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Company Description

Contact Info

200, Fifth Avenue Place

425 - 1st Street S.W.

Calgary, AB T2P 3L8

Canada

Phone: 403-231-3900

Fax: 403-231-3920

Enbridge Inc. operates crude oil and liquids transportation system in Canada and the United States. The company engages in natural gas gathering, transmission and midstream businesses. As a distributor of energy, the company owns and operates Canada’s major natural gas distribution company and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, the company has interests in approximately 2,800 megawatt (MW) (2,000 MW net) of renewable and alternative energy generating capacity, which is operating, secured or under construction, and the company continues to expand its interests in wind, solar and geothermal power. Segments The company’s activities are carried out through five business segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments; and Corporate. Liquids Pipelines segment This segment comprises the ownership and operation of crude oil and other liquid hydrocarbons pipelines and terminals in Canada and the United States. As of December 31, 2015, some of the assets in this business segment consisted of: A 50% interest in the Seaway Crude Pipeline System, which transports various grades of crude oil from Cushing, Oklahoma to the U.S. Gulf Coast; A 100% interest in the Flanagan South Pipeline project, which transports crude oil from the company’s terminal at Flanagan, Illinois to Cushing, Oklahoma; The Spearhead Pipeline, a long-haul pipeline, which transports various grades of crude oil from Flanagan, Illinois to Cushing, Oklahoma; The Southern Access Extension, a pipeline, which transports crude oil from Flanagan, Illinois to Patoka, Illinois; and Other feeder pipelines, which primarily includes the company’s 85% interest in Olympic Pipe Line Company, the Norman Wells System, interests in various liquids pipelines in the United States, including the Toledo Pipeline, which connects with the EEP (Enbridge Energy Partners, L.P.) mainline at Stockbridge, Michigan, as well as the company’s 75% joint venture interest in Eddystone Rail. Gas Distribution segment This segment consists of the company’s natural gas utility operations, the core of which is Enbridge Gas Distribution Inc. (EGD), which serves residential, commercial and industrial customers, primarily in central and eastern Ontario, as well as northern New York State. This segment also includes natural gas distribution activities in Quebec and New Brunswick, primarily through Enbridge Gas New Brunswick (EGNB). EGD EGD is Canada’s major natural gas distribution company. It serves approximately 2 million customers in central and eastern Ontario and parts of northern New York State. EGD’s utility operations are regulated by the Ontario Energy Board and by the New York State Public Service Commission. EGD is a reporting issuer in each of the provinces of Canada. EGD is subject to seasonal demand as a significant portion of gas distribution customers use natural gas for space heating. As a result, volumes delivered and resulting revenues and earnings typically increase during the winter months of the first and fourth quarters (year ended December 2015) of any given year. There are four principal interrelated aspects of the natural gas distribution business in which EGD is directly involved, such as Distribution Service, Gas Supply, Transportation, and Storage. Distribution Service EGD’s principal source of revenue arises from distribution of natural gas to customers. The services provided to residential, small commercial and industrial heating customers are primarily on a general service basis (without a specific fixed term or fixed price contract). The services provided to larger commercial and industrial customers are usually on an annual contract basis under firm or interruptible service contracts. Gas Supply To acquire the necessary volume of gas to serve its customers, EGD maintains a natural gas supply portfolio. During the year ended December 31, 2015, EGD acquired approximately 275 billion cubic feet (bcf) of natural gas, of which 67% was acquired from western Canadian producers; 19% wa

 

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Valuation ENB Industry Range
Price/Earnings 39.3x
Price/Sales 1.5x
Price/Book 3.9x
Price/Cash Flow 14.3x
TEV/Sales NM Not Meaningful
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