CALGARY — Enbridge Inc. raised its quarterly dividend as it announced the approval of $1.1 billion in new capital projects.

The pipeline company says it will now pay a quarterly dividend of 86 cents per share, up from 83.5 cents.

Enbridge also says it plans to buy back up to $1.5 billion worth of its shares.

The company approved several new capital projects including a $500-million expansion of its Valley Crossing Pipeline in Texas. It will also spend $300 million on an expansion of its Dawn to Parkway system in Ontario.

In its outlook, Enbridge reaffirmed its 2021 full-year guidance range for adjusted earnings before interest, income taxes and depreciation of $13.9 billion to $14.3 billion and distributable cash flow per share of $4.70 to $5.00.

For 2022, the company says it expects EBITDA of $15.0 to $15.6 billion and distributable cash flow per share of $5.20 to $5.50.

This report by The Canadian Press was first published Dec. 7, 2021.

Companies in this story: (TSX:ENB)

The Canadian Press