CALGARY, ALBERTA — (Marketwired) — 05/08/13 — Editor–s Note: There is a photo associated with this press release.
Enbridge Inc. (TSX: ENB) (NYSE: ENB) is optimally positioned to provide critical market access solutions to the North American energy landscape in the coming years, President and Chief Executive Officer Al Monaco told shareholders during Enbridge–s annual general meeting today in Calgary.
While reporting another year of strong corporate performance, Mr. Monaco said Enbridge is poised to connect growing energy supply with key North American markets by expanding its network of liquids pipelines infrastructure in the near future.
Existing pipeline bottlenecks, and the resulting Canadian crude oil discounts, “can be solved by a reconfiguration of the North American pipeline grid, where crude moves from inland markets to coastal markets – and Enbridge is right in the middle of this transformation,” said Mr. Monaco.
Between now and 2016, Enbridge expects to roll out a series of major projects that will expand what is already the most complex crude oil pipeline system in the world – Enbridge–s Eastern Access program to the U.S. Midwest and eastern Canada; the U.S. Gulf Coast Access program with 585,000 bpd of incremental capacity from the Chicago area; additional capacity to the U.S. Midwest and eastern Canada as part of the Light Oil Access initiative; and development of the Eastern Gulf project from the U.S. Midwest to the eastern Gulf Coast.
Additionally, Enbridge is proposing to build the Northern Gateway project, in order to connect Canadian supply with robust Asian demand.
All told, said Mr. Monaco, Enbridge has committed billions to add roughly 1.7 million bpd of new market access to address the Canadian crude oil pricing issue.
“In terms of future growth, 2012 was our most successful year. We secured more than $15 billion of new investments (in 2012), bringing our inventory of secured projects to $28 billion,” he said. “These are not just concepts – they–re real projects that we–ll put into service in the coming years.”
Enbridge had another exceptional year in 2012, with adjusted earnings coming in at $1.62 per share – 11 per cent over 2011, extending the company–s record of growth.
Enbridge increased its dividend by 12 per cent, marking the company–s 18th consecutive annual increase – “a remarkable record, and one that illustrates the strength of our business model,” remarked Mr. Monaco – while total shareholder return was 16 per cent, well in excess of the broader market.
Enbridge–s 10-year annual total return of 19 per cent more than doubled the 9 per cent Composite TSX return.
Enbridge–s other core businesses – gas transportation and distribution, green energy power generation, power transmission, and Canadian midstream natural gas – continued to grow in 2012. Enbridge is Canada–s largest generator of solar energy and 2nd largest wind power generator.
Mr. Monaco reiterated Enbridge–s ongoing commitment to community and environmental sustainability – noting the company–s heightened focus on resolving stakeholder concerns, the addition of safety measures that exceed regulatory requirements, and partnerships with First Nations.
“We believe that when we work in a community, we–re part of it – and that means we invest in that community,” said Mr. Monaco. “We also need to reduce our industry–s environmental footprint. That–s why our first choice is always to use existing infrastructure – to reverse or repurpose pipelines, or to expand along existing rights of way to minimize our impact on communities and on the environment.
“And as we grow, we remain committed to sustainability through our Neutral Footprint program,” he said. “We–re on track with our goals of planting a tree for every tree we remove; conserving an acre for every acre we permanently impact; and generating a kilowatt hour of renewable energy for every kilowatt hour of additional power we consume.”
Mr. Monaco also recognized the sizeable contributions of Pat Daniel, who retired as Enbridge–s CEO in September 2012. “Pat built a very strong foundation for our Company, with many accomplishments over his tenure,” said Mr. Monaco. “Our goal now is to build on that success.”
Election of Directors
Enbridge also announced that the nominees listed in the management information circular dated March 5, 2013 were elected as directors of Enbridge Inc. The detailed results of the vote for the election of directors held at its Annual Meeting of shareholders earlier today in Calgary are set out below.
On a vote by ballot, each of the following 12 nominees proposed by management was elected as a director of the Company:
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past five years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world–s longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada–s largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 1,600 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind, solar and geothermal energy. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada–s Greenest Employers and one of Canada–s Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index. Enbridge–s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit .
Certain information provided in this news release constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast” and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
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