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Enbridge Reports 2015 Results

by pmnationtalk on February 19, 2016491 Views

CALGARY, ALBERTA–(Feb. 19, 2016) –


(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

  • Fourth quarter earnings were $378 million and full year loss was $37 million, both including the impact of a number of unusual, non-recurring or non-operating factors
  • Fourth quarter and full year adjusted earnings were $494 million and $1,866 million, respectively, or $0.58 and $2.20 per common share, respectively
  • Fourth quarter and full year available cash flow from operations (ACFFO) were $876 million and $3,154 million, respectively, or $1.03 and $3.72 per common share, respectively
  • Enbridge delivered record volume throughput on its liquids mainline system for the month of December
  • Enbridge continued to successfully execute its growth capital program, bringing 14 projects with a combined value of $8 billion into service during 2015
  • Enbridge expanded its renewable power generation portfolio in the fourth quarter through the acquisition of an onshore wind power project in West Virginia, United States and an interest in an offshore wind farm development in the United Kingdom
  • Enbridge announced the $0.5 billion acquisition of operating natural gas processing plants and associated pipelines in the Montney region of northeastern British Columbia
  • Enbridge raised its quarterly dividend by 14 percent to $0.53 per common share ($2.12 per share on an annualized basis) effective with the dividend payable on March 1, 2016
  • Enbridge provided its 2016 guidance for ACFFO of $3.80 to $4.50 per share, and adjusted earnings before interest and taxes of $4.4 to $4.8 billion
  • Enbridge was named to Canada’s Top 100 Employers and Canada’s Top Employers for Young People for 2016, and included in the Global 100 Most Sustainable Corporations for 2016

Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported fourth quarter adjusted earnings of $494 million, or $0.58 per common share, and annual adjusted earnings for 2015 of $1,866 million, or $2.20 per common share. ACFFO was $876 million, or $1.03 per common share, in the fourth quarter of 2015 while full year 2015 ACFFO was $3,154 million, or $3.72 per common share. Full year adjusted earnings per share and ACFFO per share increased by 15.8% and 23.2%, respectively, over the comparative full year period.

“Despite one of the most dramatic downturns in the energy sector in decades, we delivered very strong adjusted earnings and cash flow growth for our shareholders that were in line with our expectations,” said Al Monaco, President and Chief Executive Officer. “Our fourth quarter actually came in a bit stronger than we anticipated late last year due to stronger performance from the Canadian liquids business in December and lower overall operating and administrative costs. Our ability to deliver strong and predictable earnings and cash flow growth in the current environment is a reflection of the resilience of our low risk business model, which is built to withstand this type of downturn. The fundamentals for our business remain strong; we have minimal direct commodity price and volume exposure across our asset base, our financial position is strong and we maintain good access to capital.”

Mr. Monaco continued, “In the current low commodity price environment, we remain keenly focused on providing our customers with safe, low-cost and reliable transportation to key markets to ensure they receive the best netbacks. In 2015 we were able to leverage the scale and reach of our systems to increase capacity on our mainline by 230,000 barrels per day during the year and achieved new record deliveries ex-Gretna and on the Lakehead System of nearly 2.5 million and 2.6 million barrels per day, respectively, in the month of December.”

During the course of the year Enbridge completed and brought into service 14 development projects worth $8 billion, the majority of which were placed into service on time and on budget. “Executing projects well in today’s environment is no small feat so we are very pleased with this result,” said Mr. Monaco.

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