Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 95

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 95
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 the PSNC Acquisition had been completed on January 1, 2023, is as follows:Year ended December 31,20242023(unaudited; millions of Canadian dollars)  Operating revenues54,116 44,614 Earnings attributable to common shareholders15,149 5,944 1  Includes adjustment for pro forma interest expense on debt financing for the PSNC Acquisition of $48 million (after-tax of $37 million) for the year ended December 31, 2023.

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Questar Gas CompanyOn May 31, 2024, through a wholly-owned US subsidiary, we acquired all of the membership interests of Fall West Holdco LLC which owns 100% of Questar and Wexpro for cash consideration of $4.1 billion (US$3.0 billion) (the Questar Acquisition). Questar is a public natural gas utility providing distribution, storage and transmission services to residential, commercial and industrial customers in Utah, southwestern Wyoming and southeastern Idaho. The Utah Commission, the Wyoming Commission and the Idaho Commission have granted Questar the necessary regulatory approvals to serve these areas. Wexpro develops and produces cost-of-service gas reserves for Questar and operates under agreements with the states of Utah and Wyoming. Subsequent to its acquisition, Questar conducts business as Enbridge Gas Utah, Enbridge Gas Wyoming and Enbridge Gas Idaho in those respective states.The following table summarizes the estimated preliminary fair values that were assigned to the net assets of Questar and Wexpro:May 31,20241(millions of Canadian dollars)Fair value of net assets acquired:Current assets (a)380 Property, plant and equipment (b)6,013 Long-term assets (c)163 Current liabilities416 Long-term debt (d)1,343 Other long-term liabilities (e)919 Deferred income tax liabilities527 Goodwill (f)793 Purchase price:Cash4,144 1  In the fourth quarter of 2024, immaterial adjustments were made to the Questar Acquisition purchase price allocation.a)  Current assets consist primarily of cash, trade and other accounts receivable and inventory. The fair value of trade receivables from customers approximates their carrying value of $202 million due to the short period to maturity. A provision of $9 million for expected credit loss associated with accounts receivable has been recorded.b)  Questar's property, plant and equipment constitutes an integrated system of rate