SEGMENTED INFORMATION

6 Months Ended

Jun. 30, 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, is 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 June 30, 2024	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other1	Consolidated
(millions of Canadian dollars)
Operating revenues (Note 3)	8,158	1,492	1,384	106	196	11,336
Commodity and gas distribution costs	(4,909)	(41)	(312)	2	(222)	(5,482)
Operating and administrative	(1,100)	(604)	(528)	(71)	(5)	(2,308)
Income/(loss) from equity investments	284	164	1	45	(5)	489
Gain on disposition of equity investments (Note 6)	—	1,063	—	28	—	1,091
Other income/(expense) (Note 12)	17	21	22	28	(119)	(31)
Earnings/(loss) before interest, income taxes and depreciation and amortization	2,450	2,095	567	138	(155)	5,095
Depreciation and amortization						(1,273)
Interest expense						(1,082)
Income tax expense						(739)
Earnings						2,001
Capital expenditures2	209	666	433	48	8	1,364

Three months ended June 30, 2023	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other1	Consolidated
(millions of Canadian dollars)
Operating revenues (Note 3)	7,547	1,410	1,050	150	275	10,432
Commodity and gas distribution costs	(4,295)	—	(371)	(2)	(249)	(4,917)
Operating and administrative	(1,092)	(588)	(325)	(62)	39	(2,028)
Income/(loss) from equity investments	253	199	1	27	(2)	478
Other income (Note 12)	14	21	12	16	512	575
Earnings before interest, income taxes and depreciation and amortization	2,427	1,042	367	129	575	4,540
Depreciation and amortization						(1,137)
Interest expense						(883)
Income tax expense						(519)
Earnings						2,001
Capital expenditures2	237	343	346	23	27	976

Six months ended June 30, 2024	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other1	Consolidated
(millions of Canadian dollars)
Operating revenues (Note 3)	15,040	3,064	3,515	237	518	22,374
Commodity and gas distribution costs	(8,544)	(88)	(1,316)	(1)	(533)	(10,482)
Operating and administrative	(2,207)	(1,165)	(907)	(140)	(23)	(4,442)
Income/(loss) from equity investments	537	429	1	226	(8)	1,185
Gain on disposition of equity investments (Note 6)	—	1,063	—	28	—	1,091
Other income/(expense) (Note 12)	28	57	39	45	(751)	(582)
Earnings/(loss) before interest, income taxes and depreciation and amortization	4,854	3,360	1,332	395	(797)	9,144
Depreciation and amortization						(2,466)
Interest expense						(1,987)
Income tax expense						(1,125)
Earnings						3,566
Capital expenditures2	498	1,161	737	117	51	2,564

Six months ended June 30, 2023	Liquids Pipelines	Gas Transmission	Gas Distribution and Storage	Renewable Power Generation	Eliminations and Other1	Consolidated
(millions of Canadian dollars)
Operating revenues (Note 3)	14,845	2,901	3,675	294	792	22,507
Commodity and gas distribution costs	(8,427)	—	(1,983)	(6)	(731)	(11,147)
Operating and administrative	(2,227)	(1,137)	(634)	(115)	48	(4,065)
Income/(loss) from equity investments	501	437	1	62	(6)	995
Other income (Note 12)	88	46	24	30	489	677
Earnings before interest, income taxes and depreciation and amortization	4,780	2,247	1,083	265	592	8,967
Depreciation and amortization						(2,283)
Interest expense						(1,788)
Income tax expense						(1,029)
Earnings						3,867
Capital expenditures2	517	870	610	68	52	2,117

1Includes operating revenues and commodity costs from our natural gas and power marketing subsidiaries for the three months ended June 30, 2024 of $205 million (2023 - $276 million) and $222 million (2023 - $251 million), respectively, and for the six months ended June 30, 2024 of $537 million (2023 - $796 million) and $544 million (2023 - $750 million), respectively.

2Includes the equity component of the allowance for funds used during construction.