New Energies - Compelling Opportunity Set
Capital Allocation Priorities
1
Protect Balance
Sheet
.
• Preserve financial
strength and flexibility
2
Sustainable
Return of Capital
.
3
Further Organic
Growth
⚫ Ratable dividend increases up
to medium-term DCF/s growth
• Periodic share repurchases¹
Prioritize low-capital intensity
& utility-like growth
• Excess investable capacity
deployed to next best choice
ENBRIDGE®
Capital Allocation Drivers
4.5x D/EBITDA²
60% DCF1 payout
5.0x
70%
Low-risk (utility)
High-risk (G&P)
Focused on generating sustainable organic growth and return of capital to shareholders
(1) Via a normal course issuer bid to be filed in Q1, 2022, subject to stock exchange approval (2) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be
found at www.enbridge.com.
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