TSE:ENB – Minnesota groups raise concerns over Enbridge’s pipeline plans

Two environmental groups have asked Minnesota regulators to take another look at Enbridge Inc.’s (TSE:ENB, Mkt cap 53.08B, P/E 40.04, Div/yield 0.53/3.71, EPS 1.43, Shares 934.23M) proposed oil pipeline in the northern part of the state.

TSE:ENB - Minnesota groups Enbridge pipeline plans

TSE:ENB – Minnesota groups raise concerns over Enbridge’s pipeline plans

MPR News reported on Monday that the Minnesota Center for Environmental Advocacy and Friends of the Headwaters had filed a motion with Minnesota’s Public Utilities Commission. The groups allege that Enbridge has made inconsistent claims about plans to replace Line 3, the company’s 1,031-mile pipeline that carries crude from Alberta across northern Minnesota.

The project, first announced in 2014, is described by as Enbridge as a replacement program in which all remaining segments of the nearly 50-year-old line are replaced with a new pipeline. As well as maintaining safety, the new line would allow Enbridge to boost capacity from 390,000 to 760,000 barrels per day.

Enbridge has said it will decommission the existing Line 3 pipeline.

But the environmental groups claimed on Monday that a recent proposed settlement between Enbridge and the U.S. Department of Justice over oil spills in Michigan and Illinois appears to allow the company to reuse the original Line 3, even after the new pipeline has been built.

“They’re telling the state one thing, that they’ll permanently deactivate the existing pipeline — leave it in the ground — and they’re telling the federal government an entirely different thing,” Kevin Lee, staff attorney with the Minnesota Center for Environmental Advocacy (MCEA), told MPR News.

MCEA and Friends of the Headwaters want the state to launch a new scoping period for the environmental impact statement for the Line 3 project. They said that this would allow the public to comment on “the true and accurate dimensions” of the project.

If regulators agree to this request it would further delay the approval process.

Enbridge Inc (TSE:ENB) is a Calgary-based energy transportation and distribution company. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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TSE:ENB – Enbridge agrees C$37bn purchase of Spectra Energy

Pipeline operators Enbridge Inc (TSE:ENB, Mkt cap 54.26B, P/E 39.21, Div/yield 0.53/3.79, EPS 1.43, Shares 934.23M) and Spectra Energy Corp (NYSE:SE) have agreed to merge in a deal valued at C$37bn (US$28bn).

TSE:ENB Enbridge Spectra Energy

Enbridge Inc (TSE:ENB) and Spectra Energy have agreed to merge in a deal valued at C$37bn

Canadian company Enbridge said on Tuesday that the combination will create the largest energy infrastructure company in North America and one of the largest in the world, with a pro-forma enterprise value of around C$165bn (US$127bn).

That surpasses major industry players including Kinder Morgan, Energy Transfer Partners and Enterprise Products Partners, Forbes reported.

Al Monaco, president and CEO of Enbridge, said that the acquisition of Houston-based Spectra “is transformational for both companies and results in unmatched scale, diversity and financial flexibility with multiple platforms for organic growth.”

Bloomberg noted that the acquisition comes amid a wave of consolidation in the pipeline industry, after lower oil and natural gas prices reduced demand for shipments and as building new projects becomes increasingly difficult because of local opposition.

Under the terms of the deal, Spectra shareholders will receive 0.984 shares of the combined company for each share of common stock they own. The consideration is valued at US$40.33 per Spectra Energy share, based on the closing price of Enbridge common shares on September 2, 2016, representing a premium of about 11.5%.

Enbridge shareholders will own approximately 57% of the combined company, with Spectra shareholders owning approximately 43 percent. The combined company will be called Enbridge Inc.

Both companies’ boards of directors have approved the acquisition and it is expected to close in the first quarter of 2017, subject to shareholder approval and regulatory clearance.

Enbridge Inc (TSE:ENB) is a Calgary-based energy transportation and distribution company. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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Enbridge (TSE:ENB) Q2 profit takes a hit from Alberta wildfires

Enbridge Inc. (TSE:ENB, Mkt cap 48.48B, P/E 29.65, Div/yield 0.53/4.03, EPS 1.77, Shares 929.23M) has reported a drop in profit for the second quarter after wildfires in northeastern Alberta forced the Calgary-based pipeline company to cut production and temporarily close certain pipelines and terminal facilities.

