2017 annual report - enbridge/media/enb/documents/investor... · 2018-04-05 · 2017 annual report...

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Contents Letter to Shareholders 1 How We Deliver Value 4 2017 Financial Highlights 5 Sustainability at Enbridge 6 Corporate Governance 7 Investor Information 8 2017 Annual Report

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Page 1: 2017 Annual Report - Enbridge/media/Enb/Documents/Investor... · 2018-04-05 · 2017 Annual Report 1 Letter to Shareholders Al Monaco President & Chief Executive Officer Gregory L

ContentsLetter to Shareholders 1How We Deliver Value 42017 Financial Highlights 5

Sustainability at Enbridge 6Corporate Governance 7Investor Information 8

2017 Annual Report

Page 2: 2017 Annual Report - Enbridge/media/Enb/Documents/Investor... · 2018-04-05 · 2017 Annual Report 1 Letter to Shareholders Al Monaco President & Chief Executive Officer Gregory L

Life Takes Energy®

C A N A D A

M E X I C O

U N I T E D S T A T E SO F A M E R I C A

U N I T E D S T A T E SO F A M E R I C A

EdmontonEdmonton

HardistyHardisty

TampaTampa

NewOrleansNewOrleans

New YorkNew York

Bu�aloBu�alo

OakfordOakford

AccidentAccidentSteckmanRidgeSteckmanRidge

SaltvilleSaltville

SalisburySalisbury

GurleyGurleyGuernseyGuernseyCasperCasper

EdgarEdgar

Bu�aloBu�alo

NashvilleNashville

LeidyLeidyChathamChatham

WestoverWestoverSarniaSarniaStockbridgeStockbridge

ToledoToledo

VancouverVancouver

Port ArthurPort Arthur

TorontoToronto

FrederictonFredericton

FlanaganFlanaganChannahonChannahon ChicagoChicago

MontrealMontreal

HoustonHouston

Boise

SuperiorSuperior

ClearbrookClearbrook

GretnaGretna

CromerCromerLethbridgeLethbridge

Great FallsGreat Falls

KerrobertKerrobert

ReginaRegina

MinotMinot

FortMcMurray

FortMcMurray

CheechamCheecham

AthabascaAthabasca

ZamaZama

Peace RiverPeace RiverFort St. JohnFort St. John

Norman WellsNorman Wells

RowattRowatt

PatokaPatoka

WoodRiver

WoodRiver

CushingCushing

BostonBoston

PhiladelphiaPhiladelphia

BobcatBobcat

EganEgan

Moss Blu�Moss Blu�OrlandoOrlando

HalifaxHalifax

Enbridge is a North Americanenergy infrastructure leaderwith global scale and capability.Our three core businessestransport and distribute oil,natural gas and natural gasliquids and connect NorthAmerica's growing supplybasins with key demand centers.

We strive to be an industryleader by: creating value for ourshareholders; serving customers;setting best practice standardswith respect to worker andpublic safety, environmentalprotection, community andIndigenous relations; andbuilding an engaged workforce.

UNITEDKINGDOM

FRANCE

BELGIUM GERMANY

THENETHERLANDS

North Sea

English Channel

London

ParisParis

Hamburg

Eoliennes O�shoredes Hautes FalaisesEoliennes O�shoredes Hautes FalaisesEoliennes O�shore

du CalvadosEoliennes O�shore

du Calvados

RampionRampion

Hohe SeeHohe See

Parc du Bancde GuerandeParc du Bancde Guerande

Enbridge has successfully built a strong GreenPower and Transmission business, with interestsin more than 2,500 megawatts (MW) of netrenewable generating capacity. We also havean expanding offshore wind portfolio in Europewith significant capacity for growth.

Our vision is to be the leading energy delivery company in North America. We play acritical role in enabling the economic well-being and quality of life of North Americans,who depend on access to affordable and plentiful energy—because Life Takes Energy.

