Enbridge Inc. boosted its distributable cash flow per share for the year 2020 and its quarterly dividend for the first quarter of the year.

The company updated its 2020 distributable cash flow per share to a range of C$4.50 to C$4.80 per share, compared with a DCF per share guidance of C$4.30 to C$4.60 per share in 2019, according to a Dec. 10 news release. Enbridge said it expects "embedded growth and new organic opportunities" to yield an annual DCF per share growth of 5% to 7% in the long term, based on an equity self-funded model.

Enbridge also raised its quarterly dividend to 81 Canadian cents per share, representing a 9.8% increase from the previous quarter. The dividend, equivalent to C$3.24 on an annual basis, is payable March 1, 2020, to shareholders of record as of Feb. 14, 2020.

The company also updated its 2020 EBITDA to approximately C$13.7 billion. According to an S&P Global Market Intelligence consensus estimate, Enbridge's 2019 EBITDA is expected to be C$13.38 billion.

In addition, Enbridge said it plans to execute a C$11 billion secured growth capital program while keeping a disciplined spending approach. The capital program would cover the construction of the U.S. segment of Enbridge's Line 3 replacement project. While the Canadian portion of the project has been completed, regulatory delays in Minnesota have set the U.S. portion back until at least late 2020 and possibly further.