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Company Description

Contact Info

3000 Fifth Avenue Place

425 - 1st Street S.W.

Calgary, AB T2P 3L8

Canada

Phone: 403-231-3900

Fax: 403-231-3920

Enbridge Inc. operates crude oil and liquids transportation system in Canada and the United States. The company is involved in natural gas gathering, transmission and midstream businesses, as well as power transmission business. As a distributor of energy, the company owns and operates Canada’s natural gas distribution company and provides distribution services in Ontario, Quebec, New Brunswick, and New York State. As a generator of energy, the company has interests in approximately 1,800 MW of renewable and alternative energy generating capacity and is expanding its interests in wind, solar and geothermal facilities. Segments The company’s segments include Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; and Sponsored Investments. Liquids Pipelines This segment comprises the ownership and operation of crude oil and other liquid hydrocarbons pipelines and terminals in Canada and the United States. The principal assets in this segment include the Canadian Mainline, a common carrier system through which the company transports various grades of oil and other liquid hydrocarbons from western Canada to the Midwest region of the United States and eastern Canada; Regional Oil Sands, a series of contract pipelines that transport crude oil and other liquid hydrocarbons from production sites in the Western Canadian Sedimentary Basin (the ‘WCSB’) to connection points in central Alberta to the Canadian Mainline and other long-haul systems; Southern Lights, which transports hydrocarbon diluent from markets in the U.S. Midwest to producers in the WCSB; Spearhead Pipeline, a contract pipeline, which transports various grades of crude oil from the U.S. Midwest to hub terminals in Cushing, Oklahoma; and an interest in the Seaway pipeline, which under committed and uncommitted tolling agreements, transports various grades of crude oil from Cushing, Oklahoma to the U.S. Gulf Coast. This segment has a combined transportation capacity of 2.5 million barrels per day (bpd). Gas Distribution This segment consists of the company’s natural gas utility operations, the core of which is Enbridge Gas Distribution (EGD), which serves residential, commercial and industrial customers, primarily in central and eastern Ontario, as well as northern New York State. This segment also includes natural gas distribution activities in Quebec and New Brunswick. EGD: EGD is a natural gas distribution company in Canada. It serves approximately 2 million customers in central and eastern Ontario and parts of northern New York State. EGD’s utility operations are regulated by the Ontario Energy Board and by the New York State Public Service Commission. There are four principal interrelated aspects of the natural gas distribution business in which EGD is directly involved, such as distribution service, gas supply, transportation, and storage. EGD is subject to seasonal demand as a significant portion of gas distribution customers use natural gas for space heating. As a result, volumes delivered and resulting revenues and earnings typically increase during the winter months of the first and fourth quarters of any given year. Distribution Service: EGD’s principal source of revenue arises from distribution of natural gas to customers. The services provided to residential, small commercial and industrial heating customers are primarily on a general service basis (without a specific fixed term or fixed price contract). The services provided to larger commercial and industrial customers are usually on an annual contract basis under firm or interruptible service contracts. Gas Supply: To acquire the necessary volume of gas to serve its customers, EGD maintains a gas supply portfolio. Transportation: TransCanada Pipelines Ltd. (TransCanada) transports approximately 261 bcf of the annual natural gas supply requirements of the company’s customers. EGD has firm transportation service contracts with TransCanada for a portion of this requirement. EGD relies on its long-term contracts with Union Gas Limited (Union) for transportation of natural gas from Dawn, Ontario to EGD’s major market in the Greater Toronto Area.

 

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ENB

Industry Average

Valuation ENB Industry Range
Price/Earnings 83.4x
Price/Sales 1.3x
Price/Book 5.3x
Price/Cash Flow 20.8x
TEV/Sales 0.1x
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