Enbridge(US:ENB)2025-02-14 12:01Financial Performance - Full-year GAAP earnings were $5.1 billion or $2.34 per common share, a decrease from $5.8 billion or $2.84 per common share in 2023[2]. - Full-year adjusted earnings increased to $6.0 billion or $2.80 per common share, compared to $5.7 billion or $2.79 per common share in 2023[2]. - Full-year adjusted EBITDA rose by 13% to $18.6 billion, up from $16.5 billion in 2023[2]. - Distributable cash flow (DCF) for the year was $12.0 billion, a 6% increase from $11.3 billion in 2023[2]. - Adjusted earnings for Q4 2024 increased by $277 million, totaling $1,640 million, with adjusted earnings per share rising to $0.75[62]. - Full year adjusted earnings increased by $294 million compared to 2023, reaching $6,037 million, with adjusted earnings per share slightly up to $2.80[62]. - Enbridge reported an adjusted EBITDA of CAD 5,130 million for Q4 2024, up from CAD 4,107 million in Q4 2023, representing a 24.9% increase[89]. - The company's adjusted earnings for Q4 2024 were CAD 1,640 million, compared to CAD 1,363 million in Q4 2023, reflecting a growth of 20.4%[89]. - Enbridge's total EBITDA for the twelve months ended December 31, 2024, was CAD 16,885 million, slightly increasing from CAD 16,304 million in the previous year[88]. Growth and Investments - Enbridge completed a $19 billion acquisition of three leading U.S. gas utilities, enhancing its position in the North American market[6]. - The company placed $5 billion of organic projects into service in 2024 and sanctioned $8 billion of new organic projects during the year[2][25]. - The secured growth backlog now stands at approximately $26 billion, supported by commercial frameworks consistent with Enbridge's low-risk model[25]. - Enbridge plans to file a settlement in principle for Algonquin Gas Transmission with the FERC in Q1 2025, with rates expected to be effective December 1, 2024[29]. - The company is investing in new technologies including hydrogen, renewable natural gas, and carbon capture and storage to enhance its energy delivery infrastructure[76]. - Enbridge's strategic priorities include expanding its North American natural gas, oil, and renewable power networks, as well as growing its European offshore wind portfolio[76]. Dividends and Shareholder Returns - Enbridge increased its 2025 quarterly dividend by 3.0% to $0.9425 per share, marking the 30th consecutive annual increase[2][23]. - The quarterly dividend per common share was increased by 3% to $0.9425, effective March 1, 2025[67]. Operational Metrics - Mainline volumes averaged 3.1 million barrels per day in 2024, exceeding guidance assumptions[4]. - Enbridge Gas Ontario reported volumes of 532 billion cubic feet in Q4 2024, down from 620 billion cubic feet in Q4 2023, with the number of active customers remaining stable at 3.9 million[46][47]. - Cash provided by operating activities for Q4 2024 was CAD 3,662 million, a decrease from CAD 3,812 million in Q4 2023[97]. - Total cash provided by operating activities for the twelve months ended December 31, 2024, was CAD 12,600 million, down from CAD 14,201 million in 2023[97]. Segment Performance - Enbridge's Liquids Pipelines segment reported adjusted EBITDA of CAD 2,395 million for Q4 2024, an increase of CAD 30 million compared to Q4 2023, and a full-year increase of CAD 219 million compared to 2023[43]. - Gas Transmission adjusted EBITDA reached CAD 1,272 million in Q4 2024, up CAD 188 million from Q4 2023, with a full-year increase of CAD 384 million compared to 2023, driven by acquisitions and favorable contracting[45]. - Gas Distribution and Storage adjusted EBITDA for Q4 2024 was CAD 1,015 million, a significant increase from CAD 519 million in Q4 2023, with a full-year increase of CAD 996 million compared to 2023[46][51]. - Liquids Pipelines segment reported an EBITDA of CAD 2,352 million for Q4 2024, down from CAD 2,439 million in Q4 2023, indicating a decrease of 3.6%[88]. - Gas Transmission segment achieved an EBITDA of CAD 1,150 million in Q4 2024, an increase of 10.2% from CAD 1,044 million in Q4 2023[92]. - Gas Distribution and Storage segment's EBITDA rose significantly to CAD 1,015 million in Q4 2024, compared to CAD 238 million in Q4 2023, marking a substantial increase of 326.9%[93]. - Renewable Power Generation segment reported an EBITDA of CAD 236 million for Q4 2024, recovering from a loss of CAD 146 million in Q4 2023[94]. Cash Flow and Expenditures - Distributable Cash Flow (DCF) for Q4 2024 increased by $342 million year-over-year, reaching $3,074 million, primarily due to higher adjusted EBITDA[59]. - Full year 2024 DCF increased by $724 million compared to 2023, totaling $11,991 million, driven by operational factors and higher investment income[59]. - Adjusted cash flow after changes in operating assets and liabilities for Q4 2024 was CAD 3,443 million, up from CAD 2,962 million in Q4 2023[97]. - Maintenance capital expenditures for Q4 2024 were CAD 370 million, an increase from CAD 270 million in Q4 2023[97]. - Distributions to noncontrolling interests for the twelve months ended December 31, 2024, totaled CAD 333 million, slightly down from CAD 363 million in 2023[97]. - Preference share dividends for the twelve months ended December 31, 2024, were CAD 388 million, compared to CAD 352 million in 2023[97]. Future Outlook - The company reaffirmed its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90[22]. - Forward-looking statements indicate expectations for continued growth in adjusted EBITDA and DCF per share, alongside anticipated benefits from recent acquisitions[71].