and to lead the Company into
the next stage of its development. As we enter the latter half of
2012, we remain confident in our ability to achieve our strategic
objectives and to continue to deliver superior results to our
shareholders," concluded Mr. Daniel.
In early July, the National Transportation and Safety Board
(NTSB) issued a summary of its report on the July 2010 crude oil
leak in Michigan, followed shortly after by publication of its
final report.
On July 27, 2012, Enbridge confirmed a crude oil release on Line
14, owned by Enbridge Energy, Limited Partnership, a subsidiary of
EEP, near Grand Marsh, Wisconsin. Enbridge continues to make
significant clean up and restoration progress at the site and is
committed to thorough restoration as quickly as possible. Repair of
Line 14 is complete; however, the date for Line 14 to return to
service is indeterminate at this time. Enbridge will work with the
Pipeline and Hazardous Materials Safety Administration (PHMSA) to
meet all requirements that must be satisfied prior to the restart
of the line and will work with shippers to mitigate the impact of
this disruption to the maximum extent possible.
"At the time of the Marshall incident in July 2010, we
immediately accepted full responsibility and committed to do
whatever it took to make things right in the community, to fully
understand what happened, and to do what was necessary to work with
all parties to improve procedures and technology so that this
wouldn't happen again," said Mr. Daniel. "While we deeply regret
the incident on Line 14 this past week, our ability to quickly
detect and immediately respond to the leak thus limiting
environmental impacts is evidence of our ongoing commitment to
implement the learnings from 2010 and the enhancements we've made
over the past two years. We will continue to carefully examine the
report of the NTSB, as well as the findings from the investigation
of the Line 14 leak, to determine whether any further changes are
required. We apologize to those affected by the Line 14 incident
and we greatly appreciate the patience and cooperation of the
affected landowners and the community.
"Operational safety and reliability are our highest priorities,"
continued Mr. Daniel. "We are humbled by the incidents we have
experienced. Under the framework of our comprehensive Operational
Risk Management plan, we are applying our learnings, and have set
for ourselves the objective of delivering industry leading
performance across all of our existing operations. We will design
and build our growth projects to meet and exceed the expectations
of our stakeholders for the safe and reliable delivery of
energy."
SECOND QUARTER 2012 OVERVIEW
For more information on Enbridge's growth projects and operating
results, please see the Management's Discussion and Analysis
(MD&A) which is filed on SEDAR and EDGAR and also available on
the Company's website at
www.enbridge.com/InvestorRelations.aspx.
-- Earnings attributable to common shareholders of $11 million for the
second quarter of 2012 have decreased compared with the second quarter
of 2011 primarily due to the recognition of net unrealized fair value
losses on financial derivatives used to risk manage the profitability of
forward transportation and storage transactions and revaluation of
inventory in Energy Services, as well as foreign exchange and commodity
price risks inherent within the Competitive Toll Settlement.
-- Enbridge's second quarter adjusted earnings increased 7% to $277 million
as a result of increased contributions from Canadian Mainline and
Spearhead Pipeline, which benefited from strong volumes, partially
offset by decreased earnings from Enbridge Gas New Brunswick (EGNB) and
increased net Corporate segment financing costs.
-- On July 27, 2012, a release of crude oil was detected on Line 14 of
EEP's Lakehead System near Grand Marsh, Wisconsin. After detecting a
pressure drop on Line 14, Line 14 was immediately shut down and isolated
and emergency crews were promptly dispatched. The initial estimate of
volume of the oil released was approximately 1,200 barrels. EEP
estimates that its costs associated with repair of the pipeline and
remediation of this crude oil release will be approximately US$8 million
based on currently available information. Despite the efforts EEP has
made to ensure the reasonableness of its estimate, changes to the
estimated amounts associated with this release are possible as more
reliable information becomes available. Enbridge received a Corrective
Action Order (CAO) from the Pipeline and Hazardous Materials Safety
Administration (PHMSA) on July 30, 2012 and a follow on amendment to the
CAO on August 1, 2012 outlining additional requirements that must be
satisfied prior to the restart of Line 14. A substantial portion of the
additional requirements are consistent with actions already planned and
being implemented by Enbridge. Enbridge will review the requirements,
adjust its plans as required, and work with PHMSA to satisfy all of the
specified requirements on a timely basis. The date for Line 14 to return
to service remains indeterminate until such work is further progressed.
