- Enbridge (NYSE:ENB) will increase capacity by as much as 100K bbl/day by mid-2019 and review how it operates its Mainline pipeline to help alleviate discounts plaguing the Canadian oil patch, President and CEO Al Monaco told analysts today at an investor day presentation.
- Monaco said the expansion of ENB's flagship pipeline, which moves 2.8M bbl/day out of western Canada, will relieve the pressure facing domestic producers in the face of oil discounts.
- “We think the system, given its scale and reach, can be a very big part of the solution going forward in this basin,” Monaco said.
- ENB also announced plans to raise its dividend by 10%, simplify its corporate structure and the way it raises funds through debt financing, a series of moves that were widely praised by analysts.
- Moody’s today placed ENB and all of its subsidiaries on review for a potential credit upgrade to reflect “the significant steps Enbridge has taken to simplify its corporate structure and reduce structural subordination and leverage.”
- Now read: Enbridge (ENB) Investor Presentation - Slideshow
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