Enbridge on Track for 20% Plus Growth in 2009, 10% Plus Through 2013
"Through the second quarter of 2009, Enbridge continued to deliver favorable operating performance across our liquids and natural gas businesses, highlighted by significant progress on our projects under construction, and the announcement of a major new oil sands project," said Patrick D. Daniel, President and Chief Executive Officer. "With adjusted earnings per share of $1.28 for the first six months of the year, we are ahead of where we had expected to be. We are now on track to achieve the upper half of our $2.18 to $2.32 per share full year adjusted earnings guidance range, for an annual growth rate greater than 20%.
"Looking further out, and affirmed through our annual review and update of our strategic plan, we expect to sustain a 10% plus average annual earnings per share growth rate from 2008 through 2013," continued Mr. Daniel.
In June 2009, Enbridge announced an agreement with Imperial Oil Resources Ventures Limited and ExxonMobil Canada Properties to provide for the transportation of blended bitumen from the Kearl project in the Athabasca Oil Sands region of northern Alberta to the Edmonton, Alberta area. The first phase of the new pipeline system is a 140-kilometre pipeline from Kearl Lake to Enbridge's Cheecham Terminal.
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