CALGARY – Enbridge says it is going to sell off at least $3 billion of its assets next year.
The Calgary-based energy giant said it has identified $10 billion of what it describes as non-core assets.
Enbridge announced a strategic update late Wednesday to focus the company on its pipeline and utilities businesses following the takeover of U.S -based Spectra Energy earlier this year.
“We will rationalize our asset mix to a pure regulated pipeline and utility business model,” Enbridge CEO Al Monaco said in a statement.
The company said it is also planning to issue $1.5 billion of common shares and shareholders will see their dividend cheques increase next year.
Enbridge (TSX:ENB) said it will pay out a quarterly dividend of $0.671 per common share, payable on March 1, 2018. The dividend represents a 10 per cent increase from the previously quarterly rate.
The company has an extensive network of oil and natural gas pipelines that ship about 65 per cent of Canadian crude oil exports bound for the U.S.