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Enbridge president and CEO Al Monaco. CALGARY — North America’s largest pipeline company Enbridge Inc. is boosting capacity by as much as 100,000 barrels per day by the middle of next year and reviewing how it operates its flagship oil pipeline to help alleviate discounts plaguing the Canadian oilpatch. Enbridge president and CEO Al Monaco told analysts during an investor day presentation that the expansion of the company’s mainline, which moves 2.2 million barrels per day out of Western Canada, would relieve the pressure facing domestic producers amid oil discounts that hit $50 below WTI over the past month but have eased slightly in recent weeks. “We think the system, given its scale and reach, can be a very big part of the solution going forward in this basin,” Al Monaco told investors. Enbridge also announced plans to hike its dividend by 10 per cent to $2.95 per share annually, simplify its corporate structure and the way it raises funds through debt financing — a series of moves that were widely praised by analysts. Gavin MacFarlane, Moody’s Investors Service’s senior vice-president and analyst, placed the company and all of its subsidiaries on review for a potential credit upgrade to […]
