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Enbridge Inc.

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Enbridge has the longest and most sophisticated crude and liquids pipeline system in the world, spreading across 17,018 miles. Notably, the merger with Spectra Energy has made Enbridge the largest energy infrastructure company in North America in terms of enterprise value. The company’s huge backlog of growth projects, which stand at roughly C$16 billion along with C$17.9 billion worth of midstream projects that are online, will help it raise dividend by 10% annually through 2020. However, the company’s huge debt load is concerning. As of Sep 30, 2018, Enbridge had long-term debt of US$44.9 billion as against cash balance of only $556 million, reflecting balance sheet weakness. We are also worried about the company’s year-over-year higher operating expenses for third-quarter 2018, reflecting a spike in commodity costs.

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