Liquids PipelinesEnbridge operates the world’s longest and most complex crude oil and liquidstransportation system, which moves approximately 65 percent of all U.S.-boundCanadian exports. Our Mainline System has an operating capacity of 2.85 millionbarrels per day and delivers western Canadian crude to eastern Canada, U.S. Midwestand Gulf Coast markets.

Natural Gas Transmission and MidstreamEnbridge’s natural gas pipelines transport approximately 20 percent of all naturalgas consumed in the U.S. We connect key supply basins to markets in the U.S. East,South and Midwest, and our transmission network extends throughout the Gulf Coast.In Western Canada, we directly link supply areas to markets in British Columbia,the Pacific Northwest and the U.S. Midwest.

Natural Gas UtilitiesEnbridge’s natural gas utility business connects major growth centers with diverse gassupplies. Together, Enbridge Gas Distribution (EGD) and Union Gas deliver energy toapproximately 3.7 million homes and businesses in Ontario, Quebec and New Brunswick.

Liquids Pipeline

Natural Gas Transmission Pipeline

Natural Gas Gathering Pipeline

Natural Gas Liquids Pipeline

Crude Storage or Terminal

Gas Storage Facility

NGL Storage Facility

Gas Processing Plant

Gas Distribution Service Territory

A�liated Gas Distribution Territory

LNG Facility

Rail

Trucking Facility

Propane Terminal

Power Transmission

Renewable Energy

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2017 Annual Report 1

Letter to Shareholders

Al MonacoPresident &Chief Executive Officer

Gregory L. EbelChair,Board of Directors

The New EnbridgeEssential to our success is an ability tocontinually assess our environment andadapt to change; and over the last threedecades, Enbridge has done just that.In the 1990’s, we purchased Enbridge GasDistribution as we believed in the potentialof natural gas; 20 years ago we were thefirst to offer incentive tolling to better alignwith our customers’ needs; and 15 yearsago we began investing in renewables,ahead of the curve. In 2017, we changedagain: the completion of our merger withSpectra Energy transformed Enbridgeinto a North American infrastructure leaderwith global scale.

With the completion of the merger, we nowhave what we believe are the highest-qualityliquids and natural gas infrastructure assetson the continent under one roof. The newEnbridge has a much stronger and morebalanced portfolio of oil and natural gasassets, growth opportunities and geographicreach. Our expanded footprint providesunmatched scale, diversity, financialflexibility and multiple platforms for organicgrowth to continue to deliver the energypeople need and want—today and fordecades to come.

This has been done as we maintain andbuild on the value proposition that hasserved our company and our shareholderswell: our reliable, low-risk business model,transparent growth and a growing dividend.

Two years ago, we began a process totransform our business by finding moreefficient and effective ways of working.After the merger, we moved quickly tointegrate the Spectra assets and bring

together 15,000 people into the newEnbridge. We ended 2017 as one team,working towards a common goal ofbuilding the best energy delivery companyin North America.

2017 ReviewBeyond the transaction, 2017 was a verybusy year punctuated with numerousaccomplishments and milestones.Impressively, we put $12 billion of newassets into service in 2017, a recordachievement in a single year, but equallyimportant these projects are expected toprovide strong cash flows and earnings fordecades to come. This included Sabal Trail,a greenfield natural gas system serving theU.S. Southeast; the Wood Buffalo Extension,serving the Fort Hills oil sands project innorthern Alberta; and the Chapman Ranchwind power facility in Texas. Our abilityto advance these and other projects isthe result of continued on-the-groundengagement with local communities,stakeholders and regulators to buildunderstanding and trust, which is critical towhat we do and part of our corporate DNA.

The new Enbridge has a muchstronger and more balancedportfolio of oil and natural gasassets, growth opportunitiesand geographic reach.

Forward-Looking Information

This Annual Report includes referencesto forward-looking information. By its naturethis information involves certain assumptionsand expectations about future outcomes,so we remind you it is subject to risksand uncertainties that affect our business.The more significant factors and risks thatmight affect our future outcomes are listedand discussed in the “Forward-LookingInformation” and risk sections of our Form 10-Kand Management’s Discussion & Analysis,available on both sedar.com and sec.gov.

