Enbridge Reports Third Quarter Adjusted Earnings of $269 Million or $0.34 Per Common Share

Marketwired

CALGARY, ALBERTA--(Marketwire - Nov 7, 2012) -

HIGHLIGHTS

(all financial figures are unaudited and presented in Canadian dollars)

  • Third quarter earnings were $189 million; nine month earnings were $464 million including unrealized non-cash mark-to-market losses
  • Third quarter and nine months adjusted earnings increased 13% to $269 million and 11% to $922 million, respectively
  • Al Monaco became President and Chief Executive Officer on October 1, 2012
  • Alberta Energy Resources Conservation Board approved $1.0 billion to $1.4 billion Woodland Pipeline Extension Project
  • Enbridge signed agreement with Suncor Energy Inc. for $0.2 billion expansion of Athabasca terminal facilities
  • Enbridge approved a $0.6 billion investment in Greater Toronto Area natural gas distribution infrastructure expansion
  • Enbridge entered into a midstream services relationship with Encana Corporation to develop gas gathering and compression facilities in the Peace River Arch region; deferred commissioning of Phase 1 and construction of Phase 2 of Cabin Gas Plant development
  • Enbridge continued the execution of its financing plan with the issuance of preference shares totaling gross proceeds of $850 million
  • Enbridge continued the execution of its sponsored vehicle drop down strategy with an agreement to transfer $1.2 billion of assets to Enbridge Income Fund
  • Enbridge selected to provide lateral pipeline for Heidelberg Gulf of Mexico offshore oil development

Enbridge Inc. (ENB.TO) (ENB) - "As we approach the end of 2012 with nine-month adjusted earnings of $922 million, or $1.20 per share, and a strong fourth quarter expected, we remain on track to achieve full year adjusted earnings per share well within our guidance range of $1.58 to $1.74," said Al Monaco, President and Chief Executive Officer (CEO). "With $18 billion in corporate-wide commercially secured growth projects today, we expect strong average annual earnings per share growth of 10% to 2016. Further, an additional $12 billion of highly probable, unsecured projects would accelerate earnings per share growth to 12%-plus over the next five years, with continued momentum into the latter part of the decade."

"North America is undergoing a transformation in crude oil and natural gas production, which is driving the need for significant new energy infrastructure. Enbridge is in the middle of that transformation and we''re uniquely positioned to benefit from new and emerging opportunities in energy infrastructure development. Our plate is very full and we expect this activity will continue to drive industry-leading growth. This exceptional array of attractive investments, coupled with our access to low-cost capital, supports our positive five-year growth outlook. Beyond that, we are gaining confidence that we will be able to sustain that growth through to the end of the decade given embedded growth in returns on secured investment opportunities, and the expected contribution from our new growth platforms, such as Canadian Midstream and electric power."

2012 results reflected unrealized non-cash mark-to-market accounting impacts related to the comprehensive long-term economic hedging program Enbridge Inc. (Enbridge or the Company) has put in place to mitigate exposures to interest rate variability and foreign exchange, as well as commodity prices. These kinds of short-term non-cash impacts to reported earnings result from Enbridge''s hedging program, which the Company believes over the long-term will support reliable cash flows and dividend growth.

Mr. Monaco became President and CEO October 1, 2012, succeeding Patrick D. Daniel on his retirement. Mr. Monaco and the Enbridge leadership team presented the Company''s strategic plan and growth outlook to the investment community in early October, outlining the three priorities that underpin that plan.

"Our first priority is to focus on the safety, reliability and environmental sustainability of our systems. We are committed to achieving industry leadership in all of these areas," said Mr. Monaco. "Second is to execute our slate of growth projects on time and on budget, adding value for our customers and delivering significant earnings and dividends growth for our shareholders. Key to achieving this priority will be to maintain our strong financial position. With confidence in our growth rate for the medium term, our third priority is to extend the growth rate beyond 2016 through our existing and new business platforms."

Over the third quarter of 2012, Enbridge continued to add to its slate of growth opportunities. In Liquids Pipelines, Enbridge received regulatory approval to construct the Woodland Pipeline Extension project, a 36-inch diameter 385-kilometre (228-mile) line that will effectively twin Enbridge''s existing Waupisoo Pipeline. The Woodland Pipeline Extension project is estimated to require, subject to approval of final commercial arrangements, an investment of approximately $1.0 billion to $1.4 billion for an initial capacity of 400,000 barrels per day (bpd), expandable to 800,000 bpd. Enbridge also announced an agreement for a $0.2 billion expansion of the existing infrastructure at its Athabasca Terminal to accommodate the incremental bitumen volumes from Suncor Energy Inc.''s (Suncor) Firebag 3 and 4 developments.

