Enbridge Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Enbridge Inc. has submitted its 2023 10-K filing, detailing its financial performance and operational scope in the energy and transportation sectors.</b>

AI Summary

ENBRIDGE INC (ENNPF) filed a Annual Report (10-K) with the SEC on February 9, 2024. Enbridge Inc. filed its 2023 Form 10-K on February 9, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's operations in energy and transportation, with a Standard Industrial Classification of Pipe Lines (No Natural Gas) [4610]. The company was formerly known as IPL Energy Inc. and Interprovincial Pipe Line System Inc. The filing includes data for fiscal years 2023, 2022, and 2021. Key financial statement items referenced include Revenues, Cost of Goods and Services Sold, and General and Administrative Expense.

Why It Matters

For investors and stakeholders tracking ENBRIDGE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Enbridge's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed financial data and historical comparisons within the report are essential for understanding Enbridge's market position and potential risks in the pipeline industry.

Risk Assessment

Risk Level: medium — ENBRIDGE INC shows moderate risk based on this filing. The company operates in the pipeline industry, which is subject to significant regulatory oversight and potential environmental risks, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Enbridge's performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-09 — Filing Date (Filed as of Date)
• 4610 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ENBRIDGE INC (company) — Filer name
• IPL ENERGY INC (company) — Former company name
• INTERPROVINCIAL PIPE LINE SYSTEM INC (company) — Former company name

FAQ

Risk Factors

• Regulatory Oversight [medium — regulatory]: The company operates in an industry subject to extensive regulation, which can impact operations and profitability.
• Pipeline Operations [medium — operational]: Risks associated with the operation and maintenance of extensive pipeline infrastructure, including potential disruptions or accidents.
• Market Fluctuations [medium — financial]: Exposure to fluctuations in commodity prices and energy market demand can affect revenues and profitability.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-09: Filing Date — Date Enbridge Inc. submitted its 10-K report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Enbridge Inc.)

SIC Code

Standard Industrial Classification code used to classify industries. (Indicates Enbridge's primary business sector as 'Pipe Lines (No Natural Gas)'.)

Key Financial Figures

• $24 billion — ur slate of secured projects (currently $24 billion through 2028)

Filing Documents

• enb-20231231.htm (10-K) — 5250KB
• eiex414-descriptionofsecur.htm (EX-4.14) — 5KB
• ei10kexhibit1039-stip2023.htm (EX-10.39) — 104KB
• eiex211-subsidiariesofther.htm (EX-21.1) — 273KB
• eiex221-subsidiaryguaranto.htm (EX-22.1) — 9KB
• eiex231-pwcconsent12312023.htm (EX-23.1) — 2KB
• ei-ex31152x109fv2ceocertif.htm (EX-31.1) — 10KB
• ei-ex31252x109fv2cfocertif.htm (EX-31.2) — 11KB
• ei-ex321ceocertification90.htm (EX-32.1) — 5KB
• ei-ex322cfocertification90.htm (EX-32.2) — 5KB
• ei10kex971-clawbackpolicy.htm (EX-97.1) — 31KB
• enb-20231231_g1.jpg (GRAPHIC) — 336KB
• enb-20231231_g2.jpg (GRAPHIC) — 352KB
• enb-20231231_g3.jpg (GRAPHIC) — 95KB
• enb-20231231_g4.jpg (GRAPHIC) — 918KB
• enb-20231231_g5.jpg (GRAPHIC) — 228KB
• enb-20231231_g6.jpg (GRAPHIC) — 370KB
• 0000895728-24-000007.txt (&nbsp;) — 36308KB
• enb-20231231.xsd (EX-101.SCH) — 175KB
• enb-20231231_cal.xml (EX-101.CAL) — 223KB
• enb-20231231_def.xml (EX-101.DEF) — 976KB
• enb-20231231_lab.xml (EX-101.LAB) — 1929KB
• enb-20231231_pre.xml (EX-101.PRE) — 1356KB
• enb-20231231_htm.xml (XML) — 6694KB

Risk Factors

Item 1A. Risk Factors 45

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 60

Cybersecurity

Item 1C. Cybersecurity 60

Properties

Item 2. Properties 62

Legal Proceedings

Item 3. Legal Proceedings 62

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 62 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63