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2 Enbridge Inc.

In our core businesses, we moved recordvolumes on our Mainline System, whichcame from a combination of oil sandssupply growth and capacity optimizationinitiatives undertaken by our team toincrease throughput, which benefitedour customers and our industry, too.Our expanded gas transmission businessoperated very well and delivered the resultswe expected from the Spectra transaction.Same goes for our gas distributionbusinesses, where we added approximately50,000 customers and brought a majorexpansion into service, another benefitof the Spectra deal. Importantly, we onceagain delivered industry-leading safetyperformance. Our 15,000 employeesperformed their daily work with the utmostfocus on safety, not only for the communitiesin which we operate, but also for their fellowteammates. Shareholders could not bebetter served by our employees’ long-termdedication to safely and reliably operatingour assets. Like us, the communities wherewe live and work expect us to be world-classoperators, and each year we work harderat running our business while protectingthe public, the environment and our people.

We have clear competitiveadvantages in our threecore businesses, and theyfit in our low-risk, reliablevalue proposition.

In August 2017, we broke ground in Canada onour Line 3 Replacement Program—the largest projectin Enbridge's history—which will enhance the safety,operational reliability and throughput of the Mainline System.

Another area of focus was to securefunding for our capital program and toensure a strong balance sheet. We raisedabout $14 billion of capital across theEnbridge group of companies on favorableterms and sold $2.6 billion of non-coreassets, surpassing our original target of$2 billion set at the time we announcedthe Spectra transaction. We also tooksteps to simplify our sponsored vehicles,which hold critical infrastructure assets.

Integration of the Spectra business is wellon track and we achieved the cost synergyobjectives we were anticipating for thefirst year. With the combined strength andearnings power of our core businesses,contributions from new projects and costsynergy capture, distributable cash flow pershare was $3.68, which was within the 2017financial guidance range communicated toinvestors. Finally, we increased our dividendby 15 percent in 2017, our 23rd consecutiveyear of dividend hikes.

Despite our teams’ best efforts, there weresome disappointments: upstream volumedisruptions prevented the full utilization ofour liquids Mainline; we experienced projectdelays due to regulatory and permittingchallenges prevalent in our industry today;and three years of low commodity pricestook their toll on our commodity-sensitivebusinesses. Equally disappointing wasthe fact that we did not realize the type ofshareholder returns that you, our owners,have become accustomed to, and that weexpect to deliver on your behalf. We stronglybelieve that as our team continues to deliveron the benefits of the Spectra merger,our capital expansion projects and financialtargets, our shareholders will enjoy strongtotal shareholder returns.

Strategic FocusAt Enbridge, we continually look for waysto improve our business and leverage ourstrengths, which is critical to remainingcompetitive in today’s environment. After weclosed the Spectra merger, we undertooka comprehensive review of our expandedasset base, business environment andcompetitive position, with the goalof assessing where best to allocate capitaland to establish our new three-year plan.

As a result of this review, we are veryfocused on what we do best: growingour pipeline and utility assets becausethis is where we can add the most value.Moving forward, we will place greateremphasis on our three core businesses:liquids pipelines and terminals; naturalgas transmission and storage; and naturalgas utilities. These three core businessesshare common characteristics:

• strategically located assets with directconnections between North America’skey supply areas, storage anddemand markets;

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2017 Annual Report 3

• size, scale and flexibility to meet customerneeds and compete to win new business;

• strong commercial underpinnings andhighly predictable cash flows that alignwith our low-risk value proposition; and

• a large set of organic growth opportunitiesthat naturally extend the scope and reachof our existing businesses.

We also decided to sell or monetize assetsthat don’t have these characteristics ordon’t fit our business model. These non-coreassets, including certain unregulatedgas midstream and onshore renewablebusinesses, have a value of at least$10 billion.