"The scale and scope of our existing regional infrastructure enables us to offer oil sands and Bakken producers cost-effective and timely regional transportation and terminaling solutions," said Mr. Monaco. "We also continue to work closely with our customers to meet their needs for access to new downstream markets, notably through our Gulf Coast Access and Eastern Access programs, and to enhance market connectivity which will help address significant North American price discounting."

In September, the Joint Review Panel (JRP) hearings on the Northern Gateway Pipeline project entered the formal questioning phase allowing for registered intervenors and Northern Gateway panel experts to be cross-examined on the project, under oath and in public, to fully investigate issues related to the project.

"The regulatory process is intended to consider all points of view and address concerns," said Mr. Monaco. "All of Northern Gateway''s plans and assertions - whether environmental, social or economic - are being fully tested. We remain confident the JRP will conclude that Northern Gateway is in Canada''s national interest."

Enbridge announced in October that it has entered into a midstream services relationship with Encana Corporation (Encana) to develop gas gathering and compression facilities in the Peace River Arch (PRA) region in northwest Alberta. Enbridge also announced it has agreed with the other partners of the Cabin Gas Plant (Cabin) development to defer the commissioning of Cabin Phase 1 and construction of Cabin Phase 2. Starting in December 2012, Enbridge expects to begin receiving fees for its investment made to date in Cabin, including costs expended on Phase 2 of the plant facilities.

"We expect our investment in Cabin and PRA will exceed the previous level of capital committed to Cabin Phases 1 and 2," said Mr. Monaco. "The investment has the same attractive commercial underpinning as our original Cabin investment."

On November 6, 2012, Enbridge announced it has been selected by Anadarko Petroleum Corporation (Anadarko) to build, own and operate a crude oil pipeline in the Gulf of Mexico to connect the proposed Heidelburg development, operated by Anadarko, to an existing third party pipeline system. Construction of the pipeline, which is expected to be operational by 2016, is subject to finalization of definitive agreements and sanction of the development by Anadarko and its project co-owners.

"Enbridge has a significant presence in the United States Gulf, transporting approximately 40% of deepwater natural gas production. The Heidelburg lateral pipeline will be our second crude oil pipeline in the Gulf contributing to the diversification of our offshore business," said Mr. Monaco.

In Gas Distribution, Enbridge announced investment of up to $0.6 billion to expand Enbridge Gas Distribution''s (EGD) natural gas distribution system in the Greater Toronto Area (GTA) to accommodate growth in the GTA, and continue the safe and reliable delivery of natural gas to current and future customers.

"Our proposed GTA project reflects the changing gas-supply landscape and represents the most significant upgrade to our distribution system in 20 years. The project will enable us to serve current and anticipated growth in our customers'' needs, enhance our flexibility to avoid customer impacts due to disruption of physical supply, and provide options to access additional supply sources for our customers," said Mr. Monaco. 

Over the third quarter, Enbridge continued to build liquidity in support of its five-year funding plan, issuing $850 million in Preference Shares and 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.

"We are the largest issuer of rate reset preference shares with $2.3 billion issued this year and $3.3 billion issued since July 2011. With a 4% yield, this is a very low cost and attractive source of capital for us," said Mr. Monaco.

Enbridge also advanced its sponsored vehicle strategy announcing on October 25, 2012 an agreement with Enbridge Income Fund (the Fund) to transfer a group of crude oil storage, wind power and solar power assets valued at $1.2 billion to the Fund. The transfer is subject to approval by the public shareholders of Enbridge Income Fund Holdings Inc. (ENF) at a meeting to be held December 7, 2012, and to the closing of a $222 million public offering of subscription receipts by ENF.

"The Enbridge sponsored investments provide us with a supplementary source of debt and equity funding," said Mr. Monaco. "With this transfer, Enbridge will receive initial net cash proceeds from the transaction of $222 million and a further $582 million when the Fund raises additional public term debt to refinance a bridge loan provided by Enbridge in connection with this transaction."