TSE:ENB Enbridge profit Alberta wildfire

Alberta wildfires hit Enbridge (TSE:ENB) Q2 profit

Net income for the three months ended June 30, 2016 were $301m or 33 cents per share, down from $577m or 68 cents per share in the same quarter last year.

The wildfires in May 2016 were a significant reason for the decrease.

Reporting its quarterly results on Friday, Enbridge said it took longer than originally anticipated for oilsands production to resume. Average deliveries for May and June were down by approximately 255,000 barrels per day — 10% lower than just before the fires.

The results include a $12m after-tax expense for bringing pipelines and facilities back into service following the Alberta wildfires.

“We worked closely with our customers and by the end of May, the majority of our systems were operating normally,” said Al Monaco, president and CEO. “While the wildfires tempered a record start to the year, the impact was transitory and is not expected to have a lasting effect.”

Q2 profit was also affected by a C$103m after-tax impairment related to Enbridge’s 75% joint venture interest in Eddystone Rail, a rail-to-barge transloading facility in the greater Philadelphia, Pennsylvania area that delivers Bakken and other light sweet crude oil to Philadelphia area refineries. Demand for Eddystone Rail services has dropped significantly due to lower prices for the crude oil it handles.

Adjusted earnings were $456m or 50 cents per share, compared with $505m or 60 cents per share in the second quarter of 2015.

Enbridge Inc is a Calgary-based energy transportation and distribution company. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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TSE-ENB : Enbridge agrees settlement over 2010 pipeline spills

Pipeline company Enbridge Inc (TSE-ENB, Mkt cap 48.48B, P/E 29.65, Div/yield 0.53/4.03, EPS 1.77, Shares 929.23M) has entered into a settlement with the U.S. Department of Justice and U.S. Environmental Protection Agency to resolve claims relating to oil spills in Marshall, Michigan, and Romeoville, Illinois, in 2010.

TSE-ENB Enbridge settlement pipeline spills

TSE-ENB : Enbridge agrees settlement over 2010 pipeline spills

Under the terms of the consent decree Enbridge will pay civil penalties totaling $62m for Clean Water Act violations after the discharge of at least 20,082 barrels of oil from its Line 6B pipeline in Marshall in July 2010 and at least 6,427 barrels of oil from the Line 6A pipeline in Romeoville in September 2010.

Additionally, Enbridge has agreed to spend at least $110m on a series of measures to prevent spills and improve operations across nearly 2,000 miles of its pipeline system in the Great Lakes region.

The U.S. Government alleged that, despite numerous alarms in its control room, Enbridge failed to recognize that Line 6B had ruptured for at least 17 hours. Much of the oil that was discharged entered Talmadge Creek and flowed into the Kalamazoo River, which flows to Lake Michigan.

Flooding caused by heavy rains pushed the discharged oil over the river’s banks into its flood plains and accelerated its migration over 35 miles downstream before it was contained.

Enbridge replaced the entire 285-mile length of Line 6B with a new, larger pipeline in 2014.

Commenting after the settlement was announced on Wednesday, Enbridge Energy Partners president Mark Maki said: “From the beginning, we’ve taken responsibility for the Line 6B release. We accept the civil penalties and enhanced safety measures in the decree. The enhanced safety measures included in the decree are consistent with our approach to safety and integrity and our current practices and have largely been implemented over the past six years.”

Al Monaco, president and CEO of Enbridge, added: “The learnings from our experience have made us a better company and the way we think about safety has changed. Over the past six years, we’ve intensified our focus on the safety and integrity of our systems enterprise-wide and we’ve invested significantly in our people, processes, equipment and technology.

“Across Enbridge, our team is galvanized by our number one priority of safety and reliability of our systems and the protection of the public and the environment.”

