Q4 2024 Enbridge Inc Earnings Call Transcript
Key Points
- Enbridge Inc (ENB) delivered record EBITDA and DCF per share in 2024, with a 13% increase in EBITDA over 2023.
- The company increased its dividend for the 30th consecutive year, maintaining its status as a dividend aristocrat.
- Enbridge Inc (ENB) closed the acquisition of three premier US natural gas utilities, creating the largest gas utility franchise in North America.
- The company added over $8 billion of organic projects to its backlog, diversified across all four of its franchises.
- Enbridge Inc (ENB) achieved its 19th consecutive year of meeting or exceeding financial guidance, highlighting the stability of its business model.
- The company faces potential challenges from tariffs, which could impact economic growth and energy demand.
- There are concerns about the political and regulatory environment, particularly regarding major infrastructure projects like Northern Gateway.
- The renewable energy sector has seen public equities underperform, which could impact future investments.
- Higher average interest rates and debt balances from recent acquisitions resulted in increased financing costs.
- The Calvados offshore project in Europe is delayed, now expected to enter service in 2027, later than originally scheduled.
Good morning, and welcome to the Enbridge Inc. Fourth Quarter 2024 Financial Results Conference call. My name is Rebecca Morley, and I'm the Vice President of Investor Relations.
Joining me this morning are Greg Ebel, President and CEO; Pat Murray, Executive Vice President and Chief Financial Officer; and the heads of each of our business units. Colin Gruending, Liquids Pipelines; Cynthia Hansen, Gas Transmission and Midstream; Michele Harradence, Gas Distribution and Storage and Matt Akman, Renewable Power.
(Event Instructions) Please note, this conference call is being recorded. As per usual, the call is being webcast and I encourage those listening on the phone to follow along with the supporting slides. We'll try to keep the call to roughly one hour and answer as many questions as possible. We will be limiting questions to one plus a single follow-up if necessary. We'll prioritize questions from the investment community, so if you are a member of the media, please direct your inquiries to our communications team who
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