Enbridge Inc. 2016 Annual Review recaps a productive year, while framing the road ahead
Solid results—and a bolder, brighter future.
Today, Enbridge Inc. released its 2016 Annual Review, a yearly milestone of the company’s achievements, online at Enbridge.com.
And while Enbridge’s reliable business model performed well in 2016 in the face of industry challenges, the real excitement for our company lies on the road ahead.
On Feb. 27, Enbridge closed its merger with Spectra Energy Corp—a transaction that instantly created North America’s largest energy infrastructure company, and one of the world’s largest publicly traded energy companies, valued at C$166 billion.
“With this one strategic move, we’ve brought the highest-quality liquids and natural gas infrastructure franchises on the continent together under one roof–with the largest scale and highest-quality assets, industry-leading growth capital program, a strong financial position and an exceptional group of people,” says Enbridge Inc. President and CEO Al Monaco, in a letter to shareholders contained in the 2016 Annual Review.
“Today, we’re better positioned than ever to not only extend and diversify Enbridge’s growth over the next couple of decades, but also to be a leader in North America’s energy future.”
Highlights of the 2016 Annual Review, which covers Enbridge’s performance prior to the close of the Spectra combination, include:
- A new crude delivery record of 2.6 million barrels per day in December (since surpassed in January with a 2.65 million bpd volume);
- An investment of $750 million toward pipeline fitness and leak detection across our operations;
- A compound annual growth rate (CAGR) of 14.5% on total shareholder return over the past 10 years, despite market fluctuations;
- Announcements in European offshore wind projects that give Enbridge an approximate total of 1,100 megawatts (MW) of net generation capacity under development; and
- A total of 15,681 pipeline inspections on our crude oil and natural gas gathering, transmission and distribution network.
As 2017 begins, commodity prices have stabilized and confidence is growing around a sustained recovery in the energy industry. The debate around the merits of energy is more constructive—with a growing understanding that a balanced approach of responsible development, economic prosperity and environmental protection is possible.
The combination of Enbridge and Spectra simply adds to the “new energy around energy,” says Mr. Monaco.
“Enbridge was already well-positioned to benefit from these dynamics, but on February 27, 2017, we became even stronger,” he says. “Our combination with Spectra Energy has made us an even bigger force in energy infrastructure in North America, and sets us up for decades to come.”
The Enbridge Inc. 2016 Annual Review, and the full 2016 Annual Report, are both available in downloadable format.
Year-end 2016 information on the former Spectra Energy Corp is also available online, as is the 2016 Annual Report for Spectra Energy Partners.