THIRD 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 $189 million for the third quarter of 2012 have increased compared with the third quarter of 2011. This increase primarily reflected a significant reduction in the net unrealized fair value losses on financial derivatives recognized in the third quarter of 2012 compared with 2011. The most significant reductions were on derivatives related to foreign exchange risk management positions, partially offset by increased unrealized losses associated with the revaluation of financial derivatives used to risk manage the profitability of transportation and storage transactions. Continued favourable performance resulting from increased volumes for a number of the Liquids Pipelines assets also contributed to the increase in earnings.
  • Enbridge''s third quarter adjusted earnings increased 13% to $269 million primarily as a result of increased contributions from Canadian Mainline and Spearhead Pipeline, which benefited from strong volumes, as well as contribution from the Company''s 50% interest in the Seaway Pipeline since the completion of the reversal in May 2012, partially offset by decreased earnings from Enbridge Gas New Brunswick and increased net Corporate segment costs.
  • On November 6, 2012, Enbridge announced it will build, own and operate a crude oil pipeline in the Gulf of Mexico to connect the proposed Heidelberg development, operated by Anadarko, to an existing third-party system. The Heidelberg lateral, which will be 20 inches in diameter and approximately 55 kilometres (34 miles) in length, will originate in Green Canyon Block 860, approximately 320 kilometres (200 miles) southwest of New Orleans and in an estimated 1,600 metres (5,300 feet) of water. Subject to finalization of definitive agreements and sanction of the development by Anadarko and its project co-owners, the lateral pipeline is expected to be operational by 2016.
  • On October 25, 2012, ENF and the Fund announced they had entered into an agreement with Enbridge pursuant to which Enbridge would transfer five entities, which comprise crude oil storage in Alberta and renewable energy assets in Ontario, to the Fund. The agreement contemplates that Hardisty Contract Terminal, Hardisty Storage Caverns, Greenwich Wind Project, and Amherstburg and Tilbury solar projects would be transferred for an aggregate price of approximately $1.2 billion, to be paid in part by the issuance of additional ordinary trust units of the Fund to ENF and additional Enbridge Commercial Trust preferred units to Enbridge. Under the agreement, Enbridge has agreed to provide bridge debt financing to the Fund for the balance of the price. The transaction is subject to all necessary approvals, including approval by the minority shareholders of ENF, as well as regulatory approval. If approved, and upon repayment of the bridge financing, the transaction is expected to provide Enbridge $0.8 billion of net funding for its large growth capital investment program.
  • On October 22, 2012, the Company agreed, subject to finalization of definitive agreements, to acquire from Encana certain sour gas gathering and compression facilities. These facilities, which are either currently in service or under construction, are located in the PRA region of northwest Alberta. Closing of the transaction is scheduled for December 2012. Following the completion of construction in 2013, Enbridge''s investment in the PRA Gas Development is expected to be approximately $0.3 billion. Enbridge is also working exclusively with Encana on facility scoping for development of additional major midstream facilities in the liquids-rich PRA region, which is expected to grow significantly in the years to come. Financial terms of the PRA Gas Development are expected to parallel previously established terms of the Cabin development. Enbridge has also agreed with its Cabin partners to defer commissioning of Phase 1 of the plant and construction of Phase 2.
  • On September 27, 2012, Enbridge announced that it had received approval from the Alberta Energy Resources Conservation Board to construct the Woodland Pipeline Extension Project. The project will involve construction of a 36-inch diameter line approximately 385 kilometres (228 miles) from Enbridge''s Cheecham regional oil sands terminal to its mainline hub terminal at Edmonton, effectively twinning Enbridge''s existing Waupisoo Pipeline. The project is estimated to require a total investment of approximately $1.0 billion to $1.4 billion for an initial capacity of 400,000 bpd, expandable to 800,000 bpd. The estimated investment remains subject to finalization of scope and a definitive cost estimate. The new line is expected to accommodate anticipated growth in production from the Kearl oil sands project, and is required for expected needs from other projects presently connected to or expected to be connected to Enbridge''s regional oil sands system. Enbridge has not yet received final commercial approval from shippers to initiate field construction, but anticipates it will do so in time to achieve a 2015 in-service date. Pre-construction development costs are being backstopped by shippers pending final commercial approval.
  • Also on September 27, 2012, Enbridge announced that it entered into an agreement with Suncor to expand the existing infrastructure at the Enbridge Athabasca Terminal to accommodate the incremental bitumen volumes from Suncor''s Firebag 3 and 4 developments. The approximately $0.2 billion expansion is expected to be in-service in the second quarter 2013. Enbridge will construct a new 350,000 barrel tank as well as additional infrastructure including new booster pumps, meters and modifications to existing piping and manifolds. Suncor has agreed to underpin Enbridge''s investment in these facilities through a long-term Services Agreement, under which Enbridge recovers all operating costs, a return on equity and all of its invested capital.
  • On September 6, 2012, Enbridge announced plans to expand EGD''s natural gas distribution system in the GTA to meet demands of growth in the GTA and continue the safe and reliable delivery of natural gas to current and future customers. At an expected cost of up to $0.6 billion, the proposed GTA project will consist of two segments of pipeline and related facilities to upgrade the existing distribution system that delivers natural gas to several municipalities in Ontario. Subject to Ontario Energy Board approval, construction is targeted to start in 2014, with an expected completion date of early 2016.
  • On July 27, 2012, a release of crude oil was detected on Line 14 of Enbridge Energy Partners, L.P.''s (EEP) Lakehead System near Grand Marsh, Wisconsin. The estimated volume of oil released was approximately 1,200 barrels. EEP received a Corrective Action Order (CAO) from the Pipeline and Hazardous Materials Safety Administration (PHMSA) on July 30, 2012, followed by an amended CAO on August 1, 2012. The CAOs required EEP to take certain corrective actions, some of which have already been completed and some are still ongoing, as part of an overall plan for its Lakehead System. A notable part of the CAOs was to hire an independent third party pipeline expert to review and assess EEP''s overall integrity program. An independent third party expert was contracted during the third quarter of 2012 and their work is currently ongoing. Upon restart of Line 14 on August 7, 2012, PHMSA restricted the operating pressure to 80% of the pressure in place at the time immediately prior to the incident. The pressure restrictions will remain in place until such time EEP can demonstrate that the root cause of the incident has been remediated.