2018 – 2020 Planand PrioritiesWe have set a course for the next threeyears that will increase our competitivenessand grow our business. We’re confidentthe successful execution of this planwill generate approximately 10 percentcompound annual distributable cash flowper share growth through 2020, whichsupports our ability to grow our dividend by10 percent per year over the same period.

Our plan focuses on the followingsix priorities:

Safety and operational reliabilityAbove all else, safety and reliability of ouroperations remains our number one priority.

Maximise the value of our core businessWe will focus on growing our threecore businesses—liquids pipelines, gastransmission and gas utilities—throughoptimization, extension and expansion.We have clear competitive advantagesin these businesses, and they fit in ourlow-risk, reliable value proposition.

Execute our capital programWe will focus on bringing $22 billion ofsecured growth projects into operationthrough 2020. Our inventory of projectsincludes: the Line 3 Replacement Programthat will enhance the safety, operationalreliability and throughput of the MainlineSystem; the NEXUS Gas TransmissionProject, a natural gas pipeline systemconnecting our Texas Eastern pipelinein Ohio to the Union Gas Dawn hub inOntario; and the Valley Crossing naturalgas pipeline, which will provide gasproducers with market access to Mexico.

Strengthen our financial positionTo fund growth opportunities, we’vedesigned a prudent financing plan thatprovides flexibility of sources of capital andenables us to accelerate deleveraging ofthe balance sheet. As part of this, we planto sell $3 billion of non-core assets in 2018.

Complete integrationand transformationWe remain on track to capture theestimated $540 million in pre-tax annualsynergies from the Spectra transaction by2019. We have also implemented initiativesto target top-quartile cost performance.

Position for long-term growthWe will continue to evaluate opportunitiesto position Enbridge for the energymix of the future, including expanding ouroffshore wind power generation business.

Final ThoughtsThanks to the continued hard work anddedication of our employees, we wereable to accomplish a great deal this pastyear. We are particularly proud of howour people came together to respond tohurricanes Harvey and Irma. We maintainedour operations and lent a much-neededhand in our hard-hit communities.

We would like to thank our Board ofDirectors for their leadership through ourfirst year as the new Enbridge. In particular,Rebecca Roberts, who is retiring from theBoard, deserves our heartfelt appreciationfor her service as a Director of Enbridgeand Enbridge Energy Partners. We arehonored and feel fortunate each dayto work with the Enbridge team and tolead this great company.

We strongly believe that Enbridge is verywell positioned for the future. We havetalented people operating and growingthe most strategically located and criticalliquids and natural gas infrastructure anddistribution systems on the continent.Our goal over the next three years isto build on our strengths to becomethe best-performing energy infrastructurecompany in North America, and tocontinue delivering long-term growthand shareholder value.

Al MonacoPresident &Chief Executive Officer

March 12, 2018

Gregory L. EbelChair,Board of Directors

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4 Enbridge Inc.

How WeDeliver Value

Growth Capital Programby Business Segment

20-Year Dividend GrowthCanadian dollars per share

$12 Billionin-servicein 2017

We expect to grow ourdividend by 10% peryear through 2020.

46%

34%

12%

8%

48%

34%14%4%

$22 Billionto be placedinto service2018 – 2020

n Liquids pipelines

n Gas transmission & midstream

n Gas distribution

n Renewables & other

Reliable and Low RiskOur three core businesses generatehighly reliable cash flows. Over 96 percentof Enbridge’s earnings are underpinnedby low-risk, long-term contracts withstrong, creditworthy customers.These long-term contracts providestable and reliable cash flow and earnings.

Contractual Support

Transparent GrowthThe strategic positioning of our assetsoffers organic growth opportunities byextending and expanding our existingnetwork. A key element of Enbridge’slong-term success is the safe executionof our secured growth capital program,which provides a clear line of sightto cash flow growth. We are currentlyexecuting on a program to deliver$22 billion of new projects overthe next three years. The additionalcash flow from these projects willsupport our expected dividend growth.

