Earnings reportYoY Adjusted earnings down $0.02 from $2.81 to $$.79 (that is what the media will report but the Q4 numbers were much higher than expected ($0.64 vs $0.50 concensus) >>> Q4 made up for a tough year.
YoY GAAP earnings $2.84 vs $1.28 (irrelevant as standard earnings are a currency play for ENB)
YoY adjusted EBITDA up 6% from $14.5 billion to $15.5 billion >>> dive into notes required
YoY cash flow from operations up from $11.2 billion to $14.2 billion >>> good thing
YoY distributable cash flow (DCF) up $300 million to $11.3 billion >>> meh
Debt to EBITDA 4.1x which is well below range of 4.5x to 5.0x >>> bad thing as having a big cash position waiting for the Dominion acquisition dilutes earnings
ENB has raised (or will have raised after the asset sale to Pembina) 85% of the funds they need to close the $19.1 billion purchase of the Dominion NG distribution assets >>> good thing
With the Dominion acquisition, ENB will be 50% NG and renewables and 50% liquids >>> good thing as they are diversifying away from liquids and Canada BUT the share price will continue to be tarnished by the market hating anything to do with oil