Energy major Enbridge Inc (TSX: ENB, NYSE: ENB) saw shares nudge higher Wednesday as its asset sale spree continued and it disposed its Canadian natural gas gathering and processing business to Brookfield Infrastructure Partners for C$4.31bn.
The business includes 19 natural gas processing plants and liquids handling facilities, with a total operating capacity of 3.3 Bcf/d (billion cubic fet per day) and 3,550 km of pipelines.
The energy and infrastucture giant has now sold C$7.5bn worth of assets this year alone, which is more than double a target of C$3bn, as it aims to streamline operations and promote growth.
"When combined with asset monetizations announced in May, the sale of our Canadian G&P Business significantly advances our strategic priority of moving to a pure play regulated pipeline and utility business model," said Al Monaco, the president and chief executive of Enbridge.
"It also demonstrates our focus on prudent capital allocation and ensuring the continued strength of our balance sheet and funding flexibility.
"With a total of roughly $7.5bn in asset monetizations announced in 2018, we have more than doubled our initial target of $3bn."
Enbridge said it would continue to hold its highly strategic long haul regulated natural gas transmission assets, which include the Westcoast transmission system in British Columbia and the Alliance pipeline that carries natural gas from western Canada to the Chicago market.
The firm delivers an average of 2.8mkn barrels of crude oil each day through its Mainline and Express Pipeline and accounts for around 65% of US bound Canadian crude oil exports.
Shares added 1.57% today in Toronto to C$47.12 each.