Growing DividendEnbridge has a consistent track recordof delivering annual dividend increasesfor our shareholders, supported bythe successful execution of our securedcapital program. Our strategic footprintwill continue to allow us to invest innew, value-add projects to supportcontinued dividend growth.

1 Compound Annual Growth Rate of aninvestment over a specified time period.

20-year CAGR1 = 11.2%

n Take-or-Pay (TOP)/Cost-of-Service (COS)

n Competitive Tolling Settlement (CTS)

n Fixed fee

n Commodity sensitive

1997 2017

$0.50

$1.00

$1.50

$2.00

$2.50

$0.00

Enbridge’s value proposition brings together a combinationof our reliable, low-risk business model, transparent growth,and stable and growing dividend income.

2018e EBITDA

4%

96%TOP/COS/

CTS/Fixed Fee

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2017 Annual Report 5

2017 FinancialHighlights

Our 2017 financials reflect our first year as a combined company following the closureof the Enbridge and Spectra Energy merger on February 27, 2017.

Year ended Dec. 31 2017 2016

millions of Canadian dollars, except per share amounts

Total assets 162,093 85,209

Earnings attributable to common shareholders 2,529 1,776

Earnings/share 1.66 1.95

Adjusted EBITDA1 10,317 6,902

Adjusted earnings1 2,982 2,078

Adjusted earnings per common share 1.96 2.28

Distributable cash flow1,2 5,614 3,713

DCF per common share 3.68 4.08

Weighted average common shares outstanding 1,525 911

Dividends paid/share 2.41 2.12

1 Includes adjustments for unusual, non-recurring or non-operating factors. Schedules reconciling adjusted EBITDA, adjusted earnings, adjusted earnings per common shareand distributable cash flow (DCF) are available at enbridge.com

2 Formerly referred to as Available Cash Flow From Operations (ACFFO). Calculation methodology remains unchanged.

Over the past 20 years, Enbridge has delivered 12 percent dividend per share compoundannual growth and generated total annual shareholder returns of approximately 13 percent,compared to seven percent for the S&P/TSX Composite Index. We’ve accomplished this whilebuilding North America's largest energy infrastructure company.

In addition to Enbridge,our Sponsored Vehicles includethree publicly traded entitiesthat offer investors a varietyof attractive ways to invest inlow-risk energy infrastructure.

Enbridge Income Fund Holdings Inc. (TSX: ENF): a publicly tradedCanadian corporation that invests in low-risk energy infrastructure assets,including the Canadian portion of Enbridge’s liquids Mainline System.ENF pays a monthly dividend.

Spectra Energy Partners, LP (NYSE: SEP): a U.S. master limited partnership(MLP) focused on natural gas pipelines and storage in the U.S.

Enbridge Energy Partners, L.P. (NYSE: EEP): a pure-play, liquids pipelinesMLP, which owns the U.S. portion of Enbridge's liquids Mainline System.

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6 Enbridge Inc.

Sustainabilityat Enbridge

As a company that builds andoperates energy infrastructuredesigned to safely and reliablydeliver the energy peopleneed and want over decades,how we sustain our businessover the long term is aquestion we ask ourselvesin every decision we make.Our approach to sustainability takesinto consideration the interests of allour stakeholders—from those who investin us, work for us and partner with us,to those who live near our projects andoperations. We’re focused on identifyingthe environmental, social and governancerisks and opportunities most significantto our business and integrating theminto our strategic framework and capitalallocation decisions.

Oversight of our sustainability policiesand performance begins with our Boardof Directors and executive management.Enbridge has dedicated policies,management systems, teams andsenior-level accountabilities in placeto address key issues facing ourcompany and its stakeholders.

Stakeholder andIndigenous InclusionWe engage with stakeholders andIndigenous groups in a respectfulmanner with a focus on buildingmutually beneficial relationships.Our Indigenous Peoples Policyrecognizes the legal and constitutionalrights of Indigenous peoples, andthe importance of their relationshipto their traditional lands and resources.

