on Wednesday forecast higher 2023 core earnings, banking on sustained high demand for oil and gas amid tight supplies.
Demand for oil and gas surged following Russia’s invasion of Ukraine as sanctions against Moscow left Europe scrambling to find alternate gas supplies and improve long-term energy security.Enbridge earlier in November outlined expansion plans for the southern segment of its British Columbia gas pipeline system, citing robust supply growth and global demand for LNG.
The company also raised its quarterly dividend by 3.2 per cent to 88.75 cents per share, and said it plans to renew its share repurchase program for 2023, allowing it to buy back up to $1.5-billion worth of shares. It expects 2023 core earnings between $15.9-billion and $16.5-billion, higher than its 2022 expectations of $15-billion to $15.6-billion.