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Enbridge Inc. Q3-2018 Earnings & Price Target Update

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Enbridge Inc. (TSX, NYSE:ENB) is a Canadian based energy infrastructure company with assets of $163B at Sept-30-2018 compared to $162B at Dec-31-2017 and $86B as of Dec-31-2016. The increase in assets since Dec-31-2016 resulted mainly from the acquisition of Spectra Energy in Jul-2017, $12B from capital development spending completed for 2017, 7B in 2018.

The $7B includes the US$1.3B NEXUS and US$0.2B TEAL gas pipeline projects that began service in October and the US$1.6B Valley Crossing gas pipeline project that is now complete and in service for November. Asset sales include the receipt of $5.7B from non-core asset sales and $1.8B of sales proceeds expected in 1H-2019. The $22B capital program remains on track. The Minnesota PUC has issued its Written Orders for the Certificate of Need and Route Permit for the Line 3 Replacement Project. Construction activities in Minnesota will commence in Q1-2019, bringing the full project into service in the second half of the year.

For 2019, $13B of assets is forecast to be completed including $9B for the Canadian and US Line 3 replacement program. The acquisition of Spectra Energy Inc. transformed Enbridge from an oil pipeline focused company into natural gas transportation and distribution. They operate in five business segments: oil pipelines contributing 50% of revenues; natural gas pipelines -30%; natural gas utilities; 15%; power and transmission-5%. Enbridge delivers an average of 2.8M barrels of crude oil each day through its Mainline and Express Pipeline; representing 65% of U.S. bound Canadian crude oil exports.

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