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The oil industry has been a brutal place in recent years. Crude price volatility has led oil producers to drill fewer wells, which has impacted the volumes flowing through North America’s pipeline networks. While that has hurt some midstream companies, it hasn’t affected Canadian energy infrastructure behemoth Enbridge (NYSE: ENB) because its rate structure insulates it against fluctuations in commodity prices and volumes. As a result, its fourth-quarter results were solid, with earnings before interest, taxes, depreciation, and amortization of 3.201 billion Canadian dollars. This is an energy company that has plenty of fuel to continue growing its cash flow and high-yielding dividend . Drilling down into Enbridge’s fourth-quarter earnings Data source: Enbridge. pp = percentage points. (NOTE: All figures in Canadian dollars. Current exchange rate $0.78=CA$1.00) Enbridge’s earnings and cash flow both grew during the fourth quarter. That helped nudge its full-year totals above 2019’s levels, with adjusted EBITDA marginally higher and DCF rising by about 2%. That was a solid result considering that most midstream companies’ earnings declined last year due to all the turbulence in the oil market. Enbridge had the advantage of operating a diversified energy infrastructure business; stronger results from its liquids pipelines and […]
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