Enbridge will work with shippers to mitigate impacts to crude oil supply
to midwestern United States refineries to the maximum extent possible.
Enbridge does not anticipate the financial impact of a period of
suspended service on Line 14 will be material.
-- On July 10, 2012, the NTSB discussed the results of its investigation
into the Line 6B crude oil release that occurred near Marshall, Michigan
in July 2010 and subsequently posted its final report on July 26, 2012.
Enbridge and EEP have worked closely and cooperatively with the NTSB
throughout its investigation, and are now reviewing the report. Further
on July 2, 2012, EEP and Enbridge received a Notice of Probable
Violation (NOPV) from the PHMSA regarding this incident, which indicated
a US$3.7 million civil penalty. Enbridge has worked closely and
cooperatively with all federal and state agencies, including PHMSA,
throughout the investigation of the Line 6B accident, and is now
reviewing the NOPV in detail.
-- On June 19, 2012, Enbridge confirmed an oil release at its Elk Point oil
pumping station on Line 19 (Athabasca Pipeline), approximately 70
kilometres (44 miles) south of Bonnyville, Alberta and approximately 24
kilometres (15 miles) from the town of Elk Point. The release, which
occurred June 18, 2012, was largely contained within the pumping station
site with no risk to public health or safety. The area was secured and
clean-up operations began immediately. Volume estimates of the release
are approximately 1,400 barrels. After receiving approval from the
Energy Resources Conservation Board (ERCB), Enbridge safely restarted
the Elk Point pumping station on June 24, 2012. The ERCB and Enbridge
are continuing their investigations as to the cause of the incident
which appears to be the failure of a flange gasket.
-- Enbridge and Renewable Energy Systems Canada Inc. (RES Canada), an
affiliate of RES Americas, celebrated the grand opening of Enbridge's
99-megawatt (MW) Greenwich Windfarm on June 15, 2012. Located on the
northern shore of Lake Superior, the 99 MW project is expected to
generate enough clean electricity to meet the needs of about 34,000
households, potentially displacing about 107,000 tonnes of carbon
dioxide emissions annually. It is the first wind power facility to be
wholly located on Crown land in Ontario. The Greenwich Windfarm delivers
energy to the Ontario Power Authority under a Renewable Energy Supply
III (RES III) 20-year power purchase agreement. Comprising 43 Siemens
SWT-2.3 wind turbines, the project was constructed by RES Canada under a
fixed price, turnkey, engineering, procurement and construction
agreement.
-- Enbridge and Enterprise announced on May 19, 2012 that the Seaway
Pipeline began accepting crude oil at Cushing, Oklahoma for delivery to
the United States Gulf Coast. The reversal of the 805-kilometre (500-
mile), 30-inch diameter pipeline, which had been in northbound service
since 1995, provides North American producers with the infrastructure
needed to access more than four million bpd of Gulf Coast refinery
demand. The reversal will initially provide 150,000 bpd of capacity,
which is expected to increase to more than 400,000 bpd in the first
quarter of 2013 with additional modifications and increased pumping
capabilities.
