Company News

Canada's Enbridge sees higher 2020 core earnings

Dec 10 (Reuters) - Canadian pipeline operator Enbridge Inc on Tuesday forecast higher core earnings for 2020 and raised its quarterly dividend by about 10%.

The company said it expects earnings before interest, taxes, depreciation and amortization (EBITDA) of C$13.7 billion ($10.30 billion) next year. It expects 2019 EBITDA of C$13 billion.

Enbridge declared a quarterly dividend of C$0.81 per share for 2020, up 9.8% from this year.

The company also expects distributable cash flow per share of C$4.50 to C$4.80 for 2020, compared with the 2019 forecast of C$4.30 to C$4.60 per share.

Enbridge also said it notified the Canada Energy Regulator that it intends to file a regulatory application for contracting the Mainline system before the end of the year.

Last month, Enbridge had said it plans to seek the Canada Energy Regulator’s approval to auction off rights to ship crude on its Mainline system, more than a month after the watchdog said the company will not be allowed to offer contracted space on the pipeline to shippers.

$1 = 1.3301 Canadian dollars Reporting by Arundhati Sarkar and Shanti S Nair in Bengaluru; Editing by Rashmi Aich