    EEP has updated the disclosed estimate for repair and remediation related costs associated with this crude oil release to approximately US$12 million ($2 million after-tax attributable to Enbridge), inclusive of approximately US$2 million of lost revenue, and excluding any fines and penalties. 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. EEP will be pursuing claims under Enbridge''s comprehensive insurance policy, although it does not expect any recoveries to be significant.
  • On July 2, 2012, EEP received a Notice of Probable Violation from the PHMSA related to the July 26, 2010 Line 6B crude oil release, which resulted in payment of a US$3.7 million civil penalty in the third quarter of 2012. EEP included the amount of the penalty in its total estimated cost for the Line 6B crude oil release, which was increased from US$785 million ($131 million after-tax attributable to Enbridge) as at June 30, 2012 to US$810 million ($136 million after-tax attributable to Enbridge) as at September 30, 2012. In addition, on July 10, 2012 the National Transportation Safety Board presented the results of its investigation into the Line 6B crude oil release and subsequently publicly posted its final report on July 26, 2012. On October 3, 2012, EEP received a letter from the Environmental Protection Agency (EPA) regarding a Proposed Order for potential incremental containment and active recovery of submerged oil. EEP is in discussions with the EPA regarding the agency''s intent with respect to certain elements of the Proposed Order and the appropriate scope of these activities. As such, EEP has not included significant additional costs related to this Proposed Order in its total incident cost accrual and it is impracticable to provide an estimate at this time.
  • Since the end of the second quarter, the Company completed the following financing transactions:
    • On September 25, 2012, EEP completed the issuance of 16.1 million Class A Common Units for net proceeds of approximately US$447 million.
    • On September 13, 2012, Enbridge completed an offering of 16 million Cumulative Redeemable Preference Shares, Series P for aggregate gross proceeds of $400 million.
    • 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 18 million Cumulative Redeemable Preference Shares, Series N 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 $11.6 billion.

DIVIDEND DECLARATION

On October 24, 2012, the Enbridge Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2012 to shareholders of record on November 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 $ 0.25000
Preference Shares, Series J US$ 0.25000
Preference Shares, Series L US$ 0.25000
Preference Shares, Series N1 $ 0.37530
Preference Shares, Series P2 $ 0.21640
(1) This is the first dividend declared for Preference Shares, Series N.  
(2) This is the first dividend declared for Preference Shares, Series P.  

