Enbridge Reports Significant Financial Growth in Q3 and Year-to-Date Results, Driven by Increased Revenues and Strategic Acquisitions

Enbridge Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, driven by increased operating revenues and strategic acquisitions. For the three months ended September 30, 2024, operating revenues reached $14,882 million, a substantial increase from $9,844 million in the same period of 2023. This growth was primarily fueled by commodity sales, which rose to $8,986 million from $4,652 million year-over-year. For the nine months ended September 30, 2024, total operating revenues were $37,256 million, compared to $32,351 million in 2023.

Operating income for Q3 2024 was reported at $2,218 million, up from $1,794 million in Q3 2023, while earnings attributable to common shareholders surged to $1,293 million, compared to $532 million in the prior year. Earnings per common share also increased to $0.59 from $0.26. For the nine-month period, earnings attributable to common shareholders rose to $4,560 million from $4,113 million in 2023.

The company’s comprehensive income for Q3 2024 was $675 million, down from $1,932 million in Q3 2023, while for the nine months, it increased to $6,221 million from $4,823 million. The decline in quarterly comprehensive income was attributed to a significant unrealized loss on derivative instruments.

Enbridge's strategic acquisitions have played a crucial role in its performance. The company completed several significant acquisitions, including the Public Service Company of North Carolina (PSNC) for $2.7 billion, Questar Gas Company for $4.1 billion, and The East Ohio Gas Company for $5.8 billion. These acquisitions are aimed at diversifying and enhancing its gas distribution operations. The company also reported a gain of $1.1 billion from the sale of a 50% interest in the Alliance Pipeline and related assets.

In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $8,938 million, down from $10,389 million in 2023. Cash used in investing activities surged to $15,915 million, reflecting the impact of acquisitions. The company’s net cash used in financing activities was $2,943 million, a significant turnaround from a net cash outflow of $5,146 million in the previous year.

As of September 30, 2024, Enbridge's total assets increased to $205,773 million from $180,317 million at the end of 2023, while total equity rose to $68,778 million from $68,474 million. The company maintained a strong liquidity position with $17.1 billion available, although this was a decrease from $23.0 billion at the end of 2023.