Enbridge Inc.

TSX : ENB
NYSE : ENB


Enbridge Inc.

December 04, 2013 16:15 ET

Enbridge Increases Dividend by 11 per cent

CALGARY, ALBERTA--(Marketwired - Dec. 4, 2013) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) today announced that its Board of Directors has declared a quarterly dividend of $0.350 per common share, payable on March 1, 2014 to shareholders of record on February 14, 2014. The dividend reflects an 11 per cent increase from the prior quarterly rate. Enbridge also announced a guidance range for 2014 adjusted earnings of $1.84 to $2.04 per share.

"2013 has been a foundational year for our growth plan and we enter 2014 well positioned to deliver 10-12 per cent average annual growth in earnings per share through 2017," said Al Monaco, President and Chief Executive Officer, Enbridge Inc. "With $6 billion of additional attractive investment opportunities secured in 2013 -- $3 billion of which have been secured since our October Enbridge Day investor conference -- we now stand at $29 billion of commercially secured growth capital to be in service by 2017, out of a total enterprise-wide growth capital plan of $36 billion. We're in a position to be selective on how we'll deploy the remaining $7 billion of our growth capital, and are making good progress on a number of fronts.

"We are carrying a peak level of construction work in progress out of 2013 and throughout 2014, and we are on schedule and on budget with almost all of the projects expected to come into service in 2014. We are also well advanced in execution of the funding and liquidity plan which supports our long term growth," said Mr. Monaco.

"The combination of the peak level of work in progress and significant equity prefunding means that earnings per share growth for 2013 and 2014, though strong, will be slightly below the long term average of 10- 12 per cent, with the expectation of then climbing above the average beginning in 2015. This is reflected in our 2014 guidance and our current outlook for 2013, which we now anticipate to close within but toward the lower end of our original guidance range.

"The dividend increase reflects the confidence Management and the Board have in the earnings growth we expect over our five-year planning horizon," said Mr. Monaco. "At 11 per cent, it's in line with our plan to follow a dividend growth path which is consistent with 10-12 per cent average growth in earnings per share, but smoother than our anticipated annual earnings growth rates."

Enbridge's Board of Directors also declared the following quarterly dividends for Enbridge Inc. Preferred Shares. All dividends are payable on March 1, 2014 to shareholders of record on February 14, 2014:

Preferred Shares, Series A $0.34375
Preferred Shares, Series B $0.25
Preferred Shares, Series D $0.25
Preferred Shares, Series F $0.25
Preferred Shares, Series H $0.25
Preferred Shares, Series J US$0.25
Preferred Shares, Series L US$0.25
Preferred Shares, Series N $0.25
Preferred Shares, Series P $0.25
Preferred Shares, Series R $0.25
Preferred Shares, Series 1 US$0.25
Preferred Shares, Series 3 $0.25
Preferred Shares, Series 5 US$0.275

Conference Call

Enbridge Inc. will host a webcast conference call to discuss its 2014 Guidance as follows:

Webcast Information

Event: Enbridge Inc. 2014 Guidance Conference Call

Date: Wednesday, December 4, 2013

Time: 2:30 p.m. Mountain Time / 4:30 p.m. Eastern Time

Webcast: sign-up

Conference Call Information

Dial-in #'s (Audio only - please dial in 10 minutes ahead if not pre-registered)

North America: 1 (800) 708-4540

Outside North America: 1 (847) 619-6397

Participant Passcode: 36153044

Replay Information

A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within approximately 24 hours after the event.

Audio Replay # (Available for 7 days after call):

North America: 1 (888) 843-7419

Outside North America: 1 (630) 652-3042

Replay Passcode: 36153044

About Enbridge Inc.

Enbridge Inc., a Canadian Company, is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past five years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in 1,700 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Enbridge believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices. You can find a discussion of those risks and uncertainties in our Canadian securities filings and American SEC filings. While Enbridge makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Except as may be required by applicable securities laws, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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