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Enbridge Q2 adjusted EBITDA climbs, beats expectations

Enbridge Inc. on Aug. 2 reported second-quarter adjusted EBITDA of C$3.21 billion, an increase from C$3.17 billion in the prior-year quarter.

The S&P Global Market Intelligence consensus adjusted EBITDA estimate was C$3.16 billion.

Distributable cash flow in the quarter was C$2.31 billion, up from C$1.86 billion in the year-ago period. GAAP earnings attributable to common shareholders totaled C$1.74 billion, an increase from C$1.07 billion a year earlier.

The company said it will move forward with C$2 billion of new growth projects, including C$200 million worth of system modernization and reinforcement work in Ontario and its first offshore wind project in France, amounting to C$1.8 billion. The Ontario project is expected to begin service in the fourth quarter of 2020, while the Saint-Nazaire project would start service in late 2022.

Enbridge is a North American energy infrastructure company with an extensive network of crude oil, liquids and natural gas pipelines, among other assets.