Calgary-based Enbridge Inc. has signed an agreement with 23 First Nation and Metis communities to sell an 11.57-per-cent interest in seven pipelines located in the Athabasca region of northern Alberta for $1.12 billion.
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Enbridge to sell stakes in seven pipelines to Indigenous groups for $1.12 billion
The deal is the largest energy-related Indigenous economic partnership transaction in North America to date, the pipeline company said Wednesday.
“The deal is significant because it gives all 23 Indigenous communities that are directly impacted by these assets a direct stake,” said Justin Bourque, AII president. “It positioned the communities for long-term impact now and for future generations.”
He said the deal will be funded through a mix of debt and equity, with the debt financing coming from Alberta Indigenous Opportunities Corp., a group that finances Indigenous communities seeking commercial partnerships.
“In addition to an opportunity to generate wealth for our people, this investment supports economic sovereignty for our communities,” he said.
Robert Merasty, executive director of the Indigenous Resource Network, said the agreement was “great news” for Indigenous communities.
“We still have more work to do,” he said. “We need a national program, like the AIOC, so that agreements like this can take place all over Canada.”
The agreement is part of Enbridge’s Indigenous reconciliation action plan, which tries to boost its relationships with native communities and employees. It also fulfils the company’s goal to “recycle capital at attractive valuations,” it said.
Pipelines included in the deal are the Athabasca, Wood Buffalo/Athabasca Twin and associated tanks, Norlite Diluent, Waupisoo, Wood Buffalo, Woodland and the Woodland extension. Enbridge said these assets provide “highly predictable cash flows.”
The size of the transaction is not “particularly material” to Enbridge, Royal Bank of Canada analyst Robert Kwan said in a note to clients after the deal was announced, but he described the deal as positive because it advances the company’s engagement with Indigenous communities.
“The transaction does not materially move our per share estimates,” he said in a note Wednesday. “We view this agreement as an example of Enbridge’s efforts to support and deepen its relationships with Indigenous communities in Canada.”
The deal is expected to close within the next month.
The agreement comes at a time when Enbridge is looking to resolve environmental issues raised by the Bad River Band of the Lake Superior Chippewa in northern Wisconsin connected to its Line 5 pipeline.
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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:QSR)
The Canadian Press. All rights reserved.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:FTS)
The Canadian Press. All rights reserved.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
Companies in this story: (TSX:TRI)
The Canadian Press. All rights reserved.
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