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Enbridge Inc. Q2-2020 Earnings & Price Target Update

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Enbridge Inc. (TSX, NYSE:ENB) is a Canadian based energy infrastructure company with assets of $164.6B as Jun-30-2020 compared to $86B as of Dec-31-2016. The significant increase in assets resulted mainly from the acquisition of Spectra Energy in Jul-2017 for $77B, $33B in capital development from 2017-2020 less dispositions of approximately $10B, mainly from the power generation segment. The acquisition of Spectra Energy Inc. transformed Enbridge from an oil pipeline focused company to include natural gas transportation and distribution and expanded their presence in the southern Ontario utilities business. Total capital projects planned are $11B of secured projects at various stages of execution. Approximately $5B of the $11B secured growth capital remains to be spent through 2022. As projects come in to service from 2020 and 2023 this is forecast to provide $2.5B of incremental cash flows inclusive of the Line 3 completion costing $9B. The individual projects that make up the secured program are supported by long-term take-or-pay contracts, cost-of-service frameworks or similar low risk commercial arrangements and are diversified across a wide range of business platforms and regulatory jurisdictions. They operate in five business segments: oil pipelines contributing 55% of EBIDTA; natural gas pipelines -30%; natural gas utilities-10%; power and transmission-5%. Enbridge delivers an average of 65% of U.S. bound Canadian crude oil exports.

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.

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