Company: ENBSF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000895728-25-000012
Chunk: 67

Company: ENBRIDGE INC
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 1
Chunk 67
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OURCES AND USES OF CASH

Three months endedMarch 31, 20252024(millions of Canadian dollars)  Operating activities3,053 3,151 Investing activities(1,789)(7,792)Financing activities(950)(120)Effect of translation of foreign denominated cash and cash equivalents and restricted cash8 161 Net change in cash and cash equivalents and restricted cash322 (4,600)

Significant sources and uses of cash for the three months ended March 31, 2025 and 2024 are summarized below:

Operating Activities

The primary factors impacting cash provided by operating activities period-over-period include changes in our operating assets and liabilities in the normal course due to various factors, including the impact of fluctuations in commodity prices and activity levels on working capital within our business segments, the timing of tax payments and cash receipts and payments generally. Cash provided by operating activities is also impacted by changes in earnings and certain infrequent or other non-operating factors, as discussed in Results of Operations, as well as Distributions from equity investments. 

Investing Activities

Cash used in investing activities includes capital expenditures to execute our capital program, which is further described in Growth Projects - Commercially Secured Projects. The timing of project approval, construction and in-service dates impacts the timing of cash requirements. Cash used in investing activities is also impacted by acquisitions, dispositions and changes in contributions to, and distributions from, our equity investments. The decrease in cash used in investing activities period-over-period was primarily due to the acquisitions of EOG and Tomorrow RNG in 2024, which were partially offset by an increase in capital expenditures in 2025.

Financing Activities

Cash used in financing activities primarily relates to issuances and repayments of external debt, as well as transactions with our common and preference shareholders relating to dividends, share issuances, share redemptions and common share repurchases under our normal course issuer bid. Cash used in financing activities is also impacted by changes in distributions to, and contributions from, noncontrolling interests. Factors impacting the increase in cash used in financing activities period-over-period primarily include:

•lower net commercial paper and credit facility draws in 2025 when compared to net draws during the same period in 2024; and

•increased common share dividend payments in 2025 primarily due to the increase in our common share dividend rate and a higher number of common shares outstanding.

The factors above were partially offset by: 

•lower long-term debt repayments