ENB - Enbridge Inc. (ENB) Q4 2023 Earnings Call Transcript
2024-02-09 14:36:03 ET
Enbridge Inc. (ENB)
Q4 2023 Earnings Conference Call
February 09, 2024 09:00 AM ET
Company Participants
Rebecca Morley - Vice President, Investor Relations
Greg Ebel - President and Chief Executive Officer
Pat Murray - Executive Vice President and Chief Financial Officer
Colin Gruending - Head, Liquids Pipelines
Cynthia Hansen - Head, Gas Transmission and Midstream
Michele Harradence - Head, Gas Distribution and Storage
Matthew Akman - Head, Renewable Power
Robert Hope - Scotiabank
Conference Call Participants
Robert Catellier - CIBC Capital Markets
Theresa Chen - Barclays
Robert Kwan - RBC Capital Markets
Ben Pham - BMO
Praneeth Satish - Wells Fargo
Presentation
Rebecca Morley
Good morning and welcome to the Enbridge Fourth Quarter and Year-end 2023 Financial Results Conference Call. My name is Rebecca Morley and I’m the Vice President of the Investor Relations team. Joining me this morning are Greg Ebel, President and CEO; Pat Murray, Executive Vice President and Chief Financial Officer and the heads of each of our business units, Colin Gruending, Liquids Pipelines; Cynthia Hansen, Gas Transmission and Midstream; Michele Harradence, Gas Distribution and Storage; and Matthew Akman, Renewable Power. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for the investment community. [Operator Instructions]
As per usual, this call is being webcast and I encourage those listening on the phone to follow along with the supporting slides. We will try to keep the call to roughly 1 hour. We'll try to keep the call to roughly 1 hour. And in order to answer as many questions as possible, we will be limiting the questions to 1 plus a single follow-up, if necessary. We will be prioritizing questions from the investment community. So if you are a member of the media, please direct your inquiries to our communications team, who will be happy to respond. As always, our Investor Relations team will be available following the call for any follow-up questions.
On to Slide 2, where I will remind you that we’ll be referring to forward-looking information on today’s presentation and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We will also be referring to non-GAAP measures summarized below.
And with that, I will turn it over to Greg Ebel.
Greg Ebel
Well, thanks very much, Rebecca and good morning, everyone. Thanks for joining us again. I’m pleased to be here today to recap a record fourth quarter and 2023 results. Throughout the year, the Enbridge team worked hard to execute on our strategic priorities and ensure Enbridge remains the first choice for energy delivery in North America and beyond. These efforts further enhanced our long-term value proposition, which we will talk about today, along with providing you an update on our businesses.
Pat will then walk you through our financial performance, our capital allocation priorities and our outlook. And as always, the Enbridge team will be available to answer any questions you may have at the end of the presentation.
Folks, I'm really proud of the Enbridge team for all its achievements in 2023. We met our financial guidance for the 18th straight year and once again exceeded the midpoint for both EBITDA and DCF per share, demonstrating the low-risk predictable nature of our business. Sustainably returning capital to shareholders remains a key priority, and our investors are benefiting from that as we increased our dividend by 3.1% this year, marking our 29th consecutive annual increase.
Our debt to EBITDA, including the prefunding, was 4.1x, leaving ample balance sheet room in preparation for the closing of the U.S. gas utility acquisitions in 2024. In addition to the outstanding financial performance, we had an equally impressive year operationally. Enbridge employees matched our best-ever company safety performance. We had high utilization rates across our systems and set record throughputs on the mainline, Gray Oak and at our Ingleside export facility....
Enbridge Inc. (ENB) Q4 2023 Earnings Call Transcript