-- On May 16, 2012, Enbridge announced it had secured commercial support to
proceed with additional Eastern Access projects totaling up to
approximately $2.6 billion. The Eastern Access initiative includes an
80,000 bpd expansion of the Toledo Pipeline, a reversal of the 240,000
bpd Line 9B from Westover, Ontario to Montreal, Quebec and the
previously announced reversal of Line 9A from Sarnia, Ontario to
Westover. Enbridge and EEP also expect to proceed with supporting
expansions of the United States mainline system between Flanagan,
Illinois and Sarnia, Ontario. The supporting mainline expansions include
expansion of the Spearhead North pipeline between Flanagan and Griffith,
Indiana, an additional 330,000 barrel tank at Griffith, replacement of
additional sections of Line 6B in Indiana and Michigan, as well as the
previously announced Line 5 expansion.
-- On May 16, 2012, Enbridge and EEP announced approximately US$0.4 billion
of projects to expand capacity of the Lakehead System mainline between
its origin near Neche, North Dakota, to its growing terminal hub in
Flanagan, Illinois, southwest of Chicago. The current scope of the
projects includes expansion of the Alberta Clipper pipeline (Line 67)
between the border and Superior, Wisconsin from 450,000 bpd to 570,000
bpd and expansion of the Southern Access pipeline (Line 61) between
Superior and Flanagan, Illinois from 400,000 bpd to 560,000 bpd. Both
projects require only the addition of pumping horsepower, with no line
pipe construction. The scope of the expansions remains under discussion
with shippers, which could lead to an upward revision to capacity and
cost.
-- Also on May 16, 2012, Enbridge announced an approximately $0.2 billion
expansion of the Canadian portion of the Alberta Clipper pipeline (Line
67). The current scope of the project will involve the addition of
pumping horsepower sufficient to raise the capacity of the Canadian
mainline by 120,000 bpd. The expansion remains subject to National
Energy Board approval and to finalization of scope and approval by
shippers, which could lead to an upward revision of capacity and cost.
-- On May 7, 2012, Enbridge celebrated the grand opening of the 50-MW
Silver State project in Clark County, Nevada. The facility was acquired
in March 2012 at an estimated cost of US$0.2 billion. Located 65
kilometers (40 miles) south of Las Vegas, Nevada, Silver State was
constructed under a fixed-price engineering, procurement and
construction agreement with First Solar. First Solar is providing
operations and maintenance services under a long-term contract and the
energy output is being delivered to NV Energy, Inc. under a 25-year
power purchase agreement.
-- On April 16, 2012, the Government of New Brunswick enacted a final rates
and tariffs regulation which set limits on gas distribution rates within
the province. Enbridge had advised on March 12, 2012, when the
regulation was still in draft form, that it faced a potential write down
of a significant portion of the value of its investment in EGNB, the New
Brunswick gas distribution utility. With the finalization of the
regulation, Enbridge confirmed a write down of $262 million. The impact
of this charge was recognized as a subsequent event in the Company's
2011 United States generally accepted accounting principles (U.S. GAAP)
consolidated financial statements, which were filed on May 2, 2012.
On April 26, 2012, the Company, Enbridge Energy Distribution
Inc. (EEDI) and EGNB, commenced an action against the Province of
New Brunswick in the New Brunswick Court of Queen's Bench, claiming
damages in the amount of $650 million as a result of the continuing
breaches by the province of the General Franchise Agreement it
signed with Enbridge in 1999. Additionally, on May 2, 2012, the
Company, EEDI and EGNB filed a Notice of Application with the New
Brunswick Court of Queen's Bench seeking a declaration from the
Court that the rates and tariffs regulation is invalid. The
Application was heard by the Court on July 24, 2012, but no
decision has yet been released. There is no assurance these actions
will be successful or will result in any recovery.
-- Since the end of the first quarter, the Company completed the following
financing transactions:
-- On July 18, 2012, Enbridge issued a $100 million Century Bond with a
term to maturity of 100 years through its subsidiary, Enbridge
Pipelines Inc., the second Century Bond ever issued by a Canadian
corporation.
-- On July 17, 2012, Enbridge completed an offering of Cumulative
Redeemable Preference Shares, Series N. Due to strong investor
demand, the size of the offering was increased to 18 million shares,
for aggregate gross proceeds of $450 million.
