This Magnificent 6.5%-Yielding Dividend Stock Adds Another $700 Million of Fuel to Keep its Growth Engine Humming Along

Enbridge (NYSE: ENB) recently unveiled another new expansion project. The Canadian pipeline and utility company will build, own, and operate crude oil and natural gas pipelines to support BP's (NYSE: BP) recently green-lit Kaskida development. Enbridge's $700 million projects should come online by 2029 when Kaskida starts producing, further extending the company's long-term growth outlook. This will add more fuel to its dividend growth engine. The company has increased its payout, which at current share prices yields more than 6.5%, for 29 straight years. Enbridge is building two new pipeline systems to support BP's operations in the Gulf of Mexico. Its Canyon Oil Pipeline System will have the capacity to transport 200,000 barrels per day. It will originate at the Keathley Canyon area and deliver crude oil to the existing Green Canyon 19 platform, operated by Shell Pipeline Company, for delivery to the Louisiana market. Enbridge will also build the Canyon Gathering system, which will have the capacity to transport 125 million cubic feet of gas per day to the company's existing Magnolia Gas Gathering Pipeline for delivery to its Garden Banks Gas Pipeline. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool