Enbridge

Union Gas is a major Canadian natural gas company based in Ontario. Its distribution arm services approximately 1.5 million customers in northern, southwestern and eastern Ontario. Union Gas has been a subsidiary of Enbridge since February 2017, when former parent Spectra Energy merged into Enbridge.

Union Gas

Enbridge, Inc. engages in the provision of gas and oil. It operates through the following segments: Liquid Pipelines, Gas Distribution and Storage, Gas Transmission and Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and the U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines. The Gas Distribution & Storage segment consists of natural gas utility operations, the core of which is Enbridge gas, which serves residential, commercial and industrial customers. It also includes natural gas distribution activities in Quebec and an investment in Noverco, which holds a majority interest in a subsidiary entity engaged in distribution and energy transportation primarily in Quebec. The Gas Transmission & Midstream segment consists of investments in natural gas pipelines, processing and green energy projects, the company's commodity marketing businesses, and international activities. The Renewable Power Generation segment consists primarily of investments in wind and solar power generating assets, as well as geothermal, waste heat recovery, and transmission assets. The Energy Services segment consists of businesses in Canada and the United States including logistical services, refinery supply services and the firm's volume commitments on various pipeline systems. The company was founded on April 30, 1949 and is headquartered in Calgary, Canada.

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Enbridge will form a venture with WhiteWater/I Squared Capital and MPLX to operate natural gas pipeline and storage assets connecting Permian Basin supplies to the growing LNG and U.S. Gulf Coast demand, the Canadian pipeline operator said on Tuesday.

Enbridge to form natural gas supply venture

MPLX

AUSTIN, Texas , March 26, 2024 /PRNewswire/ -- WhiteWater, I Squared, MPLX LP (NYSE: MPLX), and Enbridge Inc. (TSX: ENB) (NYSE: ENB) jointly announce they have entered into a definitive agreement to strategically combine the Whistler Pipeline and Rio Bravo Pipeline project in a newly formed joint venture. Enbridge will contribute its wholly-owned Rio Bravo Pipeline project and cash in exchange for an ownership stake in the newly formed joint venture.

WHISTLER PIPELINE AND ENBRIDGE AGREE TO STRATEGIC COMBINATION OF WHISTLER AND RIO BRAVO NATURAL GAS ASSETS

CALGARY, AB , March 26, 2024 /PRNewswire/ - Enbridge Inc. ("Enbridge") (TSX: ENB) (NYSE: ENB) announced today that it has entered into a definitive agreement with WhiteWater/I Squared Capital ("WhiteWater/I Squared") and MPLX LP ("MPLX") to form a joint-venture that will develop, construct, own, and operate natural gas pipeline and storage assets connecting Permian Basin natural gas supply to growing LNG and U.S. Gulf Coast ("USGC") demand. Highlights: Acquiring a meaningful, strategic equity interest in the joint venture Immediately accretive to DCF per share, with ~90% contracted cash flows Receiving immediate, recurring, and growing cash flow from operating assets with minimal commodity exposure Optimizes balance sheet by increasing EBITDA and reducing Enbridge's share of future Rio Bravo pipeline project capex proportional to its economic interest in that project Embedded organic expansion opportunities provides attractive growth options and diversifies offtake The joint venture will be owned by WhiteWater/I Squared (50.6%), MPLX (30.4%), and Enbridge (19.0%) and will include the following assets: 100% interest in Whistler pipeline, a ~450-mile, 42-inch intrastate pipeline transporting natural gas from an interconnect with the Waha Header in the Permian Basin to Agua Dulce, TX, near the starting point of the proposed Rio Bravo pipeline 100% interest in the Rio Bravo pipeline project, ~137-miles of new 42-inch and 48-inch pipelines transporting natural gas from the Agua Dulce supply area to NextDecade's Rio Grande LNG project in Brownsville, Texas 70% interest in ADCC pipeline, a ~40-mile, 42-inch proposed intrastate pipeline designed to transport 1.7 Bcf/d of natural gas from the terminus of the Whistler pipeline in Agua Dulce, TX to Cheniere's Corpus Christi LNG export facility (the pipeline is expected to be in-service in Q3 2024 and is expandable up to 2.5 Bcf/d) 50% interest in Waha Gas Storage, a ~2.0 Bcf gas storage cavern facility, with additional topside facilities capable of injection and withdrawal Approximately 98% of capacity is contracted under long-term, take-or-pay contracts with an average contract length greater than 10 years.

Enbridge to Enter into JV Connecting Permian Basin Natural Gas Supply to Growing LNG and USGC Demand

The latest trading day saw Enbridge (ENB) settling at $35.94, representing a +1.38% change from its previous close.

Why the Market Dipped But Enbridge (ENB) Gained Today

Enbridge's renewable energy platform is a small contributor to its profit. It could become a meaningful growth driver in the future.

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Energy pipeline company Enbridge plans to expand capacity on its Gray Oak oil pipeline by 80,000 barrels per day (bpd) this year and could add another 40,000 bpd in 2025, an executive told Reuters on Tuesday.

Enbridge eyes 120,000 bpd expansion to Gray Oak, Texas oil pipeline by 2025

Enbridge is facing challenges and has lagged the overall market in recent months. Near-term challenges include depressed commodity prices and reduced mainline tolls, which could impact earnings in 2024. However, I view all these challenges as near-term.

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Enbridge (ENB) reachead $35.52 at the closing of the latest trading day, reflecting no change compared to its last close.

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Enbridge Inc. investors have seen a revival in buying sentiments as ENB continues to grind higher. The company clarified its earnings growth profile through 2026, reducing execution uncertainties. Enbridge remains confident that substantial volume will be sustained from its Mainline system.

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Enbridge (ENB) closed at $36.02 in the latest trading session, marking a +0.5% move from the prior day.

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Enbridge (ENB) solidifies its U.S. utility presence with a $14B acquisition, adding East Ohio Gas Company to its growing natural gas empire.

Enbridge (ENB) Expands U.S. Footprint With East Ohio Gas Deal

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Before Enbridge circulated its Q4 figures, I issued an article on ENB and Enterprise Products Partners comparing the two businesses. I favored more EPD due to lower multiple and, most importantly, higher certainty when it comes to the underlying leverage. Looking at how ENB has managed to de-risk its balance sheet even further and also considering the success of capital recycling, my concerns about elevated leverage have faded.

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News for Enbridge Stock (ENB)