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Pipeline operator Enbridge forecasts higher 2022 core earnings -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Edmonton, Alberta Canada’s Enbridge Centre is visible October 6, 2021. REUTERS/Todd Korol/File Photograph

(Reuters) – Enbridge Inc, a Canadian pipe operator (NYSE 🙂 Inc forecasts higher core earnings in 2022. On Tuesday, Enbridge Inc also announced a share repurchase up to C$1.5billion ($1.18billion), betting on increasing demand for oil.

The recovery in shipping volumes is helping pipeline operators, as the energy price rebound has helped fuel demand rise and lifted them out of the COVID-19 lows.

It expects that 2022 EBITDA, or earnings before interest taxes, depreciation, and amortization, will be between C$15 billion and C$15.6 trillion. This is higher than the 2021 EBITDA expectations of C$13.9 to C$14.3billion.

Enbridge has also increased its quarterly dividend to 86 Canadian Cents per share effective March.

According to the company’s three-year plan it expects to have C$5 to C$6 trillion of annual investment potential. It also stated that C$1.1 billion has been approved for new capital projects.

A pipeline operator forecasts 2022 distributable liquidity per share at C$5.20 to C$5.50. This is about 9% to 10% more than their 2021 guidance.

($1 = 1.2682 Canadian dollars)

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