-- On July 6, 2012, a new US$675 million of credit facility was secured
by EEP, bringing Enbridge's enterprise-wide general purpose credit
facilities to $11.7 billion.
-- On June 8, 2012, Enbridge completed a public offering of 9.83
million common shares for gross proceeds of approximately $400
million.
-- On May 23, 2012, Enbridge completed an offering of Cumulative
Redeemable Preference Shares, Series L. Due to strong investor
demand, the size of the offering was increased to 16 million shares,
for aggregate gross proceeds of US$400 million.
-- On April 19, 2012, Enbridge announced the completion of the issue of
eight million Cumulative Redeemable Preference Shares, Series J for
aggregate gross proceeds of US$200 million.
DIVIDEND DECLARATION
On August 1, 2012, the Enbridge Board of Directors declared the
following quarterly dividends. All dividends are payable on
September 1, 2012 to shareholders of record on August 15, 2012.
----------------------------------------------------------------------------
Common Shares $ 0.28250
Preference Shares, Series A $ 0.34375
Preference Shares, Series B $ 0.25000
Preference Shares, Series D $ 0.25000
Preference Shares, Series F $ 0.25000
Preference Shares, Series H(1) $ 0.42470
Preference Shares, Series J(2) US$ 0.36990
Preference Shares, Series L(3) US$ 0.27670
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1. This is the first dividend declared for Preference Shares, Series H.
2. This is the first dividend declared for Preference Shares, Series J.
3. This is the first dividend declared for Preference Shares, Series L.
CONFERENCE CALL
Enbridge will hold a conference call on Thursday, August 2, 2012
at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to discuss the
second quarter 2012 results. Analysts, members of the media and
other interested parties can access the call at 617-597-5313 or
toll-free at 1-866-362-4666 using the access code of 40728322. The
call will be audio webcast live at
http://www.enbridge.com/InvestorRelations/Events.aspx. A webcast
replay and podcast will be available approximately two hours after
the conclusion of the event and a transcript will be posted to the
website within 24 hours. The replay at toll-free 1-888-286-8010 or
617-801-6888 (access code 46996724) will be available until August
9, 2012.
The conference call will begin with presentations by the
Company's Chief Executive Officer, the President and the Chief
Financial Officer, followed by a question and answer period for
investment analysts. A question and answer period for members of
the media will then immediately follow.
The unaudited interim Consolidated Financial Statements and
MD&A, which contain additional notes and disclosures, are
available on the Enbridge website at
www.enbridge.com/InvestorRelations.aspx.
Enbridge Inc., a Canadian company, is a North American leader in
delivering energy and one of the Global 100 Most Sustainable
Corporations. As a transporter of energy, Enbridge operates, in
Canada and the U.S., the world's longest crude oil and liquids
transportation system. The Company also has a significant and
growing involvement in the natural gas gathering transmission and
midstream businesses, and an increasing involvement in power
transmission. As a distributor of energy, Enbridge owns and
operates Canada's largest natural gas distribution company, and
provides distribution services in Ontario, Quebec, New Brunswick
and New York State. Enbridge employs more than 7,000 people,
primarily in Canada and the U.S., and is ranked as one of Canada's
Greenest Employers and one of the Top 100 Companies to Work for in
Canada. Enbridge's common shares trade on the Toronto and New York
stock exchanges under the symbol ENB. For more information, visit
www.enbridge.com. None of the information contained in, or
connected to, Enbridge's website is incorporated in or otherwise
part of this news release.
