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Enbridge (NYSE:ENB) said Wednesday it expects EBITDA will increase in 2024 and raised its annual dividend to C$3.66/share from C$3.55 previously.
The company guided for its base business to generate EBITDA of C$16.6B-C$17.2B in FY 2024, reflecting more than 4% growth relative to the midpoint of its C$15.9B-C$16.5B guidance range for 2023, with distributable cash flow of C$5.40-C$5.80/share, excluding EBITDA and DCF contributions from the gas utilities acquisitions announced in September, which are expected to close during 2024.
Enbridge (ENB) said it expects C$9.3B in EBITDA from its liquids pipelines business, the company’s main unit, helped by strong system utilization, and it expects to deploy C$6B of capital in 2024, including maintenance.
The company said its EBITDA guidance is “underpinned by expected strong utilization across the base businesses’ annualized contributions from $3B of investments anticipated to be placed into service in 2023, partial year contributions from $4B of investments expected to be placed into service in 2024, and contributions from the more than $3B of tuck-in acquisitions announced in 2023.”
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