Enbridge Inc is a Calgary-based energy transportation and distribution company. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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Enbridge (TSE-ENB) considering next steps after court overturns approval of Northern Gateway pipeline

Canadian energy delivery company Enbridge Inc (TSE-ENB, Mkt cap 52.43B, P/E 31.37, Div/yield 0.53/3.81, EPS 1.77, Shares 929.23M) has said that it remains “fully committed” to building the C$7.9bn Northern Gateway oil pipeline after a court overturned federal approval of the project.

TSE-ENB Enbridge Northern Gateway pipeline

Enbridge (TSE-ENB) considering next steps after court overturns approval of Northern Gateway pipeline

In a two-to-one decision announced on Thursday, the Federal Court of Appeal ruled that the government had failed in its duty to consult with aboriginal groups on the project. The court sent the matter back to Prime Minister Justin Trudeau’s cabinet for a “prompt redetermination”, Reuters reported.

The Northern Gateway pipeline was previously cleared by former Prime Minister Stephen Harper’s government in 2014. As a result, its construction was subject to more than 200 conditions set by a regulatory review panel in December.

After the project was approved, aboriginal and environmental groups filed legal challenges and planned blockades in an effort to halt construction of the pipeline, which would carry oil from the Alberta oil sands to a port in northern British Columbia for export to Asia.

The appeal court’s 153-page judgment stated that Canada’s consultation with First Nations communities was “brief, hurried and inadequate”. It claimed that the government failed to address their concerns and had not shown any intention to correct any errors or omissions in the original regulatory panel review, Reuters said.

“Missing was a real and sustained effort to pursue meaningful two-way dialogue. Missing was someone from Canada’s side empowered to do more than take notes, someone able to respond meaningfully,” the judges wrote.

Trudeau’s cabinet is now required to meaningfully engage with First Nations about the project before a new permit can be issued.

The Prime Minister said in April that he opposed the pipeline. He has also pledged to formalize an oil tanker ban on the northern coast of British Columbia, a policy thought likely to make the pipeline unfeasible.

Enbridge (TSE-ENB) said that it was was working with partners, including aboriginal groups

Responding to the court’s decision, Enbridge said that it was was working with partners, including aboriginal groups which support the project, to determine the next steps.

Enbridge Inc is a Calgary-based energy transportation and distribution company. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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Enbridge – project delays cloud better-than-expected Q4 profits

Enbridge Inc.’s (TSE:ENB, Mkt cap 38.20B, P/E – , Div/yield 0.53/4.88, EPS -0.06, Shares 867.61M) announcement of a better-than-expected profit for the fourth quarter was dented by the news that two of its pipeline projects face rising costs and delays of at least two years, the Financial Post reports.

Enbridge Q4 profits

Project delays cloud Enbridge’s better-than-expected Q4 profits

The Calgary-based pipeline operator managed to post a net profit of $378 million for the final three months of 2015, despite “one of the most dramatic downturns in the energy sector in decades”.

It declared itself satisfied that it was able to deliver “very strong adjusted earnings and cash flow growth for our shareholders that were in line with our expectations”, but was asked to address a growing list of projects facing delays.

One of the Enbridge projects caught in the regulatory quagmire is the $7.9 billion Northern Gateway, which is unlikely to get going before the end of the year, admitted Al Monaco, president and chief executive officer.

That is a concern because the National Energy Board permit for the pipeline is set to expire if the company does not start construction by the end of 2016, but the company says it will seek an extension.

Two other recent projects that have run into delays include a proposed $2.6 billion Sand Piper project intended to transport oil from North Dakota to Minnesota, while a $7.5 billion Line 3 Replacement Project is planned to run from Hardisty, Alta. to Wisconsin on the U.S. side, through Minnesota.

The Minnesota Public Utilities Commission has told Enbridge to submit an environmental impact statement before it commences work, but the pipeline operators feels the new requirements are “unprecedented and contrary” to Minnesota law, prompting it to file petitions to overturn the regulations.

EnEnbridge Inc is a Calgary-based energy transportation and distribution company. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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Charges Line 9 pipeline delay hurt Enbridge’s bottom line

One-time charges and a delay in start-up of a pipeline to Eastern Canada took a toll on Enbridge Inc.’s (TSE:ENB, Mkt cap 44.33B, P/E 230.04, Div/yield 0.47/3.59, EPS 0.22, Shares 863.65M) earnings in the third quarter, resulting in a net loss of $609 million (US$463 million), or 72 cents a share, for the period.