CONFERENCE CALL

Enbridge will hold a conference call on Wednesday, November 7, 2012 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to discuss the third quarter 2012 results. Analysts, members of the media and other interested parties can access the call at (617) 213-4850 or toll-free at 1-888-679-8038 using the access code of 82312523. The call will be audio webcast live at 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 34744052) will be available until November 14, 2012.

The conference call will begin with presentations by the Company''s Chief Executive Officer and 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 United States, 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. As a generator of energy, Enbridge has interests in close to 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interest in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs more than 10,000 people, primarily in Canada and the United States and is ranked as one of Canada''s Greenest Employers and one of Canada''s Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index and is also a constituent of the 2012/2013 FTSE4Good Index Series. Enbridge is also featured on the 2012 Carbon Disclosure Leadership Index. Our United States affiliate, Enbridge Energy Partners, is ranked as one of the 100 Most Trustworthy Companies in America. 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 date, and expected capital expenditures include: the availability and price of labour and 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 (earnings/(loss)) adjusted for unique or unusual, non-recurring or non-operating factors on both a consolidated and segmented basis. These factors, referred to as adjusting items, 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.

  Three months ended September 30,   Nine months ended September 30,  
  2012   2011   2012   2011  
(unaudited; millions of Canadian dollars, except per share amounts)                
Earnings attributable to common shareholders                
  Liquids Pipelines 280   (31 ) 590   302  
  Gas Distribution (18 ) (4 ) 80   138  
  Gas Pipelines, Processing and Energy Services (201 ) 46   (426 ) 149  
  Sponsored Investments 80   61   211   180  
  Corporate 48   (77 ) 9   (108 )
    189   (5 ) 464   661  
  Earnings per common share 0.24   (0.01 ) 0.60   0.88  
  Diluted earnings per common share 0.24   (0.01 ) 0.59   0.87  
Adjusted earnings1                
  Liquids Pipelines 191   150   501   410  
  Gas Distribution (18 ) (4 ) 113   125  
  Gas Pipelines, Processing and Energy Services 36   41   117   122  
  Sponsored Investments 69   61   196   170  
  Corporate (9 ) (9 ) (5 ) -  
    269   239   922   827  
  Adjusted earnings per common share 0.34   0.32   1.20   1.10  
Cash flow data                
  Cash provided by operating activities 740   689   2,372   2,548  
  Cash used in investing activities (1,619 ) (917 ) (4,022 ) (2,403 )
  Cash provided by financing activities 1,949   766   2,670   595  
Dividends                
  Common share dividends declared 225   191   668   569  
  Dividends paid per common share 0.2825   0.2450   0.8475   0.7350  
Shares outstanding (millions)                
  Weighted average common shares outstanding 780   750   769   751  
  Diluted weighted average common shares outstanding 792   761   781   760  
Operating data                
Liquids Pipelines - Average deliveries (thousands of barrels per day)                
  Canadian Mainline2 1,617   1,565   1,654   1,541  
  Regional Oil Sands System3 387   360   390   327  
  Spearhead Pipeline 155   56   157   91  
Gas Distribution - Enbridge Gas Distribution (EGD)                
  Volumes (billions of cubic feet) 45   43   272   311  
  Number of active customers (thousands)4 2,007   1,973   2,007   1,973  
  Heating degree days5                
    Actual 83   55   1,989   2,506  
    Forecast based on normal weather 80   82   2,328   2,379  
Gas Pipelines, Processing and Energy Services - Average throughput volume (millions of cubic feet per day)                
               
  Alliance Pipeline US 1,448   1,495   1,555   1,562  
  Vector Pipeline 1,384   1,359   1,519   1,500  
  Enbridge Offshore Pipelines 1,508   1,509   1,537   1,664  
(1) 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.  
(2) Canadian Mainline includes deliveries ex-Gretna, Manitoba which is made up of United States and eastern Canada deliveries originating from western Canada.  
(3) Volumes are for the Athabasca mainline and Waupisoo Pipeline and exclude laterals on the Regional Oil Sands System.  
(4) Number of active customers is the number of natural gas consuming EGD customers at the end of the period.  
(5) 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.  
Contact:
Enbridge Inc.
Jennifer Varey
Media
(403) 508-6563 or Toll Free: 1-888-992-0997
jennifer.varey@enbridge.com
Enbridge Inc.
Jody Balko
Investment Community
(403) 231-5720
jody.balko@enbridge.com

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