(Updated - May 10, 2019 7:07 AM EDT)

Enbridge (NYSE: ENB) reported Q1 EPS of Cdn$0.81..

• GAAP earnings of $1,891 million or $0.94 per common share for the first quarter of 2019, compared to $445 million or $0.26 per common share in the first quarter of 2018, both including the impact of a number of unusual, non-recurring or non-operating factors
• Adjusted earnings was $1,640 million or $0.81 per common share for the first quarter of 2019, compared to $1,375 million or $0.82 per common share in the first quarter of 2018
• Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) was $3,769 million for the first quarter of 2019, compared to $3,406 million in the first quarter of 2018
• Cash Provided by Operating Activities was $2,176 million for the first quarter of 2019, compared to $3,194 million for the first quarter of 2018
• Distributable Cash Flow (DCF) was $2,758 million for the first quarter of 2019, compared to $2,312 million for the first quarter of 2018
• Reaffirmed financial guidance range for 2019 Distributable Cash Flow per Share of $4.30 to $4.60/share
• Progressed execution of Line 3 Replacement project: Canadian segment construction expected to be completed by end of May 2019; Minnesota Public Utilities Commission (MPUC) denied all petitions to reconsider its project approvals; obtained a new permitting timeline from Minnesota environmental permitting agencies; based on the new timeline, project in-service date targeted for the second half of 2020
• Announced today a successful open season supporting a $0.2 billion expansion of the Dawn-Parkway gas transmission system
• Announced plans to launch a binding open season in mid-July to secure firm transportation agreements on the Liquids Mainline System upon expiry of the Competitive Toll Settlement (CTS) agreement in June 2021
• Achieved a Debt:EBITDA metric of 4.7x on a trailing twelve month basis based on Management's calculation methodology, well within the Company's target leverage range of "4.5x to comfortably below 5.0x"
• Moody's upgraded Enbridge's senior unsecured debt rating from Baa3 to Baa2 while maintaining a positive outlook on the rating

CEO COMMENT

"We're very pleased with our strong start to 2019," commented Al Monaco, President and Chief Executive Officer of Enbridge. "Operationally, all of our systems are running well and near capacity. In fact, we hit record throughput levels this quarter on the Liquids Mainline System. In addition, our gas transmission systems were in high demand given the colder weather we experienced in our franchises this winter, and the Ontario gas utility business hit record dispatch days in January and February. We also benefited from strong margins in our Energy Services business this quarter.

"This strong operating performance, in combination with new projects that came into service this past year, drove record EBITDA in the first quarter, although the Line 3 in-service delay to 2020, relative to our full year 2019 budget, will offset this first quarter strength. Our 2019 DCF guidance range is unchanged at $4.30 to $4.60 per share.

"Each of the business units demonstrated progress on key initiatives this quarter. Our Liquids Pipelines team continued discussions with customers on the terms of a new commercial framework for the Liquids Mainline System to replace the existing CTS tolling agreement expiring in 2021. We expect to be in a position to launch an open season in mid-July, with the goal of bringing forward a new toll filing to the regulator by year-end.

"Our Gas Transmission team has been advancing rate case discussions for the Texas Eastern system, and the business development group is active in the US Gulf Coast right now assessing opportunities to support LNG development.

"Within the Gas Utility business, this was the first quarter of combined operations and we've begun driving out efficiencies. We've also secured an additional expansion of the Dawn to Parkway transmission system, a low risk organic growth project that supports increasing gas flows into our franchise areas and further into the U.S. northeast.

"We're also pleased with the ongoing execution progress being made on the Line 3 replacement project. Firstly, in Canada, we expect to have construction complete on this segment of the line by the end of May. And in Minnesota, we now have permitting timelines from the state's agencies that support issuance of the environmental permitting by November. We're working closely with these agencies and we expect to bring the full project into service within the second half of 2020, subject to timely permitting approvals.

"Finally, from a strategic standpoint, the actions we've taken over the past year have put us in a position of strength going forward, and we're seeing the benefits of this already. The operating and financial performance of our core low risk businesses have been strong and reliable. Our balance sheet has been reinforced and we now have significant financial flexibility which has, among other things, enabled us to eliminate our DRIP and move to a self-funded growth model. And we're also seeing significant efficiencies take hold, namely, elimination of our sponsored vehicles, amalgamation of our two Ontario utilities, and debt restructuring from the structural streamlining that has taken place.

"In summary, it was another strong quarter for Enbridge across all of the business units. We're pleased with the operational and financial performance, and we'll continue to advance our key strategic priorities throughout the balance of the year, with an enhanced focus on capital allocation, growth and return on investment to maximize shareholder value," concluded Mr. Monaco.

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