Line 9 pipeline delay hurt Enbridge bottom line

Charges Line 9 pipeline delay hurt Enbridge’s bottom line

Excluding one-time items, per-share profit came in 3 cents short of the 50-cent prediction made by Bloomberg analysts, the Financial Post reports.

The financials are also considerably weaker than the $80 million loss, or 10 cents, posted 12 months ago. The $529-million back-step is attributed to Enbridge having spent the last three months transferring assets to affiliates such as Enbridge Income Fund Holdings Inc. which contributed to $351 million in costs in the quarter.

In addition, $654 million of its earnings has been absorbed by one-time expenses related to changes in the value of derivatives. Meanwhile, the almost 12-mnoth delay of the reversal of Line 9, running from southern Ontario to Quebec, also contributed to lower adjusted earnings.

Canada’s largest pipeline company aims to spend $38 billion through 2019 on new projects including liquids and natural gas lines, as well as power generation and gas processing.

“Demand for pipeline capacity has been strong and the scalable and flexible nature of our liquids mainline has enabled us to increase throughput,” chief executive officer Al Monaco said in the statement.

Monaco also told investors last month that Enbridge will focus on expanding “low-cost, incremental” projects like pairing-up existing pipelines to provide producers with new transportation capacity as they grapple with low crude prices. The company’s $7.5-billion Line 3 replacement is the largest project.

Enbridge Inc. is a Canadian energy transportation and distribution company based in Calgary, Alberta. The Company operates in five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. Gas Distribution consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc. More from Reuters »

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Enbridge Inc – NEB gives go-ahead to Line 9 pipeline

The National Energy Board has given Enbridge Inc’s (TSE:ENB, Mkt cap 43.87B, P/E 227.68, Div/yield 0.47/3.63, EPS 0.22, Shares 856.71M) much-delayed Line 9 pipeline final approval, allowing the energy delivery firm to start sending oil from Western Canada to Ontario and Quebec, the Calgary Herald reports.

NEB Enbridge Line 9 pipeline

NEB gives go-ahead to Enbridge Line 9 pipeline

The announcement follows satisfactory results from hydrostatic testing of the line, an extra requirement the Board necessitated in June. The Line 9B reversal and Line 9 capacity expansion projects were initially given the go-ahead after a public hearing process in March 2014, subject to 30 conditions.

However, the independent federal regulatory tribunal revealed in a statement last week that are no further NEB pre-operation requirements.

“When the pipeline becomes operational there are strict conditions that have been imposed by the NEB including biweekly ground patrols, quarterly integrity testing and an additional in-line inspection within the first year of operation. Enbridge is also required to limit the pressure of the pipeline for its first year of operation,” the statement read.

Enbridge spokesman Graham White was enthusiastic about the news, but was cautious about putting a time on startup.

“Once Line 9 is returned to service, our goal is to operate it safely like we have done for close to 40 years,” he said in e-mail correspondence with the Herald.

“There are still some technical preparations that are required and line-fill is not an exactly timed process, so we will not speculate at this time on a specific date for return to full service.”

Meanwhile, Suncor, who are one of the leading beneficiaries of the Line 9B project, declared itself pleased with the approval, explaining how it is “critical infrastructure in terms of providing access to inland crude and providing supply options for our Montreal refinery.”

Enbridge Inc. is a Calgary, Alberta based energy transportation and distribution company. Enbridge operates 5 business segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals. The Gas Distribution segment consists of the Company’s natural gas utility operations. Gas Pipelines, Processing and Energy Services segment consists of investments in natural gas pipelines, gathering and processing facilities and the Company’s energy services businesses, along with renewable energy and transmission facilities. Sponsored Investments includes the Company’s 33.7% economic interest in Enbridge Energy Partners, L.P. (EEP), and Enbridge’s interests in both the Eastern Access and Lakehead System Mainline expansion projects held through Enbridge Energy, Limited Partnership (EELP). The Corporate segment includes an investment in Noverco Inc.

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