CALGARY, AB, Nov. 1, 2024 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported third quarter 2024 financial results, provided a quarterly business update, and reaffirmed its 2024 financial guidance and outlook.

Highlights

(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

Third quarter GAAP earnings of $1.3 billion or $0.59 per common share, compared with GAAP earnings of $0.5 billion or $0.26 per common share in 2023Adjusted earnings* of $1.2 billion or $0.55 per common share*, compared with $1.3 billion or $0.62 per common share in 2023Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.2 billion, an increase of 8%, compared with $3.9 billion in 2023Cash provided by operating activities of $3.0 billion, compared with $3.1 billion in 2023Distributable cash flow (DCF)* of $2.6 billion, in line with 2023Reaffirmed 2024 full year financial guidance; the Company expects to finish 2024 near the top end of the EBITDA range of $17.7 billion to $18.3 billion, and around the midpoint for DCF per shareClosed the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy, Inc. on September 30, 2024 for a purchase price of approximately US$3.2 billion (including US$1.3 billion of assumed debt)Closed the previously announced acquisition of additional docks and land adjacent to the Enbridge Ingleside Energy Center (EIEC) for ~US$0.2 billionSanctioned the Canyon System Pipelines, a ~US$0.7 billion project which will deliver crude oil and natural gas from BP Exploration & Production Company's (bp) recently sanctioned Kaskida development in the Gulf of MexicoAcquired a 15% interest in the Delaware Basin Residue (DBR) pipeline system in West Texas from I Squared Capital, extending the Permian strategy and customer service offeringSanctioned the 815 MW Sequoia Solar project in Texas, a US$1.1 billion development substantially underpinned by long-term power purchase agreements with AT&T and ToyotaAnnounced participation in the 177 MW third phase of the Fox Squirrel Solar project following completion of the second phase in August 2024