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Enbridge Inc. Q1-2019 Earnings & Price Target Update

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Enbridge Inc. (TSX, NYSE:ENB) is a Canadian based energy infrastructure company with assets of $166.9B at Dec-31-2018 compared to $162.1B at Dec-31-2017 and $85.2B 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. Asset sales include the receipt of $5.7B from non-core asset sales and $1.8B of sales proceeds expected in 1H-2019. Capital expenditures for 2019-2021 total $16B, the largest project is the Canadian and US Mainline Expansion (Line 3) for $9B. Final approvals have been received from all provinces and states except Minnesota. During Q4-2018 they acquired the minority interests in their sponsored vehicles. The financial results for Enbridge Energy Inc. (ENB) now include 100% of Spectra Energy(SEP-NYSE), Enbridge Energy Partners(EEP-NYSE) and Enbridge Income Fund Holdings(ENF-TSX).

They operate in five business segments: oil pipelines contributing 45% of distributable cash; natural gas pipelines and midstream -28%; natural gas utilities 18%; power and transmission-5% and Energy services -4%. 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.

The Liquids segment is comprised of the world's longest crude oil and liquids transportation pipeline (Line 3). This line connects the Canadian oil sands to US Gulf Coast refineries.

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