Enbridge Inc. Files Q2 2024 10-Q Report
Ticker: ENNPF · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 895728
Sentiment: neutral
Topics: 10-Q, energy, transportation, financials
TL;DR
**Enbridge Q2 2024 10-Q filed. Financials and ops details out.**
AI Summary
Enbridge Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the energy and transportation company. Specific financial figures and operational metrics are provided within the report, reflecting the company's activities during the second quarter of 2024.
Why It Matters
This filing provides investors and analysts with crucial financial data and operational insights into Enbridge's performance, impacting investment decisions and market sentiment for the energy infrastructure giant.
Risk Assessment
Risk Level: medium — As a large, publicly traded energy company, Enbridge faces inherent risks related to commodity prices, regulatory changes, and operational challenges, which are detailed in its SEC filings.
Key Numbers
- Q2 2024 — Quarterly Period (The second quarter of 2024 is the focus of this 10-Q filing.)
Key Players & Entities
- ENBRIDGE INC (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240802 (date) — Filing date of the report
- PIPE LINES (NO NATURAL GAS) (industry) — Standard Industrial Classification code
- IPL ENERGY INC (company) — Former company name
- INTERPROVINCIAL PIPE LINE SYSTEM INC (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was made on 20240802.
What is Enbridge Inc.'s Standard Industrial Classification code?
Enbridge Inc.'s SIC code is PIPE LINES (NO NATURAL GAS) [4610].
What were Enbridge Inc.'s former company names?
Enbridge Inc. was formerly known as IPL ENERGY INC and INTERPROVINCIAL PIPE LINE SYSTEM INC.
What is the fiscal year end for Enbridge Inc.?
Enbridge Inc.'s fiscal year ends on December 31.
Filing Stats: 4,565 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-02 07:04:36
Filing Documents
- enb-20240630.htm (10-Q) — 2361KB
- eiex221-subsidiaryguaranto.htm (EX-22.1) — 9KB
- ei-ex31152x109f2ceocertifi.htm (EX-31.1) — 10KB
- ei-ex31252x109f2cfocertifi.htm (EX-31.2) — 10KB
- ei-ex321ceocertification90.htm (EX-32.1) — 5KB
- ei-ex322cfocertification90.htm (EX-32.2) — 5KB
- 0000895728-24-000020.txt ( ) — 13143KB
- enb-20240630.xsd (EX-101.SCH) — 72KB
- enb-20240630_cal.xml (EX-101.CAL) — 99KB
- enb-20240630_def.xml (EX-101.DEF) — 448KB
- enb-20240630_lab.xml (EX-101.LAB) — 876KB
- enb-20240630_pre.xml (EX-101.PRE) — 616KB
- enb-20240630_htm.xml (XML) — 2836KB
Financial Statements
Item 1. Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 41
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 64
Controls and Procedures
Item 4. Controls and Procedures 65 PART II
Legal Proceedings
Item 1. Legal Proceedings 66
Risk Factors
Item 1A. Risk Factors 66
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 66
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 66
Other Information
Item 5. Other Information 67
Exhibits
Item 6. Exhibits 67
Signatures
Signatures 68 2 GLOSSARY "we", "our", "us" and "Enbridge" Enbridge Inc. AG Attorney General Aitken Creek Aitken Creek Gas Storage Facility AOCI Accumulated other comprehensive income/(loss) CER Canada Energy Regulator EBITDA Earnings before interest, income taxes and depreciation and amortization EEP Enbridge Energy Partners, L.P. Enbridge Gas Ontario Enbridge Gas Inc. EOG The East Ohio Gas Company Exchange Act United States Securities Exchange Act of 1934, as amended LNG Liquefied natural gas MPLX MPLX LP NRGreen NRGreen Power Limited Partnership OCI Other comprehensive income/(loss) OEB Ontario Energy Board OPEB Other postretirement benefits Pembina Pembina Pipeline Corporation Phase 1 Decision The Ontario Energy Board's Decision and Order on December 21, 2023, on Phase 1 of Enbridge Gas Inc.'s application to establish a 2024 through 2028 Incentive Regulation rate setting framework Questar Questar Gas Company SEP Spectra Energy Partners, LP Texas Eastern Texas Eastern Transmission, LP the Acquisitions Enbridge Inc.'s acquisitions of three US gas utilities from Dominion Energy, Inc. the ATM Program The at-the-market equity issuance program the EOG Acquisition Enbridge Inc.'s acquisition of all of the outstanding shares of capital stock of The East Ohio Gas Company on March 6, 2024 the Partnerships Spectra Energy Partners, LP and Enbridge Energy Partners, L.P. the Questar Acquisition Enbridge Inc.'s acquisition of all of the membership interests of Fall West Holdco LLC which owns 100% of Questar Gas Company and its related Wexpro companies on May 31, 2024 the Whistler Parent JV The joint venture formed by Enbridge Inc., WhiteWater/I Squared Capital and MPLX LP on May 29, 2024 Tomorrow RNG Six Morrow Renewables operating landfill gas-to-renewable natural gas production facilities US United States of America Wexpro Wexpro Company and its consolidated subsidiaries 3 CONVENTIONS The terms "we", "our", "us" and
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ENBRIDGE INC. CONSOLIDATED STATEMENTS OF EARNINGS Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (unaudited; millions of Canadian dollars, except per share amounts) Operating revenues Commodity sales 5,291 4,679 9,436 9,462 Gas distribution sales 780 792 2,479 3,071 Transportation and other services 5,265 4,961 10,459 9,974 Total operating revenues (Note 3) 11,336 10,432 22,374 22,507 Operating expenses Commodity costs 5,173 4,549 9,179 9,185 Gas distribution costs 309 368 1,303 1,962 Operating and administrative 2,308 2,028 4,442 4,065 Depreciation and amortization 1,273 1,137 2,466 2,283 Total operating expenses 9,063 8,082 17,390 17,495 Operating income 2,273 2,350 4,984 5,012 Income from equity investments 489 478 1,185 995 Gain on disposition of equity investments (Note 6) 1,091 — 1,091 — Other income/(expense) (Note 12) ( 31 ) 575 ( 582 ) 677 Interest expense ( 1,082 ) ( 883 ) ( 1,987 ) ( 1,788 ) Earnings before income taxes 2,740 2,520 4,691 4,896 Income tax expense ( 739 ) ( 519 ) ( 1,125 ) ( 1,029 ) Earnings 2,001 2,001 3,566 3,867 Earnings attributable to noncontrolling interests ( 58 ) ( 66 ) ( 111 ) ( 115 ) Earnings attributable to controlling interests 1,943 1,935 3,455 3,752 Preference share dividends ( 95 ) ( 87 ) ( 188 ) ( 171 ) Earnings attributable to common shareholders 1,848 1,848 3,267 3,581 Earnings per common share attributable to common shareholders (Note 5) 0.86 0.91 1.53 1.77 Diluted earnings per common share attributable to common shareholders (Note 5) 0.86 0.91 1.53 1.77 The accompanying notes are an integral part of these interim consolidated financial statements. 6 ENBRIDGE INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (unaudited; millions of Canadian dollars) Earnings 2,001 2,001 3,566 3,867 Other comprehensive income/(loss), net of tax Change in un