Enbridge Inc. Files Q3 2024 10-Q Report
Ticker: ENNPF · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 895728
| Field | Detail |
|---|---|
| Company | Enbridge INC (ENNPF) |
| Form Type | 10-Q |
| Filed Date | Nov 1, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, pipeline, financials
TL;DR
**Enbridge Q3 10-Q filed. Major pipeline operator updates financials.**
AI Summary
Enbridge Inc. filed its 10-Q for the period ending September 30, 2024. The company, headquartered in Calgary, operates in the pipelines sector and reported its financial results for the third quarter. Enbridge Inc. previously operated under the names IPL Energy Inc. and Interprovincial Pipe Line System Inc. before its name change on June 16, 1994.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational details of Enbridge Inc., a major player in the energy transportation sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.
Key Players & Entities
- ENBRIDGE INC (company) — Filer
- 20240930 (date) — Period of Report
- 20241101 (date) — Filed as of Date
- 4610 (other) — Standard Industrial Classification (Pipelines)
- IPL ENERGY INC (company) — Former Company Name
- INTERPROVINCIAL PIPE LINE SYSTEM INC (company) — Former Company Name
- 19940616 (date) — Date of Name Change
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, indicating the filing covers the period ending September 30, 2024.
What is Enbridge Inc.'s Standard Industrial Classification code?
Enbridge Inc.'s Standard Industrial Classification is 4610, which corresponds to 'PIPE LINES (NO NATURAL GAS)'.
When was Enbridge Inc. previously known as IPL Energy Inc.?
The date of name change from IPL ENERGY INC was 19930108.
What is the filing date for this 10-Q?
The filing was made on 20241101.
Where is Enbridge Inc. headquartered?
Enbridge Inc. is headquartered in Calgary, with its business address listed as 200 425 - 1ST STREET SW, CALGARY, A0, T2P 3L8.
Filing Stats: 4,548 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-01 07:04:29
Filing Documents
- enb-20240930.htm (10-Q) — 2425KB
- 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
- 0000895728-24-000028.txt ( ) — 13431KB
- enb-20240930.xsd (EX-101.SCH) — 75KB
- enb-20240930_cal.xml (EX-101.CAL) — 99KB
- enb-20240930_def.xml (EX-101.DEF) — 452KB
- enb-20240930_lab.xml (EX-101.LAB) — 887KB
- enb-20240930_pre.xml (EX-101.PRE) — 622KB
- enb-20240930_htm.xml (XML) — 2921KB
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 43
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 66
Controls and Procedures
Item 4. Controls and Procedures 67 PART II
Legal Proceedings
Item 1. Legal Proceedings 68
Risk Factors
Item 1A. Risk Factors 68
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 68
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 68
Other Information
Item 5. Other Information 69
Exhibits
Item 6. Exhibits 69
Signatures
Signatures 70 2 GLOSSARY "we", "our", "us" and "Enbridge" Enbridge Inc. Aitken Creek Aitken Creek Gas Storage Facility AOCI Accumulated other comprehensive income/(loss) 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 PSNC Public Service Company of North Carolina, Incorporated 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 PSNC Acquisition Enbridge Inc.'s acquisition of all of the membership interests of Fall North Carolina Holdco LLC, which owns 100% of Public Service Company of North Carolina, Incorporated on September 30, 2024 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
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ENBRIDGE INC. CONSOLIDATED STATEMENTS OF EARNINGS Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (unaudited; millions of Canadian dollars, except per share amounts) Operating revenues Commodity sales 8,986 4,652 18,422 14,114 Gas distribution sales 702 516 3,181 3,587 Transportation and other services 5,194 4,676 15,653 14,650 Total operating revenues (Note 3) 14,882 9,844 37,256 32,351 Operating expenses Commodity costs 8,865 4,648 18,044 13,833 Gas distribution costs 201 183 1,504 2,145 Operating and administrative 2,281 2,055 6,723 6,120 Depreciation and amortization 1,317 1,164 3,783 3,447 Total operating expenses 12,664 8,050 30,054 25,545 Operating income 2,218 1,794 7,202 6,806 Income from equity investments 479 343 1,664 1,338 Gain on disposition of equity investments (Note 6) — — 1,091 — Other income/(expense) (Note 12) 376 ( 465 ) ( 206 ) 212 Interest expense ( 1,314 ) ( 921 ) ( 3,301 ) ( 2,709 ) Earnings before income taxes 1,759 751 6,450 5,647 Income tax expense ( 312 ) ( 128 ) ( 1,437 ) ( 1,157 ) Earnings 1,447 623 5,013 4,490 Earnings attributable to noncontrolling interests ( 56 ) ( 2 ) ( 167 ) ( 117 ) Earnings attributable to controlling interests 1,391 621 4,846 4,373 Preference share dividends ( 98 ) ( 89 ) ( 286 ) ( 260 ) Earnings attributable to common shareholders 1,293 532 4,560 4,113 Earnings per common share attributable to common shareholders (Note 5) 0.59 0.26 2.12 2.02 Diluted earnings per common share attributable to common shareholders (Note 5) 0.59 0.26 2.12 2.02 The accompanying notes are an integral part of these interim consolidated financial statements. 6 ENBRIDGE INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (unaudited; millions of Canadian dollars) Earnings 1,447 623 5,013 4,490 Other comprehensive income/(loss), net of ta