Benzinga | Dec 8, 2020 07:12AM EST

Enbridge Sees FY21 Distributable Cash Flow Per Share $4.50-$4.80

CALGARY, AB, Dec. 8, 2020 /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) announced its 2021 financial guidance and dividend and provided an update on its strategic priorities, which will be further discussed at the Company's virtual investor conference today.

Highlights

* Re-affirmation of 5-7% average long-term annual distributable cash flow (DCF) per share growth outlook, based on an equity self-funded model

* The Company expects full-year 2020 DCF per share to be near the mid-point of the $4.50 to $4.80 guidance range

* Announced 2021 Financial Guidance: 2021 projected DCF per share of $4.70 to $5.00, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $13.9 to $14.3 billion

* The Company declared its 26th consecutive annual common share dividend increase, raising it by 3% to $0.835/quarter ($3.34 annually), effective March 1, 2021

* Execution of the Company's $16 billion secured growth capital program continues to advance, generating approximately $2 billion of expected EBITDA growth from 2021 to 2023

* Construction has commenced on the remaining Minnesota leg of the U.S. Line 3 Replacement project

* Weymouth compressor was approved by regulators on November 25 to commence operations, completing the U.S.$0.1 billion Atlantic Bridge project, which provides expanded gas supply into New England and the Maritimes