Forward-Looking Information
Forward-looking information, or forward-looking statements, have
been included in this news release to provide the Company's
shareholders and potential investors with information about the
Company and its subsidiaries and affiliates, including management's
assessment of Enbridge's and its subsidiaries' future plans and
operations. This information may not be appropriate for other
purposes. Forward-looking statements are typically identified by
words such as "anticipate", "expect", "project", "estimate",
"forecast", "plan", "intend", "target", "believe" and similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information or statements included or incorporated
by reference in this document include, but are not limited to,
statements with respect to: expected earnings or adjusted earnings;
expected earnings or adjusted earnings per share; expected costs
related to projects under construction; expected in-service dates
for projects under construction; expected capital expenditures;
estimated future dividends; and expected costs related to leak
remediation and potential insurance recoveries.
Although Enbridge believes that these forward-looking statements
are reasonable based on the information available on the date such
statements are made and processes used to prepare the information,
such statements are not guarantees of future performance and
readers are cautioned against placing undue reliance on
forward-looking statements. By their nature, these statements
involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results,
levels of activity and achievements to differ materially from those
expressed or implied by such statements. Material assumptions
include assumptions about: the expected supply and demand for crude
oil, natural gas and natural gas liquids (NGL); prices of crude
oil, natural gas and NGL; expected exchange rates; inflation;
interest rates; the availability and price of labour and pipeline
construction materials; operational reliability; customer project
approvals; maintenance of support and regulatory approvals for the
Company's projects; anticipated in-service dates; and weather.
Assumptions regarding the expected supply and demand of crude oil,
natural gas and NGL, and the prices of these commodities, are
material to and underlie all forward-looking statements. These
factors are relevant to all forward-looking statements as they may
impact current and future levels of demand for the Company's
services. Similarly, exchange rates, inflation and interest rates
impact the economies and business environments in which the Company
operates, may impact levels of demand for the Company's services
and cost of inputs, and are therefore inherent in all
forward-looking statements. Due to the interdependencies and
correlation of these macroeconomic factors, the impact of any one
assumption on a forward-looking statement cannot be determined with
certainty, particularly with respect to expected earnings or
adjusted earnings and associated per share amounts, or estimated
future dividends. The most relevant assumptions associated with
forward-looking statements on projects under construction,
including estimated in-service dates, and expected capital
expenditures include: the availability and price of labour and
pipeline construction materials; the effects of inflation and
foreign exchange rates on labour and material costs; the effects of
interest rates on borrowing costs; and the impact of weather and
customer and regulatory approvals on construction schedules.
Enbridge's forward-looking statements are subject to risks and
uncertainties pertaining to operating performance, regulatory
parameters, project approval and support, weather, economic and
competitive conditions, exchange rates, interest rates, commodity
prices and supply and demand for commodities, including but not
limited to those risks and uncertainties discussed in this news
release and in the Company's other filings with Canadian and United
States securities regulators. The impact of any one risk,
uncertainty or factor on a particular forward-looking statement is
not determinable with certainty as these are interdependent and
Enbridge's future course of action depends on management's
assessment of all information available at the relevant time.
Except to the extent required by law, Enbridge assumes no
obligation to publicly update or revise any forward-looking
statements made in this news release or otherwise, whether as a
result of new information, future events or otherwise. All
subsequent forward-looking statements, whether written or oral,
attributable to Enbridge or persons acting on the Company's behalf,
are expressly qualified in their entirety by these cautionary
statements.
Non-GAAP Measures
This news release contains references to adjusted
earnings/(loss), which represent earnings or loss attributable to
common shareholders adjusted for non-recurring or non-operating
factors on both a consolidated and segmented basis. These factors
are reconciled and discussed in the financial results sections for
the affected business segments. Management believes that the
presentation of adjusted earnings/(loss) provides useful
information to investors and shareholders as it provides increased
transparency and predictive value. Management uses adjusted
earnings/(loss) to set targets, assess performance of the Company
and set the Company's dividend payout target. Adjusted
earnings/(loss) and adjusted earnings/(loss) for each of the
segments are not measures that have a standardized meaning
prescribed by U.S. GAAP and are not considered GAAP measures;
therefore, these measures may not be comparable with similar
measures presented by other issuers.