[Reserved]

Item 6. [Reserved] 64

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 65

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 96

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 99

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 185

Controls and Procedures

Item 9A. Controls and Procedures 185

Other Information

Item 9B. Other Information 186

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 186 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 187

Executive Compensation

Item 11. Executive Compensation 187

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 187

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 187

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 187 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 188

Form 10-K Summary

Item 16. Form 10-K Summary 188 Index of Exhibits 189

Signatures

Signatures 197 3 GLOSSARY "we", "our", "us" and "Enbridge" Enbridge Inc. AFUDC Allowance for funds used during construction Aitken Creek Aitken Creek Gas Storage Facility and Aitken Creek North Gas Storage Facility AOCI Accumulated other comprehensive income/(loss) ARO Asset retirement obligations ASC Accounting Standards Codification Aux Sable US Midstream ownership interest in Aux Sable Liquid Products LP, Aux Sable Midstream LLC, Aux Sable Canada LP BC British Columbia bcf/d Billion cubic feet per day CE Regulation Clean Electricity Regulation CER Canada Energy Regulator CTS Competitive Toll Settlement DAPL Dakota Access Pipeline Dawn An extensive network of underground storage pools at the Tecumseh Gas Storage facility and Dawn Hub DCP DCP Midstream, LP EBITDA Earnings before interest, income taxes and depreciation and amortization EEP Enbridge Energy Partners, L.P. EIEC Enbridge Ingleside Energy Center Enbridge Gas Enbridge Gas Inc. ESG Environment, Social and Governance Exchange Act United States Securities Exchange Act of 1934 FERC Federal Energy Regulatory Commission GHG Greenhouse gas Gray Oak Gray Oak Pipeline, LLC H2 Hydrogen gas IJT International Joint Tariff IR Incentive Regulation ISO Incentive Stock Options kbpd Thousand barrels per day LMCI Land Matters Consultation Initiative LNG Liquefied natural gas M&N Maritimes & Northeast Pipeline 4 M&N Canada Canadian portion of our Maritimes & Northeast Pipeline Moda Moda Midstream Operating, LLC MTS Mainline Tolling Settlement MW Megawatts NCIB Normal course issuer bid NEXUS NEXUS Gas Transmission Pipeline NGL Natural gas liquids Noverco Noverco Inc. OBPS Output-based pricing system OCI Other comprehensive income/(loss) OEB Ontario Energy Board OPEB Other postretirement benefit obligations Phase 1 Phase to establish 2024 base rates on a cost-of-service basis Phase 1 Decision On December 21, 2023, the Ontario Energy Board issued its Deci

BUSINESS

ITEM 1. BUSINESS Enbridge is a leading North American energy infrastructure company. Our core businesses include Liquids Pipelines, which consists of pipelines and terminals in Canada and the US that transport and export various grades of crude oil and other liquid hydrocarbons; Gas Transmission and Midstream, which consists of investments in natural gas pipelines and gathering and processing facilities in Canada and the US; Gas Distribution and Storage, which consists of natural gas utility operations that serve residential, commercial and industrial customers in Ontario and Qubec; and Renewable Power Generation, which consists primarily of investments in wind and solar assets, as well as geothermal, waste heat recovery and transmission assets, in North America and Europe. Enbridge is a public company, with common shares that trade on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) under the symbol ENB. We were incorporated on April 13, 1970 under the Companies Ordinance of the Northwest Territories and were continued under the Canada Business Corporations Act on December 15, 1987. A more detailed description of each of our businesses and underlying assets is provided below under Business Segments . CORPORATE VISION AND STRATEGY VISION Enbridge exists to fuel people's quality of life in a safe, clean, and socially responsible manner. Our vision is to provide energy, in a planet-friendly way, everywhere people need it. In pursuing this vision, we seek to play a critical role in enabling the economic and social well-being of society by providing access to affordable, reliable, and secure energy through our infrastructure franchises that transport, distribute, and generate energy including liquids, natural gas, renewable power, and low-carbon fuels. We recognize that the energy system is changing, and we aim to provide a bridge to a cleaner energy future by ensuring that people continue to have access to the energy they need today while

View Full Filing

View this 10-K filing on SEC EDGAR