SEGMENTED INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENTED INFORMATION

SEGMENTED INFORMATION

Change in Reportable Segments

Effective January 1, 2024, to better align how the CODM reviews operating performance and resource allocation across operating segments, we transferred our Canadian and United States (US) crude oil marketing businesses from the Energy Services segment to the Liquids Pipelines segment. As a result, the Energy Services segment ceased to exist and the remainder of the business, comprising natural gas and power marketing, are now reported in the Eliminations and Other segment. Beginning in the first quarter of 2024, prior period comparable results for segmented information have been recast to reflect the change in reportable segments. This segment reporting change does not have an impact on our consolidated results.

Three months ended March 31, 2024	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other1	Consolidated
(millions of Canadian dollars)
Operating revenues (Note 3)	6,882	1,572	2,131	131	322	11,038
Commodity and gas distribution costs	(3,635)	(47)	(1,004)	(3)	(311)	(5,000)
Operating and administrative	(1,107)	(561)	(379)	(69)	(18)	(2,134)
Income/(loss) from equity investments	253	265	—	181	(3)	696
Other income/(expense) (Note 11)	11	36	17	17	(632)	(551)
Earnings/(loss) before interest, income taxes and depreciation and amortization	2,404	1,265	765	257	(642)	4,049
Depreciation and amortization						(1,193)
Interest expense						(905)
Income tax expense						(386)
Earnings						1,565
Capital expenditures2	289	495	304	69	43	1,200

Three months ended March 31, 2023	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other1	Consolidated
(millions of Canadian dollars)
Operating revenues (Note 3)	7,298	1,491	2,625	144	517	12,075
Commodity and gas distribution costs	(4,132)	—	(1,612)	(4)	(482)	(6,230)
Operating and administrative	(1,135)	(549)	(309)	(53)	9	(2,037)
Income/(loss) from equity investments	248	238	—	35	(4)	517
Other income/(expense) (Note 11)	74	25	12	14	(23)	102
Earnings before interest, income taxes and depreciation and amortization	2,353	1,205	716	136	17	4,427
Depreciation and amortization						(1,146)
Interest expense						(905)
Income tax expense						(510)
Earnings						1,866
Capital expenditures2	280	527	264	45	25	1,141

1Includes operating revenues and commodity costs from our natural gas and power marketing subsidiaries for the three months ended March 31, 2024 of $332 million (2023 - $520 million) and $322 million (2023 - $499 million), respectively.

2Includes allowance for equity funds used during construction.