$74MThrough our engagement on the Line 3Replacement Program, we have enteredinto agreements with 56 Indigenouscommunities in Canada. In 2017,we delivered approximately $74 millionin social-economic opportunities toIndigenous contractors or partners.

Safety andEnvironmental ProtectionWe make ongoing investments to assurethe fitness of our systems and to detectleaks. We are building a culture whereall incidents are seen as preventable andour people are empowered and expectedto raise safety or environmental concerns.This past year, we had no major incidentson our systems.

$2BWe invested close to $2 billionin the safety and integrity of ourenergy delivery systems in 2017.

Climate andEnergy SolutionsWe are uniquely positioned to helpbring new low-carbon solutions toscale in Canada and the U.S. We arefocused on energy efficiency andemissions reduction across our ownoperations, and we are integratingcarbon sensitivities and climaterisks in our investment decisions.

$2.9B1,009MWWe have committed to invest$2.9 billion in European offshorewind projects that will add 1,009 MWof renewable power generationcapacity to our portfolio.

Our first Sustainability Report for our combinedcompany will be published in June 2018and will be available at enbridge.com/sustainability

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2017 Annual Report 7

Sound GovernanceMeans Sound BusinessWe believe good governance is importantfor our shareholders, our employees and ourcompany. We have a comprehensive systemof stewardship and accountability that meetsthe requirements of all applicable rules,regulations, standards and internal andexternal policies. We continuously assessour governance practices to build on ourstrengths and improve our effectiveness.

We benefit from a diverse and highlyengaged Board of Directors who bring arange of viewpoints, deep expertise andstrong energy-sector knowledge that helpsensure effective oversight of our strategicpriorities and operations.

For more information about our Board ofDirectors and our governance practices,please see Enbridge Inc.’s Notice of 2018Annual Meeting and Proxy Statementavailable in the Reports & Filings sectionof the Investment Center at enbridge.com

Board of DirectorsAs of March 12, 2018 (pictured, left to right )

J. Herb England

Catherine L. Williams

Gregory L. Ebel, Chair

Marcel R. Coutu

V. Maureen Kempston Darkes

Al Monaco

Rebecca B. Roberts

Dan C. Tutcher

Michael McShane

Michael E.J. Phelps

Pamela L. Carter

Charles W. Fischer

Clarence P. Cazalot, Jr.

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8 Enbridge Inc.

Investor InquiriesIf you have inquiries regarding the following:

• additional financial or statistical information;

• industry and company developments;

• the latest news releases or investorpresentations; or

• any other investment-related inquiries

please contact EnbridgeInvestor Relations:

Toll-free: 800-481-2804Office: [email protected]

Enbridge Inc.200, 425 – 1st Street S.W.Calgary, Alberta, Canada T2P 3L8

Annual MeetingThe Annual Meeting of Shareholders will beheld at the Calgary Marriott Downtown Hotel,Kensington Room, 110 – 9 Avenue S.E., Calgary,Alberta, Canada at 1:30 pm MT on Wednesday,May 9, 2018. A live audio webcast of the meetingwill be available at enbridge.com and will bearchived on the site for approximately oneyear. Webcast details will be available on theCompany's website closer to the meeting date.

Registrar and Transfer AgentFor information relating to shareholdings,shareholder investment plan, dividends, directdividend deposit, dividend re-investmentaccounts and lost certificates, please contact:

In Canada:

AST Trust Company (Canada)P.O. Box 700, Station BMontreal, Quebec, Canada H3B 3K3Telephone: 800-387-0825, or416-682-3860 outside of North Americacanstockta.com

AST Trust Company has offices inHalifax, Toronto, Calgary and Vancouver.

