2024 Enbridge Day: ‘North America Has a Critical Role To Play’ in Global Energy Transition, Says CEO

With enviable scale, scope, connectivity and diversity, Enbridge is prepared to play a bigger role in the global energy transition.

On March 6, during our 2024 Enbridge Day investor community conference in New York, we announced a suite of accretive new capital investments focused on our U.S. Gulf Coast strategy.

By supplying abundant, cost-competitive and sustainable conventional and lower-carbon energy sources, we’re delivering the energy people need while also supporting local communities and helping nations meet global emission targets.

“Global demand for affordable, reliable and sustainable energy continues to rise—and North America has a critical role to play,” noted Greg Ebel, Enbridge’s President and CEO.

“At Enbridge, we’re building out our integrated infrastructure super systems to enable the continued delivery of energy in a planet-friendly way, everywhere people need it.”

The March 6th USGC announcements included:

• The acquisition of two marine docks and a parcel of land adjacent to our Enbridge Ingleside Energy Center (EIEC) near Corpus Christi, TX, already the largest oil storage and export terminal by volume in the U.S., from Flint Hills Resources for about US$0.2 billion.
• Forming, with Shell Pipeline, the Oceanus Pipeline Company, LLC to develop offshore gas and oil pipelines serving Shell and Equinor’s offshore Sparta development off the Louisiana coast, at a capital cost of about US$0.2 billion.
• A planned expansion of the Gray Oak Pipeline, which connects to market centers in the Corpus Christi and Houston regions, of about 120,000 barrels per day, pending a successful open season.
• Sanctioning 2.5 million barrels of additional storage at EIEC, bringing the facility’s overall storage capacity to about 20 million barrels by 2025.

“These accretive investments provide near-term growth in the U.S. Gulf Coast and set the stage for the future expansion through high-quality partnerships and embedded organic opportunities,” said Mr. Ebel. “In combination with today’s announcements, our secured growth backlog sits at C$25 billion and is made up of more than 20 highly executable projects.”

Today’s Enbridge Day activities saw several Enbridge executives take part in the closing bell ceremony at the New York Stock Exchange, where Enbridge stock has been traded since 2001.

As a first-choice investment vehicle, Enbridge has long prided itself on consistency and predictability, said Mr. Ebel.

“Our business model has led to 29 consecutive years of dividend increases, and 18 years of meeting financial guidance. The visibility, duration and low-risk profile of our growth, which underpins our growing dividend, is stronger than ever,” he said.

“Looking forward, we are confident that our growth profile, industry-leading execution and disciplined capital allocation will continue to provide investors with strong total returns and make Enbridge the first-choice investment opportunity.”

See the PPT decks for our various business units from today’s 2024 Enbridge Day conference.