Enbridge Reports Record Earnings; Raises Guidance

NOV 4, 2009 - 07:00 ET

Highlights

- Third quarter adjusted earnings increased 78% to $152 million

- Third quarter earnings increased 105% to $304 million

- Nine month adjusted earnings increased 30% to $616 million, or $1.70 per common share

- Nine month earnings increased 19% to $1,255 million, or $3.45 per common share

- Enbridge selected to build ultra deep water Gulf of Mexico pipeline projects totaling US$750 million

- Enbridge extends renewable portfolio with 20 megawatt solar project in Ontario

CALGARY, ALBERTA--(Marketwire - Nov. 4, 2009) - Enbridge Inc. (TSX:ENB) (NYSE:ENB) "Enbridge's nine month performance continues to reflect strong operational performance across our liquids pipelines and natural gas businesses," said Patrick D. Daniel, President and Chief Executive Officer. "Given this performance and our outlook, we are revising our guidance range for the full year to $2.30 to $2.36 adjusted earnings per share, which will represent an increase of more than 20% over last year."

In July and early October, Enbridge announced two new ultra deep water pipeline projects in the Gulf of Mexico, further advancing the Company's growth objectives in its natural gas and crude oil pipeline systems.

"The Walker Ridge Gas Gathering System and the Big Foot Oil Pipeline confirm Enbridge's strong competitive position in the Gulf of Mexico and, in particular, our expertise in constructing and operating pipeline infrastructure in ultra deep water," said Mr. Daniel. "Notably, these two projects, which represent an investment of approximately US$0.8 billion, also highlight how Enbridge is enhancing the risk-return profile of our offshore assets to align more closely to our crude oil pipeline system. Enbridge currently moves 50% of offshore deep water gas production through our systems in the Gulf and we're well positioned for further expansion."

"Elsewhere, on the natural gas side, the growth opportunities for Enbridge are also favourable. Our existing asset base, which is adjacent to shale gas plays in Texas and Louisiana and the emerging shale plays in northeastern B.C. and the Bakken Formation in Saskatchewan and North Dakota, gives us very strong competitive positioning."

"In our liquids pipelines business, we're encouraged by increasing signs of renewed activity in the oil sands as commodity prices recover," continued Mr. Daniel. "Enbridge is the largest operator of regional crude oil pipelines serving the oil sands and we have the ability to offer producers the widest range of flexible, timely and scalable transportation solutions to meet their near and longer-term needs. We see significant growth opportunities in the oil sands both in regional pipeline infrastructure and in extending access to new markets for Canadian crude oil and further improving netbacks for our customers."




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