In the United States:

AST6201 – 15th AvenueBrooklyn, New York, U.S.A. 11219Telephone: 800-937-5449amstock.com

2018 Enbridge Inc. Common Share Dividends

Q1 Q2 Q3 Q4

Dividend $0.671 $ – 4 $ – 4 $ – 4

Payment date Mar 01 Jun 01 Sep 01 Dec 01

Record date1 Feb 15 May 15 Aug 15 Nov 15

SPP deadline2 Feb 22 May 25 Aug 27 Nov 26

DRIP enrollment3 Feb 08 May 08 Aug 08 Nov 08

1 Dividend record dates for Common Shares are generally February 15, May 15, August 15 and November 15in each year unless the 15th falls on a Saturday or Sunday.

2 The Share Purchase Plan cut-off date is five business days prior to the dividend payment date.3 The Dividend Reinvestment Program enrollment cut-off date is five business days prior to the dividend

record date.4 Amount will be announced as declared by the Board of Directors.

Common and Preference SharesThe Common Shares of Enbridge Inc. trade in Canada on the Toronto Stock Exchangeand in the United States on the New York Stock Exchange under the trading symbol“ENB.” The Preference Shares of Enbridge Inc. trade in Canada on the Toronto StockExchange under the trading symbols:

Series A – ENB.PR.A Series 1 – ENB.PR.VSeries B – ENB.PR.B Series 3 – ENB.PR.YSeries C – ENB.PR.C Series 5 – ENB.PF.VSeries D – ENB.PR.D Series 7 – ENB.PR.JSeries F – ENB.PR.F Series 9 – ENB.PF.ASeries H – ENB.PR.H Series 11 – ENB.PF.CSeries J – ENB.PR.U Series 13 – ENB.PF.ESeries L – ENB.PF.U Series 15 – ENB.PF.GSeries N – ENB.PR.N Series 17 – ENB.PF.ISeries P – ENB.PR.P Series 19 – ENB.PF.KSeries R – ENB.PR.T

DRIP Information and How to RegisterEnbridge offers a dividend reinvestment and share purchase plan (DRIP) toenable holders of Enbridge common shares to acquire additional shares throughre-investment of the common share dividends paid quarterly, or through optionalcash payments. Dividends re-invested through Enbridge’s DRIP receive a two-percentdiscount on the market price of Enbridge shares, and funds are fully invested asfractional share ownership is permitted as part of the plan. DRIP participants arealso eligible to purchase up to an additional $5,000 in Enbridge common shares eachquarter without incurring brokerage fees; however, the two-percent discount is notavailable for these additional purchases. Please contact AST toll-free (North America)at 1-800-387-0825 or outside of North America at 1-416-682-3860 to requestenrollment forms and for further information on Enbridge’s DRIP.

Auditors

PricewaterhouseCoopers LLP

Investor Information

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The Global 100 Most Sustainable Corporations inthe World highlights global corporations that have beenmost proactive in managing environmental, social andgovernance issues. In January 2018, Enbridge was namedto the Global 100 for the ninth straight year, and 12th timeoverall. Enbridge is ranked No. 12 worldwide, up fromour No. 39 overall ranking in 2017—top among the otherfour Canadian corporations listed and the only Canadianenergy-sector company to make the grade.

Safety Report to the CommunityOur annual Safety Report to the Community, which outlinesour progress as we strive for 100 percent safety andzero incidents, is available at enbridge.com/safetyreport

Online Annual ReportYou can read our 2017 Annual Report onlineat enbridge.com/ar2017

Enbridge is committed to reducing its impacton the environment in every way, includingthe production of this publication. This reportwas printed entirely on FSC® Certified papercontaining post-consumer waste fiber.

200, 425 – 1st Street S.W.Calgary, Alberta, Canada T2P 3L8

Telephone: 403-231-3900Facsimile: 403-231-3920Toll free: 800-481-2804

enbridge.com

Sustainability ReportEnbridge publishes an annual Sustainability Report.Our first report for our combined company will be publishedin June 2018 and will be available at enbridge.com/sustainability