HIGHLIGHTS
Three months ended Six months ended
June 30, June 30,
2012 2011 2012 2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
dollars, except per share amounts)
Earnings attributable to common
shareholders
Liquids Pipelines 119 197 310 333
Gas Distribution 20 40 98 142
Gas Pipelines, Processing and Energy
Services (114) 77 (225) 103
Sponsored Investments 65 64 131 119
Corporate (79) (76) (39) (31)
----------------------------------------------------------------------------
11 302 275 666
Earnings per common share(1) 0.01 0.40 0.36 0.89
Diluted earnings per common share(1) 0.01 0.40 0.35 0.88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted earnings(2)
Liquids Pipelines 152 124 310 260
Gas Distribution 29 38 131 129
Gas Pipelines, Processing and Energy
Services 45 42 81 81
Sponsored Investments 60 56 127 109
Corporate (9) (2) 4 9
----------------------------------------------------------------------------
277 258 653 588
Adjusted earnings per common share(1) 0.36 0.34 0.86 0.78
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flow data
Cash provided by operating activities 984 696 1,632 1,859
Cash used in investing activities (1,475) (839) (2,403) (1,486)
Cash provided by/(used in) financing
activities 58 130 721 (171)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends
Common share dividends declared 217 190 438 378
Dividends paid per common share(1) 0.2825 0.2450 0.5650 0.4900
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Shares outstanding (millions)
Weighted average common shares
outstanding(1) 770 752 763 750
Diluted weighted average common
shares outstanding(1) 783 762 775 760
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating data
Liquids Pipelines - Average deliveries
(thousands of barrels per day)
Canadian Mainline(3) 1,659 1,459 1,673 1,532
Regional Oil Sands System(4) 298 291 315 310
Spearhead Pipeline 175 57 160 108
Gas Distribution - Enbridge Gas
Distribution (EGD)
Volumes (billions of cubic feet) 66 75 227 268
Number of active customers
(thousands)(5) 2,001 1,971 2,001 1,971
Heating degree days(6)
Actual 416 485 1,906 2,451
Forecast based on normal weather 478 495 2,248 2,297
Gas Pipelines, Processing and Energy
Services - Average throughput volume
(millions of cubic feet per day)
Alliance Pipeline US 1,536 1,519 1,582 1,601
Vector Pipeline 1,423 1,395 1,588 1,572
Enbridge Offshore Pipelines 1,602 1,732 1,552 1,741
----------------------------------------------------------------------------
----------------------------------------------------------------------------
1. Comparative amounts were restated to reflect two-for-one stock split
which was effective May 25, 2011.
2. Adjusted earnings represent earnings attributable to common shareholders
adjusted for non-recurring or non-operating factors. Adjusted earnings
and adjusted earnings per common share are non-GAAP measures that do not
have any standardized meaning prescribed by GAAP.
3. Canadian Mainline includes deliveries ex-Gretna, Manitoba which is made
up of United States and eastern Canada deliveries originating from
western Canada.
4. Volumes are for the Athabasca mainline and Waupisoo Pipeline and exclude
laterals on the Regional Oil Sands System.
5. Number of active customers is the number of natural gas consuming EGD
customers at the end of the period.
6. Heating degree days is a measure of coldness that is indicative of
volumetric requirements for natural gas utilized for heating purposes in
EGD's franchise area. It is calculated by accumulating, for the fiscal
period, the total number of degrees each day by which the daily mean
temperature falls below 18 degrees Celsius. The figures given are those
accumulated in the Greater Toronto Area.
Contacts: Enbridge Inc. Jennifer Varey Media (403) 508-6563 or
Toll Free: 1-888-992-0997jennifer.varey@enbridge.com Enbridge Inc.
Jody Balko Investment Community (403)
231-5720jody.balko@enbridge.com
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